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Almost 25,000 Australian Households at Risk of Mortgage Default
Almost 25,000 Australian households are at risk of mortgage default, new OurTop10 figures show.
Key points
- 24,546 households across 70 postcodes are at risk of defaulting on their home loan over the next 12 months.
- The figure is the highest in the series and a 24 per cent rise from a year ago.
- Cairns suburb Manunda saw its at-risk households jump 25 per cent in one quarter, from 359 to 448.
Why it matters. Households already facing higher interest rates and living costs may struggle further, and Soltani said the figures are likely just a snippet of a bigger national crisis over the next 12 months.
Digital Finance Analytics' OurTop10 report shows almost 25,000 Australian households, 24,546 in total across 70 postcodes, are at risk of defaulting on home loans within 12 months. That is the series' highest reading and up 24 per cent from a year ago, though the quarterly rise slowed to 3 per cent. OurTop10 head of research Mansour Soltani said the pressure is spreading from growth corridors into Adelaide and regional Queensland.
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Almost 25,000 Australian Households at Risk of Mortgage Default
Almost 25,000 households are at risk of defaulting on their home loans over the next 12 months, according to the latest OurTop10 Default Loan Report. The report, compiled by Digital Finance Analytics, counts 24,546 households across 70 postcodes. That is the highest reading in the series and a 24 per cent increase from a year ago. One postcode alone recorded a 25 per cent spike in just three months. The figures show mortgage stress is spreading across a growing number of areas.