"Extending mortgage holidays until the end of March is positive news for homeowners and the real estate industry generally," says Derryn Mayne, Owner of Century 21 New Zealand.
The real estate leader's comments come as the Minister of Finance today announced a six-month extension to the mortgage deferral scheme.
In late March, the Government, Reserve Bank and retail banks agreed to a six-month holiday which was due to expire on 27 September. It will now run until 31 March 2021.
"With the General Election and applications closing on the wage subsidy scheme still happening this spring, extending mortgage holidays until the end of the first quarter next year is a no-brainer. We need to first get over these two big humps, and it will mean a brighter summer!
"With a triple whammy averted for September, this could've been a spring of discontent for thousands of homeowners. However this extension of mortgage holidays will help preserve the real estate market and property values overall," she says.
The Century 21 boss says the underlying strength of New Zealand property continues to prove itself, with industry statistics still showing that any doom and gloom forecast back in March and April has yet to be seen.
"There was a perfect storm brewing on the horizon this spring, but the Reserve Bank has again acted decisively which will only help overall confidence in the market," says Derryn Mayne.