Banks offering mortgage deferrals to struggling borrowers

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Banks offering mortgage deferrals to struggling borrowers

As many parts of Australia have returned to lockdown over the past few weeks, lenders have offered home loan relief to borrowers who may have been affected.

Some borrowers may be eligible for deferrals on their mortgage repayments:

  • All borrowers can apply for a mortgage pause, regardless of geography or industry
  • Deferrals are being decided on a case-by-case basis
  • Where deferrals are being granted, it’s on a month-by-month basis

The Australian Banking Association, which is made up of 22 of the country’s largest banks, including the big four banks, said banks are standing by their home loan customers.

“Customers can rest assured that if they need help, they will get it. Your bank will help you find a way through, don’t tough it out on your own.”

Are you affected by the lockdowns and with your mortgage? If so, it’s best to speak with your bank first, but if you want additional help get in touch.

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