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Banks report loan deferrers ‘getting back on their feet’

Nearly half of all Aussies who deferred their loans for six months in the first weeks of the pandemic have returned to full repayments.

Australian Banking Association CEO Anna Bligh told Jim Wilson it’s an encouraging sign.

“People are getting back on their feet; it tells you’ve we’ve still got a long way to go, but it’s very early days.”

For those who aren’t ready, Ms Bligh said banks are offering a range of other options.

“I know how hard it is to talk about finances … but the longer you put it off, the harder it is for the bank to help.

“Right now, they’ve got a lot of tools in the toolkit, so contact your bank.”

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Image: Getty