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3 in 4 borrowers in trouble are in lockdown: ANZ
Despite offering support, ANZ said freezing home loan repayments will be the last resort, as three in four requests for support stem from NSW.
3 in 4 borrowers in trouble are in lockdown: ANZ
Despite offering support, ANZ said freezing home loan repayments will be the last resort, as three in four requests for support stem from NSW.

Unsurprisingly, ANZ’s group executive for Australian retail and commercial banking, Mark Hand, revealed that three-quarters of customers who need assistance with their mortgages are currently from NSW.
According to the executive, over half of these requests were from small businesses that have been forced to shut up shop or have seen a reduction in income due to the restrictions.
“The majority of requests for assistance from small-business customers in July have also come from New South Wales, and many businesses have already taken advantage of reduced repayments or have temporarily switched to interest-only payments,” he said.
As Sydney battles a prolonged lockdown, Mr Hand pointed out that “there’s not a one-size-fits-all” solution for the bank’s customers.

Instead, the executive said the bank was looking at a range of alternatives for customers in hardship, including a temporary cut in repayments, switching to interest-only and enabling some customers to draw down from offset accounts.
“Every customer’s circumstances are different, and a deferral may not be the best option for some of them,” he said.
“There is now a whole range of options available, including accessing funds in offset accounts, temporarily reducing repayments or switching to interest-only payments for a period.”
Mr Hand said the bank had learnt some important lessons after deferring more than $40 billion in repayments last year.
“Many customers who took a deferral last year came out of the initial lockdowns in pretty good shape. At that time, there was so much uncertainty, it was wise for customers to take advantage of deferrals because none of us knew what was coming around the corner,” he explained.
Despite calls for hardships from NSW, the bank highlighted that the number of Australians feeling the financial pressure has fallen.
“We don’t expect the volumes to be anything like what we saw last year,” Mr Hand said.
“While we’re not out of the woods yet, we are ready to work again with governments and regulators to make sure our customers not only survive this latest upheaval but emerge ready to take advantage of the rebound on the other side.”
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