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“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
“we’ve seen a record high number of Australians switch their loans, either to another bank or gone to their own bank and got a better deal.”
Anna answered questions about the impact of COVID-19 on banks’ profits, how banks have responded to help customers during the pandemic and what’s happening next to customers who’ve deferred their mortgages.
“Banks play a vital role in helping Australians survive and recover from bushfires and other disasters”, said ABA CEO Anna Bligh.
Despite weaker demand, Australia’s banks have lent $41 billion to small businesses and sole traders since 1 February. That’s an average of $215 million each and every day, for 250 days.
Since February 1, Australian banks have approved over $41b for SMEs and sole traders. That’s an average of $5 billion per month.
Interview: Almost 45% of Australians who deferred their mortgages in June have begun repaying their loans.
Almost half of deferred loans are now being repaid again as Australians recover from the pandemic
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