{"id":26742,"date":"2020-08-13T10:44:46","date_gmt":"2020-08-12T22:44:46","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=26742"},"modified":"2020-08-13T10:44:46","modified_gmt":"2020-08-12T22:44:46","slug":"ticking-timebomb-thousands-of-australian-mortgages-propped-up-by-virus-benefits","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/ticking-timebomb-thousands-of-australian-mortgages-propped-up-by-virus-benefits\/","title":{"rendered":"Ticking Timebomb? Thousands of Australian mortgages propped up by virus benefits"},"content":{"rendered":"<p><strong>FILE PHOTO: Commonwealth Bank\u00a0<\/strong><\/p>\n<p>SYDNEY (Reuters) &#8211; Nearly 20,000 Commonwealth Bank of Australia\u00a0mortgages are held by people receiving jobless benefits due to COVID-19, raising concerns for the economy of possible forced property sales and sharp house price declines once support runs out.<\/p>\n<p>The data, released by the country&#8217;s biggest bank along with its annual profit announcement on Wednesday, shows Australia&#8217;s A$7.2 trillion housing market is being propped up by temporary relief payments for people left jobless by shutdowns to stop the virus spreading.<\/p>\n<p>That raises the risk of a sharp downturn in house prices when the payments stop and banks call in loans they deferred for coronavirus-impacted borrowers. Already the Australian government has extended a COVID jobless benefit by three months to December, at a reduced rate.<\/p>\n<p>&#8220;It&#8217;s a real timebomb,&#8221; said Richard Holden, an economics professor at University of New South Wales.<\/p>\n<p>&#8220;One of the tricky things for the banks is how aggressive they&#8217;re going to be in enforcing loans.&#8221;<\/p>\n<p>READ MORE VIA <a href=\"https:\/\/whtc.com\/news\/articles\/2020\/aug\/12\/ticking-timebomb-thousands-of-australian-mortgages-propped-up-by-virus-benefits\/1048418\/?refer-section=business\">WHTC<\/a><\/p>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR<\/span><\/h3>\n<ul class=\"widgets-list-layout no-grav\">\n<li><a class=\"bump-view\" title=\"Real estate agent mum, 37, swindled $87,000 in rent to feed her meth addiction\" href=\"https:\/\/propertynoise.co.nz\/au\/real-estate-agent-mum-37-swindled-87000-in-rent-to-feed-her-meth-addiction\/\" data-bump-view=\"tp\"><img decoding=\"async\" class=\"widgets-list-layout-blavatar lazyload\" data-src=\"https:\/\/i2.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2020\/08\/Janet-Nadj-1.jpg?fit=634%2C975&amp;ssl=1&amp;resize=40%2C40\" alt=\"Real estate agent mum, 37, swindled $87,000 in rent to feed her meth addiction\" width=\"40\" height=\"40\" data-pin-nopin=\"true\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 40px; 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Thousands of Australian mortgages propped up by virus benefits - 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\/ticking-timebomb-thousands-of-australian-mortgages-propped-up-by-virus-benefits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ticking Timebomb? Thousands of Australian mortgages propped up by virus benefits - Property News Australia\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: Commonwealth Bank\u00a0 SYDNEY (Reuters) &#8211; Nearly 20,000 CommonwealthRead More &rarr;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/propertynoise.co.nz\/au\/ticking-timebomb-thousands-of-australian-mortgages-propped-up-by-virus-benefits\/\" \/>\n<meta property=\"og:site_name\" content=\"Property News Australia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/PropertyNoiseNZ\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-12T22:44:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i2.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2020\/08\/Commonwealth-Bank.jpg?fit=1100%2C733&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"733\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Property Noise Group\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@propertynoisenz\" \/>\n<meta name=\"twitter:site\" content=\"@propertynoisenz\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Property Noise Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/propertynoise.co.nz\\\/au\\\/ticking-timebomb-thousands-of-australian-mortgages-propped-up-by-virus-benefits\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/propertynoise.co.nz\\\/au\\\/ticking-timebomb-thousands-of-australian-mortgages-propped-up-by-virus-benefits\\\/\"},\"author\":{\"name\":\"Property Noise Group\",\"@id\":\"https:\\\/\\\/propertynoise.co.nz\\\/au\\\/#\\\/schema\\\/person\\\/175c8981af50e593000aa8ad7aab9d84\"},\"headline\":\"Ticking Timebomb? 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