Mortgage deferral scheme extended

The Reserve Bank today announced an extension of the regulatory guidance for the mortgage deferrals program to help customers in need.

The regulatory guidance means banks can continue to offer temporary mortgage deferrals to their customers. (Previously erroneously called “Holidays”)

In a nutshell if impacted by the Rona you may be able to extend your mortgage repayment hold out to 31 March 2021 .

Your Lender will be asking a swathe of questions as to whether or not this is a good idea and your reasoning behind such a request.

As always please get in touch if you require assistance.

OCR Held @ 0.25% but QE gets a Crank Up

QE got a boost up to $100B today in the MPS. OCR remains on hold, for now, but a bias to getting the ducks in row to go negative in the near future.

The Banks got a nudge along with the following… ” It remains in the long-term interest of banks to fully pass on the benefits of lower funding costs to their customers. ” IE: lower the interest rates advertised to borrowers.