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“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.
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
This year’s federal budget will help Australia recover from the economic impact of COVID‑19 and create jobs as the nation recovers. The Australian Banking Association has welcomed the strong focus on support for small and medium businesses and direct assistance to families. “Australian banks stand ready to continue their role helping millions of Australians through… Read more »
“These changes will make banking faster and easier” said ABA CEO Anna Bligh
“Banks look forward to working with the Government to ensure the legislation works for both customers and the broader economy”.
Australia’s banks supported their customers as the country entered the COVID-19 pandemic and they continue to support them on the way out. As the initial wave of 6-month loan payment deferrals come to an end, banks have begun to contact customers for their 6-month assessment and to discuss the next stage of support and assistance. … Read more »
This new phase of support turns a cliff into manageable steps for Australians to get back on track.
“Customers can be assured that they will always be in control of how and when they share their data.”
The temporary introduction of COVID-19 related measures such as electronic mortgages, witnessing a document over video call and signing documents electronically should be made permanent to save time, money and hassle for Australian customers. A coalition of associations including the Australian Banking Association, the Business Council of Australia, the Australian Institute of Company Directors,… Read more »
Banks have deferred the repayments of one in fourteen mortgages totalling more than $150 billion to assist Australians through the COVID-19 pandemic.
Australia’s banks deferred an extra 100,000 loans, this week, including approximately 50,000 home loans, to help customers through the COVID-19 Pandemic. Total number of loans deferred is now at least 643,000.
Since the start of the COVID-19 pandemic, banks have provided an estimated $6.8 billion of deferrals and more than $45 billion in new loans.
Currently there are over half a million Australian bank customers who actively use a passbook account or transaction account with no linked debit card.
“Australia’s banks are right behind efforts to open up the economy in the coming weeks, when healthcare authorities say it’s safe to do so.” – Anna Bligh
Today the Treasurer met with the CEOs of ANZ, NAB, Westpac and the Commonwealth Bank who agreed to bolster their efforts to prioritise any business needing funding to bridge the gap until the first Jobkeeper payments are made in May. It was agreed special hotlines would be set up to help manage the applications from… Read more »
“Banks stand ready to throw a lifeline to businesses across the country who are doing it tough through this COVID-19 crisis.”