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Australia’s banks expect over 650,000 people will need to defer their mortgages until 2021 – Business Insider Australia
Australia’s banks are undertaking the single largest nationwide correspondence with customers in the industry’s history.
- Australian banks will call around 450,000 customers in the coming weeks to reassess hundreds of billions of dollars worth of loan deferrals.
- With the initial deferral period to conclude at the end of September, customers will need to either start repayments again in full or in part, move to interest-only loans, or defer as far as January.
- It’s expected around three in four deferrals will remain in place going into September.
- With unemployment expected to rise in …
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