Mortgage arrears have fallen for the second consecutive quarter, a welcome indication that Australia’s property market is remaining solid amid global financial turmoil, but there’s some even more good news.
According to the latest Fitch Ratings Dinkum Index for the September 2011 quarter, the number of mortgages that are in arrears by 30 days or more decreased by 0.17% to hit just 1.52%.
This downward trend is expected to continue into 2012 thanks to back to the RBA’s back to back interest rate decreases in November and December this year, said Fitch Structured Finance team analyst Courtney Miller.
When broken down into categories, the largest drops in mortgage arrears were in the 30-59 day, and 60-89 day brackets, while the number of mortgages that were 90-plus days in arrears saw the smallest decrease – dropping from 0.67% to 0.63% over the quarter.
Aussies have bigger priorities than money
Housing becoming more affordable
Top 10 mistakes new landlords make - and how to avoid them
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out