CBA repayment freeze extended to unemployed

The Commonwealth Bank (CBA) has announced that it will offer a deferred repayment initiative for its customers in light of rising unemployment.

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. In cases of extreme hardship the bank will offer a 12 month deferment. However, 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% 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”.

If you are concerned about job security and meeting your mortgage repayments, call Intellichoice on 1300 55 10 45 about how we can help you get through this stressful time.