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Mortgage arrears hit record levels

Australian mortgage arrears have hit their highest rate in five years and are set to increase, according to new data.

Ratings agency Moody's says the number of home loans more than 30 days in arrears hit 1.62 per cent in May - up from 1.5 per cent a year ago and the highest rate in five years.

Home loan arrears hit record highs in the Northern Territory, Western Australia and South Australia and while they fell in NSW and Victoria, Moody's forecasts total nationwide delinquencies will ramp up through the remainder of 2017.

"Weaker conditions in states reliant on the mining industry, high underemployment, and less favourable housing market and income dynamics will continue to drive the rate higher", Moody's vice president and senior analyst Alena Chen said.

 

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