Key features
New section 38AM will allow borrowers who return to New Zealand, and fully repay their loan before they have been back for 183 days, to be granted an interest-free loan from the date they return until the date of repayment.
Background
Borrowers who return to New Zealand and fully repay their loan before they have been back for 183 days technically cease to be borrowers and therefore cannot be allowed an interest-free loan from the date they returned to New Zealand to the date they repaid their loans. The bill corrects this technicality.