{"id":28615,"date":"2020-10-29T12:54:07","date_gmt":"2020-10-28T23:54:07","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=28615"},"modified":"2020-10-29T12:54:07","modified_gmt":"2020-10-28T23:54:07","slug":"why-mortgage-deferrals-are-a-ticking-time-bomb","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/why-mortgage-deferrals-are-a-ticking-time-bomb\/","title":{"rendered":"Why mortgage deferrals are a ticking time bomb"},"content":{"rendered":"<p><strong>PHOTO:\u00a0 Bibbidi-bobbidi-boo \u2013 and our fairy godmother PM has waved his magic wand during the COVID pandemic. Picture: James Gourley\/NCA NewsWire <span class=\"image-source\"><em>Source: News Corp Australia<\/em><\/span><\/strong><\/p>\n<p>Banks are chasing mortgage payments and economists say we\u2019re \u201cpretending\u201d if we think everything\u2019s OK. What\u2019s next for our crumbling economy?<\/p>\n<p class=\"description\">In the classic fairytale Cinderella, the fairy godmother turns Cinderella into a princess with her magic wand \u2013 but only until the clock strikes midnight.<\/p>\n<div class=\"story-content\">\n<p>In many ways Prime Minister Scott Morrison and the banking regulator APRA have acted like a fairy godmother for the nation\u2019s mortgage and SME (small and medium enterprise) borrowers.<\/p>\n<p>They\u2019ve used their magical abilities to change otherwise concrete rules surrounding financial regulation and loan repayments, to make bad loans good and offer an unprecedented number of loan deferrals.<\/p>\n<p>But like the story of Cinderella, the magical illusion of low mortgage arrears and good times underpinned by government support will fade when the clock strikes midnight.<\/p>\n<div class=\"image-wrapper\"><img fetchpriority=\"high\" decoding=\"async\" class=\" image-loaded\" src=\"https:\/\/cdn.newsapi.com.au\/image\/v1\/eeec01316e89801b7ec8a3174f5d37d8?width=650\" alt=\"A vast amount of people won\u2019t be able to restart paying their mortgage once deferrals end, suggests Digital Finance Analytics. Picture: Supplied\" width=\"650\" height=\"365\" data-src=\"https:\/\/cdn.newsapi.com.au\/image\/v1\/eeec01316e89801b7ec8a3174f5d37d8?width=650\" \/><\/div>\n<p class=\"caption\"><em><strong>A vast amount of people won\u2019t be able to restart paying their mortgage once deferrals end, suggests Digital Finance Analytics. Picture: Supplied <span class=\"image-source\">Source: Supplied<\/span><\/strong><\/em><\/p>\n<\/div>\n<p>READ MORE VIA <a href=\"https:\/\/www.news.com.au\/finance\/economy\/australian-economy\/why-mortgage-deferrals-are-a-ticking-time-bomb\/news-story\/d51bba25983301f960241f1d3d596595\">NEWS.COM.AU<\/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=\"The Block's Darren Jolly and estranged wife Deanne both headed to court\" href=\"https:\/\/propertynoise.co.nz\/au\/the-blocks-darren-jolly-and-estranged-wife-deanne-both-headed-to-court\/\" data-bump-view=\"tp\"><img decoding=\"async\" class=\"widgets-list-layout-blavatar lazyload\" data-src=\"https:\/\/i1.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2020\/10\/Darren-and-Deanne.jpg?fit=634%2C355&amp;ssl=1&amp;resize=40%2C40\" alt=\"The Block's Darren Jolly and estranged wife Deanne both headed to court\" 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