{"id":25912,"date":"2020-06-24T10:50:14","date_gmt":"2020-06-23T22:50:14","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=25912"},"modified":"2020-06-24T10:50:14","modified_gmt":"2020-06-23T22:50:14","slug":"3-months-ago-australias-big-banks-started-freezing-176-billion-worth-of-mortgages-now-theyve-begun-to-thaw","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/3-months-ago-australias-big-banks-started-freezing-176-billion-worth-of-mortgages-now-theyve-begun-to-thaw\/","title":{"rendered":"3 months ago, Australia&#8217;s big banks started freezing $176 billion worth of mortgages. Now they&#8217;ve begun to thaw."},"content":{"rendered":"<p><strong>PHOTO: Australian Banks<\/strong><\/p>\n<ul class=\"canvas-list List(d)\" data-type=\"list\" data-reactid=\"19\">\n<li data-reactid=\"20\"><strong>Australian banks have begun reviewing their customers who have deferred their home loan repayments.<\/strong><\/li>\n<li data-reactid=\"21\"><strong>The hardship arrangements were created in response to the COVID-19 pandemic, and allowed customers facing hardship to avoid paying back their debts for up to six months.<\/strong><\/li>\n<li data-reactid=\"22\"><strong>With that grace period set to end in September, Business Insider Australia checked in on how Australians and their banks are getting along.<\/strong><\/li>\n<\/ul>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" data-reactid=\"24\">After COVID-19 bit into the <a href=\"https:\/\/www.propertynoise.co.nz\/coronavirus-restrictions-tipped-to-send-australian-house-prices-tumbling\/\">Australian economy<\/a>, thoughts predictably turned to its property market.<\/p>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" data-reactid=\"25\">Sky-high prices had helped the country accumulate staggering levels of household debt. Now, seemingly out of nowhere, a recession \u2013 Australia&#8217;s first in three decades \u2013 threatened to properly challenge that status quo.<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/www.propertynoise.co.nz\/prime-minister-jacinda-ardern-is-pushing-the-nz-economy-off-a-cliff\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-hoot-medium-thumb entry-content-featured-img entry-grid-featured-img wp-post-image jetpack-lazy-image jetpack-lazy-image--handled\" src=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2019\/05\/Prime-Minister-Jacinda-Ardern.jpg?resize=460%2C270&amp;ssl=1\" alt=\"Members of Parliament\" width=\"460\" height=\"270\" data-attachment-id=\"57049\" data-permalink=\"https:\/\/www.propertynoise.co.nz\/the-number-of-properties-owned-by-mps-revealed\/prime-minister-jacinda-ardern-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2019\/05\/Prime-Minister-Jacinda-Ardern.jpg?fit=700%2C467&amp;ssl=1\" data-orig-size=\"700,467\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Prime Minister Jacinda Ardern\" data-image-description=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2019\/05\/Prime-Minister-Jacinda-Ardern.jpg?fit=300%2C200&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.propertynoise.co.nz\/wp-content\/uploads\/2019\/05\/Prime-Minister-Jacinda-Ardern.jpg?fit=700%2C467&amp;ssl=1\" data-lazy-loaded=\"1\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/www.propertynoise.co.nz\/prime-minister-jacinda-ardern-is-pushing-the-nz-economy-off-a-cliff\/\" rel=\"bookmark\">Prime Minister Jacinda Ardern is \u201cpushing the NZ economy off a cliff\u201d<\/a><\/h2>\n<\/header>\n<\/div>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" style=\"margin: 0px 0px 1em; color: #000000; font-family: 'Yahoo Sans Finance', 'Helvetica Neue', Arial, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-style: initial; text-decoration-color: initial;\" data-reactid=\"26\">The country&#8217;s big banks quickly went into bat for the government, agreeing on hardship programs that would allow\u00a0homeowners in need to defer their repayments for three to six months.<\/p>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" style=\"margin: 0px 0px 1em; color: #000000; font-family: 'Yahoo Sans Finance', 'Helvetica Neue', Arial, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-style: initial; text-decoration-color: initial;\" data-reactid=\"27\">With the initial three-month period passing by on Saturday, the economy has only worsened, albeit\u00a0on a better trajectory than initially feared.<\/p>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" style=\"margin: 0px 0px 1em; color: #000000; font-family: 'Yahoo Sans Finance', 'Helvetica Neue', Arial, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-style: initial; text-decoration-color: initial;\" data-reactid=\"28\">Unemployment is officially at 7.1%,\u00a0although it is likely above 11% in real terms. The economy is expected to contract by anywhere from 5% and 8% before hopefully staging some kind of recovery next year.<\/p>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" style=\"margin: 0px 0px 1em; color: #000000; font-family: 'Yahoo Sans Finance', 'Helvetica Neue', Arial, sans-serif; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-style: initial; text-decoration-color: initial;\" data-reactid=\"29\">In the midst of all this, the federal government is due to undertake and possibly cut its JobKeeper program, which is\u00a0subsidising the wages of workers nationwide.<\/p>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" data-reactid=\"30\">In other words, the ability of Australian workers to continue paying back their debts remains greatly impaired, with no real signs of improvement until 2021.<\/p>\n<p class=\"canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm\" data-reactid=\"31\">At the same time, 485,065 mortgages (or $176 billion worth) remain frozen but will eventually need to be paid back. 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Unlivable former hoarder home in inner Sydney sells for $4.6million<\/a><\/div>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: Australian Banks Australian banks have begun reviewing their customers<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/3-months-ago-australias-big-banks-started-freezing-176-billion-worth-of-mortgages-now-theyve-begun-to-thaw\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":24798,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478104256,478098521,478108952,478098566,478098542,478098519,478098535,478110147,478110146,478098543,478098513,478101743,478099125,478098579,478098510,478098511],"class_list":["entry","author-data123nz","post-25912","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australian-banks","tag-australians","tag-covid-19","tag-first-home-buyers","tag-home-loans","tag-home-ownership","tag-house-prices","tag-jobkeeper","tag-mortgage-holidays","tag-mortgages","tag-property","tag-property-correction","tag-property-crash","tag-property-market","tag-property-news","tag-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>3 months ago, Australia&#039;s big banks started freezing $176 billion worth of mortgages. Now they&#039;ve begun to thaw. - Property News Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/propertynoise.co.nz\/au\/3-months-ago-australias-big-banks-started-freezing-176-billion-worth-of-mortgages-now-theyve-begun-to-thaw\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 months ago, Australia&#039;s big banks started freezing $176 billion worth of mortgages. 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