Mortgage Business
Loan repayment deferrals phasing out By Sarah Buckley 27 January 2021
As the COVID-19 repayment deferral period concludes at the end of this quarter, some lenders have stopped accepting new applications for deferrals.
Lenders have begun preparing for the looming conclusion of the COVID-19 loan repayment deferrals, which is scheduled to expire on 31 March 2021.
National Australia Bank (NAB) has confirmed that it stopped accepting new mortgage deferral applications last week (20 January 2021) to allow for two-month deferrals finishing at the end of March.
A NAB spokesperson told Mortgage Business: “Home loan deferrals have provided much-needed relief and time to customers affected by the pandemic. Since the start of the pandemic in March, NAB has granted more than 110,000 home loan deferrals to customers who
Farm debt mediation scheme for Tasmania is long overdue says banking victim
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Former farmer and banking victim Dimity Hirst welcomes a Tasmanian Farm Debt Mediation scheme
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Tasmanian farmers in financial strife will have access to an independent mediator during debt discussions with their creditors.
Key points:
Any agreement reached through mediation will be binding
A victim of banking malpractice encourages mental health support during mediation
Under this proposal, farmers can initiate the mediation process, whether they are in financial default or not.
Under the scheme, mediation costs would be shared equally between the farmer and creditor.
Banks pressuring customers to make unrealistic loan repayments as deferrals end
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JanJanuary 2021 at 6:19am
A Westpac spokesperson said about 75 per cent of customers who had deferred loan payments had begun to repay.
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Borrowers are being pressured by banks to make significant, bulk payments as loan deferrals begin wrapping up.
Key points:
The Australian Prudential Regulation Authority says repayment deferrals must end on March 31
The National Debt Helpline said one person was told he had to pay $20,000 in arrears before regular payments could restart
Financial counsellors are concerned the pressure from banks will send some people to payday lenders