From a peak of 854,606, the number of home and small business loan deferrals dropped to less than 5,000 as the banks wound up their programs at the end of last month, new data shows.
The latest data from the Australian Banking Association reveals there were just 3,170 home loans with the big four banks and Suncorp still deferred by the end of March.
That was down from a peak of 468,786 of total deferrals requested throughout the pandemic.
It means only 0.7 per cent of the home loans originally deferred were still on mortgage holidays when those programs officially ended on March 31.
The value of the deferred loans is just 0.07 per cent of the banks' mortgage portfolios.
The decline in business loan deferrals is even sharper, with only 508 on hold by March 31, compared to peak levels of 235,440, meaning only 0.2 per cent remained deferred.
The Australian Banking Association's chief executive, Anna Bligh, said the numbers mainly reflected the nation's rapid rebound from its COVID-19 recession.
"These figures reflect the impressive recovery Australia's economy is experiencing after facing a one-in-100--year pandemic," she said in a statement.
However, Ms Bligh moved to assure those customers still in financial difficulty that her members would continue to offer tailored support through measures such as further deferrals and restructured payments.
"Banks will continue to support those households and businesses still doing it tough this year, taking a fair and compassionate approach to get people through the pandemic," she said.
Consumer law groups have raised concerns that some banks are aggressively pressuring customers to make catch-up repayments or to resume full repayments before they are financially able.
However, the major banks have consistently said they are and will continue to offer support and flexibility to customers in COVID-related financial hardship.
