Tag #Mortgage Arrears

What is the primary cause of the high mortgage arrears in Craigieburn, and what are the immediate consequences for residents?

In Craigieburn, Australia, 2.96% of homeowners are over 30 days behind on mortgage payments, the highest rate in the country. This has led many residents to take on extra work and cut back on spending to manage repayments, impacting their quality of life and holiday plans. Rising interest rates, coupled with the softening housing market, are primary factors.