CBA swoops in with home loan relief

Wednesday 18 March 2009

Article by Mozo

Commonwealth Bank has become the first major home loan provider to unveil measures to help keep Aussies in their homes while they’re out of work.

Revealed by the bank’s head honcho Ralph Norris at a business meeting in Melbourne, the new plan will provide a home loan payment break of six months for those who lose their jobs, while this may be extended to a year where people are still struggling to find work.

The Australian reports that he told business bosses that the bank doesn’t want to see people "get into trouble".

Housing Industry Association chief executive Chris Lamont, was quick to welcome the announcement.

"I think it will provide a welcome safety net for Australian families and Australians who may have it tough over the next 12 to 18 months," he said.

The most recent employment figures have shown that 5.2 per cent of Australians are currently out of work, the highest percentage in three years.

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