Update on COVID-19 temporary loan repayment deferral data 

More than half of the remaining Commonwealth Bank customers with home loan deferrals (51 per cent), and the vast majority of small business customers (87 per cent), have exited their deferrals in October.

In total, there has been a net monthly reduction in deferred balances of $21 billion, with approximately 52,000 loans remaining in deferrals as at 31 Oct 20 (only ~4,000 of which are business loans).

CBA Chief Executive Officer, Matt Comyn said that providing temporary loan repayment deferrals on approximately 250,000 home, personal and business loans has been one of the key ways the Bank has helped its customers to manage the challenges of COVID-19.

“We continue to contact customers with a range of options as they approach the end of temporary loan repayment deferral periods, and have been encouraged by the number of customers who have been able to return to making repayments on their loans.

“The Bank remains well placed and committed to supporting our customers and the wider community as the economy begins to recover, while continuing to offer our support to those in need of ongoing assistance.”

Of the 158,000 total home loan deferrals approved between March 2020 and 31 October 2020, 22,000 remain on their initial deferral arrangements. Of the remainder, 23 per cent have extended their deferral period (for up to 4 months), 73 per cent have returned to making full repayments, 4 per cent have been provided further assistance and <1 per cent have been impaired.

Understandably, of the $19 billion actively  deferred home loans at 31 Oct 20, around 38 per cent are for customers residing in Victoria, and about 31 per cent for New South Wales home loan customers. Queensland and Western Australia account for 14 per cent and 12 per cent of deferred home loan balances respectfully, while all other states account for the remaining 5 per cent.

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