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.
Commenting is closed
Provincial markets stole the asking price spotlight from the main centres in January, according to the latest Trade Me Property Price Index.
Tightening credit conditions could impact on New Zealand’s booming commercial property market, according to the Property Council’s chief executive.
Heartland has expanded its reverse mortgage business and will now lend against investment properties and second homes, as the product becomes more popular in New Zealand.