Six-month mortgage holiday for borrowers

The Government, retail banks and Reserve Bank announced a finance package for borrowers affected by the fallout from the Covid-19 lockdown. 

The package includes a six month principal and interest mortgage holiday for mortgage holders and SME customers whose incomes have been affected by the “economic disruption”. 

It is unclear whether borrowers have to fit certain criteria to qualify for a mortgage holiday, or whether circumstances will be reviewed on a case-by-case basis.

The government declined to comment on whether only owner-occupiers are eligible for the scheme. More details will emerge during the week, a spokesman said.