Month: October 2022

$5m partnership boosts access to banking services

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 »

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.

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.”

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 »

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.