NBR
Reserve Bank to drop LVR loan limits
20/04/2020
The New Zealand Bankers’ Association welcomed the move, and said it lined up with other Reserve Bank initiatives to free up the financial system at this extraordinary time.
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Stuff
Loan repayment ‘holidays’ top 100,000, but home loan ‘discounts’ disappear
20/04/2020
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.
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NZ Herald
Banks made $7.5b in new loans during lockdown
20/04/2020
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.
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Newshub
Coronavirus: Business leaders urge innovation in post-lockdown economy rebuild
19/04/2020
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.
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Interest.co.nz
Finance Minister warns we’re in for a long haul; Says the govt is considering extending the Business Finance Guarantee Scheme
18/04/2020
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.
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NZ Herald
Covid 19 coronavirus: Payments on more than 80,000 loans reduced or deferred
17/04/2020
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.
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NZ Herald
Covid 19 coronavirus: Reserve Bank urges banks to consider ‘social responsibility’ in business lending
15/04/2020
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”.
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Stuff
Banks promise Covid-19 mortgage holidays won’t reduce credit scores
09/04/2020
“Given the extraordinary circumstances it seems fair that individual credit ratings are not affected by a pandemic-related mortgage deferral.”
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Mortgage deferrals will not affect customer credit ratings
08/04/2020
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...
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NZ Herald
Coronavirus Covid-19: Fitch downgrades bank ratings on tough economic conditions
08/04/2020
“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.
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