Invest
Home seizures up 40 per cent for big four bank
Despite favourable market conditions, one of Australia’s largest financial institutions has reported an increase in home loan delinquencies and a rise in the number of properties in its possession.
Home seizures up 40 per cent for big four bank
Despite favourable market conditions, one of Australia’s largest financial institutions has reported an increase in home loan delinquencies and a rise in the number of properties in its possession.
Westpac’s capital, funding and credit quality update for the third quarter of 2019 has shown a 40 per cent increase in house repossessions in the last 12 months.
The update, provided to the ASX, showed that the bank had 392 properties in its possession on 30 June 2018, compared to 550 properties held on the same date this year.
Out of this year’s total, 68 properties were repossessed in the last quarter.
An increase in delinquencies across Westpac’s residential mortgage portfolio was also reported.
Over 30-day arrears rose by 15 basis points, from 1.59 per cent in the previous quarter to 1.74 per cent, while over 90-day arrears spiked from 82 basis points to 90 basis points over the same period.
When compared to the previous corresponding period, over 30-day delinquencies rose by 30 basis points from 1.44 per cent, while its over 90-day arrears increased by 18 basis points from 72 basis points in the third quarter of 2019.
According to the bank, the increase in delinquencies is a reflection of an “increase in stress and ongoing weak housing market activity”.
It also blamed a change in the make-up of its portfolio as contributing to a deterioration in credit quality, with the proportion of principal and interest loans increasing off the back of its move to reduce its exposure to interest-only mortgages in response to regulatory requirements.
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