New Zealanders could apply for a mortgage holiday as soon as Monday.

The offer means people's principal payments will be stopped while interest will be added to the loan.

ANZ chief executive Antonia Watson says as long as your mortgage was in good shape before the pandemic you will be eligible.

"It's something we've always provided to customers that have been in financial distress or hardship, but it's going to be at a much greater scale than we've ever done before." 

She told Heather du Plessis-Allan they're getting the final regulatory sign offs so they can offer them on mass.

"As long as you are in good shape and up to date on your mortgage - and that could be a mortgage for a home or a mortgage backing your business loan - we'll be able to offer up to a six-month repayment deferral."