- Bankers Association chief executive Roger Beaumont warned anyone thinking of taking the mortgage holiday to carefully consider its costs, as interest would still accrue over the six months.
- New Zealand’s retail banks are offering to defer repayments for all residential mortgages for up to six months for customers financially affected by Covid-19. “We know that some customers are already being financially impacted by Covid-19 and have an immediate need. That’s why the banking industry as a whole is stepping up with this further... Read more »
- “Banks will have different approaches to how they manage the process for customers to opt into a mortgage deferral – those details, including eligibility criteria, will be available on bank websites.”
- “Anyone opting into a mortgage deferral needs to be clear about what this means for them. While there are obvious advantages for people in need, repayment deferrals may extend the time it takes to repay the loan and will add interest cost. So it may not be for everyone.”
- “We know that some customers are already being financially impacted by Covid-19 and have an immediate need. That’s why the banking industry as a whole is stepping up with this further package.”
- Bankers Association chief executive Roger Beaumont said the banks can now offer to defer mortgage payments of principal and interest for up to six months.
- All key banking services will remain available to customers during the alert level 4 lockdown the New Zealand Bankers’ Association confirmed today. “During the lockdown banks will balance managing public health requirements with the need to keep essential banking services available,” says New Zealand Bankers’ Association chief executive Roger Beaumont. “Cash will be available at... Read more »
- From Thursday, banks will keep some branches open for limited hours one day a week for customers who could not use ATMs, phone or online banking, said New Zealand Bankers’ Association chief executive Roger Beaumont.
- The Bankers’ Association urged customers to speak to banks early and said support options included reducing or suspending repayments of home loan debt and instead only repaying the interest on the loan.
