A what-do-we-know-what-don’t-we-know about mortgage holidays so far: 

  • Debt-deferral, not debt-forgiveness: Interest will continue to accrue for the duration of the ‘holiday’; 
  • More information to come: Most banks have signaled that more information/firmed up packages will be announced the week of 30th March; 
  • Packages designed more for owner-occupiers rather than investors: Investors should get in touch with their brokers for a more global
    and long-term approach; 
  • Hold if you can: We expect rules around mortgage holidays, refinancing, restructuring to be relaxed in the next week or so until banks
    can put out packages that speak specifically to the challenges of Covid-19 and that reflect the deal they have struck this week with the government; 
Some tips for investors: 
  • Talk to your broker: Resist the urge to knee-jerk, get in touch with your broker to get a strategy in place. We note that our broker
    partner Kris Pedersen Mortgages & Insurance is on extended hours to help investors
    through these times; 
  • Don’t rush to call: Banks are absolutely inundated this week helping customers with immediate cash-flow challenges if you are able
    to, give your bank some space to deal with those calls first; 
  • Email and use online forms: Let’s do our bit to avoid overloading the phone network, email or use online banking secure mail facilities
    if you can; 
  • Be clear with your bank: Tell them exactly what relief you are after (mortgage holiday/restructure/refinance) and how your income
    is affected to minimise back and forth; 
  • Get onto Twitter now: For live announcements (ANZ, ASB, BNZ, Kiwibank,
    Westpac) or get into the habit of Googling ‘<bank name> Covid-19’;
  • Break-glass only if you...