99% Pay Mortgage On Time

Posted on 31/05/2018  
99% Pay Mortgage On Time

Australian home loan arrears remain at low levels, with almost 99% of households with mortgages paying on time.

The latest Standard & Poor's Performance Index (SPIN) for Australian prime mortgages found 1.18% of mortgages were in arrears in March, down from 1.3% in January.

The group says it expects mortgage arrears to remain steady throughout 2018 as gradual improvements in key economic indicators such as the unemployment rate help to keep things stable on the household front.

Mortgage arrears remained relatively unchanged year on year in March and are lower than the decade-long average for March of 1.31%, according to the "RMBS Arrears Statistics: Australia" report.

Across the country home loan delinquencies fell in New South Wales, Queensland, South Australia, and the Australian Capital Territory in March.

Mortgage arrears in South Australia are well down from a peak of 1.81% in January 2017 to 1.35%. The report said this reflected a general improvement in economic conditions in South Australia, in line with national trends.

Western Australia remained the state with the nation's highest arrears, sitting at 2.37% in March.

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