Avanti Finance Matches Major Banks’ 6-month Repayment Deferrals To COVID-19 Affected Customers
Auckland, NZ: Avanti Finance announced today (7/4/2020) that it would be voluntarily providing customers with up to 6 months of mortgage repayment deferrals or reductions to provide relief to customers financially impacted by COVID-19.
The repayment deferral package, which was agreed between RBNZ and registered banks, allows affected customers to defer interest and principal payments on their mortgage for 6 months. Interest will be calculated as normal, and added to the loans after the 6 months has passed.
While there are ongoing discussions with the Government to finalise an arrangement for non-bank lenders, Avanti Finance has decided to provide the same offer to their customers regardless.
“Despite not being part of the support package announced for banks, Avanti believes in doing the right thing for our mortgage customers and will extend the same assistance from today,” explains Mark Mountcastle, CEO of Avanti Finance.
This follows in the wake of Avanti Finance’s decision to reduce their long-term mortgage interest rate by 50 basis points for existing long-term mortgage customers on variable rates.
“We felt it was important to pass this onto our existing mortgage customers. We know some of our customers will be facing real financial challenges and we trust that this rate reduction along with our other COVID-19 related support will assist our customers at this time,” continues Mark Mountcastle.
“The last thing we want during a pandemic is for people to feel insecure in their home. We’re all in this together.”
In addition, Avanti Finance is offering similar relief to those with personal, vehicle or other consumer loans, with reductions and deferrals available for up to 3 months, depending on circumstances.
Customers who have been financially affected by the coronavirus can apply for financial consideration at https://www.avantifinance.co.nz/coronavirus-update/.