“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.”
Author: Philip vanDyk
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.
Covid 19 coronavirus: Banks report 10,000 plus Kiwis seeking six month home-loan holiday
Roger Beaumont, New Zealand Bankers’ Association chief executive, last week urged people to go online for information first after bank call centres were jammed with people calling through only to find long wait times.
Banks roll out mortgage holidays
Roger Beaumont, chief executive of the New Zealand Bankers’ Association, said: “While there are obvious advantages for people in need, repayment deferrals may extend the time it takes to repay the loan and will add interest cost
Banks launch mortgage holidays, but they “may not be for everyone”
Bankers Association chief executive Roger Beaumont warned anyone thinking of taking the mortgage holiday to carefully consider its costs, as interest would still accrue over the six months.
Banks offer six month mortgage repayment deferrals
New Zealand’s retail banks are offering to defer repayments for all residential mortgages for up to six months for customers financially affected by Covid-19. “We know that some customers are already being financially impacted by Covid-19 and have an immediate need. That’s why the banking industry as a whole is stepping up with this further… Read more »
Banks confirm six-month mortgage payment deferral due to coronavirus – but interest still accrues
“Banks will have different approaches to how they manage the process for customers to opt into a mortgage deferral – those details, including eligibility criteria, will be available on bank websites.”
Most banks set-up to receive mortgage repayment deferral applications online; Customers urged not to swarm call centres
“It’s important to know that interest on these loans will still accrue, and deferred interest will be added to the principal amount of the loan.”
Requests for mortgage holidays pour in as Kiwis feel coronavirus strain
“Anyone opting into a mortgage deferral needs to be clear about what this means for them. While there are obvious advantages for people in need, repayment deferrals may extend the time it takes to repay the loan and will add interest cost. So it may not be for everyone.”
Recent Comments