Added over 8 years ago

Home loan defaults continue to soar

Home loan defaults continue to soar as more households crumble under financial stress and fail to make mortgage repayments. As banks and other lenders forecast a rise in mortgage stress, a new report from Fitch Ratings found a 30 per cent increase in arrears during the three months to March. Fitch, which measures the risk level of mortgages that have been packaged and sold as securities, said the proportion of customers at least 30 days late was 1.79 per cent, compared with 1.37 per cent three months earlier. Fitch associate director James Zanesi said the increase pushed delinquencies in Australia's mortgage-back securities market to the highest level on record.

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