General
Banks pressuring customers to make unrealistic loan repayments as deferrals end
Mortgage holders are being pressured by banks to make “significant, bulk” payments as loan deferrals begin wrapping up.
Key points:
- The Australian Prudential Regulation Authority says repayment deferrals must end on March 31
- The National Debt Helpline said one person was told he had to pay $20,000 in arrears before regular payments could restart
- Financial counsellors are concerned the pressure from banks will send some people to payday lenders
Last year, the economic impact of coronavirus forced banks to offer home owners mortgage payment ‘holidays’. About 10 per cent of mortgage holders accepted and paused their payments.
In July, the Australian Prudential Regulation Authority (APRA) announced banks could extend mortgage holidays to their…
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