Banks launch doing it tough site

19/12/2011

The Australian Bankers Association launched a website calling on financially stressed homeowners to negotiate "hardship" packages to avoid default on their mortgages. Association CEO Steven Munchenberg admitted economic uncertainty had been a key factor in the move.

"We don't know what's going to happen in Europe and in Australia, but it's better we start to think about making sure we're prepared for whatever happens," he said.

He confirmed it was the first time the banks had set up a site to deal with customer hardship on mortgages and other financial products like credit cards and personal loans.

The banks' site - www.doingittough.info - directs those who are financially stressed to click on icons of their individual banks to go straight through to "hardship websites" for each institution. It also contains financial health checklists testing whether customers are at risk of loan default.

Mr. Munchenberg claimed these measures were to ensure customers were not in over their heads.

Source: The Daily Telegraph