CBA announces mortgage freeze
Wednesday, March 18, 2009
Home owners who lose their jobs will be thrown a lifeline under a plan announced by one Australia's major banks.
The Commonwealth Bank of Australia says it will defer interest for up to 12 months for newly unemployed customers.
The CBA says it's in the bank's best interest not to see people get into trouble.
The plan comes as minutes from the Reserve Bank of Australia meeting described the decision to keep rates steady as a temporary measure.
The minutes also indicated that there could be more interest rate cuts to come from next month.
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