Banks are trying to stop a wave of mortgage delinquencies as workers bear the brunt of lockdowns. (James D. Morgan, Getty Images)
Australian banks have restarted their loan deferral programs, enabling borrowers to put off their repayments during the most recent lockdown.
Impacted mortgage holders can now pause and reduce repayments or restructure their loans are part of a new relief program, while businesses will be presented with additional options.
The three local government areas (LGA) at the heart of Sydney’s latest outbreak were already the most behind on their mortgages prior to the latest restrictions.
Australia’s banks have again been forced to freeze home loans for those who need it, just three months after they declared a victorious end to the 12-month program.
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Deferrals not needed to be treated as arrears: APRA
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