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Home owners in the Western Australia suburb of Kwinana are struggling to repay their mortgage debts, with the town recording the highest rate of overdue mortgage repayments in the state.
According to new research by Fitch Ratings, 2.63 per cent of home owners in the Kwinana had mortgage repayments that were over 30 days in arrears.
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Mortgage Gallery broker Justin Smith said the rising cost of living, including electricity, water and interest rates, was affecting most residents, particularly those with a mortgage.
“Most people are struggling really,” he said. “The best way to survive is to keep a budget because people are spending money on car loans, boat loans and credit cards, then leaving their repayments as a second thought. We have to go back to the basics.”
Data from the Australian Bureau of Statistics show recent unemployment figures for the town rose from 9.2 per cent in September 2009, to 11.7 per cent in September 2010, which would have had an adverse impact on home owners.
