On 13 August 2020, the Australian Securities and Investments Commission (ASIC) issued letters to lenders, notifying them of ASIC’s expectations once the mortgage deferral period expires next month. Lenders had offered the six month mortgage repayment deferral period to their customers, in response to the COVID-19 pandemic, which debt is estimated to be worth billions of dollars.
ASIC also published its expectations of lenders, which we have summarised in the following infographic:
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Sonia Apikian, Partner
Susan Verginis, Senior Associate and Pro Bono and Corporate Social Responsibility Manager