Credit unions, building societies and the industry’s biggest non-bank lender have joined the major banks in pledging support for borrowers who lose their jobs.
Louise Petschler, CEO of mutuals body Abacus, said credit unions and building societies had in fact been providing such assistance to members for years.
“When tough times arrive, credit unions and mutual building societies will work with members to help them get back on their feet wherever we can,” she said.
Challenger Mortgage Management also pledged yesterday to extend flexible arrangements to borrowers facing unemployment or other financial difficulties.
“We will continue to offer temporary repayment moratoriums in certain situations and will be taking a responsible, long-term view to any relief offered, with a view to protecting owner equity from further diminution,” said Challenger Mortgage Management CEO Drew Hall.
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