Support package cushions flood‑hit borrowers while BNZ maintains lending capacity
BNZ has launched a targeted support package for customers affected by severe weather in Canterbury and Wellington, designed to stabilise household finances while insurance and repairs progress.
The relief package comes as Wellington faces a state of emergency following torrential rain, flash flooding, and landslides across multiple suburbs, with local infrastructure and transport networks under pressure.
BNZ is offering case‑by‑case reviews of home loans, giving brokers scope to restructure repayments for first-home buyers and owner‑occupiers facing income disruption or unexpected repair bills. The package also includes temporary personal overdrafts to help cover urgent costs while customers wait for insurance payouts.
Small business, agribusiness, business, and commercial clients can access temporary overdrafts with higher limits and no application fees. Standard interest rates and credit criteria still apply, but the extra liquidity can reduce the risk of arrears, distressed sales or forced refinancing at a vulnerable time.
“We understand that some of our customers may be facing unexpected challenges to their homes, businesses, and communities and we are offering practical support to help relieve some of the pressure during this time, so people can focus on the clean-up and recovery,” BNZ executive Karna Luke (pictured) said. “We also have a range of other options available, especially for customers who are facing hardship, so I encourage people to get in touch so we can see how we can help.”
The development comes as BNZ takes a sizeable earnings knock from changes to its software accounting, but it is not expected to crimp lending to New Zealand home buyers and property investors
Stay informed with the latest housing market trends and mortgage insights — subscribe to our free daily newsletter.
