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
|Hampton Park Vic||2.4%|
|Green Valley NSW||2.3%|
|Parafield Gardens SA||2.2%|
|Mount Isa Qld||2.2%|
|Hoxton Park NSW||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.
MORTGAGES AND MAPS
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Picture: John Lampard, licensed under Creative Commons Attribution-NonCommercial-ShareAlike 2.0 Generic (image cropped)