Business
‘Time of reckoning’: Loan deferrals falling but warnings worst to come – Sydney Morning Herald
The number of Australians on deferred loans has fallen by almost 70 per cent. But the banking industry says the real pain will be felt once government stimulus…
The banks coordinated with the government and regulators in March to offer Australians affected by COVID-19 the ability to pause loan repayments for six months. The deferral period was then extended by an additional four months and banks have since ramped up call centres to encourage customers to start making repayments.
Ms Bligh said banks would do “everything they can to keep people in their homes” but ultimately the value of the asset would be degraded by ongoing loan relief.
“For some customers,…
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