The Australia’s Mortgage Deferral Hangover Report combines expert insight with the publisher's unique data on the impact of the COVID-19 pandemic to determine how many borrowers will be affected in Australia and for how long.
This report draws from a comprehensive consumer research conducted by the publisher in March, April, and May of 2020. As the COVID-19 global health pandemic unfolded, the publisher surveyed more than 12,000 Australian consumers in order to forecast the immediate impact on mortgage borrowers, and their lenders, over the next 12-24 months.
Some key findings from the report include:
- One in four borrowers will be facing mortgage stress in the next 12 months, 7% higher than at the height of the Global Financial Crisis
- More than 10 million Australians have been, or expect to be, impacted financially by the COVID-19 pandemic
- Almost 300,000 more borrowers are likely to seek repayment deferrals in the next 12 months
- Families and the over 55’s will feel the impacts for the longest
This is a must-read report for all financial service professionals.
The data used for this report is sourced from the publisher with: Surveys of more than 12,000 Australian consumers conducted in March, April and May 2020. All surveys are conducted online and have been anonymized. Where appropriate significance testing at the 95% confidence level has been conducted. Significant differences have been marked throughout the report/Further data cuts are available to clients on request. The following acronym has been used throughout this report: MFI = Main Financial Institution.
Section 1: Market Context
- Assessment of the impacts of COVID-19 on Australians
- How will COVID-19 affect mortgage holders over the next 12 months?
Section 2: Mortgage Stress and Deferment
- How has mortgage stress, over-payment intention changed over time?
- Which banks mortgage customers are most likely to be stressed?
- Is there going to demand for deferrals in the near future
- By when do customers expect for their finances to go back to pre-outbreak levels?
Section 3: Competitor Impact
- Can we see evidence of a flight to safety towards the Big 4?
Section 4: Review of Customer Satisfaction with Measures Taken by Banks to Help Manage the Impacts of COVID-19
- Banks’ ongoing response to the pandemic
- How satisfied are customers with their banks’ response so far?
- Quantifying the long term benefit of exceeding customer expectation
Other Markets Available on Request