The bank boss is encouraging struggling borrowers to call early to maximise the chances of getting help, as S&P predicts rising mortgage arrears as interest rates rise.
to reach out early to ask for help and not suffer in silence, as proactive engagement is likely to reduce the chances of loan defaults and foreclosures.
“When customers get into difficulty, just please pick up the phone ... If we can talk to them very early on the solution is usually there,” he told an event in Melbourne. “There will be pain and anguish for people as interest rates go up after 11 years of coming down, and we have got high inflation hitting the basket every time we go to the supermarket or the petrol station.“So, there is impact [from lifting rates]. But in a way we have to deal with that to get interest rates back to a more normalised level. I think there is a good resilience in the economy.”
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