Business
Mortgage stress to be worst in Gold Coast, Byron Bay – The Australian Financial Review
Borrowers with properties in areas popular with tourists are more likely to struggle to pay their mortgages because of plummeting visitor numbers.
“Arrears levels are likely to diverge nationwide in the coming months because the transition to ‘business as usual’ differs among states and territories,” the report says.
“Arrear rises are likely to be more pronounced in Victoria and areas where tourism is a major employer.”
Although home loans in tourist areas have been hit by the pandemic, they are not the only ones. Mortgages in outer suburban areas of capital cities, where buyers may have taken on more debt to purchase their home, are als…
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