A relatively small but growing number of struggling borrowers who put their mortgages or business loans on hold in response the coronavirus crisis are resuming repayments, new industry figures show | clancyyeates
A relatively small but growing number of struggling borrowers who put their mortgages or business loans on hold in response the coronavirus crisis are resuming repayments, new industry figures show.
Figures released on Sunday night by the Australian Banking Association showed that at the end of July, about 13 per cent of customers with deferred loans had resumed repayments, and the banks estimated a further 100,000 people began resuming payments in August.The ABA expects banks will assess about 450,000 customers with a deferred loan over the coming weeks, as lenders discuss the options facing customers.
In anticipation of the difficulties facing many customers, banks have sharply increased the number of staff in their hardship areas, and in call centres for contacting consumers about their loans."The loan deferral measure offered to customers by Australia's banks has led to the largest ever customer contact process in the industry's history, with an additional 5000 new or redeployed staff working to ensure customers understand their options," Ms Bligh said.
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