ASB welcomes the Government's decision to extend the Mortgage Repayment Deferral Scheme until 31 March 2021.
ASB's executive general manager Retail Banking Craig Sims says today’s extension is in line with the bank’s ongoing commitment to work with customers who've been financially impacted by COVID-19 to keep them in their family homes.
"Since the pandemic began to unfold, we’ve been doing everything we can to support New Zealand's economy and reassure our customers that ASB is here to see them through," says Sims.
The deferral scheme applies to loans secured by residential property as well as loans to small and medium enterprises and agricultural loans.
"COVID-19 has affected everyone's financial situation differently. This means we are taking a tailored approach, working with our customers individually to identify the best available solutions to give them the breathing room they may need to get back on their feet.
"We want to reassure customers who are finding it tough there are a range of options we can work through together to help reduce the burden. For example, restructuring home lending through a term extension or interest-only payments could be a better option for some than deferring their mortgage repayments for an extended period of time.
"The most important message to customers who are struggling is not to feel alone in this, talk to us and together we will find a level of support that works for you. We have a dedicated team of financial assistance specialists who will help customers make informed decisions in the best interests of their financial well being now, and in the future.
"Our team is proactively contacting all customers with existing COVID-19 financial assistance to understand their current personal financial circumstances and offer them further support if they need it.
"We know that the coming months are going to be challenging for some and that there are tough conversations still ahead of us. However, our commitment is to work with every customer to keep them in their home," concludes Sims.
More information can be found at: https://www.asb.co.nz/covid-19#support-options