Mortgage arrears hit eight-year high, liquidations surge 38%
The downshift in interest rates is yet to see any reversal in consumer stress levels, with financial hardship claims up 21,000 last month and liquidation numbers hitting some big numbers.
Credit bureau Centrix says mortgage arrears hit their highest level in eight years in January, up 6% year on year with 23,700 loan accounts in the ‘past due’ column.
That saw 1.56% of the 1.5 million residential loan accounts, valued at $335 billion, at 30 days or more behind.
And, while there
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