Australians granted a six-month deferral on loan repayments, can this affect your credit rating?
According to The Australian Banking Association (ABA) announcement any Australian who is granted a six-month deferral on loan repayments be it on a mortgage or other credit products, will not have their credit rating affected. Eligibility will depend on previous credit history, provided they were up to date with repayments before COVID-19″*.
“If a customer is granted a deferral on their mortgage and other credit products because of COVID-19, banks will report customers as not having missed a repayment, provided they were all up to date when granted relief,”* ABA CEO Anna Bligh said.
The Australian Government announced new measures in March to provide support to affected workers, businesses and the broader community. For more information visit the website.**
If you need a COVID-19 support package, contact your bank/lender directly to discuss your options. You will be supported! Don’t stress.
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