Commonwealth Bank’s chief executive officer Matt Comyn today announced that customers who are significantly impacted by the latest COVID-19 restrictions, will be able to stay in their homes until at least February 2022, after extending the moratorium on any foreclosures if customers are again unable to meet their home loan repayments.
“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, ” Mr 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 at least February 2022.
Today’s announcement extends the freeze on foreclosures CBA announced in November 2020 that was intended to run until at least September 2021.
This announcement also builds on yesterday’s commitment by CBA to offer home loan customers impacted by the latest COVID-19 related restrictions access to a two-month deferral on their home loan repayments.
The two-month deferral for impacted customers could be especially helpful for those in the Fairfield, Liverpool and Canterbury Bankstown LGA’s and for customers in the construction and discretionary retail sectors.
“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. 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. If customers do need assistance then please visit https://www.commbank.com.au/latest/coronavirus.html,” Mr Comyn said.