As the financial crisis grips the nation, an increasing number of home owners are seeking to “recession proof” their mortgages, by getting ahead of monthly repayments.
The countries biggest lenders, Westpac and Commonwealth Bank have noticed a growing trend with home owners choosing to maintain their repayments at previous high interest rates, as the number of home repossessions increase.
As unemployment soars, the banks are preparing themselves for the worst, and implementing strategies to help home owners stave off losing their homes and falling behind on their mortgages.
The Commonwealth Bank has recently announced a plan to freeze mortgage repayments for up to a year if their client ended up losing their job.
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