Business
CBA may ask struggling customers to downsize – The Australian Financial Review
CBA is willing to extend loan deferrals beyond March but is discussing ‘alternative solution paths’ with its most over-leveraged customers with poor prospects for returning to work.
Mr Sullivan acknowledged some owner-occupiers with mortgage repayments too big to service would need to consider selling and moving to a smaller home on a lower mortgage.
The bank would carefully manage such conversations, he said. Of its deferred loans, 72 per cent of borrowers are owner-occupiers.
If I can get one message to all CBA customers out there who have a mortgage and are under strain, it is: be in dialogue with us.
Angus Sullivan, head of CBA’s retail bank
“That is a hugely stress…
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