Even though banks might not yet be foreclosing on home loans, today’s figures from Fitch show that 3. 7 per cent of the mortgage borrowers in the area have been more than 30 days late in payments during the past six months.
Real estate agent Denis West has been selling houses in the area for 27 years and says he is surprised by Fitch’s finding.
Earlier this week, the Bank for International Settlements warned that Australian home loans could become among the world’s most expensive if interest rates rise in the months and years ahead.
There are signs Australians living in the country’s outer suburban areas are having a tough time keeping up with their mortgage repayments.
Read more here: ABC