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8 May 2020
New figures released today show Australia’s banks have deferred an extra 100,000 loans, including approximately 50,000 home loans, over the last week to help customers through the COVID-19 pandemic.
The total number of loans deferred is now at least 643,000.
This new data released today shows the total value of loans deferred by Australia’s banks is now at least $200 billion.
Australian Banking Association CEO, Anna Bligh said this showed that the financial impact of the crisis was still unfolding and customers continued to need support from their bank to get through it.
“New data released today shows that in just one week an extra 100,000 customers have had their loans deferred, including 50,000 home loans, to take the pressure off household and business budgets as they navigate through this pandemic,” Ms Bligh said.
“These updated figures, together with figures not previously reported, bring the total number of loans deferred by Australia’s banks as a result of the COVID-19 pandemic to over 643,000, of which approximately 392,000 are home loans.ABA CEO Anna Bligh
“These updated figures, together with figures not previously reported, bring the total number of loans deferred by Australia’s banks as a result of the COVID-19 pandemic to over 643,000, of which approximately 392,000 are home loans.
“The total value of loans which has been deferred has increased by at least $20 billion in just one week.
“These new figures, released today, shows banks working overtime to ensure assistance is given where needed to customers who are affected by this crisis.
“The surge in demand for assistance from banks shows that the economic impacts continue to be felt, and by no means is the nation through this crisis,” she said.
Contact: Rory Grant 0475 741 007
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Interviewed by AM’s Peter Ryan, ABA CEO Anna Bligh talked about the substantial drop in loan deferrals since their peak during the pandemic, falling from 900,000 to 300,000.