ANZ CEO Shayne Elliott addressed concerns about the end of the mortgage holiday for homeowners during an interview on the Today Show. With the six-month loan deferral period coming to a close, many families face financial challenges. Elliott assured that ANZ is prepared to assist customers with various options.
"We are here to help, that's our job," said Elliott. He explained that ANZ has strengthened its resources over the past year and is ready to offer solutions such as extending deferrals, restructuring loans, or switching payment types to ease customer burdens.
Elliott also commented on potential foreclosures, stating, "I'm not sure they're as inevitable as everyone is talking about." He highlighted low interest rates as a factor that allows more time for people to recover financially. "That's the last thing that anybody wants, including us," he added regarding foreclosures.
Reflecting on lessons from the Hayne Royal Commission, Elliott emphasized empathy in dealing with customers' situations: "We're not just going to be a factory, pumping through these difficult situations."
The discussion also touched upon assessing property values in Melbourne's postcodes more cautiously due to market uncertainties. Elliott noted regional differences in property markets across Australia and acknowledged pressure on prices in capital cities.
Regarding Victoria's exit from lockdown, Elliott recognized business anxieties but stressed ANZ's role in supporting customers through challenging times: "Our job is to stand behind them and buy them as much time as we can."