Mortgage deferrals climbs to $211 billion

  • By AB+F Editorial

Banks have deferred the repayments of one in fourteen mortgages totalling more than $150 billion, according to the Australian Banking Association. 

This take the total number of loans deferred to 703,000, worth a value of $211 billion.

Banks have also hired 1500 new staff and redeployed over 2200 staff to frontline areas such as call centres to help meet the historic surge in demand for support over the last few months.

Australian Banking Association CEO Anna Bligh said that banks stood shoulder to shoulder with Australians who were suffering as a result of the COVID-19 health and economic crisis.

“Banks are here to support customers throughout the crisis and help the economy on the other side as we recover from the devastating effects of this pandemic,” Bligh said.