Australian banks are providing a six-month loan deferral on an estimated USD 6.8 billion of business, mortgage and other loan repayments due to the impact of COVID-19.
Data released by the Australian Banking Association shows that so far more than 320,000 homeowners have been approved for a loan deferral on their mortgage repayments. An additional 170,000 business owners have also received a deferral on their business loan repayments and nearly 37,000 other loan repayments, such as personal loans and credit cards, have also been deferred.
In addition, to make money available to businesses as quickly as possible, more than USD 45 billion has been provided in new loans and a further USD 6 billion through increases to existing loans and credit facilities.
ABA CEO Anna Bligh said the decision by banks to defer payments will no doubt take some of the pressure off Australians who are doing it tough at the moment.
Since the start of the pandemic in Australia, banks have provided more than USD 45 billion in new lending to Australian businesses, including nearly USD 8.5 billion to more than 23,000 small businesses.
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