This is still all a little unclear what this is all about, but it would seem that the government has guaranteed money to the banks, in case their pool of international funds dry up.
The unclear part is how this actually helps us other than a loosely explained "Bank Managers will be a bit easier on you if times get tough and provide a bit of slack." How this outworks itself no one seems to know. There are specific examples of what can be done...but not much about who is able to get the help, when and how.
See the stuff.co.nz article by clicking here
What we do know is the seven banks have come on board with the idea, they are BNZ, ANZ-National, WESTPAC, ASB, KiwiBank, TSB and SBS.
On a personal not, my mortgage is due for renewal in November...can I use this to get a deal, or will the banks think that this is already a sweetener?
I'll keep you informed.