ANZ decided to expand the scope of its mortgage deferred loans. Customers with good credit and in need will be able to apply for deferred loans. This makes the bank the bank with the highest ratio of frozen loans to total loans among the four major banks.
According to data from the Australian Prudential Regulation Authority (APRA), as of November 30, about 3.1% of ANZ’s loans were frozen, while Westpac’s ratio was 3%, CBA was 2.3%, and NAB was 1.3 %.
Although data shows that ANZ’s frozen loans plummeted from a peak of A$40 billion in June to A$12.5 billion, ANZ’s frozen loans are still more than twice that of its competitor NAB (6.1 billion) because the rate of unfreezing has slowed. At the same time, the bank continued to freeze more loans.
In total, ANZ’s newly approved deferred loans fell from A$11 billion in October to A$7 billion in November, while the deferred loans that ended in October fell to A$32 billion from A$102 billion.
