- “Last year, under the loan repayments deferral scheme agreed with the government, Reserve Bank and credit rating agencies, around $70 billion in household and business loans had repayments fully deferred or reduced for up to six months. We’re not seeing the need to bring back the scheme at this stage but deferring or reducing repayments... Read more »
- The number of customers contacting their bank has increased 20% since New Zealand went into Covid alert level 4 lockdown on 17 August. “In the first week of lockdown banks saw little customer contact due to the Covid restrictions. Since then, calls have increased on average 20 per cent. We put the increase down mostly... Read more »
- “While it’s true there are some people experiencing financial hardship because of the current lockdown, we’re not seeing the same demand for help we saw with the first lockdown in March last year.”
- “It’s up to the banks how they use this exemption. They are not required to provide these services and will be taking into consideration the safety of their workers.”
- Roger Beaumont, chief executive of bank lobby group the New Zealand Bankers’ Association, says there’s no move to bring back a loan repayment deferral scheme at this stage However, he says this could change depending on how the current outbreak unfolds.
- “Anyone experiencing financial difficulty because of the current lockdown should contact their bank to discuss how they can help. Banks can offer a range of options for customers facing hardship, depending on their circumstances.”
- “The historically low interest rate environment we’ve experienced over the last few years will also have had an impact on borrowers being able to repay their loans faster,” Beaumont said.
- New Zealand Bankers’ Association chief executive Roger Beaumont said: “On top of the support measures already announced by the government, we encourage anyone experiencing financial difficulty as a result of the lockdown to contact their bank.
- According to Roger Beaumont, chief executive at NZBA, data collected and aggregated from NZBA’s 10 main retail member banks showed that 50% of home loan customers are ahead on their repayments.
