Repayments on one-in-14 mortgages have been deferred for six months to assist households during the COVID-19 pandemic.
New Australian Banking Association figures released on Saturday show repayments on 429,000 mortgages have been deferred during the crisis, totalling $153.5 billion.
That brings the total number of deferred mortgages on the books of banks to 703,000, worth $211 billion.
ABA CEO Anna Bligh said banks have been prepared to support customers throughout the crisis and assist the economy from the devastating effects of the pandemic.
"Australian families who are financially affected by this crisis have had the breathing space they need with a six-month deferral on their home loan repayment while they chart a path through to the other side of this downturn," she said in a statement.
Banks have also hired 1,500 new staff while redeploying over 2,200 employees to frontline areas such as call centres to help meet the historic surge in demand for support over the last few months.
People in Australia must stay at least 1.5 metres away from others. Check your state’s restrictions on gathering limits.
Testing for coronavirus is now widely available across Australia. If you are experiencing cold or flu symptoms, arrange a test by calling your doctor or contact the Coronavirus Health Information Hotline on 1800 020 080.
The federal government's coronavirus tracing app COVIDSafe is available for download from your phone's app store. SBS is committed to informing Australia’s diverse communities about the latest COVID-19 developments.
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