Prime residential mortgage arreas rose for the fifth consecutive month in April, according to Standard & Poor’s Mortgage Performance Index.
The results, released yesterday, show the level of arrears on residential mortgages underlying prime Australian RMBS rose by three basis points over the month to 1.48 per cent.
Arrears for sub prime and non-conforming loans, in contrast, eased during April to 14.62 per cent, from 14.66 per cent in March.
The ratings agency said the proportion of borrowers with loans more than 90 days in arrears continued to remain high at 7.97 per cent.
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