Main banks to offer relief to flood-affected customers

Monday, 19 July 2021

Banks are offering support to customers affected by flooding.

ASB, Westpac, KiwiBank, ANZ and BNZ have offered support to customers affected by the Westport and Marlborough flooding.

ASB support would be on a case-by-case basis with emergency measures including a temporary suspension of home loan principal repayments and options to access overdraft at a reduced interest rate of 2.95 per cent.

Business and rural customers would be able to access working capital of up to $100,000.

Westpac would also allow flood-affected customers to access temporary overdraft and a suspension of home loan payments.

* You can refix to a lower interest rate while on mortgage 'holiday'

* Thousands of households granted Covid-19 mortgage 'holidays' by ASB

Customers would also be able to defer business credit card repayments for up to three months.

Kiwibank said eligible customers would be able to access support measures including temporary overdrafts and financial hardship support.

ANZ said it would also offer customers short-term funding, suspend or reduce loan principal repayments and waive fees associated with restructuring business loans considered necessary due to impacts of extreme weather.

BNZ said it would offer flood-affected customers the ability to temporarily suspend home loan payments, as well as interest only options for agricultural and business customers.