Westpac New Zealand Economic and Sustainability Strategy Update
COVID-19: Putting customers first
Total mortgage deferral packages provided (% by balances)
94.0
~29,000
accounts
supported
($6.5bn in
balances)
■Returned to normal repayment or paid
down
■Restructured
■ Hardship
Mortgage deferrals update
29k mortgage accounts supported with $6.5bn in balances (~11% of eligible mortgage
lending)
1.6k accounts required further assistance ($0.4bn in balances)
•
1k accounts moved into hardship arrangements following the end of the deferral
period ($0.2bn in balances)
0.6k accounts had their loans restructured ($0.1bn in balances)
A very small number of accounts remained in April
2.0
4.0
•
Accounts in hardship following deferral
represent 29bps of total mortgage
accounts (42bps by balance)
Total business support packages provided (% by balances)
■Temporary overdraft
~9,000
business
0.2
77.1
customers
■Temporary change to interest-only
■Payment deferral
supported
22.7
($2.3bn in
balances)
No significant changes in levels of
stressed assets since COVID-19
began, remaining around 3%
•
·
Business support packages update
9k business accounts supported with $2.3bn in balances (~9% of eligible business
lending balance)
Support provided included temporary overdrafts, temporary change to interest-only,
and deferral packages, with the majority of customers choosing temporary
overdrafts or changing to interest-only
At the end of March 2021 no COVID-19 temporary support packages were
outstanding with loans either paid down or returned to normal repayment
No temporary support packages outstanding at end of March 2021
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