Major Australian banks have started rolling out mortgage deferral programs as large swaths of country enter COVID-19 lockdowns.
More than 11 million Australians are now unable to lock in conditions, with many cannot leave their local government areas (LGAs) to work.
Australian Banking Association (ABA) CEO Anna Bligh said on Saturday that customers should be sure their banks are backing them.
“Today’s announcement in New South Wales means more businesses, construction workers and businesses will not be able to work in the coming weeks. If they’re in financial difficulty, the best thing to do is call their bank, ”Bligh said.
She said the ABA’s assistance program, first announced on July 8, would help clients and urged them not to “toughen it up” on their own.
Yahoo finance details what each major bank offers to mortgage customers:
Commonwealth Bank of Australia: two-month postponements
CommBank CEO Matt Comyn on Saturday announced the bank’s expanded measures for home loan customers, including two-month mortgage deferrals.
From Monday, customers – especially those of the LGAs of Fairfield, Canterbury-Bankstown and Liverpool – will be able to access the postponements.
“I want to assure all of our customers across Australia who are facing tighter restrictions today that support is available now,” said Comyn.
“Australians have responded well to the pandemic over the past 18 months and we will do so again as we face this next phase of restrictions. “
Customers who voluntarily make higher refunds can also reduce their refunds to the minimum level, while others can access money in their Everyday Offset accounts, access money available in redemption accounts, and switch to withdrawals. fixed rate loans.
NAB: Reports on a monthly basis
NAB will offer mortgage repayment deferrals to home loan clients on a monthly basis. This is usually offered for up to three months.
It also offers temporarily reduced payments and restructured loans, as well as access to drawing facilities and clearing accounts.
“The measures announced today by the NSW government as well as the Victoria lockdown are difficult, but they are necessary to protect the community,” NAB CEO Ross McEwan said on Saturday.
“We know every situation is different and our investment bankers check in with clients to see how they are doing and what help they might need with their situation.”
He urged Australians to get vaccinated, describing it as “the only way out” of repeated blockages.
Westpac: Reports on a monthly basis
Westpac offers reduced interest rates, extended loan terms, restructured debt agreements and monthly mortgage deferrals.
“We recognize that many of our customers need help in the wake of increasing lockdowns across Australia. We want customers to know that there is a wide range of options to help businesses and individuals get through this difficult time, ”said Peter King, CEO of Westpac.
“We remind clients that if they are facing financial difficulties, give us a call early so we can work on the most appropriate bespoke options to support them, including deferrals on home and business loans until. ‘at three months. “
Westpac customers can access support by calling 1 800 067 497.
ANZ: short-term payment relief
ANZ’s support for clients affected by the NSW and Victoria lockdowns includes offers for clients to restructure home loan debt or switch to fixed rate loans.
It also proposes to waive certain fees and “short-term payment relief”.
“We know this lockdown will have a big impact on our customers in and around Sydney. Like the lockdowns we’ve seen in other states, we know it may take some time for the real effects to be felt by families and businesses, ”said Mark Hand, director of the bank. retail and commercial group ANZ, end of June.
“We want our customers to know that help is available if they need it during this difficult time. Our teams are ready to help and will work with clients to understand their specific needs and help tailor individual solutions.