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Australian residential mortgages performing well: S&P

Australian residential mortgages performing well: S&P

(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.
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