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Australian mortgage borrowers' ability to repay their mortgages continued to improve in recent months despite interest rates rising, a report by Moody's Investors Service said Thursday. This was reflected in a drop in the delinquencies rate, the firm said.
The prime mortgage mortgage delinquencies greater than 30 days decreased to 1.14% from a historical high of 1.63% in January. Non-conforming mortgage delinquencies greater than 30 days also dropped to 11.47% from a historical high, Moody's said.
"The overall rate reductions since September 2008 mean borrowers are still enjoying significantly lower repayments" Arthur Karabatsos a Moody's Vice President and Senior Analyst said in a statement. "Unemployment is still relatively low and is expected to peak at levels much lower than forecast at the start of the global credit crisis", he added.
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