Families in Victoria struggle with home loans

Friday 24 August 2012

Article by Mozo

Victorian families are increasingly struggling with their mortgages, with an estimated 14,000 now falling behind with their repayments, according to the Fitch Rating Dinkum Index.

Families in Victoria struggle with home loans

This is a marked increase on last year's figure, which saw around 11,000 homeowners struggling to keep up with their financial commitments.

Despite the increase in arrears, Victorian homeowners are still the most reliable when it comes to servicing their mortgages, with the rate of missed payments in the state the lowest in the country.

The Australian cash rate has been maintained in recent months and many banks have also maintained their interest rates on home loans and business loans.

ANZ, for example, held its standard variable mortgage rate at 6.8 per cent for the second consecutive month – good news for Aussies who are reaching the limit of their finances.

ANZ's head of Australian economics and property research Ivan Colhoun told the Property Observer that the bank's rates are likely to fall further in October and November of this year.

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