1 in 14 Australian mortgages now deferred as COVID-19 impact continues

Updated figures from the Australian Banking Association (ABA) reveal that 1 in 14 mortgages across the country have now been deferred as a result of the fallout from COVID-19.
Released on Saturday, the new figures show that nearly 429,000 mortgages totalling $153.5 billion have now been deferred, which is a 10% increase since the ABA’s last update earlier this month.
According to the ABA, that takes the total number of loan deferrals (including business loans) to 703,000 since the COVID-19 pandemic began, worth approximately $211 billion.
“Since this crisis started banks have deferred the mortgage repayments of 429,000 Australian families or a staggering one in fourteen of all home loans,” said ABA chief executive, Anna Bligh.
“Australian families who are financially affected by this crisis have had the breathing space they need with a six month deferral on their home loan repayment while they chart a path through to the other side of this downturn.”
While the temporary repayment relief may be welcome for many financially-hit households, it’s worth remembering that unpaid interest which accrues during this period will still be added to the outstanding balance of the loan. The same may also be the case for any regular fees.
In addition to loan deferrals, Australian banks have also rolled out a number of other assistance measures in response to COVID-19 including fee waivers, rate reductions, loan consolidation and more.
RELATED: COVID-19 property moves: 320,000 Aussie homeowners defer mortgages
For more COVID-19 information, including for mortgage holders, businesses, savers and travellers, we’ve pulled together a host of resources on everything you need to know about coronavirus and your finances.
Compare home loans - last updated 4 December 2023
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Featured Product
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- Low Cost Home Loan - 2023
Unloan Variable
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interest rate
comparison rate
Initial monthly repayment5.74% p.a. variable5.65% p.a.For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
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For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
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Home Variable Rate
Owner Occupier, Principal & Interest, Refinance Only
interest rate
comparison rate
Initial monthly repayment6.15% p.a. variable6.15% p.a.Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.
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Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.
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Offset Home Loan
Package, Owner Occupier, LVR<60%, Principal & Interest
interest rate
comparison rate
Initial monthly repayment6.14% p.a. variable6.39% p.a.Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
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Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
- interest rate
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- 6.39% p.a.
- interest rate
- 6.14% p.a. variable
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- 6.39% p.a.
- Upfront fees
- $350
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- $248.00 yearly
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- $400.00
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- yes - free
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- yes - free
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- yes
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- 60.00%
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- $150,000
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- $10,000,000
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- Packaged Home Loan - 2023
Variable Rate Home Loan Special Offer
Package, Owner Occupier, Principal & Interest, LVR<80%
interest rate
comparison rate
Initial monthly repayment6.14% p.a. variable6.51% p.a.Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.
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- 6.14% p.a. variable
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- $395.00 yearly
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- $150,000
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Mortgage Simplifier
LVR<80%, Owner Occupier, Principal & Interest
interest rate
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Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.
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- 6.43% p.a.
- interest rate
- 6.14% p.a. variable
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- 6.43% p.a.
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- $0.00
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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