Aussies 'struggled to pay off home loans in Q4'

Wednesday 16 March 2011

Article by Mozo

An unexpectedly high number of Aussies struggled to make payments on their home loans in the final three months of 2010, according to Fitch Ratings.

Aussies 'struggled to pay home loans in the last three months of 2010'

Its measure of 30-day arrears revealed that the proportion of people failing to make payments rose compared with the previous quarter, reports Dow Jones.

With so many Australians having difficulties, those considering buying a property might think about going online to compare home loans to ensure they get the best rates.

In a recent article for the Sydney Morning Herald, Nicole Pedersen-McKinnon said a home that is fully paid-off is "one of the best ways to put yourself and your family out of harm's way".

James Zanesi, associate director in Fitch's structured finance team, claimed the mortgage problems are likely to continue for those who already have home loans.

He noted that the festive season can create financial difficulties and usually results in a decline in mortgage performance in the first few months of the following year.

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