Latest news with #arrears
Daily Telegraph
3 days ago
- Business
- Daily Telegraph
56 Aus regions where mortgage arrears are worse than average
Alarming new figures behind Australia's mortgage crisis show 56 regions are experiencing distress levels exceeding the national average, covering hundreds of suburbs. The latest S & P Market Overview for the first quarter of 2025 found the national average for home loan repayment arrears of more than a month was 0.97 per cent as of March – a figure exceeded by 56 SA4 regions. MORE: Secret tactics of dodgy agents exposed Shock twist as former Virgin CEO to tear down $17m mansion Scroll down for full list of SA4 regions with arrears exceeding national average MORE: Shock: Brisbane prices to smash Sydney Australia's biggest political property moguls revealed This as four states/territories also topped the national arrears level led by Victoria's 1.17pc, Northern Territory 1.01pc, and New South Wales 1.07pc with Australian Capital Territory on 1.29pc off a smaller, more volatile base; while four others were below national average – Tasmania (0.58pc), South Australia (0.74pc), Queensland (0.71pc), and Western Australia (0.86pc). There was a silver lining thanks to rate cuts put in by the Reserve Bank, only one of which would have impacted the data. S & P Global said 'arrears are likely to remain low with interest rate cuts in play and inflation coming down'. 'Heightened global uncertainty and its effect on global trade and supply chains, will have downstream impacts on business and consumer confidence, affecting investment and consumer spending decisions.' But it added 'households are likely to behave more cautiously, electing to save or paydown mortgages over spending. This will help to keep arrears low.' MORE: Theme park legend's crypto hideaway hits the market Zac Efron's Aussie long lunch haunt is on the market The top 10 worst postcodes for mortgage arrears were named, shockingly half of them were in Victoria – with the worst about three times national average. 1. Cragieburn, VIC (3064): 3.10pc 2. Caroline Springs, VIC (3023): 2.81pc 3. Bateau Bay, NSW (2261): 2.78pc 4. Narre Warren, VIC (3805): 2.59pc 5. Liverpool, NSW (2170): 2.44pc 6. Carrara, QLD (4211): 2.20pc 7. Pakenham, VIC (3810): 2.11pc 8. Melton South, VIC (3338): 2.07pc 9. Blacktown, NSW (2148): 2.02pc 10. Campbelltown, NSW (2560): 1.94pc S&P Global does expect unemployment to rise this year which will impact arrears levels, but forecasts it will remain below prepandemic levels. 'Interest rate cuts will ease debt serviceability pressures. But we believe they won't make a material difference to overall arrear levels because they're likely to be gradual. These factors will enable most households to remain current on their mortgages.' MORE: Buyer of $12m mansion plans to give it away Culture Kings founders' bold $30m push SA4 REGIONS WITH ARREARS ABOVE AUS AVERAGE: VICTORIA Melbourne – North West, VIC: 2.88pc Shepparton, VIC: 2.63pc Melbourne – South East, VIC: 2.04pc Melbourne – North East, VIC: 2.03pc Latrobe – Gippsland, VIC: 2.01pc Ballarat, Vic: 1.94pc Melbourne – West, Vic: 1.86pc Melbourne – Outer East, Vic: 1.77pc Hume, Vic: 1.69pc Mornington Peninsula, Vic: 1.63pc Geelong, Vic: 1.54pc Warrnambool and South West Vic, Vic: 1.51pc Melbourne – Inner South, Vic: 1.24pc Melbourne – Inner, Vic: 1.06pc NSW Riverina, NSW: 2.77pc Sydney – South West, NSW: 2.05pc Sydney – Inner South West, NSW: 2.00pc Richmond – Tweed, NSW: 1.89pc Sydney – Parramatta, NSW: 1.73pc Sydney – Outer South West, NSW: 1.72pc Central Coast, NSW: 1.68pc Capital Region, NSW: 1.60pc Southern Highlands and Shoalhaven, NSW: 1.57pc Sydney – Blacktown, NSW: 1.56pc Hunter Valley exc Newcastle, NSW: 1.55pc Sydney – Outer West and Blue Mountains, NSW: 1.49pc Sydney – Baulkham Hills and Hawkesbury, NSW: 1.42pc Sydney – Inner West, NSW: 1.42pc Far West and Orana, NSW: 1.36pc Central West, NSW: 1.31pc Illawarra, NSW: 1.29pc Mid North Coast, NSW: 1.22pc Coffs Harbour – Grafton, NSW: 1.21pc Far West and Orana, NSW: 1.05pc QLD Queensland – Outback, Qld: 2.16pc Logan – Beaudesert, Qld: 1.54pc Mackay, Qld: 1.31pc Sunshine Coast, Qld: 1.24pc Fitzroy, Qld: 1.15pc Cairns, Qld: 1.13pc Gold Coast, Qld: 1.11pc Moreton Bay – North, Qld: 1.10pc Townsville, Qld: 1.05pc Wide Bay, Qld: 1.04pc SA: Barossa – Yorke – Mid North, SA: 1.42pc Adelaide – North, SA: 1.35pc South Australia – South East, SA: 1.27pc Adelaide – Central and Hills, SA: 1.11pc WA: Perth – North East, WA: 1.26pc Western Australia – Wheat Belt, WA: 1.26pc Mandurah, WA: 1.23pc Perth – North West, WA: 1.14pc Perth – South West, WA: 1.13pc TAS: Hobart, Tas: 1.26pc West and North West Tas, Tas: 1.13pc NT Northern Territory – Outback, NT: 2.08pc Darwin, NT: 1.04pc ACT: Australian Capital Territory, ACT: 1.29pc MORE REAL ESTATE NEWS
News.com.au
3 days ago
- Business
- News.com.au
56 Aus regions where mortgage arrears are worse than average
Alarming new figures behind Australia's mortgage crisis show 56 regions are experiencing distress levels exceeding the national average, covering hundreds of suburbs. See the list. Alarming new figures behind Australia's mortgage crisis show 56 regions are experiencing distress levels exceeding the national average, covering hundreds of suburbs. The latest S & P Market Overview for the first quarter of 2025 found the national average for home loan repayment arrears of more than a month was 0.97 per cent as of March – a figure exceeded by 56 SA4 regions. Scroll down for full list of SA4 regions with arrears exceeding national average This as four states/territories also topped the national arrears level led by Victoria's 1.17pc, Northern Territory 1.01pc, and New South Wales 1.07pc with Australian Capital Territory on 1.29pc off a smaller, more volatile base; while four others were below national average – Tasmania (0.58pc), South Australia (0.74pc), Queensland (0.71pc), and Western Australia (0.86pc). There was a silver lining thanks to rate cuts put in by the Reserve Bank, only one of which would have impacted the data. S & P Global said 'arrears are likely to remain low with interest rate cuts in play and inflation coming down'. 'Heightened global uncertainty and its effect on global trade and supply chains, will have downstream impacts on business and consumer confidence, affecting investment and consumer spending decisions.' But it added 'households are likely to behave more cautiously, electing to save or paydown mortgages over spending. This will help to keep arrears low.' Zac Efron's Aussie long lunch haunt is on the market The top 10 worst postcodes for mortgage arrears were named, shockingly half of them were in Victoria – with the worst about three times national average. 