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Deferrals or pauses on bank loan repayments have been a critical lifeline during the COVID crisis. Australian Banking Association chief executive Anna Bligh says although 91 per cent of borrowers have now resumed repayments, it's clear that some won't survive as banks start calling loans in.
Banks pressuring customers to make unrealistic loan repayments as deferrals end
Posted
WedWednesday 20
updated
WedWednesday 20
JanJanuary 2021 at 6:19am
A Westpac spokesperson said about 75 per cent of customers who had deferred loan payments had begun to repay.
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Borrowers are being pressured by banks to make significant, bulk payments as loan deferrals begin wrapping up.
Key points:
The Australian Prudential Regulation Authority says repayment deferrals must end on March 31
The National Debt Helpline said one person was told he had to pay $20,000 in arrears before regular payments could restart
Financial counsellors are concerned the pressure from banks will send some people to payday lenders