That means that 57 per cent of people whose home loan deferrals were due to expire in September – some 22,900 borrowers owing a total of $8.7 billion – felt they were now in a position to meet their loan repayments.
As a result, the Commonwealth Bank has seen a gratifying improvement in its home loan book in the past month alone.
At the end of August, 9.8 per cent of its giant home loan portfolio (measured in terms of value) consisted of loans in deferral. By the end of September, this had dropped to 8.0 per cent. (This translates into some 93,000 home loans, with a combined value of some $37 billion.)
What’s more, October is likely to see a further steep fall in deferred home loans, with deferrals due to expire on some 52,000 home loans (worth a combined $20 billion).
If more than half of home loan