Australian Mortgage Delinquency by Postcode (2010 - September)

8/10/2019 Australian Mortgage Delinquency by Postcode (2010 - September)

1/35

Structured Finance

www.fitchratings.com 21 December 2010

RMBS

AustraliaSpecial Report

Australian Mortgage Delinquencyby Postcode 30 September 2010

SummaryOverall, delinquencies have considerably increased across all six states in Australia.As of September 2010, 1% of borrowers were one month or more behind on theirscheduled balance. Delinquent borrowers tend to be in arrears on higher-than-average outstanding loan balances and 1.54% of the total mortgage balance is notperforming.

Between September 2009 and September 2010, the Reserve Bank of Australia (RBA)increased the cash rate six times, each by 25 basis points (bp). The average bankStandard Variable Rate (SVR) also increased over this period and as of September2010 stood at 7.40%, negatively affecting delinquencies.

Australia 30+ Day Delinquencies0.00% To 0.51%

0.51% To 1.03%

1.03% To 1.54%

1.54% To 2.05%

2.05% To 2.57%

2.57% To 10.00%

1 Northern QLD 1.29

2 Mackay 1.99

3 Fitzroy 1.44

4 Wide Bay-Burnett 1.74

5 Sunshine Coast 1.96

6 Darling Downs 1.62

7 Richmond-Tweed 1.56

8 North NSW 1.96

9 Hunter 2.08

10 Illawarra 2.03

11 South East NSW 1.39

12 ACT 0.74

13 Murray Murrumbidgee 1.77

14 Mallee,Wimmera & Loddon 1.11

15 Western VIC 1.62

16 Barwon 1.33

17 Goulburn & Ovens Murray 1.27

18 Gippsland 1.06

Western

Australia

(excl. Perth and South

West)

1.52

Northern

Territory

0.93

1.78

South

Australia

(excl. Adelaide)

1.42

North West &

Western NSW1.89

Tasmania

1.20

Far Northand West

1

2

34

67

8

9

10

11 12

1314

15

16

1718

5

Source: ABS, Fitch

South

West WA

2.82

Regional HighlightsIn terms of mortgage performance, regions that have been historically labelled asthe worst performing regions have been impacted the most by the increasinginterest rates: South Western Sydney and the Central Coast north of Sydney, theGold Coast in Queensland and the South West region in Western Australia are stillexperiencing delinquency rates far above the national average. Fairfield-Liverpoolcontinues to be the worst performing region in Australia, with one delinquentmortgage out of 60 and a 30+ day delinquency rate of 2.81%.

Nelson Bay continues to be by far the worst performing postcode overall, recordinga delinquency ratio of 8.0% by dollar amount and 3.3% by number of loans in arrears.Other suburbs, such as Budgewoi (NSW), Mandurah (WA), Casuarina (WA), Richmond

(NSW) and Helensvale (QLD) continue to be among the worst performing postcodes.

AnalystsStructured FinanceJames Zanesi+61 2 8256 [email protected]

David Carroll+61 2 8256 [email protected]

Natasha Vojvodic+61 2 8256 [email protected]

Ben Newey+61 2 8256 [email protected]

James Leung+61 2 8256 [email protected]

Spencer Wilson+61 2 8256 [email protected]

Adam Daman+61 2 8256 [email protected]

Kim Bui+61 2 8256 [email protected]

Courtney Miller+61 2 8256 [email protected]

Investor RelationsVickie Brumwell+61 2 8256 [email protected]

Related ResearchAustralian Mortgage Delinquency by

Postcode 30 September 2009

(December 2009)The Dinkum Index Q310, Fitch Ratings

Quarterly Australian Residential MortgagePerformance Report (November 2010)


2/35

Structured Finance

Australian Mortgage Delinquency by Postcode 30 September 2010December 2010 2

For the first time in the history of this report, Western Australia is the worstperforming state in terms of 30+ day arrears (1.95%). Delinquency rates in Perthand in the South West region have considerably increased since September 2009 and

five of the worst twenty postcodes are currently located in Western Australia.With the exception of the area around Inner Brisbane, all of the regions inQueensland have experienced a considerable increase in delinquency rates,although the delinquency rate for the overall state is in line with the nationalaverage. As of September 2010, four of the worst performing postcodes werelocated in Queensland: Surfers Paradise is the worst performing postcode by value,with 4.3% of the mortgage balance in arrears.

