Commonwealth Bank of Australia chief executive Matt Comyn says the number of customers requesting home loan relief packages is starting to “level out”. There are similar reports from NAB.
“While we continue to receive ongoing and significant demand, we are beginning to see initial signs of a levelling out of requests for help, after the huge spike in the past few weeks” said Comyn, who is also chairman of the Australian Banking Association.
“That suggests that the different measures put in place by the federal and state governments, and by the banking industry as a whole, are helping to ‘flatten the curve’ of demand for such assistance.”
The slowing demand for help comes as NAB and Bank of Queensland say they will allow clients to extend their interest-only periods.
ANZ Bank, Commonwealth Bank and Westpac are also allowing interest-only customers to defer their payments for up to six months, an option available to all home loan clients.