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Australian banks are supporting communities in New South Wales after torrential rain and floods in parts of the state. Floodwaters have inundated towns on the NSW North Coast, Sydney has been pummelled by heavy rain and more is forecast in coming days. Australian Banking Association CEO Anna Bligh says banks have a range of measures… Read more »
“Over the past year, banks have cushioned the blow for their customers. Through 2021, their priority is helping customers rebuild and get ahead”
“right at the height of COVID, when things were at their absolute worst, only 10% of Australian mortgage holders deferred the payments on those mortgages. 90% of those people are now back paying in full.”
“This is the right product for the times. It includes more flexibility, and will allow small businesses to re-stock, rebuild and recover”, said ABA CEO, Anna Bligh.
Australian banks are supporting communities in Far North Queensland affected by Tropical Cyclone Niran.
This is the version of the Banking Code of Practice that took effect on 1 March 2021, a variation of the 1 March 2020 Release. It has now been superseded. This version of the code has been replaced by the October 5 2021 Version.
“No customer is going to wake up the day after the 31st of March and find that there is some legal action being taken by their bank on their loan.”
“For the first time, banks are unveiling an industry-wide Financial Assistance Hub. The site aims to inform and assist bank customers so they know exactly where they stand, and the support their banks will provide them.”
Banks have developed an industry-wide, consistent approach to hardship and a new online tool to guide customers.
The ABA supports the proposed licencing regime for debt management firms and has called for further changes to protect consumers.
“The most important consideration right now is staying safe. But when West Australians affected by recent bushfires are ready to pick up the pieces, their bank will be ready to help,”
New Comprehensive Credit Reporting laws will lead to better deals for customers with a good credit history.
“…banks can go back to their normal processes and that is working out what’s right for every single customer, on an individual tailored basis with a proper assessment. That is the best thing for the customer.”
“Times of crisis bring us together as a nation and 2020 is no exception. As we approach the year’s end, it’s worth reflecting on the challenges we have overcome together.”
Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.
At the start of November, the number of loans still on deferral had fallen by almost 70%. Just 145,000 home loans remain on hold, and this number is falling every day.
Interviewed by AM’s Peter Ryan, ABA CEO Anna Bligh talked about the substantial drop in loan deferrals since their peak during the pandemic, falling from 900,000 to 300,000.
The number of deferred loans has fallen below 300,000 – a reduction of almost 70% since the peak earlier this year.
“Banks have already been acting on the findings of Commissioner Hayne and remain fully engaged for this next phase” ABA CEO Anna Bligh