The regions which have experienced a considerable improvement in delinquenciesin the last year are all located in Victoria: Boroondara City, Mornington Peninsulaand Greater Dandengong City.

In this report, Fitch Ratings covers all securitised mortgages (prime and non-

conforming) including, for the first time, mortgages which form the collateral ofREPO-eligible transactions with the RBA. As of September 2010, securitisedmortgages represented approximately 13% of all Australian mortgages by volume.


3/35

Structured Finance


BackgroundThis is Fitchs fifth report covering the performance of Australian mortgages bypostcode. The analysis is based on loan-by-loan data for Australian securitised

residential mortgages and provides a window on the Australian mortgage market asa whole and specifically, the performance of mortgages across postcodes.

For the purpose of this report, Fitch has used its mortgage performance data todivide Australian mortgage performance by geography. The agency has done this byplacing an emphasis on the postcode in which the security property is located. Inthis manner, Fitch is able to analyse missed payments on residential mortgages inAustralia at varying levels of granularity, including by state, city, region andpostcode.

As not all of the mortgages are owner-occupied, the location of the property mightbe different than the residency of the borrower and the business focus of thelender. Therefore, for small geographical areas such as postcodes, the study

provides more information on the performance of the secured property marketrather than the creditworthiness of the residents in that particular area, or theperformance of a specific lenders portfolio. For example, while properties in onegeographical area may form collateral for investment properties, the borrowermight be resident anywhere else in Australia (eg in a metropolitan city). Accordingto the Reserve Bank of Australia (RBA), 30.12% of the mortgages are currentlyinvestment properties. Even if the location of the property might not always tellthe credit profile of the obligor, it remains a discriminating factor in performance.

This study has been devised to examine Australian mortgage delinquency at agranular level and to highlight areas of stress in the Australian mortgage marketthat may not be in evidence when looking at national or even state-based data. Thevariability of the performance of postcodes across Australia is a reminder to those

reviewing RMBS performance that the geographic diversity of a portfolio is animportant attribute to be considered.

The study relies on data from home loans that have been securitised in theAustralian market. This year, the study also takes into account the loans of REPO-eligible transactions with the RBA, as such transactions are now well-seasoned. At30 September 2010, the study included approximately 900,000 loans (730,000 at 30September 2009) with a total outstanding balance of over AUD155bn (AUD118bn at30 September 2009). While the volume of data has increased due to the inclusion ofREPO-eligible transactions, the total outstanding balance of securitised mortgageshas decreased by approximately 24% since September 2009. Currently, the volumeof securitised mortgages in the study represents approximately 13% by value of thetotal housing loan stock in Australia and provides a good proxy for the performance

of the Australian residential housing finance sector. The data includes bothconforming and non-conforming securitised residential loans.

MethodologyIn order to compare different geographical areas across Australia, Fitch displaysstatistics both by postcode and by regions. Fitch started to provide statistics aboutspecific geographical regions in 2007, when it highlighted the divergence inperformance between South West Sydney and the rest of New South Wales. InMarch 2008, Fitch presented for the first time a detailed overview about theperformances among the 54 largest regions in Australia.

While in this report Fitch has continued to use the same postcode classification, italso decided to further increase the number of regions that are covered in thestudy. In its previous report, Fitch analysed exclusively the largest StatisticalSubdivisions (SSD), as classified by the Australian Bureau of Statistics (ABS), with anoutstanding mortgage balance greater than AUD1.0bn. Such criteria allowed theagency to quickly assess the performance in a specific and geographically-delimited


4/35

Structured Finance


area and, at the same time, avoid the risk of running into statistically misleadingresults. On the other hand, such methodology does not easily allow Fitch to coverthe whole Australian territory, as it focuses on the most densely populated areas.

Moreover, it is relatively hard to capture the divergence in performance betweenmetropolitan and more remote areas.

In metropolitan areas such as Sydney, Melbourne, Brisbane, Adelaide, and Perth,Fitch has decided to continue to display information for subdivisions, as provided bythe ABS. While some cities (eg Sydney and Melbourne) allow further segmentationand in turn, show geographical differences within the metropolitan area itself, thisis not always possible: for example, the portion and size of the sample in smallareas such as Darwin might lack statistical significance. Fitch has therefore decidedto group two or more small subdivisions in order to form a new geographical area.In the particular case of Darwin, Fitch has decided to group all of the subdivisions inthe Northern Territory in one geographical area, as this provides a significantsample which could be compared with other regions of similar size.

