The Government has announced a six-month mortgage payment and interest holiday for homeowners who have been impacted by COVID-19.

Finance Minister Grant Robertson announced the decision on Tuesday afternoon.

“[The holiday] will mean people won’t lose their homes as a result of the economic disruption caused by this virus,” said Robertson.

Further details about the mortgage holiday will be announced by individual banks over the next two days.

Robertson also announced a $6.25 billion boost for small to medium sized businesses to help them cope with the economic fallout from the virus.