Bryan Thomson: Should mortgage holidays be extended?

Author
Newstalk ZB,
Publish Date
Tue, 28 Jul 2020, 11:34AM
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Bryan Thomson: Should mortgage holidays be extended?

Author
Newstalk ZB,
Publish Date
Tue, 28 Jul 2020, 11:34AM

Mortgage holders could get a wake up call if the banks don't extend the payment holiday.

The Reserve Bank and retail banks announced a six-month principal and interest payment holiday, which expires on September 24th.

The real estate sector is urging banks to follow Australia's lead and extend the scheme, so home owners aren't hit hard when the extended wage subsidy ends.

Harcourts managing director Bryan Thomson told Mike Hosking it's a win-win for banks to support their customers so they can continue paying off their homes.

He says people will have to sell before they're ready, and then the banks will just be loaning the money to someone else.

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