Fitch has therefore segmented Australia into proportionate and homogenous areas.In identifying and grouping statistical subdivisions, Fitch has reached statisticalsignificance and geographical divergence at the same time.

Fitch has identified 76 regions. In metropolitan areas such as Sydney, Melbourne,Brisbane, Adelaide and Perth, the information continues to be displayed forStatistical Subdivisions (SSD) as defined by the ABS. The 47 SSD in the five biggestcities have remained the same since the last report. Other SSD, which havepreviously been excluded from Fitchs report, have been grouped together in largerdivisions (eg Statistical Divisions as defined by the ABS). For more information, see

Appendix Statistical Subdivision within Fitch Regions on page 31.

In this report, the information is also represented visually using geographical maps.

Information is displayed in two maps for postcodes (Australia and Sydney) and sixmaps for regional performance (Australia, Sydney, Melbourne, Brisbane, Perth andAdelaide). While the postcode maps show the location of the twenty worstperforming postcodes, the regional maps show which geographical areas arecurrently experiencing higher or lower than average 30+ day arrears by dollaramount. Information by number of loans in arrears is provided in tables, but is notdisplayed in geographical maps.

The colour of a specific region indicates whether it is under- or over-performing thenational average: arrears are grouped into quintile in relation to the nationalaverage at a particular reporting date. For example, as of September 2010,Australian securitised mortgage arrears amounted to 1.54%, and 30+ day arrears aredisplayed in three quintiles above and three quintiles below such value. In each

geographical map, Fitch also displays the level of arrears as a numeric value foreach region. Furthermore, the maps show whether performance has deteriorated orimproved from the last reporting date (in this case, September 2009).


5/35

Structured Finance


90

100

110

120

130

140

Sep 07 Sep 08 Sep 09 Sep 10

SydneyMelbourneBrisbaneAdelaidePerthCanberra

8 Capitals

Sept 2007 = 100

Australia - House Price

Appreciation in the Last 3

Years

Source: ABS, Fitch

Residential Loan Performance by Region

Australia 30+ Day Delinquencies 0.00% To 0.51%

0.51% To 1.03%

1.03% To 1.54%

1.54% To 2.05%

2.05% To 2.57%

2.57% To 10.00%

1 Northern QLD 1.29

2 Mackay 1.99

3 Fitzroy 1.44

4 Wide Bay-Burnett 1.74

5 Sunshine Coast 1.96

6 Darling Downs 1.62

7 Richmond-Tweed 1.56

8 North NSW 1.96

9 Hunter 2.08

10 Illawarra 2.03

11 South East NSW 1.39

12 ACT 0.74

13 Murray Murrumbidgee 1.77

14 Mallee,Wimmera & Loddon 1.11

15 Western VIC 1.62

16 Barwon 1.33

17 Goulburn & Ovens Murray 1.27

18 Gippsland 1.06

Western

Australia

(excl. Perth and South

West)

1.52

Northern

Territory

0.93

1.78

South

Australia

(excl. Adelaide)

1.42

North West &

Western NSW1.89

Tasmania

1.20

Far Northand West

1

2

34

67

8

9

10

11 12

1314

15

16

1718

5

Source: ABS, Fitch

South

West WA

2.82

Overall, delinquencies have increased considerably across all of the six states inAustralia. As of September 2010, the average 30+ day delinquency ratio by dollaramount in Australia was 1.54%. The delinquency ratio by number of loans in arrears

is exactly 1.00%. This means that in Australia, one borrower out of 100 is in arrearsand that delinquent borrowers tend to have higher-than-average outstanding loanbalances. As house prices, the Australia economy and unemployment are stabilising,the increase in the mortgage rate remains the main variable to impact householdsaffordability.

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10

Blacktown Central Coast Sydney South West WA

Fairfield-Liverpool Outer Western Sydney ACT

Boroondara City Inner Melbourne Lower Northern Sydney

Northern Middle Melbourne Australia(%)

Australia - Historical 30+ Day Arrears of Selected Regions

Source: Fitch

Queensland and Western Australia have experienced a remarkable deterioration inperformance over the last year, with 30+ day arrears increasing to respectively1.54% and 1.97% in September 2010 (versus 1.12% and 1.37% in September 2009).Victoria and Tasmania are the states which experienced the lowest increase in 30+

day arrears since the last report. The Australian Capital Territory continues to bethe best performing, with a delinquency ratio of 0.71% and less than onedelinquency out of two hundred mortgages on average.

