Deferred Loans Head 'Back To Normal'

More than two-thirds of mortgage and personal loans that had principal and interest repayments deferred due to the impact of Covid-19 were now "back to normal", says the New Zealand Bankers' Association, the New Zealand Herald reported. At the same time, nearly 40 per cent of those loans that had reduced repayments were now back on track. In March, in consultation with the government, the Reserve Bank and credit reporting agencies, all New Zealand retail banks offered loan deferrals for up to six months and reduced loan repayments to customers financially impacted by the Covid-19 global pandemic. In August, the option of deferring loan repayments was extended to March 31, 2021. Read more

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