According to a survey by credit ratings agency Moody’s Investor Service, suburban Sydney mortgage borrowers feel the most stress related to their home loans amongst all Australians.
Moody’s reviewed over 750,000 mortgages that have been used to construct residential mortgage backed securities that the agency has rated and found that the quality of mortgages deteriorated as borrower locations rotated outward from the city centre.
Moody’s found that the worst performing regions in the country were located around south west Sydney including Campbletown, Fairfield, Minto, Liverpool and Macquarie Fields.
According to the results of the survey between 2.5 to 2.77 per cent of mortgage borrowers were defined as being 30 days delinquent, where they had failed to make one or more mortgage payment.
Delinquencies in the Fairfield-Liverpool region were double the national average.
Brisbane and Melbourne mortgage borrowers felt the less stress with the with the collateral performance of mortgages strong according to Moody’s.
Melbourne fared better than the national average, with mortgages performing well, Moody’s said.