Repayments begin
Big progress from Commonwealth Bank on loan deferrals, with 52,000 loans remaining from a total of 210,000 loans, a decline of 75 per cent.
Home lending deferrals fell by 51 per cent in October alone, down from 6 per cent to 2.9 per of loan facilities (or from 8 per cent to 4 per cent of loan balances).
Source: ASX
Noted Commonwealth:
'Understandably, of the $19 billion actively deferred home loans at 31 Oct 20, around 38 per cent are for customers residing in Victoria.'
A huge reduction in October, then, and now well on track to normalise in the first quarter of 2021.
SME lending deferrals fared even better in October as Australia's economy reopens for business.
The Sydney Morning Herald previously reported that CBA has been the first major bank to commit to a moratorium on home foreclosures, effective until September 2021.
