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Confidence returning after Covid mortgage ‘holidays’

Home Loan holders are returning to re-paying after the Covid hold, according to Domain

Consumer confidence is returning to the Australian market as the post-Covid period begins to take shape around the country, with major banks reporting those who were delaying mortgage payments have returned to payment

Domain.com.au reports that both the ANZ and Westpac have seen consumers unwinding their loan deferrals.

ANZ has seen more than one-third of those who have deferred payment resume, while Westpac has had over 4,000 loan deferrers return to payment.

Nevertheless, in Westpac’s case this is a small number – just 3.3% of the 120,000 home loan customers that have deferred their payments for one of Australia’s big four banks.

Domain further reports that job advertisement numbers have risen with the labour market strengthening quicker than first expected. Nearly 500,000 home loan holders took advantage of the deferrals unsure of how the Coronavirus period was going to pan out.

In the meantime, many new home builders, like Gold Coast based Silkwood Homes, are reporting enquiries have increased around new home builds following the Government’s HomeBuilder assistance packages.

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