Repayments deferred on 1-in-14 home loans, industry figures show

Repayments on 429,000 home loans have been deferred by the banks to assist households through the economic impact of the coronavirus pandemic.

A man walks past some residential houses in Sydney. Source: AAP

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.

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