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Mortgage stress low overall but high in certain postcodes

Staff Reporter 1 minute read

Mortgage stress is low on a national basis in Australia but rife in certain regions and postcodes, according to Fitch Ratings.

The Australian Mortgage Delinquency by Postcode report, released by the ratings agency today, indicated that on a national basis just 1.88 per cent of mortgages were more than one month past due as of 31 March 2008.

Overall, 0.73 per cent of mortgages were more than three months past due.

Ben McCarthy, managing director of structured finance at Fitch, said the national figure masked certain areas where delinquencies were considerably worse.

The worst performing postcode in the nation was Wetherill Park (2164), where 6.7 per cent of mortgages were in arrears by one or more payments.

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Fitch also predicted that delinquencies would increase throughout 2008 as the impact of the most recent rate rises is felt.

Published: 30-05-08

Mortgage stress low overall but high in certain postcodes
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