The New Zealand Bankers' Association (NZBA) Code of Banking Practice says: "You should contact us before you default under any credit facility or as soon as possible thereafter as the sooner you contact us, the better position we will be in to assist you."
ANZ, ASB, Bank of New Zealand, Citibank, HSBC, Kiwibank, National Bank, TSB, and Westpac are members of the NZBA. Not all lenders are, though.
Borrowers may also have rights under the Credit Contracts and Consumer Finance Act. You can to ask for a review of your case if it's a result of unforeseen hardship - but you must apply before defaulting.
More information
- New Zealand Bankers' Association: www.nzba.org.nz
- New Zealand Mortgage Brokers Association: www.nzmba.co.nz
- Office of the Banking Ombudsman: www.bankombudsman.org.nz
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Report by Maria Scott
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