Highlights
- Almost a million people have put their home or business loans on hold
- 900,000 Australians have put $274 billion in debt on hold
- That is one in nine mortgages and one in six business loans
Banks will be calling customers in the coming weeks as the first six-month loan deferral period comes to an end.
900,000 Australians have put $274 billion in debt on hold; that’s one in nine mortgages and one in six business loans.
So far 20 per cent have restarted repayments.
That means 80 per cent of those with deferred loans may not yet be in a position to pay down debt.
The CEO of the Australian Banking Association, Anna Bligh, says banks will ring customers to work out an individual solution.
"For those who cannot make full repayments, but can make some, banks will be working with them to restructure their loans, vary their loans, enter into a period, for example, of interest-only payments for a period of time. For those customers who are still doing it very tough they may be eligible for a further deferral period for up to four months," Ms Bligh said.
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