This COVID-19 information is current as at 25th March 2020. Any updates will be posted here.
Are you experiencing financial hardship due to COVID-19?
***If you are experiencing financial hardship, please read more here***
Update as at 23rd March 2020
WBS is open for business but working differently to keep our community safe
To protect our community, customers and staff, and in line with NZ Government guidance, we’re suspending face-to-face interactions until further notice.
This means that effective immediately:
- Our doors will be closed to walk-in customers; and
- As a result, WBS will be unable to process cash-based transactions.
All our non-cash-based services including Loans and Investments will continue as normal but we will instead be focused on assisting our customers via:
- Over the phone – call us on (06) 370 0070 during normal business hours
- Via email – contact us at [email protected] at any time
- Via internet banking – please note you need to be registered for this service. Please contact us if you want to register.
We know this may inconvenience our customers and it’s not a decision we’ve taken lightly. However, it’s important we all work together to do what we can to prevent the further spread of COVID-19 in our community. Working differently during this these times will ensure we can get through this.
We’re committed to helping you through this which is why our dedicated staff will continue to make themselves available and do everything we can to assist you.
Please take care of yourselves and others in our community.
Update as at 13th March 2020
Like you, we’re remaining vigilant as the COVID-19 situation develops. While the situation is changing rapidly, here at WBS the one thing that isn’t changing is our commitment to helping our members and our community through these uncertain times.
As you’ll be aware yesterday, the Reserve Bank of New Zealand (RBNZ) cut the Official Cash Rate (OCR) to 0.25% in an attempt to limit the economic impacts of COVID-19 on New Zealand.
What this means for investors
We’re supporting our community by limiting the impact of the RBNZ OCR cut on the rates we offer on our savings and investment products. We believe our investment rates remain highly competitive and will provide certainty of returns for our members amid highly volatile returns elsewhere in domestic and international financial markets.
You can view our current investment rates here.
What this means for borrowers
We’re also continuing to support the Wairarapa region by ensuring that homeowners and the local businesses that we all rely on can continue to borrow funds. We’re open on a business-as-usual basis when it comes to lending but to help make lending easier to access, we’ve passed on the majority of the RBNZ OCR rate cut to our residential customers who have floating rate home loans with us.
As a result, we’ve reduced our floating rate for standard owner occupied home loans with rates now starting from 4.99%. These rates are effective immediately for new home loans and from early April 2020 for existing residential customers.
We know the disruption caused by COVID-19 has the potential to affect a number of local businesses which in turn could lead to financial hardship for our customers. If the COVID-19 situation leads to a change in your personal circumstances and as a result you are experiencing financial difficulties or hardship in meeting your borrowing commitments, we’d encourage you to talk to us to see how we can help. We can look at several potential options to provide temporary relief on a case-by-case basis including:
- Moving your loan to interest-only for a period
- Temporary loan repayment holidays
- Capitalising interest for a period
If in doubt, please reach out to us as its always easier for us to make financial accommodations before you start to get behind on your loan repayments.
If you have any questions, concerns or issues please get in contact with the team here at WBS on [email protected] or on (06) 370 0070.
You can continue to visit us in person at 75 Queen Street, Masterton but the health and wellbeing of our staff and everyone who visits us is important so please make contact by other means if:
- You are feeling unwell including if you have a persistent cough, sore throat or fever
- You have recently returned from overseas and have not yet completed the 14-day self-isolation period
- You have been diagnosed with, or have come into contact with someone who has been diagnosed with, COVID-19