Despite rising interest rates Australian mortgage holders are still more than capable of paying off their loan, new data released by FitchRatings has revealed.
According to FitchRatings, mortgage delinquencies in Australia have decreased across the board for three consecutive quarters, a trend that is expected to continue in 2010.
The company’s associate director in the Structured Finance RMBS team Leanne Vallelonga said the drop in delinquencies illustrated the ability of Australian home loan borrowers to successfully navigate the current cycle of global turmoil.
“We have seen a decline across all arrears buckets, an achievement last seen in this same quarter in 2007,” Ms Vallelonga said.
"With most arrears buckets improving by over 10 per cent, it was the Reduced Documentation Mortgage Index covering the performance of low-doc loans which recorded, for the first time since its composition, a fall for the 3rd consecutive quarter, resulting in more than a 15 per cent fall for 30+ day delinquencies.”
The company expects arrears to remain steady through the remainder of 2009.
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