mortgage payments

PHOTO: Homeowners  (file picture).

Thousands of home owners are slipping behind on mortgage payments, while other would-be buyers are rushing to get finance.

By Eva Corlett of

Reserve Bank data shows 10,905 homeowners were in arrears with their mortgages at the end of the first week of August.

More than 240,000 mortgage payments have been missed since April – worth about $2.2 billion.


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This is in addition to more than 83,000 mortgage deferral requests lodged since the end of March, 13 per cent of all mortgages.

Kevin McHugh from Finder – a home loan comparison site – has analysed the data.

“We’re still seeing a huge number of people in arrears, and it’s not clear exactly why,” he said.

There are huge numbers of applications for mortgage deferrals and not all will be approved, McHugh said.

Despite the thousands in arrears, the number has actually fallen from around 14,000 in April.