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Banks throw lifeline to pandemic-hit borrowers to stop financial 'cliff'

Australian banks have thrown a lifeline to pandemic-hit borrowers, saying mortgage holders who paused payments will be able to extend loan deferrals by up to four months if needed.

In an attempt to avoid what some fear is a looming financial "cliff", the banking industry is unveiling a support package for people who may struggle with repayments when the initial loan deferral scheme starts to wind down, from September.

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CBA chief executive Matt Comyn: "We all want to avoid any form of a cliff."

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