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Banks come knocking as deferred loan periods finish

Banks are reassessing the financial circumstances of customers with deferred loans as many reach the end of their arrangement.

An estimated 900,000 loans have been deferred due to borrowers’ inability to make repayments amid the pandemic.

Anna Bligh, CEO of the Australian Banking Association told Jim Wilson the deferral process was “pretty automatic” leading into the crisis.

“What it will mean on the way out is a much more tailored solution for each customer.

“If they are able to meet their full repayments again, they will be required to do so.”

Click PLAY below to listen to the full interview

Image: Getty

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