REIA welcomes decision by banks to extend loan repayment deferral period

The REIAwelcomes the announcement by the Australian Banking Association to implement anew phase of support to assist customers, as the six month loan repaymentdeferral period draws to an end.

REIA President Adrian Kelly said supporting homeowners during this phase where they may be finding it difficult to continuepaying their mortgage, is to be applauded.

If owners and landlords are supported, then tenants, some of who are from the most affectedindustries through COVID-19, are also supported,” Mr Kelly said.

As theSeptember deadline draws nearer, the banks have made a sensible decision togive home owners a bit more breathing space, for those who need it, to workwith the banks and get them on their feet financially.

The Federal Government will need to consider further rent subsidies postSeptember in order to ensure that tenants who have lost employment are notevicted.

The REIA has also put forward recommendations to the Federal Government to assist thereal estate sector and tenants to continue contributing to the economy as itrecovers from the pandemic.

The governmentcould go further in their support of the economy through the real estateindustry by abolishing or temporarily ceasing stamp duties on residentialproperty, said Mr Kelly.

An abolition ortemporary concession on land tax would also help stimulate an economy inrecession.

These were someof the recommendations presented to the government after a survey of RealEstate Institute members.”

A healthy property sector has been a crucial support to economic growth over thepast three years.

For this thebanking industry is to be commended for their continuing support of currenthome owners, landlords and tenants. It is hoped the government will alsoconsider a stimulus to the sector to boost expected low levels of unemploymentand address growth in the Australian economy, Mr Kelly said.

For more news from REIA, visit their website, or to learn more bout REIWA’s advocacy efforts, visit our advocacy page.

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