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Getting financial support if you’re affected by COVID-19

Experiencing coronavirus financial hardship? Find out what support our major banks are offering to personal and business customers.

We explain what measures New Zealand’s major banks and the government have in place in case you suffer financial hardship as a result of the global pandemic. Do note that these initiatives are subject to change but we make updates as soon as we have them.

ANZ

If you are suffering financial hardship, ANZ has a range of initiatives to help. These include:

  • Short term loan repayment relief so you can take a temporary break from your regular payment schedule
  • A possible reduction of credit card and overdraft interest rates
  • Loan restructuring to either reduce the repayment amount by increasing your loan term or changing to interest-only payments
  • Using personal loan or credit card insurance to cover payments if you have been made redundant, bankrupt or experiencing illness

ANZ is encouraging customers who are concerned about their financial wellbeing and are being affected by COVID-19 to get in touch as soon as possible.

Learn more about ANZ’s response and contact them

ASB

ASB is offering assistance, access and relief support to its personal and business customers.

ASB is inviting customers that are facing difficulty to get in touch by phone or online to discuss their financial wellbeing. ASB has dedicated resources to support adversely affected customers and can identify options to assist you according to your needs.

Learn more about ASB’s response and contact them

Westpac

Both personal and business customers that are being affected financially by the pandemic may be able to take advantage of one of Westpac’s support options. These include:

  • Debt consolidation
  • Temporary overdraft facility

Westpac continues to monitor Covid-19 and will adjust its response plan as needed.

Learn more about Westpac’s response and contact them

Co-operative Bank

Co-operative Bank invites customers experiencing financial hardship to get in touch as soon as possible.

Kiwibank

Customers who come into financial stress are encouraged to get in contact with Kiwibank to discuss what options are available to help you through this difficult time.

Learn more about Kiwibank’s response and contact them

BNZ

If you are a BNZ customer and are concerned about meeting your loan repayments, you can contact the bank to discuss your situation and find out what options are available.

BNZ bankers are able to give immediate access to funds to assist with short-term cash requirements. There has also been a 1% cut in the base rate of business overdrafts for SME customers.

Learn more about BNZ’s response and contact them

Other financial support

Government assistance

Since COVID-19 first arrived on New Zealand shores, the government has been adapting its response. It currently has the following initiatives in place.

Leave Support Scheme. The Leave Support Scheme supports businesses paying their workers who need to take leave due to advice given by public health. Businesses no longer need to prove revenue or that their support of an employee was negatively impacted by COVID-19, to qualify for payment.

Income Relief Payment. You may eligible for the Income Relief Payment if you are made redundant due to COVID-19. Check out how to apply at Work and Income.

Tax support. Take a look at the IRD website to see how it can help if you are struggling to meet your tax obligations.

Business debt hibernation. This is a government-led scheme to help business manage their debt. It could help in the following ways.

  • By making arrangement for existing debts, for example, to pay only a portion of what you owe to creditors now and delay the rest.
  • By providing up to a month of protection while making arrangements, which means creditors can’t enforce debts.
  • You may get another six months protection if creditors agree.

Work and Income

Work and Income may be able to provide financial support if you have been affected by COVID-19. If you lose your job and are eligible for a benefit, you won’t need to wait for the usual standdown period to start receiving payments. Even if you wouldn’t normally qualify for WINZ assistance, you may be able to receive emergency help for living costs. Work and Income also give advice and support if you are experiencing financial hardship and are unsure if you can receive assistance. For more information, visit the WINZ website.

IRD

If your income changes due to Covid-19, the IRD are providing support for tax-related matters including:

For more information, visit the IRD website.

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