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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Wednesday, 03 June 2020

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Mortgage defaults linger as credit approvals fall further

By Charbel Kadib · January 25 2019

Reading:

Invest

Mortgage defaults linger as credit approvals fall further

By Charbel Kadib
January 25 2019

Reading:

Mortgage defaults linger as credit approvals fall further

By Charbel Kadib · January 25 2019

Reading:

Dwindling housing markets are expected to prolong the number of days borrowers are in arrears in 2019, while credit growth is expected to slow even further, presenting significant challenges for property investors.

According to Fitch Ratings’ Global Housing and Mortgage Outlook 2019 report, home loans will “remain delinquent for longer”, with properties in possession taking longer to sell amid weakening housing market conditions, which it said were triggered by the curb in lending and policy tightening.

Fitch added that it also expects delinquencies over 90 days to “increase slightly” to 70 basis points by 2020 but expects early-stage arrears (30 to 90 days) to “remain broadly stable” in 2019 at 60 basis points “even though lenders have modestly raised mortgage rates for investment and interest-only loans”.

The ratings agency added that mortgage performance would be “supported by slowing but still solid economic growth, decreasing unemployment and only gradually rising policy and mortgage rates”.

Further, the housing market correction expected in 2019 would be the worst of any other nation analysed in the report, the agency said, with Australia’s household debt-to-GDP ratio also higher than in any other economy listed in the report (121 per cent).

It predicted a further 5 per cent decline in dwelling values throughout the year, before stabilising in 2020.

According to Fitch, the most expensive quartile of properties has experienced the largest declines with prices dropping by 9.5 per cent peak-to-trough compared to the overall decline of 6.7 per cent.

Housing credit to slow further

Fitch has also forecast additional slowing in credit conditions, which it expects to ease further from growth of 5.1 per cent in the year to 31 October 2018 to 3.5 per cent.

Fitch said that the flow of credit would be hindered by a “conservative interpretation of regulatory guidelines” for mortgage serviceability in light of the financial services royal commission.

It believes Commissioner Kenneth Hayne’s final report, due to be released in February, would also trigger a new phase of credit tightening.

Fitch concluded that restrictions on investor lending, through regulatory tightening, government levies on foreign investors and state government taxes, would also weigh on credit demand.

The report coincides with the latest Housing Finance data from the Australian Bureau of Statistics, which has reported a 2.5 per cent fall in the value of home loan approvals in November 2018, in seasonally adjusted terms, driven by a 4.5 per cent decline in investor lending and a 1.4 per cent slump in owner-occupied lending.