Loan restructuring: A man walks past a Westpac bank sign in Melbourne. Australia’s top four lenders including Westpac have announced options for customers to restructure or defer their loan repayment plans. — AFP
SYDNEY: Australian banks will extend the loan repayment deferral period to 10 months from six for borrowers struggling to service their debts due to the coronavirus, the main banking body said.
The Australian Prudential Regulator Authority (APRA) in a separate statement said banks would be allowed to disregard the repayment moratoriums as a period of arrears in their capital adequacy and regulatory reporting processes.
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