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A finance commentator is warning the mortgage extension scheme is delaying the inevitable for some people. The Reserve Bank confirmed yesterday it will extend the mortgage deferral scheme by six months, to the end of March next year, in an effort to prevent people experiencing financial hardship from losing their home.
So far, the retail banks have deferred repayments on 21-billion-dollars worth of loans for over 61-thousand customers. Kathryn Ryan speaks with David Boyle from Mint Asset Management, formerly with the Commission for Financial Capability, who says borrowers should beware. Also New Zealand Bankers' Association chief excutive Roger Beaumont, who speaks on behalf of the country's banks.