The Melbourne housing markethas strongly appreciated duringthe last three years, whilePerth house price growth has

0.0

0.5

1.0

1.5

2.0

2.5

Mar

09

Jun

09

Sep

09

Dec

09

Mar

10

Jun

10

Sep

10

NSW QLD SA

TAS VIC WA

(%)

Australia - Historical

Performance of States

Source: Fitch

QLD and WA have experienced aremarkable deterioration inperformance over the last year


6/35

Structured Finance


For the first time in the history of this series of reports, NSW is not the worstperforming state in terms of 30+ delinquencies by dollar amount. Mortgage arrearsin Western Australia have worsened considerably over the past year and especially

over the last quarter (for more information see the Western Australiasection onpage 17). As in Fitchs previous reports, the worst performing geographical areas inAustralia are located in the west side of Sydney. Interestingly, performance inSouth West WA has strongly deteriorated and this has been reflected both at aregional level (eg South West WA) and at a suburb level (eg Mandurah).

Worst Performing Regions in Australia

Fairfield-Liverpool continues to be the worst performing region in Australia, aboveother NSW regions such as the Central Coast and Blacktown. The deterioration in

Blacktown has been considerable; it is currently the third worst-performing regionby arrears amount and the second worst-performing region by delinquent loannumber. Delinquencies in the Canterbury-Bankstown region have now stabilised andin relative terms the region is no longer among the ten worst performing regions; asof September 2010, it was the nineteenth worst performing region.

10 Worst Performing Regions in Australia By NumberAs at 30 September 2010 As at 31 March 2010

Rank Fitch Region State

30+ dayarrears

(%) Fitch Region State

30+ dayarrears

(%)

1 Fairfield-Liverpool NSW 1.76 Fairfield-Liverpool NSW 1.802 Blacktown NSW 1.69 Blacktown NSW 1.75

3 Central Coast Sydney NSW 1.67 Outer South Western Sydney NSW 1.714 Outer Western Sydney NSW 1.61 Central Coast Sydney NSW 1.695 Outer South Western Sydney NSW 1.60 Outer Western Sydney NSW 1.606 South West WA WA 1.45 Hume City VIC 1.557 North West NSW NSW 1.42 Melton-Wyndham VIC 1.428 Logan City

(incl. Beaudesert Shire) QLD 1.39 Murray & Murrumbidgee VIC 1.429 Melton-Wyndham VIC 1.36 North West NSW NSW 1.3910 Gold Coast East QLD 1.35 South West WA WA 1.34

Source: Fitch, ABS

While in September 2009 just one out of the 10 worst performing regions waslocated in Western Australia, today that number has increased to three (as thesouth west and east part of Perth have experienced a higher degree of

deterioration than other regions in Australia). Of particular note is the increase indelinquencies in South Western WA, where 2.80% of the mortgage balance in theanalysis is not performing. This is almost a 50% increase year-on-year (yoy). In

10 Worst Performing Fitch Regions in Australia By ValueAs at 30 September 2010 As at 31 March 2010

Rank Region State

30+ dayarrears

(%) Region State

30+ dayarrears

(%)

1 Fairfield-Liverpool NSW 2.81 Fairfield-Liverpool NSW 2.84

2 South West WA WA 2.80 Blacktown NSW 2.593 Central Coast Sydney NSW 2.74 Central Coast Sydney NSW 2.504 Blacktown NSW 2.65 Outer Western Sydney NSW 2.505 Outer Western Sydney NSW 2.56 Outer South Western Sydney NSW 2.456 Outer South Western Sydney NSW 2.42 Gold Coast East QLD 2.117 Gold Coast East QLD 2.26 South West WA WA 2.088 Hunter NSW 2.08 Gold Coast West QLD 2.049 South West Metro Perth WA 2.07 Hume City VIC 2.0210 East Metropolitan Perth WA 2.03 Mackay QLD 2.01

Source: Fitch, ABS

Fairfield-Liverpool continuesto be the worst performingregion in Australia

The number of regionslocated in Western Australia

among the 10 worstperforming has increased

The East Gold Coastcontinues to be the worstperforming region in QLD

Victorian regions tend to beamong the best performingregions in Australia


7/35

Structured Finance


terms of loan number, on average, 15 mortgages out of 1,000 were delinquent inSeptember 2010.

