Australian administration has taken a special program for job loser and loan sufferer. The government struck an agreement with several major banks to facilitate individuals who have lost their job. According to the deal they also help people those are struggling to pay their mortgage.

On behalf of the Australian Bankers Association, David Bell said in a statement that the Commonwealth, Westpac, NAB and ANZ banks are going to postpone property loan repayments for up to 12 months for victims in hardship. He said “We’ve recently agreed with the Government to a series of expanded options to help our customers if they experience financial hardship through unemployment or other circumstances.”

According to Bell, other measures which the banks can consider include:

• Extending loan contracts
• Reducing repayments
• Waiving fees

Bell said “Each will be individually tailored for the particular customer, but they could be extending the period of the contract on the loan.” He added “It could be reducing the limits available to customers on credit contracts and it could include repayment holidays, but it’s up to the individual circumstances of the customer.” It is expected to announce more details about the package from Prime Minister Kevin Rudd.

Related Tags