Australians struggling financially have been given another small lifeline from banks, with further extensions on loan repayments.
On top of the six month deferral periods already in place until September, those still unable to make payments will be given the option of another four month holiday.
But banks are warning that the extensions will not be applied automatically.
ARTICLE CONTINUES AFTER THIS ADVERTISEMENT
Anyone who can afford to start repaying their mortgage or business loan will still be expected to when the initial deferral period ends.
Federal Treasurer Josh Frydenberg told the ABC this morning that it will be a very welcome step for some.