Australians ended their mortgage loan holiday during the New Crown pandemic earlier and resumed repayment earlier than expected.
Mark Hand, head of Australia’s retail and commercial sector at ANZ, said about one-third of ANZ customers who had previously suspended their loans have restarted repayment. He recently revealed that with the relaxation of social alienation measures, more and more customers want to cancel the suspension of loan repayment arrangements. He said: “Some customers call us to cancel the arrangement because they have some confidence in repayment, and they are full of confidence in this. Among our commercial and mortgage customers, about three-thirds of them accept the deferred loan repayment Once partial repayments have begun, but not full repayments, although nearly 5% of customers have now returned to full repayments.” At Westpac, more than 4,000 customers canceled their mortgage relief arrangements. The arrangement includes postponing the repayment for three months. After three months, you can apply for a further three months.
Domain economist Trent Wiltshire said that early repayments reflect rising consumer confidence, which is a gratifying signal for the real estate market. He said: “Consumer confidence is rising and the number of job advertisements is beginning to increase, which shows that the labor market looks stronger than expected.” He added that the early end of the buffer period indicates that when the loan repayment period and JobKeeper subsidies are suspended At the end of September, the number of people forced to sell their homes due to overdue mortgages may be less than expected. According to the latest data from the Australian Banking Association, as of last week, there were more than 476,720 home loans suspended in Australia, with a total value of more than A$172 billion.
