Mortgage delinquencies are on the rise and approaching the recent Covid peak of late 2021, Westpac’s full year results show. Stressed exposures as a percentage of total loans increased to 1.26 per cent at September 2023, up from 1.07 per cent at September 2022 and 1.10 per cent at March 2023. Home loans 30 days or more in arrears were 1.54 per cent of the mortgage book at September 2023, while loans 90 days or more in arrears were 0.86 per cent. “Hardship balances” represented 0.71 per cent of the portfolio. Of these, 43 per cent of borrowers were temporarily making no repayments while 29 per cent were on reduced payments. Westpac said its impairment provisions of A$4.9. billion were “$1.5 billion above its base case”. Impaired loans represented 0.11 per cent of total loans, with this ratio declining over the last three halves.