Loan relief offered for small businesses
22/04/2020
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...
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TVNZ
Banks lend more than $6.3 billion to businesses to help them survive lockdown
21/04/2020
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.
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Stuff
Reserve Bank prepares to axe loan-to-value restrictions for home-buyers
21/04/2020
“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.”
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NBR
Firms urged to go back to banks for loans
21/04/2020
“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...
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NZ Herald
Covid 19 Coronavirus: Banks to charge as little as 0.8% on govt-backed business loans
20/04/2020
Data released by the New Zealand Bankers’ Association yesterday showed that since the lockdown began on March 25, the nation’s trading banks had provided 13,559 businesses with new loans totalling $5.5 billion, moved to either interest only or reduced principal repayments and interest on $17.4 billion of existing loans to 13,549 businesses, and that a...
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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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