Govt frees up credit for emergency loans

Commerce and consumer affairs minister Duncan Webb. (Image: NZME)

Thu, 16 Feb 2023

Commerce and consumer affairs minister Duncan Webb has granted lenders an exemption from having to do extensive due diligence on loans of up to $10,000, to help people bounce back from the recent flooding. The regulation was made on Feb 13, to provide exemptions from affordability assessment requirements for emergency relief on home loans or overdrafts until the end of March, and is currently limited to people in the upper North Island. Webb said he would take a further exemption to cabinet on Monday to cover everyone affected by flooding....

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