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According to the RBA, the proportion of New South Wales home owners behind in mortgage repayments has increased by four hundred percent over the past four years.
The top six locations suffering the highest rates of arrears are located in Western Sydney, the RBA’s Financial Stability Review revealed yesterday.
New South Wales home owners are now more than twice as likely to be over 90 days behind in repayments than home owners in other states.
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Around 17,000 home owners are now in arrears, the RBA estimated, compared to 15,000 at the beginning of the year.
The proportion of households to foreclose on their mortgages however remains unchanged from 12 months ago at 0.41 per cent.
Published: 26-09-08
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