Australia's NAB Urges High-risk Clients to Sell Homes Soon

National Australia Bank Ltd on Friday urged customers at high risk of default on their loans to sell their properties sooner rather than later, as it reported ballooning credit impairment charges during the quarter, Reuters reported. Property prices in Australia fell for a third straight month in July but home prices nationwide still stand about 7% higher than in the corresponding month last year. In a briefing after a filing that showed cash profit for the three months to June 30 fell 6.1% to $1.11 billion, NAB Chief Executive Ross McEwan said some customers hit by the coronavirus pandemic should consider selling before prices fall. “Every reasonable step will be taken to keep people at homes,” McEwan told reporters in the call. “But we all know that there will be some circumstances where people are better off selling out early and taking some equity out of their homes or keeping some equity before it disappears.” Read more

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