A rising number of Australians are falling behind on their mortgage, and analysts fear the trend could spell disaster for tenants across Victoria as the state’s rental pain grows.
The number of Aussie homeowners falling behind on their mortgage is growing, with more than $1.53bn in loans now in arrears.
New data from respected analysts Moody’s shows 1.62 per cent of $94.188bn worth of prime home loans assessed are at least 30 days in arrears at the end of last year, up from 1.45 per cent in September.
Moody’s senior ratings associate Philip Au said they were not expecting the trend to taper, though it was difficult to say if it would reach the 1.76 per cent peak level recorded during the Covid-19 pandemic.
But the increase in mortgage arrears is an alarm bell for tenants, with AI data analysis specialist Kent Lardner noting national trends indicated up to a third of owners struggling with their mortgage could be investors.
With the prospect they would sell rental homes rather than risk losing their own residence, Mr Lardner said the arrears could compound an already grim situation for Victorian tenants.
“Landlords falling into arrears and exiting rental ownership, there’s nothing good about that,” he said.
“They are not all fat cats and rich people, most are ma and pa owners.”
The operator of SuburbTrends just released a Rental Pain Index, which for the first time included three Victorian towns or suburbs scoring the worst possible result, 100.
To read the full article: https://www.news.com.au/national/victoria/growing-number-of-aussies-falling-behind-on-their-mortgage-set-to-hurt-tenants-moodys-suburbtrends/news-story/90756e024f90fdbabf582ee128e8f2b4
Originally published as Growing number of Aussies falling behind on their mortgage set to hurt tenants — Moody’s, SuburbTrends
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