Business
CBA wants struggling customers to try interest only – The Australian Financial Review
Commonwealth Bank of Australia says more than one in 10 customers with deferred loans are considered “high risk”.
Under interest-only terms, a customer with an average $350,000 mortgage could repay interest of just $200 a week and keep the loan on track.
“Unlike other cycles, where the cash rate is now means interest-only is a very viable option for many customers,” Mr Comyn said.
Over recent weeks, as Victoria locked its economy down under stage four restrictions, CBA saw a 20 per cent increase in requests for information from borrowers about assistance but Mr Comyn said there had only been a slight incr…
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