A six-month mortgage holiday is being offered to Kiwi homeowners and small to medium business owners whose income has been affected by COVID-19.

In today’s press conference, the Finance Minister announced that due to the economic effects of the virus, the major banks had agreed to give people a break from mortgages.

The exact details are yet to be smoothed out, but it will include both principal and interest payments. 

A $6.2 billion finance guarantee scheme was announced for businesses by both the government and the banks to save and protect jobs and businesses.