Australia Bendigo bank: more loan payments restart
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Bendigo and Adelaide Bank says two-thirds of its clients have restarted their loan repayments after deferrals were put in place at the height of the coronavirus pandemic.
The mid-tier bank had offered support to more than 25,000 residential and commercial customers since March when the outbreak began to impact Australia.
As of October 16, just 6,797 customer accounts worth $2.5 billion remained on deferral, down 63 per cent since August and down 69 per cent since May.
"The number and balances of COVID-19 support have significantly reduced, including in Victoria," managing director Marnie Baker said as the bank released its 2020/21 first-quarter update.
"The bank continues to work individually with customers on repayment deferral arrangements."
Ms Baker said while the further easing of coronavirus in restrictions in Melbourne announced on Monday by the Victoria government would help, the outlook for the national economic recovery remained uncertain.
The bank is holding its annual general meeting on Tuesday.
Commonwealth Bank of Australia offers first ever 2% mortgage rate .
The home lender has made history by offering a mortgage rate of less than two per cent. Rates have been slashed on fixed-rate loans to just 1.99 per cent.None of the big four banks announced a rate cut on Melbourne Cup day after the Reserve Bank of Australia trimmed the cash rate to a new record-low of 0.1 per cent.
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