Auckland, NZ: Avanti Finance announced today (7/4/2020) that it would be voluntarily providing customers with up to 6 months of
mortgage repayment deferrals or reductions to provide relief to customers financially impacted by COVID-19.
The repayment deferral package, which was agreed between RBNZ and registered banks, allows affected customers to defer
interest and principal payments on their mortgage for 6 months. Interest will be calculated as normal, and added to the
loans after the 6 months has passed.
While there are ongoing discussions with the Government to finalise an arrangement for non-bank lenders, Avanti Finance
has decided to provide the same offer to their customers regardless.
“Despite not being part of the support package announced for banks, Avanti believes in doing the right thing for our
mortgage customers and will extend the same assistance from today,” explains Mark Mountcastle, CEO of Avanti Finance.
This follows in the wake of Avanti Finance’s decision to reduce their long-term mortgage interest rate by 50 basis
points for existing long-term mortgage customers on variable rates.
“We felt it was important to pass this onto our existing mortgage customers. We know some of our customers will be
facing real financial challenges and we trust that this rate reduction along with our other COVID-19 related support
will assist our customers at this time,” continues Mark Mountcastle.
“The last thing we want during a pandemic is for people to feel insecure in their home. We’re all in this together.”
In addition, Avanti Finance is offering similar relief to those with personal, vehicle or other consumer loans, with
reductions and deferrals available for up to 3 months, depending on circumstances.
Customers who have been financially affected by the coronavirus can apply for financial consideration at
https://www.avantifinance.co.nz/coronavirus-update/.