Bank of New Zealand (BNZ) announced today that it will pass through the full official rate cut to its customers.
In addition, BNZ has expanded its package of support measures to help Kiwi business customers through the impacts of COVID-19.
BNZ’s business support package includes:
- Reduction in overdraft rates
- 100% asset finance funding at reduced rates
- Extensions of Trade Credit, Principal repayment holidays and moving to Interest Only terms on a case by case basis.
- Online, 24/7 capability to apply for unsecured lending up to $100K
BNZ Chief Customer Officer, Paul Carter, says, “This is a difficult time for many of our customers and we’re doing everything we can to support them.
“Lower rates on overdrafts will help reduce costs, improve cashflow and give business owners a platform from which to work from,” says Carter.
As well as deferred repayments, short term loans and extensions to lending, BNZ has immediately reduced its business overdraft facility by 1% to 9.20% and is offering 100% funding on asset finance at the reduced rate of 7.75%.
Carter says every business is unique and is facing into the economic impacts of COVID-19 in different ways.
He says, “Previous experience in times of economic downturn has shown us customers don’t always seek help from their bank early. We’re urging all our business customers to get in touch with us even if they don’t think they need help.
BNZ business customers requiring assistance can get in touch with their business banker or call BNZ’s business specialists on 0800 269 763.