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Q407 results from Fitch Ratings’ “Dinkum Index” have shown a decline in the number of delinquencies on Australian prime mortgages.
The 30+ day delinquencies for the market decreased to 1.07 per cent for the quarter ending December 2007 compared to 1.15 per cent from the previous quarter – the index’s lowest level since December 2005.
In contrast to market perceptions says Natasha Vojvodic, senior director of Fitch’s Australian Structured Finance team, missed payments have actually fallen over the last six months.
“The data indicates that, at least prior to the interest rate rises of the past few months, Australian borrowers, in general, were coping well with their mortgage obligations,” she said.
Delinquencies for low doc loans increased however from 4.05 per cent in Q307 to 4.12 per cent in Q407.
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