The East Gold Coast remains the only Queensland region to be among the 10 worstperforming regions by arrears amount. However, three out of the ten regions withthe highest portion of delinquent obligors are from Queensland (Logan City, GoldCoast East and Caboolture Shire), indicating that an increasing number of borrowersare experiencing mortgage payment difficulties.

Melton-Wyndham continues to be the worst performing region in Victoria and theonly Victorian region among the 10 worst performing regions by number ofmortgages; approximately one mortgage in 73 were in arrears as of September 2010.

Best Performing Regions in Australia

10 Best Performing Fitch Regions in Australia By ValueAs at 30 September 2010 As at 31 March 2010

Rank Region State

30+ dayarrears

(%) Region State

30+ dayarrears

(%)

1 Boroondara City VIC 0.27 Moreland City VIC 0.562 Northern Middle Melbourne VIC 0.66 Boroondara City VIC 0.583 Lower Northern Sydney NSW 0.68 Inner Melbourne VIC 0.624 Inner Melbourne VIC 0.69 Lower Northern Sydney NSW 0.665 ACT ACT 0.71 ACT ACT 0.676 Northwest Inner Brisbane QLD 0.77 NT NT 0.717 Northwest Outer Brisbane QLD 0.84 Southern Melbourne VIC 0.738 Southern Melbourne VIC 0.84 Northern Middle Melbourne VIC 0.759 Western Melbourne VIC 0.88 Inner Brisbane QLD 0.7710 Mornington Peninsula Shire VIC 0.92 Northwest Inner Brisbane QLD 0.82

Source: Fitch, ABS

Six out of the ten best performing regions are located in Melbourne. The statisticalsubdivision of Borrondara City is currently the best performing region in Australia,as a considerable number of obligors have cured their delinquent payments in thelast year: on average, only two mortgages out of 1,000 are currently delinquent.

10 Best Performing Regions in Australia By NumberAs at 30 September 2010 As at 31 March 2010

Rank Fitch Region State

30+ dayarrears

(%) Fitch Region State

30+ dayarrears

(%)

1 Boroondara City VIC 0.20 Boroondara City VIC 0.382 Lower Northern Sydney NSW 0.39 Lower Northern Sydney NSW 0.393 Inner Melbourne VIC 0.44 Moreland City VIC 0.42

4 ACT ACT 0.44 Inner Melbourne VIC 0.445 Northern Middle Melbourne VIC 0.46 Southern Melbourne VIC 0.466 Northwest Inner Brisbane QLD 0.47 ACT ACT 0.467 Southeast Inner Brisbane QLD 0.49 NT NT 0.498 Southern Melbourne VIC 0.54 Central Metropolitan Perth WA 0.529 Inner Brisbane QLD 0.56 Inner Brisbane QLD 0.5410 Northern Beaches NSW 0.60 Southeast Inner Brisbane QLD 0.54

Source: Fitch, ABS

Lower Northern Sydney is the only subdivision of New South Wales to be among thebest ten regions, boasting the lowest portion of mortgage balances in arrears. TheNorthern Beaches subdivision (located north east of Sydney) is the second bestperforming area in NSW, with six mortgages out of 1,000 being delinquent.Northwest Inner and Northwest Outer Brisbane continue to be among the bestperforming regions in Queensland by arrears amount.


8/35

Structured Finance


Residential Loan Performance by Suburb

20 Worst Performing Postcodes in Australia by ValueAs at 30 September 2010 As at 31 March 2010

RankPostcode State Suburb

30+ dayarrears

(%)Postcode State Suburb

30+ dayarrears

(%)

1 2315 NSW Nelson Bay 8.0 2315 NSW Nelson Bay 6.82 2262 NSW Budgewoi 4.4 2164 NSW Smithfield 5.03 4217 QLD Surfers Paradise 4.3 6167 WA Casuarina 4.94 2164 NSW Smithfield 4.1 2156 NSW Kenthurst 4.75 2759 NSW St Clair 3.9 4212 QLD Helensvale 4.66 6210 WA Mandurah 3.9 2224 NSW Sylvania 4.67 2190 NSW Greenacre 3.8 2263 NSW Gorokan 4.08 6167 WA Casuarina 3.8 2780 NSW Blue Mountains 3.99 2766 NSW Rooty Hill 3.7 2262 NSW Budgewoi 3.910

