Fairfield named as worst place for mortgage defaults

Friday 22 October 2010

Article by Mozo

Fairfield has been named as Australia's worst area for mortgage defaults.

According to research from Moody's Investors Service, the region sees mortgage delinquencies at double the rate of the national average, making up 4.24 per cent of all defaults across Australia.

Speaking to the Fairfield Advance, Tom Murphy, Fairfield sales manager for Starr Partners Real Estate, suggested the research reflected the economic troubles of the area.

"It's a shame the area has been mentioned but we are in a community with lots of unemployment and lots of nationalities," he said. "A lot of people are struggling."

Mr Murphy added that many people struggled and slipped into default when required to make fixed repayments to their mortgage.

Consumers looking to better manage their finances could choose to compare home loans and consider refinancing. Earlier this week, opposition treasury spokesman Joe Hockey called on the government to take action against banks which continually raise home loan rates above the Reserve Bank's cycle.

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