ANZ Regional Executive for the Pacific Tessa Price said the economic downturn would be difficult for many individuals and businesses in the Pacific, particularly employers in the tourism and services sectors who will need access to credit to manage debt and payroll, and offset reduced cash flow.
“These measures are aimed at supporting our Pacific customers and businesses looking to trade through the current difficulties, to help them keep serving their customers and paying their employees,” Price said.
“We recognise these are uncertain times and ANZ is playing its role in supporting both our customers and the broader economy. We remain ready to adapt our response to provide further support if necessary.”
“We encourage our customers to talk to us if they’re experiencing hardship.”
The support measures included*:
*A reduction of 0.50% per annum on all local currency overdrafts for commercial customers (effective 6 April);
*A reduction of 0.50% per annum on all local currency variable term loans for commercial customers (effective 1 May);
*A reduction of 0.50% per annum on all local currency variable home loans and personal loans (effective 1 May);
*Removal of monthly loan administration charges for term loans for both retail and commercial customers (effective 1 May);
*A waiver on loan restructuring fees for commercial customers on a case-by-case basis;
*A reduction in repayment amounts for commercial customers in line with the reduced interest rates.