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Stop Banks Charging Interest During Loan Payment Holiday

Stop Banks Charging Interest During Loan Payment Holiday

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This petition has been created by Chris L. and may not represent the views of the Avaaz community.
Chris L.
started this petition to
New Zealand Government
If you have a mortgage, overdraft, business loan, equipment finance or credit card bill this affects you.

If you can't make your loan repayments and request your bank to suspend repayments on your loan for six months, they will still charge you interest during that period.

Here's what a 6 month repayment holiday will look like.

At an interest rate of 3% on your loan balance of $300,000 that will add an additional $4,500 to your loan and add 6-months to your mortgage term.

This is definitely NOT a Mortgage Holiday.

New Zealand's four big Australian banks made $6 billion in profit last year. Every other business in the country is going to be hit by the lockdown, except the banks.

In doing this wonderful, awe-inspiring, selfless act to help preserve the Kiwi way of life...New Zealand's banks could potentially make an ADDITIONAL $4.125 Billion in interest .

Government needs to legislate to stop banks charging interest during Corona Virus repayment holidays.

Posted (Updated )