INDUSTRY NEWSNationalReal Estate News

REIA welcomes loan deferral extension

REIA has welcomed the Australian Banking Association’s decision to extend the loan repayment deferral period.

“Supporting home owners during this phase where they may be finding it difficult to continue paying their mortgage, is to be applauded,” said REIA president Adrian Kelly.

“If owners and landlords are supported, then tenants, some of who are from the most affected industries through COVID-19, are also supported.

“As the September deadline draws nearer, the banks have made a sensible decision to give home owners a bit more breathing space, for those who need it, to work with the banks and get them on their feet financially.

“The Government will need to consider further rent subsidies post September in order to ensure that tenants who have lost employment are not evicted.”

The REIA has also made some recommendations to the Government, including abolishing, or temporarily ceasing, stamp duties on residential property, and an abolition, or temporary concession, on land tax – both of which they believe will stimulate the economy.

“The banking industry is to be commended for their continuing support of current home owners, landlords and tenants,” Mr Kelly said.

“It is hoped the Government will also consider a stimulus to the sector to boost expected low levels of unemployment and address growth in the Australian economy.”

Show More

Nathan Jolly

Nathan Jolly was an in-house journalist with Elite Agent. He worked with the company from July 2020 to December 2020.