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Mortgage Arrears Fine But S&P Expect Them To Rise As Savings Run Down

AUSTRALIA

S&P Global Ratings data for September showed that arrears for prime mortgages in Australia were down slightly but non-conforming arrears increased. This indicator isn’t yet flashing red and unlikely to be concerning the RBA, but it is something to watch closely as mortgage rates keep rising.

  • Savings, repayment buffers and the robust labour market are helping households to keep to monthly mortgage payments despite rate increases.
  • S&P expects non-conforming arrears to continue to rise in the current environment, as this sector contains higher risk borrowers.
  • S&P said that "Seasonal increases in arrears in the first quarter of 2023 may be more pronounced as savings buffers are eroded and consecutive interest rate increases start to take effect."
    - The Australian
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