Swan: home loan reprieve not for everyone

Treasurer Wayne Swan has conceded that the new 12-month reprieve on home loan payments for hard-up Aussies won’t be on offer to everyone.

Customers with smaller banks, building societies and credit unions – around 20 per cent of the home loan market – are going to be left out of the deal, while it will be up to the big four banks to decide who is worthy of the home loan payment holiday.

"It means that workers who have gone through the trauma of losing their jobs will have up to 12 months grace from the stress of having to find the money to service their home loan," explained Swan.

Meanwhile the AAP reports that opposition housing spokesman Scott Morrison has warned that the new reprieve will end up landing people with larger debts in the long run and make it more difficult to pull out of the downturn.

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