Financial mentors and banks are working together to help people in small communities across New Zealand to access banking services. These ‘banking collaborations’ are one of several projects being delivered under a partnership between FinCap and the New Zealand Bankers’ Association, which is funded by NZBA members to the tune of $5 million over five… Read more »
Month: October 2022
Scheme aims to improve financial services in small communities
The New Zealand Bankers’ Association (NZBA) and FinCap have provided $5 million for financial mentors in small communities. “The reason the banks wanted to fund this was there’s a bit of a gap in terms of people who are making the transition, particularly to online or digital banking,” said NZBA CEO Roger Beaumont.
Interest rates jump again: What’s the best term to choose now?
New Zealand Bankers’ Association chief executive Roger Beaumont said banks set rates depending on their funding needs and the price they could get it for.
Inflation hits home: 34 fixed-term home loans increase
“They’ll take into account the official cash rate and the cost of other funding, including wholesale funding often sourced from overseas, and retail funding often from local deposits. That’s particularly the case with lending rates, where fixed and variable rates may be affected differently by the shorter and longer term cost of funding.”
Bank chief reveals the volume of cyberattacks banks are dealing with
“Trust is at the heart of banking and banks take the security of their systems and their customers’ information incredibly seriously.”
National Australia Bank CEO reveals the scale of the challenge major financial institutions are facing from cyberattacks
“Our banks anticipate these threats and have protections in place to help ensure they can keep delivering the seamless digital service that customers now expect. Cyber threats are constantly evolving, as is the banking industry’s vigilance and response to those threats.”
Exposure Draft of Credit Contracts and Consumer Finance Amendment Regulation (No 2) 2022 and updated Responsible Lending Code
Ministry of Business, Employment and Innovation
Just 1% of mortgage borrowers behind their payments – NZBA
“As interest rates declined over recent years, these borrowers likely retained their repayments at the same level, or increased them, to help repay their loans faster, which shows a good level of financial capability,” Beaumont said. People were also managing their credit cards well, he said, with 66.6% of card balances paid off in full… Read more »
NZ Bankers’ Association figures show that as of June only a little over 1% of those with a mortgage were behind with their payments
NZBA chief executive Roger Beaumont said the figures showed many people with home loans continue to be well placed as interest rates rise from historic lows.
Bank customers managing debt well
46% of people with a home loan are ahead on their repayments while two thirds pay off their credit card every month.
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