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Bank financial relief - Covid-19 update
Hi all,
We hope you are tucked up at home and safe!
As many of you would have heard, the government is working with the major banks to offer support for businesses and people.
We have undertaken the impossible task to summarise what each bank is offering and have attached links to each banks relief page.
Each bank has its own terms and conditions so we encourage you to submit an enquiry with them if you need help.
Please note, many of the banks are struggling to keep up with telephone enquiries and are requesting that customers get in touch online first.
Here goes...
ASB - https://www.asb.co.nz/how-we-can-help-you
Business Support - Access to emergency funds and business working capital, early access to investment funds. Relief through deferring loan payments and interest only periods of six months, ability to extend mortgage terms, no establishment fees, refund of default interest & fees, waivers on commercial credit, commercial flexible finance and business overdrafts of 6 months.
Personal Support - Access to 90 day temporary overdrafts, wavier of some documentation fees, early access to term investment funds. Relief with interest only repayments, home loan holidays and ability to extend home loan terms all for 3 months.
ANZ - https://www.anz.co.nz/here-to-help/
Business Support - Waiver on contactless debit card transaction fees, loan restructuring fees and international funds. Ability to withdraw term deposits without an interest reduction. 0.40% pa reduction on 6-month and 1-year business term loans. 0.75% pa reduction on floating business term loans. Also offering small to medium business customers a temporary line of credit via a 90 day overdraft.
Personal Support - Help with home loans, Kiwisaver, travel insurance, savings accounts, overdrafts, personal loans and credit cards. Details online.
BNZ - https://www.bnz.co.nz/contact/covid-19-update
Business Support - Cashflow (extensive range of support), reduction in business overdraft base rates, waiving all contactless debit transaction fees, waiving all BNZ PayClip device fees, assets finance packages and ability to apply online for loans and overdrafts.
Personal Support - If your income has been affected by Covid 19 you may be eligible for home loan repayment holidays or interest only payments for up to six months.
Westpac - https://www.westpac.co.nz/who-we-are/covid-19/
Business Support - Temporary overdrafts for 90 days up to $10,000 for home loan customers and $5,000 for others. Repayment relief for credit cards, overdrafts and personal loans for up to three months. There is also the ability to restructure loans and access working capital.
Personal Support - Temporary overdrafts for 45 days up to $5,000 for home loan customers and $500 for others. Repayment relief for credit cards, overdrafts and personal loan customers, also repayment relief for home loans for three months.
Kiwibank - https://www.kiwibank.co.nz/contact-us/support-hub/coronavirus-updates/
Business Support - Repayment holidays and interest only term lending. More details and support to come online soon.
Personal Support - Temporary removal of all phone bank fees, hardship package including interest-only option for home loans, extension of home loan term to reduce the regular repayment amount and repayment holidays.
Further to this, if you would like assistance or advice please touch base with Keren and Jodi from Share NZ, contact details below. Keren and Jodi are authorised financial advisors and can help with insurance, mortgages and financial support being offered by the banks.
keren.vale@sharenz.com
jodi.leese@sharenz.com
09 431 5507
Please Note: We are not financial advisors and as such cannot give financial advice in this area. It is recommended to touch base with a financial advisor if you need borrowing advice.
As the days and weeks go by we encourage you to keep in touch. We will also be updating you as more relief is offered.
Stay safe and be responsible.
The team at My Two Cents.
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