- His analysis is similar to other criticisms of the RBNZ’s proposals and the supporting research, including analysis by former Treasury Secretary Graham Scott on behalf of the NZ Bankers’ Association and former RBNZ official Ian Harrison.
- Of those surveyed 62 per cent had a positive attitude towards banks, up two percentage points on the February research and 17 per cent were negative down four percentage points. Those who described the banks as helpful pointed to the mortgage deferral scheme and good communication from the banks.
- “It’s important to note that banks continue to provide credit through the deferral period while the customer has the peace of mind of not having to repay interest or principal.”
- New Zealand Bankers’ Association chief executive Roger Beaumont said generally, financial elder abuse included wrongful use of older people’s money, property and other assets.
- New Zealand Bankers’ Association chief executive Roger Beaumont said the rates were higher because the loans were unsecured – there is no house or car for the bank to sell to recover debt if you stop paying.
- This is supported by NZ Bankers’ Association figures showing more than 61,400 customers have opted to reduce repayments on loans worth about $20 billion – and another 54,200 borrowers have deferred payments altogether on loans of $19.1 billion.
- “Banks are working hard to help customers in need. That’s reflected in the fact over 115,000 customers have reduced or deferred all home loan repayments since we went into level 4 lockdown, for loans totalling nearly $40 billion. Now that we’re at level 2 some of these customers are starting to see a way through... Read more »
- Beaumont encouraged borrowers who had deferred their loans to keep in touch with their bank if their circumstances changed. “It’s in borrowers’ interests to start repaying their loans as soon as they can. That may be before the deferral period ends.”
- At the end of Monday, 59,237 bank borrowers were making reduced repayments on their home loans, or other loans, and 53,779 were on complete repayment holidays, figures from the New Zealand Bankers’ Association showed.
- “Last year, our banks spent $5.7 billion running their businesses in New Zealand. That includes paying local businesses for goods and services. We expect this initiative will make a difference for many businesses.”
