Mortgage delinquencies hit record highs in Western Australia, South Australia and Northern Territory: Moody's

Mortgage delinquencies hit record highs in Western Australia, South Australia and Northern Territory: Moody's
Mortgage delinquencies hit record highs in Western Australia, South Australia and Northern Territory: Moody's

The amount of residential mortgages nationwide more than 30 days in arrears increased to 1.52 percent in November 2106 from 1.2 percent from November 2015, according to Moody's.

Mortgage delinquencies hit record highs in Western Australia, South Australia and the Northern Territory and increased nationwide over the year to November 2016.

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Mortgage delinquencies hit record highs in Western Australia, South Australia and Northern Territory: Moody's

The report said the ACT had the lowest 30+ delinquency rate (0.91 percent) of any state or territory in Australia in November 2016.

"A high proportion of borrowers in the ACT are employed by the government, which offers more secure and stable employment compared with jobs in the private sector. The ACT accounts for just 2.12 percent of the total loans in the RMBS we rate," it said.

"30+ delinquency rates in the Northern Territory (2.23 percent) and South Australia (2.16 percent) also hit record highs in November 2016.

"Final demand in the Northern Territory contracted 3.8 percent over the year to December 2016, the weakest performance in the country behind Western Australia.

"South Australia's final demand increased 1.3 percent, below the 1.6 percent national average.

"The populations in the Northern Territory and South Australia are both relatively small, and mortgages from this territory and state account for just 0.68% and 4.72 percent of the loans in the RMBS portfolio."

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Mortgage delinquencies hit record highs in Western Australia, South Australia and Northern Territory: Moody's

 

Tags: 
Home Loans Mortgage Arrears

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