Mortgage stress keeps growing

Arrears on housing loans in Australia were higher in February, reported Standard & Poor’s. This is “the fourth consecutive” monthly rise for the proportion of loans in stress.

S&P said 1.11 per cent of mortgages were in arrears at the end of February, up from 1.07 per cent in January. Regional banks recorded the highest arrears of all lenders, reaching 2.15 per cent in February, up from 2.04 per cent a month earlier. S&P measure mortgages arrears on mortgages funded by residential mortgage backed securities.

Source: Banking Day