Attributable to ABA Chief Executive Officer Anna Bligh:
“As the RBA seeks to address the inflation challenge, overall bank data indicates Australian mortgage holders remain well-placed to navigate this difficult period. Household savings are high, and unemployment remains at close to record lows. Feedback from banks is that there have been no increases in hardship applications so far.
However, banks are acutely aware of the challenges some customers face in Australia’s current cycle of increasing interest rates and higher cost of living.
As occurred during COVID, banks will assist those who are experiencing financial difficulty, offering options such as loan restructuring, interest only payments, an extension of the term of a loan or payment deferrals.
Many bank support teams are proactively communicating with customers at risk of financial difficulty. The network of help is highly structured, organised and experienced.
