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The Commonwealth Bank (CBA) has announced that it will offer a deferred repayment initiative for its customers in light of rising unemployment.
Speaking at a business lunch yesterday, CBA CEO Ralph Norris, said the bank would offer a six month break to customers who become unemployed to help them find jobs without the stress of meeting repayments, ABC reported.
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In cases of extreme hardship the bank will offer a 12 month deferment.
Interest will continue to be capitalised over the period.
The announcement comes as forecasts for unemployment continue to rise. ANZ is now forecasting the jobless rate to reach 7.5 per cent by mid 2010.
Commenting on the initiative, Mr Norris said “it’s never in our interest to see someone get in trouble and we have a specialist assistance team to help customers in difficulty”.
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