The vast majority of borrowers are now paying their mortgages, with only 2.4% of home loans on pause at the end of December, according to new data.
Banks allowed Australians to pause their mortgages repayments in March 2020, at the start of the Covid crisis. The share of deferrals peaked in May and has been falling since:
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April = 9%
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May = 11%
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June = 10%
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July = 9%
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August = 9%
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September = 7%
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October = 4%
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November = 3%
Contact me if you’re struggling with your mortgage. Most lenders have hardship programs, and the sooner we speak to them about your issue, the more favourable the result is likely to be.