Australia 101 Blog

Susan Wareham
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Debt Relief Plan

Mon, 06 Apr, 2009

News Photo - Debt Relief Plan

The Prime Minister, Kevin Rudd, has announced a mortgage relief plan to help people that have lost their jobs.

The new plan would allow people that have lost their jobs to delay their mortgage repayments for up to twelve months. People can also apply for extensions on other loans such as car and credit card debt.

The deal has been agreed to by Australia's four major banks, Westpac, the Commonwealth Bank, ANZ and the National Australia Bank. The banks still have the final say as to who can get an extension, as they will refuse applications they consider too risky.

More information can be found at:

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