1. Cragieburn, VIC (3064): 3.10pc 2. Caroline Springs, VIC (3023): 2.81pc 3. Bateau Bay, NSW (2261): 2.78pc 4. Narre Warren, VIC (3805): 2.59pc 5. Liverpool, NSW (2170): 2.44pc 6. Carrara, QLD (4211): 2.20pc 7. Pakenham, VIC (3810): 2.11pc 8. Melton South, VIC (3338): 2.07pc 9. Blacktown, NSW (2148): 2.02pc 10. Campbelltown, NSW (2560): 1.94pc S&P Global does expect unemployment to rise this year which will impact arrears levels, but forecasts it will remain below prepandemic levels. 'Interest rate cuts will ease debt serviceability pressures. But we believe they won't make a material difference to overall arrear levels because they're likely to be gradual. These factors will enable most households to remain current on their mortgages.' VICTORIA Melbourne – North West, VIC: 2.88pc Shepparton, VIC: 2.63pc Melbourne – South East, VIC: 2.04pc Melbourne – North East, VIC: 2.03pc Latrobe – Gippsland, VIC: 2.01pc Ballarat, Vic: 1.94pc Melbourne – West, Vic: 1.86pc Melbourne – Outer East, Vic: 1.77pc Hume, Vic: 1.69pc Mornington Peninsula, Vic: 1.63pc Geelong, Vic: 1.54pc Warrnambool and South West Vic, Vic: 1.51pc Melbourne – Inner South, Vic: 1.24pc Melbourne – Inner, Vic: 1.06pc NSW Riverina, NSW: 2.77pc Sydney – South West, NSW: 2.05pc Sydney – Inner South West, NSW: 2.00pc Richmond – Tweed, NSW: 1.89pc Sydney – Parramatta, NSW: 1.73pc Sydney – Outer South West, NSW: 1.72pc Central Coast, NSW: 1.68pc Capital Region, NSW: 1.60pc Southern Highlands and Shoalhaven, NSW: 1.57pc Sydney – Blacktown, NSW: 1.56pc Hunter Valley exc Newcastle, NSW: 1.55pc Sydney – Outer West and Blue Mountains, NSW: 1.49pc Sydney – Baulkham Hills and Hawkesbury, NSW: 1.42pc Sydney – Inner West, NSW: 1.42pc Far West and Orana, NSW: 1.36pc Central West, NSW: 1.31pc Illawarra, NSW: 1.29pc Mid North Coast, NSW: 1.22pc Coffs Harbour – Grafton, NSW: 1.21pc Far West and Orana, NSW: 1.05pc QLD Queensland – Outback, Qld: 2.16pc Logan – Beaudesert, Qld: 1.54pc Mackay, Qld: 1.31pc Sunshine Coast, Qld: 1.24pc Fitzroy, Qld: 1.15pc Cairns, Qld: 1.13pc Gold Coast, Qld: 1.11pc Moreton Bay – North, Qld: 1.10pc Townsville, Qld: 1.05pc Wide Bay, Qld: 1.04pc SA: Barossa – Yorke – Mid North, SA: 1.42pc Adelaide – North, SA: 1.35pc South Australia – South East, SA: 1.27pc Adelaide – Central and Hills, SA: 1.11pc WA: Perth – North East, WA: 1.26pc Western Australia – Wheat Belt, WA: 1.26pc Mandurah, WA: 1.23pc Perth – North West, WA: 1.14pc Perth – South West, WA: 1.13pc TAS: Hobart, Tas: 1.26pc West and North West Tas, Tas: 1.13pc NT Northern Territory – Outback, NT: 2.08pc Darwin, NT: 1.04pc ACT: Australian Capital Territory, ACT: 1.29pc
Bloomberg
21-05-2025
- Business
- Bloomberg
Libya Racks Up $1 Billion Dues for Fuel Imports, Risking Supply
Libya has piled up about $1 billion of arrears to its fuel suppliers after the country ended a controversial oil barter program about three months ago, according to people familiar with the matter Dues owed by state-owned National Oil Corp. are likely to triple by the end of the year if it doesn't start clearing them, said two people with knowledge of the situation, asking not to be identified because the information is private. The company's inability to pay risks the availability of products such as gasoline in a country beset by political unrest.
