1 in 100 behind on their mortgage

The rate of mortgage defaults fell in 2009, despite rising unemployment. According to a report by Fitch Ratings, the percentage of borrowers who are 30 days behind in their payments has declined nationally from 2.1% in January 2009 to 1.6% in September 2009, while the proportion of people 90 days overdue have shrunk from 1.1% to 0.8%.

The regions where defaults are most common are the western suburbs of Sydney, as well Newcastle and Wollongong. Nelson Bay, just north of Newcastle, has the highest default rate in the nation with more than nine per cent of mortgagees more than 30 days behind in their mortgage repayments.

In Victoria the area with the highest mortgage default rate is Port Melbourne, followed by Oak Park, Mornington, Hoppers Crossing, Melton and Boronia.