Westpac New Zealand chief executive officer George Frazis
Photo / Steven McNicholl
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New Zealand's major banks have unveiled a raft of relief packages to ease some of the financial burden on Cantabrians following Saturday's massive earthquake.
Loan repayment holidays, access to temporary overdraft limits and waiving fees on restructuring of business loans are just some of the measures that have been announced
by our major lenders since the quake.
This comes as Finance Minister Bill English asks banks and the Inland Revenue Department to be flexible to help businesses stay afloat and pay wages in the aftermath of the Canterbury earthquake.
"A number of (banks) have announced payment holidays (on mortgage payments). It means for a period of weeks or months, you don't pay but as I understand it you're still accumulating interest on those payments."
ASB says it's helping out businesses who have wages, rent and utilities to pay with an overdraft of up to $100,000.
The business restart loan is interest only in the first year, followed by repayment over three years.
Fees are waived and the overdraft is offered to customers at a rate of 1.25 per cent below the bank's housing variable rate, which is currently at 6.25 per cent.
Westpac is offering interest only payments on loans, as well as a temporary overdraft facility, and a deferral of home loan repayments.
"We understand the financial stress these situations can cause and want to help relieve that burden for our customers," chief executive officer George Frazis said.
Kiwibank is also doing its bit to help out, offering home loan and business customers a three month repayment holiday on loans, and $1000 overdraft or increase of $1000 to existing personal overdraft or revolving credit.
ANZ National says it is offering a relief package to customers, in addition to making a $1 million donation to the Mayoral Relief Fund.
As part of the package ANZ and the National Bank will: suspend repayments on all loans for three months, waive fees associated with restructuring business loans, waive early withdrawal costs for term deposits, and consider temporary adjustments to lending limits, including credit cards.
BNZ has also announced a $1 million support programme for the Christchurch region following the quake.
In addition chief executive Andrew Thorburn says the bank will waive fees associated with restructuring debt, suspend some payments for three months, extend facilities and increase limits.
Full details of the packages are available on each of the lenders' websites, or by phoning the banks directly.
- NZ HERALD ONLINE
