As mortgage deferral scheme ends banks may offer still struggling borrowers a further temporary payment deferral, extend the term of the loan to reduce repayments, or move borrowers to interest-only repayments

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The New Zealand Bankers’ Association says borrowers whose repayments were deferred due to the COVID-19 pandemic and are still struggling, may get an additional temporary payment deferral, have the term of the loan extended to reduce repayments, or be moved to interest-only repayments for a period.

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