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Mortgage arrears rates down in June

Positive mortgage arrears data has been published by Standard & Poor's.

The number of cases of individuals facing mortgage arrears for Australian property fell in June as part of a downturn trend for the year to date.

According to data compiled by Standard & Poor's, the aftermath of the global financial downturn saw arrears rise for many Australian property owners, but this trend is now being reversed as individuals get their finances back under control.

New arrears for the month - those that were less than 30 days overdue - were most prominent, while loans of 60 and 90 days overdue reduced, Australian Property Investor reports.

Earlier this month, PRDnationwide published research highlighted a decline in affordability for Australian property owners over the last five years, with costs up by 38.5 per cent over the period.

"Households have more dollars to spend but the cost of accommodation is growing quicker than increases to income," commented research director for the company Aaron Maskrey.

Posted by Craig Francis

- mortgage, arrears, property

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