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Share Of Risky Mortgages Declined In Q4

AUSTRALIA

Australia’s regulator APRA has reported that the share of new mortgages with a risky six times debt-to-income ratio fell to 11% in Q4 2022 from 17.1% in Q3 and the peak of 24.3% in Q4 2021, as higher rates have reduced the amount that households can borrow. This coincided with a $5.3bn q/q increase in the money in mortgage offset accounts in Q4. Following the US banking troubles, further RBA hikes have been priced out of the OIS market.

  • APRA has confirmed that the mortgage stress test will continue to assess affordability with a 3pp increase in mortgage rates, despite the 350bp of tightening already seen this cycle. As a result, the share of new mortgages in the “risky” zone is likely to moderate further.
  • While the share of mortgages repayments behind by 30-89 days has risen, it remains very low.
    - The Australian
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