Mortgage cliff evaporates
Loans on deferral fell to just $14 billion or 0.5 per cent of total loans in February, according to APRA's latest figures.
Given that we're now in April - and looking at the $22 billon of loans expiring or exiting deferral in February alone - it seems fairly safe to assume that the systemic risk has comfortably passed, with the handful of remaining loans to be flick-passed onto revised terms or referred for hardship.
The housing loans component was $11.7 billion, which is barely a fortnight's worth of new housing lending in today's money.
As for deferral hotspots? Well, not really.
Victoria's return to repayment terms has lagged all the way through since the state's extended lockdown, but even here outstanding deferrals plunged to well under 1 per cent of housing loans in February.
Testament to a well-managed year, and a green tick for lenders and regulators.
