ASB to honour pricing during alert level four

ASB has promised to honour pricing for home loan customers unable to settle during alert level four, after advisers claimed the bank had forced some borrowers to reapply.

The bank has responded following adviser complaints about its approach to previously agreed deals during lockdown.

Two advisers told TMM Online that ASB had declined to grant extensions on some pre-lockdown loans.

Yet ASB's retail banking executive general manager Craig Sims said pricing would be honoured for customers affected by level four. He urged advisers to contact the bank.

"ASB continues to support customers who need financial assistance as a result of the latest Covid-19 lockdown. We have a range of assistance measures that we can provide, on a case-by-case basis, to best meet customer’s specific personal financial circumstances," Sims said.

He added: "Generally buyers and sellers in a mortgage chain would work closely with their solicitors and banks to agree an optimal settlement date, should settlement be delayed by the recent lockdown. ASB has anticipated potential delays in settlements and will assist customers whose loan documents and pricing expire before a new settlement date can be confirmed.

"ASB encourages customers who have been impacted to reach out to us directly, or their adviser, for assistance and support. We will continue to honour pricing where settlements are impacted by Covid alert level four."

It comes as Auckland faces at least another week in alert level four during the latest Covid-19 outbreak in the city. The rest of the nation will move down to alert level two at 11.59pm this evening. 

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