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 »
Month: April 2020
Coronavirus Covid-19: Fitch downgrades bank ratings on tough economic conditions
“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.
Banks told: Don’t charge interest on mortgage holidays
“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.”
$6.25 billion in new lending available to Covid-19 affected businesses
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 »
Nine banks to start lending govt-backed $6.25b for business immediately
“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.”
More detail unveiled on which businesses are be eligible for an 80% taxpayer-backed bank loan to get them through the COVID-19 crisis
New Zealand Bankers’ Association CEO Roger Beaumont said banks’ credit assessments typically take 10 working days.
Applications open for $6.25 billion of loans to struggling businesses
“Businesses are at the heart of our economy and we know many are doing it tough as a result of Covid-19,” said Beaumont.
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