20 Sep
It’s no secret that Australia is experiencing a downturn in the property market. But for Aussies who own their own home or have a mortgage, there’s worse news. Many believe calling it a downturn is foolishly optimistic – the slump we are in is more like falling off a cliff. On 60 MINUTES,Tom Steinfort speaks with real estate and finance experts who predict property prices could slide by as much as 40 per cent in the next year. And if they’re right and numbers like that eventuate, there’s only one certainty: our entire economy faces catastrophe.

Reporter: Tom Steinfort

#Media #Banks #property #Bankripoffs


Our NAB Assist program helps customers who experience financial difficulty, including making loan and credit card repayments.

We offer options tailored to the customer and their situation to feel supported along their journey.

We encourage customers who are experiencing financially difficulty to get in touch early so we can help them get back on their feet financially.

Through NAB Assist, up to 97% of our customers are up to date within 90 days of missing a payment.


National Australia Bank will continue to hold its Standard Variable Rate (SVR) for home loans at 5.24 per cent.

NAB CEO Andrew Thorburn said: “We are listening and acting differently. We need to rebuild the trust of our customers, and by holding our NAB Standard Variable Rate longer, we help our customers for longer.”

“By focusing more on our customers, we build trust and advocacy, and this creates a more sustainable business.”

Mr Thorburn said NAB will continue to regularly review its rates and assess whether current market conditions, including funding costs, continue.

The decision benefits more than 930,000 NAB customers.  If NAB had increased its SVR by 15 basis points, the average home loan customer with a $300,000 loan would have paid an extra $28 each month, or $336 a year, on their repayments.  A customer with a $500,000 home loan would have paid an extra $47 each month, or $564 per year, on their repayments.

Note: Calculations are based on an owner occupier, principal and interest loan over a 30-year term.

CEO Andrew Thorburn’s message to customers is available here.


While we don’t disclose foreclosures on a state or city basis, foreclosures across Australia remain very low. We recently disclosed the following information at our August market update:

Credit quality has continued to be sound. Mortgage 90+ day delinquencies in Australia were up 3bps over the three months ended June 2018 to 0.72 per cent – still at historically low levels.

Mortgage 30+ day delinquencies were flat over 3Q18 while properties in possession were lower at just 392 across Australia from 1.5 million accounts.

Customers can contact Westpac Assist on 1800 067 497 or visit





Any BOQ customers facing financial difficulty can find information about support and assistance here: