Homeowners are falling behind on mortgages, with the value of past due loans held at ANZ rising 22 per cent over the past year, the bank reported on Tuesday.
Homeowners are feeling the pinch of the cost-of-living crisis, with the number of loans past due at ANZ increasing double digits.
There was a major increase in the number of loans now 60-89 days past due, up 63 per cent in the 12 months to March. Mr Elliott said while it was clear in the data that interest rates, bracket creep and rising rents, food and grocery prices were causing stress, he claimed it was less than even before Covid.“When you stand back and think about the bigger picture, the numbers are still very, very low. And in fact, they’re much lower than they were even before Covid, so you sort of go back to more recent normal times,” he said.
With rates expected to stay higher for longer as the Reserve Bank continues to battle stubbornly high inflation, Mr Elliott conceded he expected the number of customers experiencing financial difficulty to increase.“But we would expect the number of people under stress to increase. Those interest rates will – are – continuing to hurt,” he said.
Capital Management Plan Chris Kenny Oceania Interest Rate Rises Shayne Elliott Cheque Books Reserve Bank Ageing Categories Mark Nicholson Anz Bank Australia And New Zealand Interest Rates Sky News Australian Cash Money Courtney Gould EIC_SEO_Tharika_Goonetilleke Government Direction Borrowers Fall Dan Peled Newswire-Business Cash Money Currency Home Loans Credit Card Nicholas Eagar Australia Tim Blair Home Loan Customers Issuing Cheque Books
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