Australia’s largest bank promises no one will be evicted until February 2022 if they can’t pay off their mortgage due to lockdowns
- Commonwealth Bank pledges no evictions until February 2022
- CEO Matt Comyn announced moratorium as lockdown tightened in Sydney
- Construction work, non-emergency repairs in Sydney are now banned until July 30
Australia’s largest mortgage lender promises that no one will be evicted until February 2022, as workplaces in Sydney and Melbourne are shut down.
The Commonwealth Bank made the announcement that construction sites in greater Sydney, Wollongong, the Central Coast and the Blue Mountains will be banned from work Monday until at least July 30.
Chief executive Matt Comyn said the bank would have a moratorium on executions until “at least” February 2022, after three weeks of lockdowns failed to cut daily Covid case numbers.
“We believe extending our freeze on any executions that will give clients hit again by COVID-19 more time to get back on their feet and reassurance that they will be in their homes this Christmas and next year.” can stay,” he said.
Australia’s largest mortgage lender promises that no one will be evicted until February 2022, as workplaces in Sydney and Melbourne are shut down. The Commonwealth Bank made the announcement that construction sites in greater Sydney (pictured is Marsden Park), Wollongong, the Central Coast and the Blue Mountains were banned from doing any work until at least July 30 on Monday.
NSW Prime Minister Gladys Berejiklian announced on Saturday that non-essential stores — aside from supermarkets, grocers, drugstores and gas stations — will be banned from trading, jeopardizing the cash flow of small business owners.
Under the Commonwealth Bank’s moratorium, borrowers who have paid their mortgages on time each month are allowed to stay in their homes until February next year if they struggle to meet their repayment obligations.
Until the end of this month, residents of southwestern Sydney within the city limits of Fairfield, Liverpool and Canterbury-Bankstown will be banned from leaving their local government areas unless they are health workers or emergency services.
Melbourne’s five-day lockdown was set to end on Tuesday, but Victorian Prime Minister Daniel Andrews will extend it.
Ms Berejiklian revealed Monday that it could take until October for health officials to vaccinate 80 percent of NSW.
Chief executive Matt Comyn said the bank would have a moratorium on executions until ‘at least’ February 2022, after three weeks of lockdowns failed to cut daily Covid case numbers
Only 13.59 percent of the eligible Australian population has been fully vaccinated to date.
“We’re trying to get out of this as soon as possible, but there’s no doubt that everyone across Australia will need some degree of restraint as we get vaccination rates higher,” she said.
Continuation of restrictions and inadequate government support will make life more difficult for mortgage borrowers and small business owners who are repaying mortgages.
Even with a deferred payment, borrowers will incur higher interest costs later on because the date on which they repay their loan is postponed.