Hopes crushed for home owners
09/06/08 11:33 AM
BY MARK
SYMONDS
4/06/2008 2:51:00 PM
A recent survey shows a dramatic jump in the number of borrowers in western Sydney facing serious financial problems.
The survey of almost 1 million mortgages throughout Australia by Fitch Ratings, one of the three big global debt-ratings agencies, shows that in some western suburbs more than 6 per cent of mortgage holders are 30 days or more behind in payments.
This compares with a national average of just 1.88 per cent. And since the survey, which was up to March 31, interest rates have increased.
Wetherill Park topped the list as the nation's worst-hit suburb at 6.7 per cent, up from 4.9 per cent last September.
Also in the country's top 10 hardest hit suburbs are St Marys with 6.3 per cent, Guildford with 6 per cent and Rooty Hill with 5.1 per cent.
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4/06/2008 2:51:00 PM
A recent survey shows a dramatic jump in the number of borrowers in western Sydney facing serious financial problems.
The survey of almost 1 million mortgages throughout Australia by Fitch Ratings, one of the three big global debt-ratings agencies, shows that in some western suburbs more than 6 per cent of mortgage holders are 30 days or more behind in payments.
This compares with a national average of just 1.88 per cent. And since the survey, which was up to March 31, interest rates have increased.
Wetherill Park topped the list as the nation's worst-hit suburb at 6.7 per cent, up from 4.9 per cent last September.
Also in the country's top 10 hardest hit suburbs are St Marys with 6.3 per cent, Guildford with 6 per cent and Rooty Hill with 5.1 per cent.
Click here for full story