Option to suspend mortgage repayment for ASB customers affected by bad weather

As heavy rains cause flooding, evacuations and damage to homes in parts of the South Island, ASB is offering emergency financial assistance to clients caught in the storm.

A state of emergency was declared on the West Coast on Tuesday and in the districts of Nelson and Tasman on Wednesday, and a heavy rain warning was in place for the Buller, Nelson and Westland areas until Thursday evening.

Martin Gay, regional manager of ASB South Island, said the bank would offer relief to affected customers, including the suspension of home loan repayments and emergency overdraft facilities.

“We know the situation across the country is likely to get worse before it gets better and there will be a lot of worried customers out there,” he said.

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“Those affected by flooding and other weather damage may have a long way to go, and we hope these measures will help ease some pressure, so they can focus on more immediate tasks at hand. .”

The bank offered support to individuals, farmers and businesses on a case-by-case basis, he said.

Terra Firma engineering geologist Rob Hunter took photos of the flooding at Devenish Place, Atawhai

Rob Hunter Terra Firma Engineering/Provided

Terra Firma engineering geologist Rob Hunter took photos of the flooding at Devenish Place, Atawhai

Mortgage holders would have the ability to suspend home loan principal repayments for up to three months. They could also arrange an overdraft of up to $10,000.

ASB’s other personal clients could access an overdraft of up to $2,000. Other options may be available depending on the circumstances, he said.

Emergency options for businesses and rural customers included access to up to $100,000 in working capital.

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