Banks say they are now ready to offer six-month home loan deferrals announced by the Government earlier this week.
On Tuesday finance minister Grant Robertson said he had reached an in-principle agreement with banks to allow mortgage borrowers to defer payments for up to six months.
But that left the banking sector scrambling to work out the details and to ensure any actions taken would still comply with responsible lending laws.
In the meantime banks have been flooded with calls from the public wanting to know about the six-month loan holidays.
New Zealand Bankers Association chief executive Roger Beaumont said retail banks were now offering to defer repayments for all residential mortgages for up to six months for customers financially affected by Covid-19.
“We know that some customers are already being financially impacted by Covid-19 and have an immediate need. That’s why the banking industry as a whole is stepping up with this further package,” he said.