Banks coming to the party – check your bank out21.04.2020
Considering the hiding they received from
the Banking Royal Commission banks have quickly responded and have given a
decent run down on what they can do for you. This anyway from checking out the
big 4, but I also assume the smaller banks are doing the same.
They also seem to make it clear that they
are backlogged with work so be patient. I even tried to call my own bank
managers mobile (having a bank managers mobile is pretty rare thing yes!) and
it said the message bank was full.
Anyway, many of you have options to defer a
loan, your mortgage or whatever – but be strategic about it, it’s not so you
can just have cash now – and spend it, because you are going to repay it down
the line. It’s so you can put some cash aside in case it is needed over the
next 6 months.
OK – if things are tight financially now
for you it is time to ask for a deferment.
But if you can still pay your loans, we
also suggest that you defer your loans and keep the money aside – it is going
to get a lot tougher.
Having been sitting in level 4 in New
Zealand all businesses are shut and that is dramatic. If in say 6 months you
didn’t need it, well you have a lump sum to catch up.
Every case is different.
Again we say case by case, but we think
it’s best to defer at this stage.