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The percentage of Australian mortgage holders in arrears has fallen in the last month, suggesting borrowers are finally starting to cope with the higher cost of living.
New data from Standard & Poor’s found loans underlying Australian prime residential mortgage-backed securities that are greater-than-30 days in arrears eased to 1.80 per cent in May 2011, from 1.83 per cent a month earlier.
“The arrears levels seem to have stabilized, with only marginal movements between May and April," Standard & Poor’s credit analyst Vera Chaplin said.
"However, arrears might not improve materially until some time and are likely to be sensitive to changing macroeconomic conditions.”
Self-employed borrowers continue to be the group most affected by financial pressures. Although the Low Doc Loan SPIN has dropped to 5.79 per cent from 5.88 per cent during the same period.