Mortgage borrowers catch up on arrears

The latest data from Centrix shows 22,500 mortgage accounts are past due, with arrears improving to 1.39% in March, down from 1.42% in the previous month.

This is a 12% year-on-year improvement, with lower interest rates continuing to ease repayment pressure for home loan borrowers.

Also helping ease the pressure are borrowers ahead on loan repayments. ANZ says about 44% of its home loan borrowers are at least six months ahead on repayments, and 48% have a savings buffer of at least $5,000.

Seasonally adjusted mortgage delinquencies also continued to improve, with 1–29 day arrears down 14% year-on-year and 90+ day arrears down 12%.