fbpx
Skip to main content
Get step-by-step help: Financial Assistance Hub

Banks defer repayment of 429,000 mortgages due to COVID-19

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

May 16 ABA Banking Activity Stats 429676 mortgages deferred
Right-click to enlarge and save this infographic.

Latest news

1 / 3
Media Releases
ABA welcomes APRA’s Climate Information Paper
30 November 2022

The CVA released today will inform future industry efforts in using scenario analysis as a tool for understanding climate change related financial risks.

Read more
Transcript
Transcript: Anna Bligh on ABC NewsRadio – maternity leave lending
28 November 2022

“A number of our banks actually have maternity leave lending products that are specific to people on parental leave, paid and unpaid, to help them through, what as I said, can be a difficult time.”

Read more
Media Releases
Number of SMEs growing, despite economic challenges, ABA report
24 November 2022

The number of micro businesses grew 10% to 1.55 million in the year to June 2022. During the same period, the number of small businesses grew 3% to 955,861 after an extraordinary period of growth during the 2021 financial year, jumping 15% to 931,791.

Read more