16 May 2020
Banks have deferred the repayments of one in fourteen mortgages totalling more than $150 billion to assist Australians through the COVID-19 pandemic.
The Australian Banking Association today released new figures which showed 429,000 mortgages had been deferred totalling $153.5 billion. The figures take the total number of loans deferred to 703,000, worth a value of $211 billion.
Banks have also hired 1500 new staff and redeployed over 2200 staff to frontline areas such as call centres to help meet the historic surge in demand for support over the last few months.
“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.
ABA CEO Anna Bligh
Australian Banking Association CEO Anna Bligh said that banks stood shoulder to shoulder with Australians who were suffering as a result of the COVID-19 health and economic crisis.
“Banks are here to support customers throughout the crisis and help the economy on the other side as we recover from the devastating effects of this pandemic,” Ms Bligh said.
“Since this crisis started banks have deferred the mortgage repayments of 429,000 Australian families or a staggering one in fourteen of all home loans.
“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.
ENDS
Contact: Rory Grant 0475 741 007

Latest news
ABA CEO Anna Bligh: Well, here we are on the front line of the fight against scams. This is one of Australia’s largest banks, and the team of people here talking with customers, trying to protect customers and fight against scammers. Today, here we are launching a new piece of technology called Confirmation of Payee…. Read more »
Australian banks have today unveiled their latest scam fighting technology, with the launch of Confirmation of Payee – a new name-matching service designed to help protect customers from being tricked into sending money to criminals. Banks have invested $100 million in this new technology which is a key initiative of the sector’s Scam-Safe Accord –… Read more »
Former Federal Finance Minister and Senate Leader, The Hon. Simon Birmingham, will join the Australian Banking Association as Chief Executive Officer. ABA Chair and National Australia Bank CEO Andrew Irvine today announced Mr Birmingham’s appointment, replacing retiring CEO, The Hon. Anna Bligh AC. “We are delighted to have Simon lead our industry and help ensure… Read more »