Business
Aussie banks force distressed property investors to sell – MacroBusiness
Data from the Australian Prudential Regulation Authority (APRA) shows that banks have deferred 18% of small business loans worth $56 billion in response to the COVID-19 pandemic. Morgan Stanley has warned that that many businesses in Melbourne that have been …
Data from the Australian Prudential Regulation Authority (APRA) shows that banks have deferred 18% of small business loans worth $56 billion in response to the COVID-19 pandemic.
Morgan Stanley has warned that that many businesses in Melbourne that have been forced to shut down for a second time may never re-open, particularly smaller ones.
The APRA figures also show that more than 10% of home loan repayments, worth $192 billion, have been put on hold. Loans to investors account for 34% of home loan repayments that have been deferred, with banks already requiring some distressed investors to sell:
There were some that would have been saying, maybe I dont need a deferral, and now, bang, six weeks. So theyll be going to their bank looking to defer their repayments,
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