Business
Major banks to stop accepting COVID-19 mortgage holiday applications – Sydney Morning Herald
Australia’s biggest banks will stop offering automatic mortgage holidays to home owners struggling financially during the coronavirus pandemic.
A home loan deferral, also called a mortgage holiday, allows borrowers to put their usual repayments on pause. During this period, interest and fees are added to the loan, which increases the outstanding balance. In general, the length of the loan is extended so when a borrower starts repaying they are charged the same amount as before the deferral but over a longer period.
NAB has provided 110,000 home repayment holidays since March 2020. On the latest available data, from November, 7000 home loan…
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