Photo by Pawan Kawan on Unsplash
Commonwealth Bank is the first major bank that has introduced a moratorium on forced home sales until September 2021.
The moratorium applies to customers who were up to date with their mortgage payments before COVID-19 hit.
The move comes after Financial Counselling Australia chief Fiona Guthrie pushed in September for lenders to avoid forced home sales for borrowers who were affected by the pandemic.
As of October, CommBank had the largest share of 90%+ LVR loans deferred out of the 20 largest banks, at nearly 13.5%.
However, it had reduced the number of overall deferrals on its books by approximately 100,000, down from 210,000 ($67 billion) in June to 129,000 ($42 billion) in September.
CommBank's financial year 2020 results indicated as of August it had access to $31.4 billion in the Reserve Bank's term funding facility.
More to come...
Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.
Lender | Advertised rate | Comparison rate* | Monthly repayment | Rate Type | Offset | Redraw | Ongoing Fee | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Pre-approval | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDLIMITED TIME OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
| ||||||||||||
Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDZERO APPLICATION FEESFEE FREE OFFSET | Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)
| ||||||||||||
Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)
| |||||||||||||
| Fixed | More details | ||||||||||||
| FEATUREDUSE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER | Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)
| ||||||||||||
Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDREFINANCE IN MINUTES, NOT WEEKS | Variable Owner Occupied, Principal and Interest (Refinance Only)(LVR <75%)
| ||||||||||||
Variable Owner Occupied, Principal and Interest (Refinance Only)(LVR <75%)
| |||||||||||||
- Fast turnaround times, can meet 30-day settlement
- For purchase and refinance, min 20% deposit
- No ongoing or monthly fees, add offset for 0.10%
Rates correct as of January 26, 2022. View disclaimer.
Disclaimers
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.
Latest Articles
- Petrol price growth rate at 31-year high, prompting many to pursue electric vehicles
- Prenups: What are they & do you really need one?
- Brisbane and Canberra lead nation in rental price surge
- Inflation closes out the year on a high rising to 3.5% through 2021
- How to buy the 'perfect' property before Easter 2022
Latest News
Prenups: What are they & do you really need one?
January 25, 2022
Brisbane and Canberra lead nation in rental price surge
January 25, 2022
How to buy the 'perfect' property before Easter 2022
January 25, 2022
'Overvalued' house prices in NSW coastal towns set to keep rising
January 25, 2022
Top Australian suburbs for rental yield revealed
January 25, 2022
Be Savings smart.
Subscribe for free money newsletters.
By subscribing you agree to the Savings Privacy Policy
