Banks have deferred repayments on 703,000 loans, worth $211 billion, according to the latest Australian Banking Association update.

The number includes 429,000 mortgages – about one in fourteen – and 206,000 business loans.

The total has moved up from 643,000 loans, when the ABA last provided an update on May 8.

ABA chief executive Anna Bligh told Nine media that the banks and regulators were in talks about what steps they will take when the six-month deferral period ends.

Bligh is quoted as saying banks want to support their customers on the way out of the crisis.

“As the restrictions are lifted, some customers will be able to return to normal payments before the six months is up, while others, depending on the industry they’re in, may need a longer period. The banks are working through the issues,” she said.