Home owners in flood-stricken Queensland with mortgages from Australian banks have received news regarding the extension of the freeze on repayment periods.
Lenders came under fire after it was proposed that the payment-free period for home loans would only last 90 days, despite the fact that numerous home owners were still unable to access their homes.
However, recent reports revealed that all the major banks have given in to pressure and provided mortgage consumers extra time. Thus, customers can now communicate with their banks to compare mortgages and organise their finances.
Prime Minister Anna Bligh had asked lenders to “show compassion” for those who are still waiting for responses from builders and insurance companies.
20 April is the 100th day since the massive flood devastated Queensland, leaving thousands homeless and killing at least 22 persons.
With situations worsened by the Cyclone Yasi, 70 percent of the state was affected before the weather finally settled and waters receded in mid-January.