(Australia) – Strong underling fundamentals in the consumer market has underpinned a good performance in Australian residential mortgages for the June quarter, says ratings agency Standard & Poor’s.S&P’s Australian Mortgage Performance Index – SPIN – fell to 0.82 percent from 0.89 percent at the end of the previous quarter. The SPIN index measures arrears of more than 30 days on residential mortgages.
However, S&P predicted that “delinquency rates” on residential mortgages would increase marginally in the new few quarters as the property market declined.