Most home loans still deferred as grace period winds up

Posted on October 16, 2020 by | 0 Comments

With the initial six-month mortgage holiday having run its course, Australia’s major lenders would have been banking on most customers resuming their repayments by now.

But the latest dataset shows most have yet to return to normal.

Data collected by the Australian Banking Association (ABA) found 270,000 home loans were still on hold as of October 11.

Although that’s well below the peak of nearly 500,000 in June – or one in 10 mortgages nationally – more than 54 per cent of affected clients have yet to resume repayments or transition to a new payment plan.

The data comes as banks continue contacting thousands of customers to discuss whether they can unfreeze their loans, or need to reduce payments or extend their deferral until March, as the first round of holidays comes to an end.

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