Nine of the top 10 regions for mortgage deferrals are in Queensland tourist destinations, according to an Equifax report.
Equifax analysed credit history and repayment data for the month of May and found that the regions with the highest proportion of deferrals compared with the national average were Whitsunday, Noosa, Surfers Paradise, Coolangatta, Mudgeeraba-Tallebudgera, Broadbeach-Burleigh, Southport and Gold Coast Hinterland.
Equifax general manager of advisory and solution, Kevin James, said: “The impact of the downturn on tourist trade is acute for Australians living in tourism dependent Queensland regions.”
Tullamarine-Broadmeadows in Victoria was the only non-Queensland location in the top 10 deferral hotspots.
However, several other Melbourne suburbs showed signs of heightened mortgage stress during May. These included Wyndham, Casey South, Whittlesea-Wallan, Melton-Bacchus Marsh and Boroondara.
James said: “The financial difficulty experienced in these Victorian regions can be attributed to a higher prevalence of lower socio-economic suburbs, with low income households and young people just starting out on the property ladder.
Equifax also found that people aged 36 to 45 were the most likely group to defer their mortgage repayments.
“This group is likely to have relatively high outstanding mortgage balances and may have been harder hit with layoffs or lower income from JobKeeper payments,” James said.
The 26 to 35 age group has the second highest proportion of deferrals. The age group with the lowest proportion of deferrals is the 56 to 65 year-olds.