Business
Banks pressuring customers to make unrealistic loan repayments as deferrals end – ABC News
As a pause on home loan repayments begins to lift, banks are asking customers to make large lump sums or add $1,000 a month to their repayments to clear up what…
Borrowers are being pressured by banks to make “significant, bulk” payments as loan deferrals begin wrapping up.
Key points:
- The Australian Prudential Regulation Authority says repayment deferrals must end on March 31
- The National Debt Helpline said one person was told he had to pay $20,000 in arrears before regular payments could restart
- Financial counsellors are concerned the pressure from banks will send some people to payday lenders
Last year, the economic impact of coronavirus forced banks to…
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