- 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.
- “Last week we announced that New Zealand’s retail banks are offering mortgage repayment deferrals. That represents immediate financial relief for many customers. Banks do not profit from this. In fact, they cover the cost of providing that credit for the period of the deferred payments.”
- New Zealand’s banks are offering up to a total of $6.25 billion in guaranteed loans to businesses financially impacted by Covid-19. Eligible businesses can apply to their bank for new lending under the scheme from today. “Businesses are at the heart of our economy and we know many are doing it tough as a result... Read more »
- “Banks will follow their normal credit assessment processes to see if businesses qualify for the scheme and will take into account the circumstances businesses find themselves in due to covid-19.”
- Roger Beaumont, New Zealand Bankers’ Association chief executive, last week urged people to go online for information first after bank call centres were jammed with people calling through only to find long wait times.
- Roger Beaumont, chief executive of the New Zealand Bankers’ Association, said: “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
- 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.
