More Australian home owners defaulting as refinancing rates stay high
More than one per cent of mortgaged home owners in several regions defaulted in the past month as refinancing rates stay high.
More Australian home owners are falling into mortgage arrears as high interest rates and falling property prices squeeze finances. New data from S&P Global Ratings shows more than one per cent of mortgaged home owners defaulted in the past month: 1.34 per cent in Ballarat, 1.32 per cent in the Hunter Valley, 1.22 per cent in Canberra, and 1.17 per cent in the Illawarra.
Pakenham in Melbourne recorded the worst result at 2.88 per cent. Victoria has the highest arrears rate overall.
Refinancing rates remain high, and 54 per cent of mortgage holders say they cannot switch to a better deal. Many young buyers who purchased at market peaks now face property values below their loan amounts.
- 1.34 per cent
- Ballarat default rate
- 1.32 per cent
- Hunter Valley default rate
- 2.88 per cent
- Pakenham default rate
- 54 per cent of mortgage holders
- Cannot refinance
Why it mattersMortgage stress affects spending, savings, and long-term financial security for millions of households.
AustraliaAustralian home owners face rising arrears and limited refinancing options as rates stay high and property values fall.
✓ Claims checked against the source and corrected before publish. checked 9 d ago
