Nobody should want to defer their repayments unless in dire...

Nobody should want to defer their repayments unless in dire circumstances (of which there are people who fall into that category of course).

From the BOQ website (and an industry standard) you don't get to borrow (or defer) money (loans) for free. Eventually the accrued charges will be catching up with you. Those that defer opportunistically will find themselves in a position of increased debt and/or default and they will suffer most through their own decisions.


From the BOQ website (and lenders in general)

”https://www.boq.com.au/help-and-support”

“The financial consequences of deferring your loan repayments.It's important to understand that while you are deferring your repayments, interest will continue to accrue on your loan balance. Your loan balance will increase as interest is added to the loan, which means you may end up paying more.”

Ultimately BOQ and the banks in general will end up owning people for a longer period of repayments because of deferrals.

It won't be the fault of the banks that some people fail in their economic strategy,(although it may be portrayed in the media as such), but the fault of opportunistic players in the market that believed they had some insight into the future that was never there.

In summary, you can’t borrow money for free. It’s somebody else’s money and you will owe them for the privilege of using it. Irrespective of the recent announcement in the media that BOQ had the highest % relative number of deferred payments, my take on that (my take, nobody’s else’s take) is that it will lock a higher % of customers into longer repayment periods (generally the laziest refinanciers) and be a benefit to BOQ in the long term.

That said its just my opinion and shouldn’t be payed attention to by anyone