CBC
21-05-2025
- General
- CBC
More homeowners hit with years-old water bills from previous occupants
The same day CBC published a story about a Hintonburg property owner stuck with another man's eight-year-old water bill, Meg Dolland got a letter from the city. She had heard about Robert Haslett, who found out this year that he was on the hook for nearly $500 for water arrears and interest accrued by the previous owner, who died in 2019. Now, it was Dolland's turn. Her letter asked her to pay $435 for just 10 days of water use, plus interest, dating back to March 2020 — just before she took possession of her house in Old Ottawa South. "Five years is unreasonable," Dolland said. "$400 from a bill for 10 days is unreasonable. Let's be adults here and acknowledge this is unfair." In her view, it isn't fair for the city to take so long to notify her about the charge, with interest building up day by day. The city charges interest at a rate of 0.0417 per cent daily, compounded every 15 days. Over five years, that could mean hundreds of dollars in added costs. The previous owner of her home didn't even live in the house, Dolland said. She called the situation "insane," and said she would have acted quickly to pay the bill — had she known about it. "It feels like an overstep, like a misuse of power," she said. 'You've got to be kidding me' Dolland is only one of several people who reached out to CBC with stories about water arrears left by a previous owner coming back to haunt them years after the fact. John Dathan is another, and the arrears for his Westboro home date back even further. The city is asking him to cover arrears for a two-week period in the summer of 2017. With interest, the total has reached $369. "My first call was to the city to say, 'You've got to be kidding me,' because I just didn't understand how I was responsible for this in any way, shape or form," Dathan said. "Why wouldn't they have reached out to me earlier about that?" he asked. The city told Dathan that it had tried to reach the previous owner and collect the balance from them, without success. But Dathan told CBC that the previous owner of his home was a construction company. He said his wife found the builder online in seconds. "The whole thing feels odd," he said. "Why, all of a sudden after seven years, is this coming up?" A 'perplexing' problem Ann Marcil received her letter last Monday. The arrears date back to 2018, shortly before she bought her home in Orléans. In the years since, less than a month worth of arrears has climbed to $576. "Why did it take seven years to get this to us?" Marcil asked. "And why are we responsible for water payments in a time where we didn't even own the house?" The city told CBC that water arrears attach to the property, not the individual. They cannot simply be written off, as per provincial regulations. The city said it "makes every effort" to collect from the previous owner before charging the bill to the new owner, but that can take years. But Marcil said it would have been easy to track the previous owner down. In her case, it was an occupant, not a builder. She said she gladly would have helped the city find them, had it asked. "It's really perplexing," she said. "I could have given them information about the previous owner. I have that information, so I think that they've really dropped the ball." Dana Thibeault got her letter early this month. It included the same familiar line: "This notice is to advise you that there was an outstanding water and sewer account for the property from a previous owner." In her case, the arrears covered about two months in 2017. They have now reached $534.33. Unlike Haslett and many of the other residents, Thibeault has managed to pry an important detail out of the city: She told CBC she learned the original sum of the arrears was about $213. The rest, it appears, is interest. "At first, I was really upset," she said. "How can this go on for eight years?" She's still frustrated that the city didn't let her know more promptly that there were outstanding outstanding charges. "It would have saved everybody a lot of work and would have saved us going through our insurance to pay for this interest," she said. The city is advising residents stuck with a previous owner's arrears to do precisely that, saying title insurance will generally cover the charges. Not a blitz, city says CBC asked if the recent wave of letters represent a water bill blitz, and the city replied it does not. "The City of Ottawa is not conducting a targeted campaign to collect on water arrears," said Joseph Muhuni, the city's deputy treasurer for revenue. "Rather these notices are part of the City's established collection processes and procedures, which includes routine account reviews." Muhuni said the understands that the bills can be unexpected and cause distress. He encouraged homebuyers to work with their lawyers to obtain certificates that can identify outstanding water charges. However, real estate lawyer Rita Asangarani has previously told CBC that those certificates are not foolproof and sometimes miss charges from immediately before a sale.
