‘Really good news’ to see conditions returning to normal amid drop in loan deferrals by Sky News Australia on YouTube
‘Really good news’ to see conditions returning to normal amid drop in loan deferrals
REA Group Chief Economist Nerida Conisbee says it is “really good news” to see conditions starting to return to normal after it was reported home loan deferrals have dropped by 80 per cent. “Early on in the pandemic, obviously there was a lot of panic around people’s job security … and at that time banks did put automatic deferrals on loans,” she told Sky News. “They were running through them pretty quickly, offering them pretty easily”. Loan deferrals peaked in May last year amid Australia's nationwide lockdown - with almost 490,000 mortgages left unpaid, worth $192 billion. However, fresh figures from APRA show a rapid decline in deferrals since then - as the year ended with 103,000 home loans postponed, worth $43 billion. “We’ve seen a drop in home loan deferrals by 80 per cent since that peak in May, when we look at small business loans, they’ve dropped by 90 per cent … so it is really good news,” Ms Conisbee said. “It does mean people are continuing to work through the challenges that they’ve had during COVID, it shows that people are getting back to work. “We know that we’re not completely out of the woods, there will continue to be a lot of problems for a lot of people … but there has been a set of circumstances where conditions are really starting to return to normal”.
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REA Group Chief Economist Nerida Conisbee says it is “really good news” to see conditions starting to return to normal after it was reported home loan deferrals have dropped by 80 per cent. “Early on in the pandemic, obviously there was a lot of panic around people’s job security … and at that time banks did put automatic deferrals on loans,” she told Sky News. “They were running through them pretty quickly, offering them pretty easily”. Loan deferrals peaked in May last year amid Australia's nationwide lockdown - with almost 490,000 mortgages left unpaid, worth $192 billion. However, fresh figures from APRA show a rapid decline in deferrals since then - as the year ended with 103,000 home loans postponed, worth $43 billion. “We’ve seen a drop in home loan deferrals by 80 per cent since that peak in May, when we look at small business loans, they’ve dropped by 90 per cent … so it is really good news,” Ms Conisbee said. “It does mean people are continuing to work through the challenges that they’ve had during COVID, it shows that people are getting back to work. “We know that we’re not completely out of the woods, there will continue to be a lot of problems for a lot of people … but there has been a set of circumstances where conditions are really starting to return to normal”.
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