How are the Big Four helping mortgage holders?
As the COVID-19 crisis continues to hit the hip pockets of Australians, the big four banks are coming to the table with relief measures for existing customers. Business closures and job losses have had a flow-on effect for many Australians who are now struggling to manage their home loan repayments. This has prompted the major banks to throw a lifeline to mortgage holders. The big four banks are aiming at making life a little easier for their customers. Picture: Getty ANZ, Commbank, NAB and Westpac are freezing home loan repayments for eligible customers for up to six months, although, in most cases, interest will continue to accrue. It’s important to check the conditions with the individual bank. Here’s a breakdown of what the Big Four are currently offering existing mortgage holders in response to the coronavirus pandemic. 1. ANZ Under a home loan repayment deferral, ANZ customers won’t be required to make repayments to their home loan for a period of time. Unpaid interest during the period is capitalised, meaning it’s added to the customer’s outstanding loan balance to be…