New Zealand’s retail banks are offering to defer repayments for all residential mortgages for up to 6 months for customers financially affected by COVID-19. It’s important to note that interest on these loans will still accrue, and deferred interest will be added to the principal amount of the loan. Banks will assess the suitability for each customer who is asking for a deferral and each bank will have a different approach to how they determine eligibility. Customers should contact their bank for further details or queries about the scheme.
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