Extending mortgage holidays good for property industry

"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.

Disclaimer: The opinions posted within this blog are those of the writer and do not necessarily reflect the views of CENTURY 21 New Zealand, others employed by CENTURY 21 New Zealand or the organisations with which the network is affiliated. The author takes full responsibility for his opinions and does not hold CENTURY 21 or any third party responsible for anything in the posted content. The author freely admits that his views may not be the same as those of his colleagues, or third parties associated with the CENTURY 21 New Zealand network.