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“Times of crisis bring us together as a nation and 2020 is no exception. As we approach the year’s end, it’s worth reflecting on the challenges we have overcome together.”
Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.
At the start of November, the number of loans still on deferral had fallen by almost 70%. Just 145,000 home loans remain on hold, and this number is falling every day.
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.
The number of deferred loans has fallen below 300,000 – a reduction of almost 70% since the peak earlier this year.
“Banks have already been acting on the findings of Commissioner Hayne and remain fully engaged for this next phase” ABA CEO Anna Bligh
“we’ve seen a record high number of Australians switch their loans, either to another bank or gone to their own bank and got a better deal.”
Anna answered questions about the impact of COVID-19 on banks’ profits, how banks have responded to help customers during the pandemic and what’s happening next to customers who’ve deferred their mortgages.
“Banks play a vital role in helping Australians survive and recover from bushfires and other disasters”, said ABA CEO Anna Bligh.
Despite weaker demand, Australia’s banks have lent $41 billion to small businesses and sole traders since 1 February. That’s an average of $215 million each and every day, for 250 days.
Since February 1, Australian banks have approved over $41b for SMEs and sole traders. That’s an average of $5 billion per month.
Interview: Almost 45% of Australians who deferred their mortgages in June have begun repaying their loans.
Almost half of deferred loans are now being repaid again as Australians recover from the pandemic
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This year’s federal budget will help Australia recover from the economic impact of COVID‑19 and create jobs as the nation recovers. The Australian Banking Association has welcomed the strong focus on support for small and medium businesses and direct assistance to families. “Australian banks stand ready to continue their role helping millions of Australians through… Read more »
“These changes will make banking faster and easier” said ABA CEO Anna Bligh
“Banks look forward to working with the Government to ensure the legislation works for both customers and the broader economy”.
As people approach the end of their six-month loan deferral, banks will implement a new phase of support to assist customers to return to repayments.
Australia’s banks supported their customers as the country entered the COVID-19 pandemic and they continue to support them on the way out. As the initial wave of 6-month loan payment deferrals come to an end, banks have begun to contact customers for their 6-month assessment and to discuss the next stage of support and assistance. … Read more »
Helping businesses to remain viable and keeping people in their homes is good for everyone.