Banks give Queensland homeowners more time
Article by Mozo
People with home loans from Australian banks who were affected by flooding in Queensland have received the news that freezes on repayment periods will be extended.
Lenders came under fire after it was suggested that the payment-free timescale for mortgages would only last 90 days, despite many property owners still being unable to access their homes.
However, reports in The Australian now reveal that all the major banks have caved in to pressure and promised to give mortgage customers more time, starting with ANZ. Customers may therefore be able to get in touch with their banks to compare home loans and organise their finances.
Prime minister Anna Bligh had asked lenders to "show compassion" for the people still waiting for answers from insurance companies and builders.
It is 100 days tomorrow (April 20th 2011) since flooding began to devastate Queensland, killing at least 22 people and leaving thousands homeless.
With conditions exacerbated by the devastating Cyclone Yasi, 70 per cent of the state was affected before the weather finally settled and waters receded in mid-January 2011, the Architectural Record states.
Have a question about home loans? Ask the money gurus at Mozo Answers.