Update from Mortgage Business Magazine;
It has now been agreed that any Australian who is granted a deferral on loan repayments on their mortgage or other credit products, such as a credit card, will not have their credit rating affected as a result of that deferral (provided they were up to date with repayments prior to COVID-19).
As well as providing consistency, it is hoped the announcement will “relieve stress for Australian customers”.
The CEO of the ABA, Anna Bligh, commented: “If a customer is granted a deferral on their mortgage and other credit products because of COVID-19, banks will report customers as not having missed a repayment, provided they were all up to date when granted relief.
