The 20 biggest suburbs for mortgage defaults

Angus Kidman 27 August 2015 NEWS

The 20 biggest suburbs for mortgage defaults

Behind on your mortgage? There's a fair chance you live in Budgewoi.

Tasmania is the state most likely to see home buyers in arrears on their mortgage, according to data compiled by Fitch Ratings and reported in the AFR.

Each quarter, Fitch calculates the percentage of mortgages which are more than 30 days in arrears relative to the total mortgaged property value in a given postcode. On that ranking, Budgewoi on the NSW Central Coast has the highest proportion of home owners who are behind on their mortgage.

Here are the top 20 suburbs and towns in that ranking:

Suburb % loans in
30+ day arrears
Budgewoi NSW 3.2%
Kingston Qld 3.0%
Petrie Qld 2.8%
Corio Vic 2.7%
Greenacre NSW 2.6%
Melton Vic 2.4%
Hampton Park Vic 2.4%
Laidley Qld 2.4%
Salisbury SA 2.4%
Ballajura WA 2.3%
Goodwood/Motrose Tas 2.3%
Jimboomba Qld 2.3%
Green Valley NSW 2.3%
Bundamba Qld 2.3%
Aldinga SA 2.3%
Parafield Gardens SA 2.2%
Mount Isa Qld 2.2%
Claremont Tas 2.2%
Hoxton Park NSW 2.2%
Lalor Vic 2.2%

While high levels of unemployment can be a factor, not all these areas are downmarket or shrinking. Salisbury, for instance, is the fastest-growing suburb in South Australia.

Banks regularly rate suburbs and areas by perceived risk and use that data to assess whether to offer loans. While that can impact your ability to get a mortgage, it's worth noting that the vast majority of mortgages are not in arrears.

Picture: John Lampard, licensed under Creative Commons Attribution-NonCommercial-ShareAlike 2.0 Generic (image cropped)

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