- Beaumont encouraged borrowers who had deferred their loans to keep in touch with their bank if their circumstances changed. “It’s in borrowers’ interests to start repaying their loans as soon as they can. That may be before the deferral period ends.”
- At the end of Monday, 59,237 bank borrowers were making reduced repayments on their home loans, or other loans, and 53,779 were on complete repayment holidays, figures from the New Zealand Bankers’ Association showed.
- “Last year, our banks spent $5.7 billion running their businesses in New Zealand. That includes paying local businesses for goods and services. We expect this initiative will make a difference for many businesses.”
- According to NZ Bankers Association figures nearly 54,000 bank customers with mortgages of just under $19 billion have gone on the six month repayment ‘holiday’, which was offered in March.
- According to the New Zealand Bankers’ Association, banks approved repayment deferrals on $18.9 billion of consumer loans to 53,779 customers, in the nearly two months to May 18.
- The banking sector, meanwhile, is on board and committing to paying suppliers of goods and services within two weeks, New Zealand Bankers’ Association chief executive Roger Beaumont said.
- “Other important factors that determine retail interest rates include the cost of wholesale funding from overseas and the cost of domestic funding, which includes rates of return on retail bank deposits.”
