There are many people who seem to doubt the depth of the current economic crises or accept that it is a worldwide phenomenon. Yet it has recently been announced by the Commonwealth Bank of Australia that they are prepared to offer mortgage repayment holidays for periods up to 12 months for people who have lost their jobs.
It seems that a measure of agreement has been reached, between Australian government officials and major banks, to assist families struggling to pay their mortgages through unemployment, which is progressively worsening. A major objective is to prevent people falling into arrears with their mortgages that are often a prelude to foreclosure.
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Measures to restrict foreclosures have previously been announced, as part of a so-called financial stimulus, in other leading countries, including the USA and the UK. In fact the twenty leading nations are to meet in the UK in April to try to reach agreement on what they can do together to limit the severity of the recession.
There are similar schemes to those being introduced in Australia, to assist people behind with their mortgage payments in other countries and it is a welcome trend. Losing a home is a personal disaster, particularly when it is as the result of economic downturn, over which individuals have no control.
Governments are often criticized for saying what they are going to do and falling short on the implementation. It is to be hoped that they will treat help for mortgage payers as an urgent priority, and ensure that funds earmarked for the process are readily available. In this respect the banks have an opportunity to improve their recently tarnished image by giving as much publicity as possible to government initiatives. That way, people who suffer from the scourge of losing their jobs, will know that help with paying the mortgage is readily available.
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Mortgage Freeze - Australia
Mortgage Freeze - Australia
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