The rate of missed repayments across the nation's housing market continues to fall, with the average arrears on Australian mortgages dipping to 1.62% in April 2009 from 1.66% in March 2009.
Data from a Standard and Poor report released yesterday tracks the performance of residential mortgage-backed securities, which are generally regarded as a key barometer of the health of the broader Australian mortgage market.
According to the report, the latest figures follow the recent downwards trend from January 2009, where missed mortgage payments peaked at 1.84%.
“We believe this downwards trend could be the result of financial relief provided to borrowers from the government stimulus packages and easing of monetary policy,” Standard & Poor's credit analyst Vera Chaplin said.
Despite signs of improvement in the broader mortgage market, missed payments in riskier loans remain persistently high with around 16.3% of loans issued to subprime borrowers in arrears.
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