Hardship levels track up, credit bureau says

Of the 80,000 housing loans that moved to deferral under the Reserve Bank’s covid relief scheme, 3% have applied for hardship.

Staff reporters

Tue, 08 Jun 2021

Credit accounts requiring hardship support climbed 5% to 12,520 from April to May, two-thirds of which were related to mortgages and credit cards, latest data from credit bureau Centrix shows.Of the 80,000 housing loans moved to deferral under the Reserve Bank’s covid relief scheme, 3% have applied for hardship, 10% have moved to interest only and 14% have closed their accounts outright, after either selling up or refinancing. The scheme closed on March 31.About 5.6% of telco and utility accounts also remain in arrears, while 4.8% of cred...

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