ABA comes to aid of stressed borrowers

by Adam Smith05 Dec 2011

Homeowners in financial stress are receiving advice from what may seem an unlikely source: the Australian Bankers' Association.

The ABA has launched a website. doingittough.info, aimed at providing budgeting advice and financial hardship tips to homeowners in mortgage stress. The site provides financial health checklists to gauge the risk of default, informs consumers of their rights in financial hardship cases and advises them how to negotiate with their bank.

ABA chief executive Steve Munchenberg told News Ltd the site was the first ever launched by banks to address financial hardship. He said the site was started in response to uncertainty over the global economy.

"We don't know what's going to happen in Europe and in Australia, but it's better we start to think about making sure we're prepared for whatever happens," Munchenberg said.

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