Month: June 2020

Here are five money mistakes to avoid during this year’s downturn

“They’re doing it to provide immediate loan relief to customers in need who have been financially affected by the pandemic. It gives them the ability to defer all loan repayments at an uncertain time, and interest continues to accumulate. Banks are responsible lenders and suggest customers only defer all loan repayments if they need to.”

Covid 19 coronavirus: Ombudsman prepares for onslaught of banking complaints

A survey by the New Zealand Bankers’ Association last month found New Zealanders’ broadly positive attitude towards the banks had increased slightly but not significantly and this had been spurred by the introduction of the six monthly mortgage deferral scheme.

Rates are under 3%, so why do banks still check you can pay 7%?

“These serviceability rates are reviewed from time to time in line with what’s going on in the market. These rates will vary from bank to bank depending on a number of factors including their particular risk appetite and exposure to certain types of lending. Ultimately it’s all about lending responsibly and doing the right thing… Read more »

New Zealand’s New Conduct Regime Not Adequately Developed

“It is critical to allow the time to ensure that the legislation and regulations are workable and proportionately address the identified issues, and that financial institutions and their intermediaries have sufficient time to ensure compliance with whatever is set as the final regime.”

Bank and insurance licensing law change doesn’t go far enough, Consumer says

In its submission the New Zealand Bankers Association’s deputy chief executive and general counsel Antony Buick-Constable said while it supported the underpinning policy goal of the bill – to treat consumers fairly through the lifecycle of financial products – the bill itself needed significant refinement to ensure a clear framework was developed.

IRD’s Small Business Cashflow Loan Scheme lends more than $1.3 billion

Roger Beaumont, chief executive of the New Zealand Bankers’ Association (NZBA) expected an increase in loans made by banks under the guarantee scheme in the coming weeks. “As people get through the immediate survival period, they will be able to think about their longer term position.”

RBNZ bank capital proposals slammed in advice to minister

His analysis is similar to other criticisms of the RBNZ’s proposals and the supporting research, including analysis by former Treasury Secretary Graham Scott on behalf of the NZ Bankers’ Association and former RBNZ official Ian Harrison.