Budgewoi’s high mortgage delinquencies improving

Font size :
A recent report by Fitch Ratings has named Budgewoi as one of the most consistent suburbs to fall under the worst performing list for value of mortgage delinquencies in Australia – but figures seem to be improving lately.
 
The reason for the New South Wales central coast suburb’s high rates of mortgage delinquency, however, remains unclear. Despite being in the list, a notable reduction from 3.7% to 2.7% of mortgage delinquencies was seen in the six months between March and September 2014.
 
Based on figures from the Australian Bureau of Statistics, experiencing “mortgage stress” means the household is spending over 30% of its pre-tax income on loan repayments. Average wage earners of Budgewoi shell-out a whopping 47% of their income on their home loan.
 
Moreover, unemployment in the area was recorded at 7.7% in 2011. ABS’s 2013 data shows the unemployment rate for the Wyong LGA (where Budgewoi is) in 2013 was 7.6%, considerably higher compared with the nearby Gosford LGA (4.9%) and state (5.6%).
 

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Sep 23, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords