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The banks are giving Australians another 4 months to begin repaying $260 billion in frozen debt
- ruby457
- Jul 8, 2020
- 1 min read
In March, banks agreed to allow customers experiencing financial hardship as a result of COVID-19 to stop making repayments on their business and home loans for a period of six months.
On Wednesday, the Australia Banking Association (ABA) confirmed the sector had agreed to allow a four-month extension of the repayment freeze.
“This next phase of bank support will avoid a ‘cliff’ for customers in September and give them the breathing space they need to work with their bank and get back on their feet financially,” ABA CEO Anna Bligh said, noting more than 800,000 customers have deferred their payments since March.Read more:
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