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Credit Unions And Building Societies Offer Debt Relief For Mortgage Holders
Non banking finance companies such as credit unions and building societies say they have already taken measures to provide relief for customers who have lost their jobs.
The big four Australian banks committed to offering debt relief to their mortgage holders for a period of twelve months. The offer is available to borrowers who have lost their jobs as a result of the slowdown in the economy and was a deal the lenders reached with the Kevin Rudd government.
Non bank finance companies such as building societies and credit unions currently account for nearly 20 per cent of the home loan markets, and already have the same legal provisions in place according to The Association of Building Societies and Credit Unions.
“In terms of the commitments that the big banks have made… we absolutely already comply with all of those principles. It’s exactly what the banks have promised in terms of their deal with the government.,”. Association CEO Louise Petschler told ABC Radio
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