Mortgage breaks on

THE nation’s biggest banks will give mortgage-free holidays to customers, in an unprecedented move prompted by the coronavirus pandemic.

The big banks rolled out support packages for businesses and homeowners in a bid to help the ailing economy.

Among the measures for small businesses included repayment holidays, the pausing of interest charges and cuts to small business loan rates.

THE nation’s biggest banks will give mortgage-free holidays to customers in an unprecedented move prompted by the coronavirus pandemic.

ANZ boss Shayne Elliott said anyone who asked for help would get it – the bank would not “grill” customers or even ask them for paperwork if they requested repayment relief.

ANZ was yesterday the only of the big four lenders to pass on discounts to variable rates to borrowers, following the Reserve Bank of Australia’s decision to slash the cash rate for the second time this month to a record low of 0.25 per cent.

National Australia Bank, Westpac and Commonwealth will not be delivering any of this cut to variable mortgage customers.

ANZ’s chief executive officer Shayne Elliott said people are “scared” amid the

COVID-19 outbreak and the bank would give home loan repayment holidays to any customers who needed it.

“If you are worried and feel a bit anxious, call up the bank and ask to get that payment holiday,” Mr Elliott said.

“We are not asking questions, if you are a good customer and have made all your payments in the past we are not going to grill you on household expenses.”

The big banks have all rolled out support packages for businesses and homeowners in a bid to help the ailing economy that is headed for recession.

Among the measures for small businesses included repayment holidays, the pausing of interest charges and cuts to small business loan rates.

CBA, Westpac and NAB also confirmed any mortgage customers would be able to pause their repayments for up to six months if needed.