Banks offer loan relief for quake victims

Thursday 24 February 2011

The country's major banks have announced a number of assistance package measures for home loan customers affected by the Christchurch earthquake.

By The Landlord

ASB is offering home loan customers the opportunity to suspend home loan payments for up to three months - though interest will still be added to the loan.

The bank has also scrapped early repayment fees when repaying a fixed rate loan on a home that has been destroyed or suffered major damage. Also, no establishment or adjustment fees will be charged for those looking to establish or restructure a home loan as a result of the quake.

Three month loan repayment suspensions are also on offer from Kiwibank and ANZ, while BNZ is offering to suspend loan repayments for 180 days.

Westpac has also announced it will offer customers a loan repayment holiday, though no time scale has yet been outlined for the break.

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