Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Mortgage arrears on the rise

Staff Reporter 3 minute read

James Mitchell

The number of mortgages in arrears increased in the fourth quarter of 2010, new research has found.

According to Fitch Ratings’ ‘The Dinkum Index’, the number of home loans more than 30 days in arrears increased to 1.37 per cent from 1.30 per cent in the third quarter.

"Arrears unexpectedly increased in [fourth quarter 2010], mainly as a result of more delinquent borrowers migrating into the 90+ days arrears bucket, as they were unable to cure their delinquent status,” Associate Director in Fitch's Structured Finance James Zanesi said.

Advertisement
Advertisement

The rise surprised analysts as preliminary November data was in line with third quarter results and no specific event was expected to affect mortgage performance in the fourth quarter.

Despite the initial shock, poor mortgage performance is expected to continue in the first quarter of this year driven mainly by the usual impact that the Christmas spend has on first quarter mortgage performance.

Mortgage arrears on the rise
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


default

 

more from the adviser
handshake news MyState names banking general manager

A former broker head has returned to MyState Bank, to tackle turn...

BBS 2021 ta SA/NT’s top brokers crowned

The leading brokers in South Australia and the Northern Territory...

Paul Kearney ta AFCA recruits from ME Bank

The complaints authority has named a new executive general manage...