BNZ Goes 2 up and 2 down for Christchurch

24 June, 2011

BNZ has announced a brand new Resilience Package for home owners in the red zone following the government’s land zoning announcement yesterday.

Bank of New Zealand is offering a new Resilience Package that includes a 2 per cent interest bonus on deposits and a 2 per cent discount on variable mortgage rates for all property owners in the newly designated red zone.

BNZ CEO Andrew Thorburn says, “Red zone residents have been through the ringer and we’re here to support them right now and for as long as it takes through the cycle of decisions they are facing into.“

“We recognise that impacted homeowners have a wide range of financial needs with payouts from the Government Land Package coupled with insurance payouts and the decision to purchase or build a new home, BNZ’s new Resilience Package will work to give them additional support and we hope a welcome breather.”

BNZ has already extended around $20m in hardship assistance to over 1,400 businesses and home owners impacted by the earthquake and has allocated an additional $1 billion of new funding to assist and to provide investment and funding support

Summary of Offer:
•The offer is available to all owners of residential property inside the Red Zone, who are eligible for and take up the Crown Red Zone assistance packages. Both offers can not be taken simultaneously.
•The deposit rate will be available until 30 June 2012. The rate will be 2% above BNZ’s top-tier TotalMoney deposit rate. Currently this equates to a 5% deposit rate.
•The discounted mortgage rate will be based on a 2% discount on BNZ’s TotalMoney home loan variable rate. This current equates to a rate of 3.59%. This must be drawn down by 30th June 2012, and will be available for a term of 12 months.
•Each of the deposit and home loan amounts are limited to $500,000.

ENDS

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