West Australians are lagging behind their mortgage repayments to the fastest rate in the country, with new figures reveal, but there could be easier with the Reserve Bank interest rates-signaling may be on hold well into the new year.
A report prepared by Fitch Ratings, covers about 900000 mortgage loans worth $ 155 billion, found a strong increase in Mortgage delinquencies in the 12 months to September. Interest rates were lifted in November.
According to Fitch increased the proportion of people behind on their mortgage repayments to 1.54 percent from 1.23 percent.
Lack of the recent peak of two percent, reached in late 2008 the increase came despite the resurgence of the mining sector and followed three increases in official interest rates.
WA had the highest proportion of people, at least one month behind on their loans at 1.52 percent. South West was the worst affected area with a juvenile delinquency rate 2.82 percent.
Fitch Associate Director James Zanesi said the housing market in Perth had stagnated while Central Government Home owners were very sensitive to interest rate changes.
He said while by any measure which may give rise to juvenile delinquency rate across Australia were very low, the increase was an indication that there was pressure on the nation mortgage holders.
"It is not a small step. It is a significant step. One of the main reasons is the interest rate increases,? he said.
But homeowners may have exemption from the additional rate pain with the minutes of the RBA december meeting suggests the Bank could keep their powder dry.
Minutes, it should be noted that the super sized rises of the major commercial banks in November and the strength of the Australian dollar had taken some heat out of the economy.
There are also continuing characters to their shoppers not spending money.
"Members observed that the restraint will be shown by households and pickup in store speed would help reduce the medium-term risk from household balance sheets," showed the minute.
NAB Senior Economist David de Garis said with monetary policy now "least restrictive" he expected reserve to keep the fire until there was a clear picture on inflation threats.
"We do not expect a move from RBA until may, subject to the flow of data, of course, in the meantime, including whether critical measures for capacity utilisation," he said.
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