01 JUNE 2020: Latest research from global, data-driven insights provider RFi Group reveals groundbreaking findings which will impact the Australian mortgage industry borrowers AND lenders, as a direct result of COVID-19.
On Tuesday 2nd June 2020, RFi Group released its report “Australia's Mortgage Deferral Hangover ”.
The report, surveying more than 12,000 Australian consumers - and conducted in March, April and May of 2020, as the pandemic unfolded - combines RFi’s unique data and expert insight on the impact of Covid-19, determining just how many borrowers will be affected financially in Australia and for how long, as well as providing detailed forecasts of the impact of the pandemic on mortgage borrowers over the next 12-24 months.
RFi Group Co-founder Alan Shields said “While the immediate effects of the Covid-19 pandemic have been felt with more than 400,000 borrowers having chosen to defer their home loans, it is the long-term demand for deferment that is harder to pinpoint. With this report, we have addressed that.”
He continued “There is a concern that almost 300,000 borrowers who have seen a reduction rather than a loss in their income will be feeling the pain over a longer period and may not yet have sought help."
“Our data and forecasts show that the need for repayment deferral will continue well into 2021 and beyond for large groups of consumers, particularly families and those approaching retirement with a home loan.”
"Lenders need to be prepared for this."
Alan Shields is available for immediate comment.
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RFi Group's 'Australia's Mortgage Deferral Hangover' Report is available now.
To purchase or for further information on the report, please contact: Julien Wilson: firstname.lastname@example.org
RFi Group is a global data-driven insights provider exclusively focused on financial services. We specialise in data and information gathering, customer-based insight generation and business decision support for the world’s leading financial service providers, as well as challengers, disruptive market participants and companies aligned to the FS sector.
We combine global intelligence and local knowledge to provide insightful, valuable and actionable recommendations, with a core focus on the provision of exceptional client service.
Covering 48 key global markets, with regional offices in Toronto, London, Singapore and Sydney RFi Group consistently provides clients with tailored advice and insights relevant to their specific market and business needs.