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What is a loan statement?

If you have a loan with either a bank or a financial service (e.g. home loan, loan for purchase of a car etc.), you should be sent a statement of that loan at the end of the financial year listing all the payments that you've made towards it during that time - just like a bank statement.

When you're sent this statement, please keep it and provide to your accountant. You accountant will require proof of your loan balance as it was at the end of your financial year (31 March for most people) as well as record of interest paid throughout the year.

For many banks, loan statements can be downloaded from your internet banking as you would download a statement for your everyday account. However, for some banks, such as ASB, you may need to contact your bank and request one.

If you have any questions please contact your RightWay accountant, email info@rightway.co.nz or call 0800 55 024