AUSTRALIANS are getting back on track with their home loan repayments with the number of deferred loans falling below 300,000, almost 70% below the peak earlier this year, according to the Australian Banking Association.
ABA CEO Anna Bligh said the data shows that the economic recovery is gathering pace and is an encouraging sign that most Australians are through the worst.
At the peak of the pandemic, more than 900,000 loans were deferred by Australian banks, the majority (803,000) by the seven largest banks.
According to the latest data up to November 4, home loan deferrals by the seven largest banks are down to fewer than 145,000.
At the same time, total business loan deferrals have fallen to fewer than 73,000 whilst small and medium enterprises (SME) loan deferrals are down to just over 65,000.
Bligh said the number of loans on hold is expected to fall further in coming weeks as more reach the end of their six-month deferrals, although banks will continue to work directly with customers who are still in financial difficulty.
|June 24, 2020||November 4, 2020||% change|
|Business loan deferrals||228,070||72,909||-68%|
|Of these: SME deferrals||198,262||65,599||-67%|
|Mortgage loan deferrals||493,440||169,677||-66%|
|Of these: Home loans||436,139||145,250||-67%|
Source: CBA, Westpac, NAB, ANZ, BOQ, Suncorp & Bendigo