Loan deferrals to be extended for customers who need extra breathing space

Home and business owners struggling financially due to COVID-19 will be given another four months to resume paying back their loans. Extended loan deferrals will be provided to those who genuinely need more than the current six-month timeframe, says the Australian Banking Association (ABA), however, extensions won’t be automatic. While each bank’s deferral policy differs, it’s important to note that deferring repayments on your loan generally doesn’t stop interest from accruing. As such, customers who are able to repay their loans will resume doing so, says the ABA, adding that it’s in their best interests to do so and allows banks to direct support to those who need it. 800,000 people have

Homeowners refinancing in record-high numbers: explore your options

Homeowners in record-high numbers are taking advantage of reduced interest rates and competitive refinancing offers. Are you ready to take the leap? When times are tough, the belt gets tightened. And we’ve seen that play out across the country in a big way recently, with the number of Australian families who refinanced their mortgage in May the highest on record, according to the latest figures from the Australian Bureau of Statistics (ABS). In fact, 33,712 Australians refinanced a whopping $15 billion worth of mortgages in May. To put that into context, before COVID-19 struck, that monthly figure floated around the $10 billion to $11 billion mark. Anecdotally speaking, the recent 50% increa

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