Banks and credit unions to help struggling home owners
The banking industry has urged all home lenders to support the federal government’s initiative to support home buyers who have lost their jobs and are struggling with mortgage repayments.
In April the government made an agreement with the big four – ANZ, Commonwealth Bank, National Australia Bank and Westpac – to support struggling home owners by postponing loan repayments for up to 12 months for those who have lost their jobs.
Now, 144 retail banks, building societies and credit unions have signed up to the agreement tho help those home owners struggling in the downturn.
Treasurer Wayne Swan made the announcement on Sunday, telling the Nine Network, “people will have some more flexible options if unfortunately they become unemployed and experience difficulty paying off their mortgage.”
Australian Bankers Association (ABA) chief executive David Bell said he would like to see all other lenders do the same so that all borrowers get access to the same assistance.
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All homeowners are hurting- there is a new grassroots effort called 4/40 for Freedom that is taking a program to Congress that would modify all existing home loans (if the owner opted in) to 4% for 40 years. There is also a component for new home buyers….this would stimulate the economy like no one has ever seen…saving homeowners 33-38% per month! Sign the petition at 4-40forfreedom.com and tell your elected officials you want this!