Last week Hon Grant Robertson announced that all NZ banks will be offering Mortgage holiday and business finance Support schemes to cushion COVID impacts.
Most banks will be offering a six-month principal and interest payment holiday for people whose incomes have been affected by COVID-19 so they will not lose their homes as a result of the economic disruption caused by this virus.
Furthermore, for small to medium business owners The Business Finance Guarantee Scheme will provide short-term credit to cushion the financial distress on solvent small and medium-sized firms affected by the COVID-19 crisis. The scheme will include a limit of $500,000 per loan and will apply to firms with a turnover of between $250,000 and $80 million per annum. The loans will be for a maximum of three years and expected to be provided by the banks at competitive, transparent rates. The Government will carry 80% of the credit risk, with the other 20% to be carried by the banks.
Read here for further information or simply just contact your bank for more personal advice or information.
