Banks to offer further four-month mortgage break to avoid September 'cliff'

expected to coincide with the scheduled withdrawal of Federal Government support measures, including the JobKeeper wage subsidy and the JobSeeker coronavirus supplement.

"Where these arrangements are not in place at the end of a six-month deferral, customers will be eligible for an extension of their deferral of up to four months," Ms Bligh said. "APRA has also provided relief to encourage the banks to restructure loans where possible as a way of helping these customers."Australia's major banks said many customers who deferred their loans at the beginning of the crisis had already started paying them back, although others — including those in Victoria who were going back into lockdown — would need more help.

A rolling loan carries no loss.

Let's protect the 'better' class of unemployed - conservative voters

LOL. Now that is planning. Move the insolvency crisis forward a further 4 months

Kicking the can... it’s still going to blow.

Then there will be a January cliff

Important to understand that borrowers will not automatically be entitled to the extension. Also over the loan, banks will actually make even more profit out of each of these customers than from before the Pandemic (assuming the customer can keep their head above water).

This won’t avoid the cliff, it will DEFFER the cliff Simple fact is people without jobs can’t pay off homes Unemployment+ fake “job keepers” leave this country 20% UNemployed 1:5 mortgages are in real trouble We keep printing $ and screwing our kids futures Stop the music!

All the economic policies since Covid19 have been to protect the money/assets of ppl who were already financially secure or wealthy. The only reason some Libs want Jobkeeper/Jobseeker extended is to make sure they have tenants in their investment properties

Delaying the inevitable!!

asherspira

It’s called: ‘Extend and pretend’

When will it change I assume there something wrong when I don't walk what you dictate but everyday we hear more lies

And I already know how prejudice it is in this purgatory is there more guns I have to face dictator's

The only thing the Banks are doing is prolonging and trying to hide this upcoming disaster from their share holders

Booo. I want my first home purchase to be funded by the tears of over-leveraged boomers. Let it crash.

Yet again another example of the upper half of society getting assistance while the renting classes miss out. If an owner can defer their mortgage, how is it they can continue to claim rent if the property isn't their primary residence?

LET IT CRASH give us a chance ffs

If they want to help drop their credit card rates to 10% instead of having them at 22% so cash flow starts and people spend money so our economy restarts

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