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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Banks to extend COVID-19 loan deferrals beyond ‘September cliff’

By Jotham Lian and Cameron Micallef

July 08 2020
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Borrow

Banks to extend COVID-19 loan deferrals beyond ‘September cliff’

By Jotham Lian and Cameron Micallef
July 08 2020

Australia’s banks will now extend loan deferrals for another four months for customers who have been impacted by COVID-19 pandemic, as creditors try to avoid the September cliff.

Banks to extend COVID-19 loan deferrals beyond ‘September cliff’

By Jotham Lian and Cameron Micallef

July 08 2020
Share

Australia’s banks will now extend loan deferrals for another four months for customers who have been impacted by COVID-19 pandemic, as creditors try to avoid the September cliff.

The new extension will be processed on a case-by-case basis depending on individual circumstances, with the banks expecting those who are able to resume repayments to start doing so by the end of their six-month deferral in September.

The additional deferral will also have no impact on a customer’s credit report or their credit rating.

Australian Banking Association chief executive Anna Bligh said over 800,000 people had now deferred over $260 billion worth of loans since repayment holidays were rolled out back in March.

“This next phase of bank support will avoid a ‘cliff’ for customers in September and give them the breathing space they need to work with their bank and get back on their feet financially,” said Ms Bligh.

“Those who are able to repay their loans will resume doing so, which is in the best interests of those customers and allows support to be directed to those who need it. Encouragingly, many customers have already chosen to resume making repayments.”

Business and mortgage loan customers seeking the further four-month extension will be required to work with their bank to restructure or vary their loan.

These options include extending the length of the loan, converting to interest-only payments for a period of time, consolidating debt, or a combination of these and other measures.

“If, during or at the end of any deferral, customers continue to be severely financially impacted and are unable to make repayments, they will be assisted through their bank’s hardship process to determine the best long-term solution for their individual circumstances,” said Ms Bligh.

The second phase of support comes as the Australian Prudential Regulation Authority (APRA) extends regulatory relief to the banks to encourage them to further support their customers.

Treasurer Josh Frydenberg welcomed the announcement and thanked the banks for agreeing to extend support after concerns were raised about a September economic cliff due to the legislated end of the JobKeeper payments coinciding with the end of loan deferrals.

“The government acknowledges and thanks the banks, APRA and ASIC for their collective efforts in support of Australians who are facing financial hardship during this difficult time,” said Mr Frydenberg.

“It is important that customers that can afford to make repayments continue to do so. Borrowers that are facing considerable financial difficulty as a result of this pandemic should talk to their banks and work with them to find a more sustainable approach.”

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About the author

Jotham Lian and Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Jotham Lian and Cameron Micallef

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