Westpac NZ customers affected by Covid-19 can now apply for a six-month deferral on principal and interest repayments on home loans and personal loans.
Westpac NZ General Manager of Consumer Banking and Wealth, Gina Dellabarca, says repayment deferrals – sometimes known as repayment holidays – will help provide peace of mind for customers.
“Customers who were in stable jobs a month ago are now finding themselves grappling with reduced incomes and an uncertain future.
“We want people to know we’re here for them, and have a range of assistance available, including these repayment deferrals.”
Ms Dellabarca says interest will continue to accrue during the deferral period so customers should think carefully about whether they need this form of assistance, and what it will mean for their loan payments in the future, before applying.