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$195 billion worth of mortgage deferrals will begin expiring next month. Here’s how banks will deal with customers who can’t afford their repayments. – Business Insider Australia
Australians who have deferred their loan repayments now have their first glimpse at what they’ll face when their grace periods begin ending next month.
- ASIC has sent a letter to lenders on Thursday notifying them of its expectations once mortgage deferrals expire.
- The regulator has instructed lenders to begin contacting borrowers and assessing whether not they’ll be in a position to recommence repayments, and how to move forward if they cannot.
- Commonwealth Bank CEO Matt Comyn has also canvassed the options of extending loan terms, moving customers to interest-only payments, and extending customer deferrals if customers …
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