Australian banks will begin to deploy measures to provide additional assistance to Australian borrowers who are still struggling amid the COVID-19 epidemic.
Anna Bligh, CEO of the Australian Banking Association, said banks will offer their customers carry-over extensions of up to four months after the initial six-month repayment leave.
"Those who are able to repay their loans will start doing so again, which is in the best interests of these clients and helps direct support to those who need it. Encouragingly, many customers have already chosen to resume reimbursement, "she said.
Banks will also offer other options to restructure or modify their customers' mortgages. These options include extending the term of the loan, converting to interest only payments and consolidating debts.
"This next phase of bank support will avoid a" cliff "for customers in September and give them the respite they need to work with their bank and get back on their feet financially," Bligh said.
These support measures are consulted with the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission.
"Australian banks supported their customers as the country entered the COVID-19 crisis and they are determined to help their customers out of the crisis," said Mr. Bligh.
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