- More than 100,000 households are now seeking some form of mortgage relief, according to the latest data from the New Zealand Bankers Association. New figures show 49,821 borrowers have deferred all loan payments under the six month mortgage holiday scheme.
- The New Zealand Bankers’ Association has discovered and corrected a reporting error in lending data published on its website. The error relates to data classification and resulted in some movement, both up and down, across the data categories. Of particular interest, banks have lent $5.9 billion in new loans to business since 26 March instead... Read more »
- In making loans under the Business Finance Guarantee Scheme the banks were bound by the terms set by the Treasury, Bankers Association chief executive Roger Beaumont said. “The rules require banks to have customers provide security for loans under the scheme. Banks are responsible lenders. The loans are not intended to fail, which is why... Read more »
- Banks say they’re here to help but can’t help every business in every sector. “If the business case doesn’t stack up or isn’t justifiable, well that’s when it gets really hard and really challenging,” said New Zealand Bankers’ Association chief executive Roger Beaumont.
- New Zealand’s retail banks are offering a range of relief options to small business customers financially affected by the Covid-19 pandemic, including interest-only loan repayments or temporarily deferring all loan repayments in some cases. “There are many small businesses that are being severely impacted by Covid-19. Quite a few of them are sole traders. They... Read more »
- As businesses around the country race to prepare for life under Covid-19 Alert Level 3, 1 NEWS can reveal since the lockdown started banks have lent more than $6.3 billion to businesses.
- “This proposal would also add to the range of support our banks are already offering affected customers to help them get through. For example, banks have to date allowed around 100,000 customers reduce repayments on loans worth $33 billion, and completely defer repayments on loans worth $17 billion.”
- “The fact that banks have lent $5.5b to businesses since we went into lockdown clearly shows they’re lending where they can. They still need to be responsible lenders and not everyone looking for a loan will meet the lending criteria,” Beaumont said. None of that $5.5b loaned by banks since March 26 forms part of the... Read more »
