Mortgage Defaults

Mortgage defaults in regional NSW have gone up by nearly 60 per cent in the past financial year. According to Veda Advantage, regional NSW has experienced a 35.5 per cent rise in defaults across credit card debt, personal loans and mortgages.

This information was collated from over 14million credit files held by Veda Advantage. It clearly highlighted the divide between regional and city suburbs. In parts of regional NSW, defaults rose by as much as 77.2per cent.

NSW mortgage belt suburbs - mainly in the central coast and western Sydney - are struggling, with credit defaults surging 43.5 per cent, ahead of the state average rise in defaults of 40.2 per cent.

That the more affluent northern Sydney federal electorates such as Warringah and Bennelong had recorded the lowest default increases in NSW at 11.9 per cent and 12.5 per cent respectively. Wentworth, in Sydney's eastern suburbs, was the city electorate with the highest default rise at 19.3 per cent.

It is clear the Aussies living in regional NSW are struggling to repay the credit they owe - a rise in defaults of almost 60 per cent over the previous year indicates the situation is getting desperate for some.

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