MoreAustralians are finding it difficult to stay up to date with their mortgagerepayments, according to data from Fitch Ratings.
The FitchRatings Mortgage Delinquency Report showed that 1.25 per cent of home loancustomers were 30 days or more behind on repayments as of the end of September.
While this is lower than the level of borrowers during March, it’s an increase when compared to September 2012. This is especially striking when it’s taken into account that interest rates are at historically low levels, something that should be helping mortgage borrowers stay on top of their home loan obligations.
“Weactually see that delinquencies have remained the same despite a 90-basis-pointimprovement in standard variable rates,” Fitch Ratings’ James Zanesi toldABC on December 17.
“I wouldsay that perhaps it has to do a lot with other factors, such as unemploymentand the local economy in a particular region.”
Tasmania was singled out as the worst-performing state for borrowers who were more than 30 days behind on their mortgages. However, New South Wales, Western Australia,Queensland, Victoria and South Australia all feature regions with a high number of borrowers struggling to stay up to date with their mortgages.
These numbersshow the importance of choosing a mortgage that suits a borrower’s specificfinancial needs. Traditional loans are not always the best option forAustralians, which is why specialist loan solution services exist.
From bad credit mortgages to self employed home loans, borrowers will find that it pays off to work with mortgage specialists who can assist with choosing the finance solution that is most suited to their lifestyles.