Good Shepherd NZ and BNZ now offering all Good Loans interest and fee free
4 Nov 2022All Good Loans will now be available with no interest and no fees – a significant change announced by Good Shepherd NZ and BNZ.
Through its partnership with Good Shepherd NZ, BNZ is supporting interest free Good Loans of up to $7,000 to eligible families and individuals on limited incomes to help them avoid predatory lenders and high-cost debt. These loans can be used to purchase essential items or services such as new household appliances, computers, car repairs or medical expenses.
In addition, BNZ is supporting Good Shepherd NZ to offer interest free Good Loans of up to $15,000 through its free DEBTsolve programme. DEBTsolve combines debt coaching and advocacy alongside interest free debt solution loans to help more New Zealanders get on top of unmanageable debt.
Good Shepherd NZ Chief Executive Fleur Howard, says, “Sometimes all it can take is an unexpected event, like their car breaking down, to tip people from just managing financially to being under a significant amount of financial stress.
“These households may have been forced to turn to high-cost lenders, exacerbating their financial difficulties and creating a spiral into further debt.
“Through Good Loans we want to continue reducing barriers and increasing access to fair and affordable lending for essential services and products for the growing number of families and individuals who need this support.”
Interest free Good Loans are available to eligible New Zealanders on limited incomes, not just BNZ customers. Previously interest free Good Loans were only available for amounts up to $2,000 and Good Loans up to $15,000 attracted a low interest rate of 6.99%.
BNZ CEO Dan Huggins says, “We know there are families and individuals on limited incomes out there struggling, who need a hand to take some of the pressure off.”
“That’s why, together with Good Shepherd NZ, we’ve announced these changes to help families and individuals when they need it most.
“Supporting interest free Good Loans is part of our commitment to support the long-term wellbeing of New Zealanders by helping them avoid predatory lenders and unmanageable high-cost debt.”
Since 2014, BNZ, Good Shepherd NZ and community partners have provided just under $12 million in no or low-cost lending to over 4,000 families. This is estimated to have saved customers more than $6 million in fees and interest had they borrowed from other high-cost lenders.
BNZ has committed to delivering $50 million in no or low-interest loans and advances. It’s part of BNZ’s wider sustainability strategy to grow the long term social and financial wellbeing of all New Zealanders.
Good Loans are also supported by the Ministry of Social Development.
For more information about the Good Loans programme or to apply visit: Good Loans – Good Shepherd NZ