50 signatures reached
To: All Banks operating in New Zealand.
Abolish interest during mortgage holidays while the Covid-19 crisis occurs
We ask you to completely write off interest on mortgages during the COVID-19 crisis (or for six months, whichever is the longer). Further, we ask you to not increase interest rates after the crisis, or take any other measures for the purposes of reimbursement.
Why is this important?
Banks have only offered the same mortgage holiday terms applicable in ordinary circumstances (pre-pandemic). While other businesses are pulling out all stops to help and may not survive, banks are effectively doing nothing.
We have been told that the recession arising out of this crisis will be far worse than the GFC, therefore the measures put in place need to be stronger. Many people are in greatly reduced circumstances due to lock down. Many have, or will, lose their jobs and may take some time to find a new one.
In the short term this greatly affects young people with new mortgages, low income mortgage holders, and people who have had to re-finance recently due to unforeseen reasons. It also penalises people who have been paying diligently for some time, causing them to go backwards too. Landlords who hold mortgages over their properties may want to ease the pressure on their tenants finding rent, by decreasing their liabilities too.
In the longer term adding interest increases household debt so people will have less spare cash to spend in the economy after the crisis, slowing recovery.
Lack of money in society at this time can lead to increased social problems and crime.
These are extraordinary times, we need extraordinary social measures. New Zealand banks are not following our Government’s and other NZ Business's good example, and we are well aware of the huge profits banks have been making in recent years.
Your signature here will make a difference to the world we experience after this pandemic passes.
How it will be delivered
E-mail to CEOs