COVID-19 and your business
Apply to reduce or defer your payments for up to six months
We understand that COVID-19 is creating unsettling times and you may be worried about making your next mortgage payment. We ask that you carefully read the following information and consider it for your personal situation.
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On Tuesday 24 March the Government, along with the Reserve Bank and all retail banks, announced a six-month principal and interest Mortgage Payment Deferral option for mortgage holders and SME customers, whose incomes will be affected by the economic disruption from COVID-19.
If your business or income is affected by COVID-19 you may qualify for this support.
In response to the Government’s announcement, TSB will be offering a mortgage payment deferral option for qualifying residential backed business lending. We are also available to discuss other options for our business customers facing a loss of income due to the economic impact of COVID-19.
This includes interest only payments for up to six months for customers with residential back loans, as well as a range of other options for customers with other business lending needs.
Businesses that bank with TSB which have been affected by the economic impacts of COVID-19. Examples of the types of organisations that might be affected include:
If you're interested in reducing or deferring your repayments and you have mortgage backed business lending please complete our online application form
For Interest Only or a loan payment mortgage deferral you do not need to provide financial statements. For further lending, the Bank may require your latest financial details – we will talk to you about this.
A payment deferral allows you to take a break from making your contractual mortgage payment for up to six months. Interest will continue to be charged and will be added to your loan at each payment date. The end-result is that you’ll end up paying more over the life of the loan.
Yes, you can take a mortgage payment deferral or interest only option for terms less than six months. Talk to us to discuss the best option for you.
The Mortgage Payment Deferral and Interest Only offer is available for all residential mortgage backed business lending. We have options for other lending, please contact us to discuss.
Please contact us and we’ll be happy to work with you to assess your needs.
Yes, you do if your income has been affected by COVID-19.
If at any time your circumstances change, simply contact us to discuss your options.
The Mortgage Payment Deferral option is available for all qualifying customers and at this stage we have no firm end date in place. TSB also has existing options for customers experiencing financial hardship (before or during COVID-19) and these will continue to be available throughout this time.
Yes, if the loan is for a residential investment property, you can apply.
© TSB BANK LIMITED 2008-2020. Use of this website is subject to our Website Policy. TSB BANK Limited is in trade for the purposes of the Fair Trading Act 1986.
© TSB BANK LIMITED 2008-2020. Use of this website is subject to our >Website Policy. TSB BANK Limited is in trade for the purposes of the Fair Trading Act 1986.