fbpx
Click here for the latest banking information on COVID-19

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
Op-Ed
Efficient and Responsible: Getting the Lending Balance Right
25 November 2020

Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.

Read more
Transcript
TRANSCRIPT: ABA CEO Anna Bligh on ABC Radio’s AM 18 November “a chance to get back on their feet”
18 November 2020

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.

Read more
Media Releases
Majority of deferred loans back on track
17 November 2020

The number of deferred loans has fallen below 300,000 – a reduction of almost 70% since the peak earlier this year.

Read more