The level of non-performing mortgages across regulated banks rose to a record $21.3 billion in March 2024, quarterly APRA data yesterday shows.
However, as a proportion of total mortgage credit, these problem loans are slightly lower than they were in 2020. APRA reported $14.7 billion of home loans were 30 days or more in arrears as at March 2024 (up more than 40 per cent over twelve months). Arrears at 0.66 per cent of all mortgage credit outstanding is still, on average, below what it was in the year before Covid (2019) when it was 0.73 per cent.
Loans classed as mortgagee in possession are broadly stable, at $276 million of such loans across the industry at the end of March.
APRA put aggregate balances in offset accounts at March at $272 billion, up from $246 billion a year earlier.
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