- Banks have collectively agreed to a massive programme of loan repayment “holidays” for customers, and have so far allowed over 100,000 household and business borrowers to make reduced repayments on their loans, or temporarily stop making repayments altogether.
- New Zealand’s trading banks have provided businesses and consumers $7.5 billion in new loans since the country went into lockdown, with 13,559 business customers lent $5.5 billion and the balance going to 21,772 consumers.
- Banks so far have loaned an extra $7.5 billion to businesses and consumers during the lockdown. They’ve also allowed customers to pay only interest for almost $33 billion worth of loans, and allowed them to pause all repayments on $17 billion worth of loans.
- Meanwhile banks had allowed 41,436 borrowers to reduce their loans to interest-only, or made other principal and/or interest repayment reductions. The value of these customers’ outstanding balances was $14.6 billion.
- Published in major daily newspapers, 18 and 19 April 2020 The Covid-19 pandemic is impacting us all. We understand many of you are feeling stress and anxiety and we want to assure you that we are here to support you through this time. Our people are part of your community. We are working hard right... Read more »
- The NZBA said that across its membership, payments had been lowered on 41,436 loans worth $14 billion, while repayments had been deferred entirely on 40,918 loans worth $14.5b.
- New Zealand Bankers’ Association chief executive Roger Beaumont said the group would be publishing aggregated data “which will show how banks are supporting both business and personal customers in practical ways”.
- Anyone who has deferred their mortgage repayments for up to six months because they are financially impacted by Covid-19 will not have their credit rating affected as a result of the deferral, provided they were not in arrears before the pandemic. Banks have agreed this initiative with credit reporting agencies. New Zealand Bankers’ Association chief... Read more »
- “The latest ratings reflect what’s happening in the environment in which banks are operating rather than the banks themselves,” said New Zealand Bankers’ Association chief executive Roger Beaumont.
