Australian banks are “not concerned” about interest rate rises but are keeping a “close eye” on the three upcoming increases due to hit Australian households, says Australian Banking Association CEO Anna Bligh.
“They’re being very proactive in ringing customers that look like they might be in trouble – they’re keeping a very close eye on those people who borrowed in the last couple of years,” Ms Bligh said.
“Repossession and foreclosure is an absolute last priority, last resort – there’s no commercial interest for banks in repossessing someone’s house, “The best thing for the bank, the best thing for the customer is to look through the current situation, ‘they’ve been a good payer, how do we get them to the other side of high-interest rate environment’.”
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