More Australian customers are now defaulting on the payment of their home loans than in 2008, at the height of the economic crisis, according to mortgage lender Westpac.
As of end-March this year, 1.5 percent of the mortgages approved by Westpac were over 30 days late on their repayments.
Westpac’s Chief Gail Kelly predicts that the number will continue to increase, as the cost of living in the country increases and people are struggling to pay their bills.
The number of homeowners who were more than 90 days late on their home loan repayments rose 0.6 percent.
More Australians are continuing to struggle to purchase property in the country and it has been revealed that fewer home loan applications are being submitted, as the increasing cost has impacted their best accounts.
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