Westpac NZ Offers Personal Loan to Ease Post-Holiday Debt Stress

MT Newswires Live01-20

Westpac Banking's (NZE:WBC, ASX:WBC) New Zealand unit launched a limited-time personal loan at 11.95% per annum, aimed at helping customers manage financial stress following holiday spending, according to a Tuesday statement from the bank.

The loan allows customers borrow up to NZ$70,000 for as long as seven years, with no early repayment fees, allowing them to consolidate multiple debts into one manageable payment.

The survey of 1,087 customers showed that 28% anticipated stress from holiday spending, 23% expected additional financial pressure in the new year, and 19% planned to rely on debt to cover these costs.

The bank's shares fell around 1% in both Australian and New Zealand trading on Tuesday.

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