2168 NSW Green Valley 3.7 2753 NSW Richmond 3.711 6064 WA Marangaroo 3.6 2770 NSW Mount Druitt 3.712 2280 NSW Belmont 3.7 2767 NSW Doonside/Woodcroft 3.613 2176 NSW Bossley Park 3.7 2168 NSW Green Valley 3.614 2747 NSW Kingswood 3.6 2190 NSW Greenacre 3.515 4132 QLD Crestmead/Marsden 3.6 6110 WA Gosnells 3.416 2753 NSW Richmond 3.5 3337 VIC Melton 3.417 6110 WA Gosnells 3.4 2571 NSW Wilton 3.318 6069 WA Swan 3.3 4217 QLD Surfers Paradise 3.319 4212 QLD Helensvale 3.3 2756 NSW Womerah 3.220 4000 QLD Brisbane 3.3 2761 NSW Oakhurst/Plumpton 3.2

Source: Fitch, ABS

This study exclusively analyses performance among the larger postcodes in Australia.

Postcodes with less than AUD100m of the total securitised mortgage balance areexcluded in the analysis, as Fitch believes that the sample does not have asufficient size to provide useful and reliable information.

Moreover, only postcodes with more than 500 securitised loans and more than 10delinquent loans are included among the worst performing loans. In relatively smallpostcodes, a few jumbo loans falling into arrears could easily exaggerate the realdeterioration in such areas.

Eight out of the twenty worst performing postcodes are located around Sydney (seemap Worst 20 Performing Australian Postcodes including Sydney on page 9).However, Nelson Bay which includes the areas of Corlette, Fingal Bay, Nelson Bayand Shoal Bay continues to be by far the worst performing postcode, with

mortgages being in arrears for 8.0% of their collateral balance. Other suburbs, suchas Budgewoi (NSW), Mandurah (WA), Casuarina (WA), Richmond (NSW) andHelensvale (QLD), continue to be among the worst performing postcodes.

Nelson Bay continues to be byfar the worst performing

postcode, by arrears valueand loan number

Six of the postcodes fromSeptember 2009 are stillamong the twenty worstperforming

Eight out of the twenty worstperforming postcodes arelocated around Sydney

Surfers Paradise is the worstperforming postcode in QLD,with a 4.3% delinquency rate


9/35

Structured Finance


Worst 20 Performing Australian Postcodes Excluding Sydney

Source: ABS, Fitch

6210

Mandurah

6167

Casuarina

6064

Marangaroo

6110

Gosnells2315

Nelson Bay

4217

Surfers

Paradise

4132

Crestmead/

Marsden6069

Swan

4000

Brisbane

4212

Helensvale

NT

SA

WA

QLD

NSW

VIC

TAS

Apart from Sydney, the other worst performing suburbs are located around Brisbaneand Perth. As of September 2010, no postcode from the Australian Capital Territory,the Northern Territory or Tasmania was among the twenty worst performingpostcodes.

Worst 20 Performing Australian Postcodes Including Sydney

2262,

Budgewoi

2164, Smithfield2759, St Clair

2190, Greenacre

2766, Rooty Hill

2168, Green Valley

2280,

Belmont

2176, Bossley Park

2747, Kingswood

2753, Richmond

Source: ABS, Fitch

SYDNEY

No postcode located in Victoria and South Australia is among the worst performingpostcodes by value; however, this is not the case when looking at the statistics bynumber of mortgages in arrears: Hampton Park (VIC) and Salisbury Heights (SA) are


10/35

Structured Finance


the worst performing postcodes in Victoria and South Australia, with respectively 22and 21 mortgages out of 1,000 in arrears.

The study shows that the number of worst performing postcodes from Queensland,and especially from Western Australia, has increased. Postcodes around Perth(Gosnells, Marangaroo and Swan) have experienced a considerable degree ofdeterioration in the last year. On the other hand, Floreat/Wembley (WA) is nolonger among the 20 worst performing postcodes. The deterioration in performanceis not however limited to a few postcodes, as the whole Perth and South Westregion has experienced a considerable increase in delinquencies during the last year(see the section Residential Loan Performance by Region on page 5).

