PHOTO: Mortgage holiday
New Zealand’s banks are offering a six-month mortgage holiday to homeowners and small to medium business owners affected by the coronavirus crisis.
Finance Minister Grant Robertson, at a Tuesday press conference, said the major retail banks had agreed to a mortgage holiday for people who had their income affected due to the economic affects of Covid-19.
The exact criteria was yet to be finalised, but it will cover both principal and interest payments. Robertson said he urged people not to “bombard” banks with queries about having a mortgage holiday.
Businesses will also be covered by a $6.25 billion finance guarantee scheme, being organised by both government and the banks, that is hoped to save jobs and protect businesses.
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