Markets

Banks are struggling to get borrowers to start paying their loans again, with as much as $200 billion in frozen debt to be kicked into the new year

The latest APRA figures show most banks are struggling to get customers to restart repayments. In August, just $10 billion worth of loans were thawed, leaving $229 billion frozen – including $160 billion in mortgages. It leaves around 230,000 loans withering, as Australians struggle to service their debts. Visit Business […]
Banks are struggling to get borrowers to start paying their loans again, with as much as $200 billion in frozen debt to be kicked into the new year
Markets

$195 billion worth of mortgage deferrals will begin expiring next month. Here’s how banks will deal with customers who can’t afford their repayments.

ASIC sent a letter to lenders on Thursday notifying them of its expectations once mortgage deferrals expire. The regulator has instructed lenders to begin contacting borrowers and assessing whether not they’ll be in a position to recommence repayments, and how to move forward if they cannot. Commonwealth Bank CEO Matt […]
$195 billion worth of mortgage deferrals will begin expiring next month. Here’s how banks will deal with customers who can’t afford their repayments.
Markets

Unemployed Australians owe billions of dollars on their mortgages. As the job market worsens, it’s uncertain when they’ll be able to pay it back.

The Commonwealth Bank reported its full financial year figures on Wednesday, revealing a broader picture of the Australian mortgage market. According to CBA’s figures, 8% of mortgages, amounting to $48 billion, have been frozen alongside 15% of business loans. 14% of mortgage borrowers who have deferred repayments are receiving JobSeeker, […]
Unemployed Australians owe billions of dollars on their mortgages. As the job market worsens, it’s uncertain when they’ll be able to pay it back.