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A major bank has announced that it is extending the freeze on foreclosures it first announced in November 2020, until at least February 2022.
As a result of the latest COVID-19 restrictions across NSW and Victoria, Commonwealth Bank has announced that it is extending the moratorium on any foreclosures for customers unable to meet their home loan repayments.
CBA first announced the freeze on foreclosures in November 2020, and while the measure was set to end in September, the major bank said on Monday it intends to keep its existing promise to customers until at least February next year.
“We believe extending our freeze on any foreclosures will give those customers who are again impacted by COVID-19 more time to get back on their feet, and reassurance that they can remain in their home this Christmas and into next year,” CBA’s chief executive officer, Matt Comyn, said.
The moratorium will allow owner-occupier customers who have made their home loan repayments on time for at least 12 months prior to their deferral, but are again unable to make their full repayments, to remain in their home until February.
CBA’s latest announcement builds on Sunday’s commitment to offer home loan customers impacted by the latest COVID-19-related restrictions access to a two-month deferral on their home loan repayments.
“This is a critical time for all of us to pull together and support the communities most heavily impacted by the latest COVID-19 outbreak and the resulting lockdowns,” Mr Comyn said.
“CBA is offering home loan repayment deferrals to impacted customers, especially those in need in the areas most affected by the lockdowns. These will come into effect from today (Monday, 19 July 2021), and I urge any customer who needs our help to contact us directly.”