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We live in your world - July 2011

We live in your world - July 2011

Special lending for Christchurch homeowners

Special lending for Christchurch homeowners

We have committed NZ$1 billion in new residential lending, at a reduced interest rate, to help Christchurch homeowners impacted by recent earthquakes buy or build a new home, anywhere in New Zealand.

Last month the New Zealand Government released a map which divided  Christchurch land into four residential zones – red, orange, green and white - and said that it would offer to purchase the property of homeowners located in the ‘red zone’ – the most severely damaged by recent earthquakes.

In response, we have announced a Christchurch Mortgage Package to help homeowners in the ‘red zone’ to rebuild and move on with their lives.  The Package includes a variable interest rate, discounted by 2.04% for one year, giving eligible people access to funding at an interest rate of 3.70%, instead of 5.74% (based on current variable mortgage rates for New Zealand ANZ and National Bank customers).

Our New Zealand CEO, David Hisco, said, “The Government has provided people in these areas with the clarity they desperately needed, but the months ahead are still likely to remain challenging. We want to help these people get back on their feet .”

“We expect many people will want to stay in Christchurch and be part of the city’s long term revival.  We also know however, that some people may decide to move elsewhere in New Zealand and we will be there for them as well,” David said.

Customers from any bank who own a residential property in the ‘red zone’ can apply for this special lending package. The savings for someone borrowing NZ$300,000 are estimated to be around NZ$6,000.

This offer follows other support we’ve provided for Christchurch including:

  • Donations of NZ$2 million to earthquake appeals, including NZ$1 million to the Red Cross Earthquake Appeal; NZ$750,000 to the Canterbury Earthquake Appeal and NZ$250,000 to the Canterbury Business Recovery Trust.
  • Raising more than NZ$6 million through customer and staff donations for the Red Cross Earthquake Appeal. This includes NZ$400,000 in staff donations from New Zealand, Australia, Asia and the Pacific, which we have matched, dollar for dollar.
  • Support packages for customers, including deferring payments on loans and providing interest free overdrafts.
  • Read the media release (PDF 36kB)

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