Business
Mortgage deferrals are winding up, so what happens next? – ABC News
For six months, hundreds of thousands of borrowers have been able to put their mortgage repayments on hold as they dealt with the COVID-19 crisis. But, for most…
For six months people with mortgages have been able to pause repaying their loans. The offer, made by Australia’s banks to their home loan customers, temporarily stopped what is normally the biggest expense for many households.
Key points:
- The initial six-month COVID loan deferrals are expiring now and banks say they will only grant a four-month extension in cases of severe hardship
- As of August, 9 per cent of home loans, worth $160 billion, were still on deferrals
- Bank…
Continue Reading