- New Zealand Bankers’ Association chief executive Roger Beaumont confirmed that banks might shorten mortgage for properties that are at risk. He also raised the issue of insurance, saying without insurance banks won’t approve a home loan.
- “It’s a good idea to calculate the potential interest rate savings for the balance of the fixed period against the break cost. Then you can make a carefully considered decision and not just chase a cheaper rate. Your bank should be able to help with this comparison.”
- Bankers’ Association chief executive Roger Beaumont said it was up to each bank as to how it responded if the rules come into effect. “Our independent economic analysis suggests there will likely be tightening of lending in some parts of the economy such as small business and agriculture.”
- New Zealand Bankers’ Association chief executive Roger Beaumont said banks had different organisational structures to deal with hardship and loan repayment issues.
- “Conservative lending practices, which drive consumers to higher-cost and potentially irresponsible lending, run counter to the important policy objectives of promoting financial inclusion and access to safer credit.”
- The New Zealand Bankers’ Association today welcomed the government’s announcement that it will introduce a bill to set up a farm debt mediation scheme. “Banks are responsible lenders that take a long-term view to the rural sector. They know the vital role farmers play in the economy and that it’s important they succeed,” says New... Read more »
- “International money transfers made from a banking app or by internet banking usually include a fee to cover other overseas bank costs. And there will also be an exchange rate conversion fee if sending money in a currency other than New Zealand dollars.”
- The Federated Farmers press release has NZBA CEO Roger Beaumont saying NZBA analysis shows the Reserve Bank’s proposal to “almost double” capital requirements will have a net cost to the New Zealand economy of $1.8 billion a year.
