Temporary working capital

Big banks to offer help to customers affected by flooding

Banks provide support to customers affected by flooding.

Pierre Meecham

Banks provide support to customers affected by flooding.

ASB, Westpac and KiwiBank have offered support to clients affected by flooding in Westport and Marlborough.

ASB support will be provided on a case-by-case basis with emergency measures, including a temporary suspension of mortgage principal repayments and overdraft options at a reduced interest rate of 2.95% .

ASB’s commercial and rural clients will be able to access working capital of up to $ 100,000.

* Kiwibank lowers two-year mortgage rate as other banks increase rates
* You can refix at a lower interest rate during the mortgage “vacation”
* Thousands of households granted Covid-19 mortgage “vacations” by ASB

Westpac also allowed customers affected by the flooding access to a temporary overdraft and a suspension of mortgage payments.

Westpac customers will also be able to defer payment on corporate credit cards for up to three months.

Kiwibank said that after meeting the eligibility criteria, customers could access support measures, including temporary overdrafts and help with financial hardship.

ANZ has said it will provide relief to customers, but details of the support program have yet to be announced.

BNZ has been approached for comment.

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