As soon as you miss a regular scheduled mortgage repayment you will be contacted by us immediately, and your loan account will start accruing default interest.
If your arrears are not remedied within 30 days we will issue a Property Law Act (PLA) notice. A PLA notice requires you to pay your arrears within 20 working days from the date of the PLA notice. If this does not occur, it gives us the right to sell your property.
If you do find yourself in this situation, you may wish to initiate the marketing and sale of your property yourself. However, if you choose to do so, we will need to give our consent to any sale. Please contact us on 0800 929 929 to discuss what other requirements you will need to meet.Please note that any failure to meet your loan repayment obligations will impact negatively on your credit history.
A number of serious crimes drive money laundering activity around the world. These include drug trafficking, fraud, robbery, illegal prostitution and gambling, arms trafficking, bribery and corruption.
Money laundering is the process of disguising the illegal origin of criminal profits.
Criminals use a range of methods and levels of sophistication to make money obtained from their criminal activities appear legitimate.Terrorist groups also move funds to disguise their source, purpose and destination. Terrorism financing includes funding terrorist acts and organisations.
The law requires a greater level of customer due diligence from banks. When opening a bank account you'll now need to provide better forms of ID. Previously a driver's licence might have been enough. There are three combinations of ID you can provide, plus proof of where you live such as a telephone or power bill.
The three enhanced ID options are:
A current and valid form of photographic identification
One of these forms of ID:
A form of non-photographic identification
One of these forms of ID:
Together with a form of photographic identification
One of these alternate forms of ID:
A valid New Zealand driver licence
Together with an additional form of identification
Choose one of these alternate forms of ID:
When someone makes cash deposits over the counter of $10,000 or more, banks are required to confirm the person's identity.Where a bank has any suspicions about the customer receiving the deposit, the nature of the deposit, or account activity, banks will need to get more information, including the source of the funds. That's likely to mean asking some questions about where the money came from, what it's for, and what the person's relationship with the account holder is.
When a customer is sending more than $1000 overseas, their bank needs to collect detailed information about the customer sending the money, and at least the name and account number (or a unique transaction reference) for the recipient.
When a customer is receiving more than $1000 from overseas, their bank needs to be satisfied that it has enough information about who has sent the money.
In the case of money transfers from anti-money laundering compliant countries, that information should be attached to the transfer. Where this information is not attached to the transfer, the bank must satisfy itself the transfer is legitimate. The bank also needs to be sure of the identity of the customer before releasing the money to them.
Information required when sending money overseas
The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 requires the bank to collect the following information:(a) the originator's full name; and (b) the originator's account number or other identifying information that may be prescribed and allows the transaction to be traced back to the originator; and (c) one of the following: (i) the originator's address (ii) the originator's national identity number (iii) the originator's customer identification number (iv) the originator's place and date of birth; and (d) any information prescribed by regulations.
Under the regulations referred to in (d), the government also requires banks to get the name and account number (or a unique transaction reference) for the recipient.
Where can customers get more information?
Banks are able to answer questions about how the new law affects their customers.Information about the Anti-Money Laundering and Countering Financing of Terrorism Act is also available at: www.justice.govt.nz/policy/criminal-justice/aml-cft
Amongst many characteristics; the score is based on components such as the number and types of inquiries, (residential stability) how many times you have moved addresses, and adverse information.The formula is Veda's Intellectual Property, however we are confident this is statistically sound. The scores are also tested and monitored regularly.
We are not. In fact the opposite. Segmentation and sub-segment analysis was conducted on various age groups revealing the VedaScores are extremely effective at assessing the credit risk of all key generations including the younger populations
The scorecard is much better at predicting those likely to display future adverse, which means more people (the vast majority) now fall in low risk categories and thus will find it easier to get loans. This also means those highly likely to not cope with the additional credit are more likely to be declined.