Commonwealth Bank officials say they are encouraged more customers have resumed loan repayments amid the pandemic, although many Victorians have asked for more time to pay.
The nation’s biggest bank has given an update on customers with deferred loan repayments, many of whom asked for help after they lost jobs and work due to coronavirus restrictions.
The number of loans with deferred repayments dropped by 45,000 ($17 billion) by the end of September to 129,000 ($42 billion). The figures include home and business loans.
The bank granted 250,000 deferrals after the pandemic reached Australia early this year.
For home loans, the number of deferred repayments dropped by 21,000 in September.
Yet in a sign many are still battling financially, there were 17,300 extensions given to customers with deferred repayments.
Victorians made up the greatest share (43 per cent) of these extensions. Melbourne residents are still living with virus restrictions such as travel limited to a five-kilometre radius, which has made work impossible for many.
About 93,000 home loans remained in deferral in September.
Small to medium business loan deferrals fell by 23,000, with about 31,000 loans of this type remaining in deferral.
The bank is expected to provide more details at its annual general meeting on Tuesday.
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