Do you struggle to find the money you need to meet your monthly mortgage repayments? If you answered yes, then you’re not alone. Moody’s Investors Service report recently found mortgage delinquency rates have hit a three-year high across the nation. Delinquency rates in Western Australia, Tasmania, and the Northern Territory have never been higher at any other period in history.
Moody’s financial researchers found the number of people delinquent on their mortgage has risen across every Australian state and territory within the last year. Just 26 regions had fewer people missing mortgage repayments than 12 months ago, compared to 61 regions where delinquency rates grew. Perhaps surprisingly considering the capital’s notoriously high property prices, most of the suburbs with low delinquency levels were in Sydney. In contrast, the residents of mining towns in Western Australia and Queensland were struggling, making up nine out of the ten areas with the highest mortgage delinquency rates.
“The impact of lower commodity prices, rising underemployment and less favourable housing market conditions are having a negative influence on the ability of borrowers to meet mortgage repayments, leading to higher delinquencies,” the Moody’s Investors Service report said.
High mortgage delinquency rates are troubling because they often bring a higher risk of mortgage defaults. That’s why it’s important to take action early. If your mortgage has put you under financial pressure, Chase Edwards can help. Call us on 1300 854 833 to learn more about our mortgage reduction services and how they ease your money worries and put you on the path to financial freedom.