It will now be easier to get a bank loan to buy a house, with the removal of loan-to-value ratio (LVR) restrictions by the Reserve Bank, effective today. Restrictions were imposed in October 2013, meaning no more than 10 percent of banks' new mortgages by value could be to people with deposits of less than 20 percent.
Small businesses struggling with the coronavirus pandemic will be able to get interest-free and low-interest loans of up to $100,000, under a new relief scheme announced by the Government. Finance Minister Grant Robertson said it had become clear that the support banks were providing to small and medium-sized businesses was "not meeting their needs nor our expectations as a Government".
Channel Three owner MediaWorks has set up a $20 million advertising fund using unsold advertising spots to provide free promotion for small businesses affected by Covid-19.