Media

Business Desk - Govt tries again to get banks to lend businesses up to $6.25b

August 20, 2020 - NZBA data showed that since March 26 when the country first went into lockdown its members have lent $14.7 billion to businesses outside of the BFGS to more than 25,600 businesses.

NZ Herald - Government-backed loan size limit raised from $500,000 to $5m in bid to boost interest

August 20, 2020 - “Widening the scheme criteria further supports the supply of credit to businesses in need. Uptake will ultimately be driven by demand from businesses.”

NBR - Banks say modified finance guarantee scheme will help business lending

August 20, 2020 - The New Zealand Bankers’ Association’s chief executive Roger Beaumont said expanding the criteria of the scheme should make it more relevant for businesses.

Interest.co.nz - David Hargreaves tries to make sense of swirling and contradictory facts and figures around the current mortgage market

August 20, 2020 - The Bankers’ Association says that since March 26, when New Zealand first went into lockdown, banks have deferred all repayments on consumer loans totalling around $21 billion for over 61,000 customers. That represents 7% of total consumer lending. It adds, however, that nearly a quarter of those customers have subsequently restarted their loan repayments.

NZ Herald - Farming business advice from Rural Support

August 18, 2020 - The National Council of Rural Support Trusts and New Zealand Bankers’ Association have recently signed the agreement for the Fund. Under the agreement, the RSTs will provide up to $3000, depending on an assessment of need, and the relevant bank will match that dollar for dollar.

Stuff - Homeowners warned not to expect automatic extension of loan ‘holidays’

August 17, 2020 - Customers may be eligible for a new loan deferral for up to six months or an extension to their current loan deferral, said Bankers’ Association chief executive Roger Beaumont. But, he said: “Any new or extended loan deferrals will not be automatic.

Interest.co.nz - Banks offering options for affected customers that will enable either a new mortgage deferral or extension to an existing deferral

August 17, 2020 - “Customers who can resume loan repayments should do so. Many customers have already restarted payments on deferred loans. That shows they understand the benefits of getting back on track if they can.”

NZ Herald - Covid 19 coronavirus: Health or security? The dilemma banks face over masks

August 16, 2020 - “But my sense would be that banks are being really pragmatic about this, that the advice is for health reasons so banks will be comfortable with people coming into a branch wearing a face mask.”

NZ Herald - Mortgage deferral scheme to be extended

August 13, 2020 - Nearly 60,000 borrowers (59,885) had agreed to a deferral of payments on $20.2 billion of home loans, personal lending, credit card or overdraft debt as of June 30, figures from the New Zealand Bankers Association show.