Crestmead/Marsden and Surfers Paradise are among the worst performers inQueensland by number and value. Surfers Paradise has experienced a large degreeof deterioration and currently, on average, 23 mortgages out of 1,000 are notperforming, representing 4.3% of the balance of mortgages with properties locatedin that postcode. Unexpectedly, Inner Brisbane is also among the worst twenty

postcodes by value.

20 Worst Performing Postcodes in Australia by NumberAs at 30 September 2010 As at 31 March 2010

RankPostcode State Suburb

30+ dayarrears (%)

Postcode State Suburb

30+ dayarrears

(%)

1 2315 NSW Nelson Bay 3.3 2315 NSW Nelson Bay 3.42 2262 NSW Budgewoi 3.0 2164 NSW Smithfield 3.23 4132 QLD Crestmead/Marsden 2.7 6167 WA Casuarina 3.14 6167 WA Casuarina 2.6 2780 NSW Blue Mountains 2.65 2164 NSW Smithfield 2.5 2262 NSW Budgewoi 2.66 2766 NSW Rooty Hill 2.5 2571 NSW Wilton 2.47

2759 NSW St Clair 2.4 6110WA

Gosnells 2.48 2168 NSW Green Valley 2.4 2263 NSW Gorokan 2.49 4217 QLD Surfers Paradise 2.3 2767 NSW Doonside/Woodcroft 2.410 6064 WA Marangaroo 2.3 2168 NSW Green Valley 2.311 2190 NSW Greenacre 2.3 2156 NSW Kenthurst 2.312 6110 WA Gosnells 2.2 2770 NSW Mount Druitt 2.313 3976 VIC Hampton Park 2.2 2224 NSW Sylvania 2.314 2747 NSW Kingswood 2.2 2760 NSW St Marys 2.315 6210 WA Mandurah 2.2 4212 QLD Helensvale 2.316 4280 QLD Jimboomba 2.2 2190 NSW Greenacre 2.317 2176 NSW Bossley Park 2.1 2580 NSW Tarlo 2.218 2280 NSW Belmont 2.1 2577 NSW Werai 2.219 5109 SA Salisbury Heights 2.1 2761 NSW Oakhurst/Plumpton 2.220 2575 NSW High Range 2.1 2753 NSW Richmond 2.2

Source: Fitch, ABS


11/35

Structured Finance


New South Wales

As of September 2010, NSW dropped the tag of worst performing state in terms of

mortgages in arrears, as delinquencies have considerably increased in WesternAustralia over the last year. The study has analysed the performance of over280,000 mortgages in NSW, for an equivalent amount of AUD53.9bn. On average,1.81% of the total mortgage balance in NSW was in arrears, slightly worse than thenational average of 1.54%. Sydney is performing in line with the rest of NSW, with adelinquency rate of 1.80%.

While 90+ day arrears have been overall stable since September 2009, 30-60 dayarrears have been constantly increasing, as households have had to deal with highermortgage payments.

Following the peak in March 2009, unemployment has constantly improved over thelast year; it is now in line with historical levels. Moreover, NSW remains a well-

diversified economy. As of August 2010, the majority of residents were employed inthe Health Care sector: the industry employs 415,900 people, or approximately 12%of the total employed persons in NSW. NSW is performing well in terms ofemployment, given the impact of the Global Financial Crisis (GFC) on the bankingsector and the impact of the dollar on the tourism and manufacturing sectors. Atthe moment, the main risk to households affordability is represented by aneventual further increase in mortgage rates.

In this report, Fitch has analysed the Sydney metropolitan area according to ABSsstatistical subdivisions. As mentioned, Fairfield/Liverpool, Blacktown and theCentral Coast (previously known as Gosford-Wyong) continue to be the worstperforming suburbs in Sydney and NSW. Regions around these areas still have higherthan average delinquency rates. Consequently, the majority of the worst

performing postcodes in Australia are located in or nearby Fairfield/Liverpool andBlacktown (eg Smithfield, St Clair, Rooty Hill, Green Valley, Bossley Park,Kingswood and Richmond) (see the section Residential Loan Performance bySuburb on page 8). According to ABS data, the unemployment rate in

90

95

100

105

110

115

120


Sydney8 Capitals

Sept 2007 = 100

Sydney- House Price

Appreciation in the last 3 Years

Source: ABS, Fitch

The increase in 30+ day arrears is mainlydue to constraints on householdaffordability following the increase ininterest rates

0.00.5

1.0

1.5

2.0

2.5

3.0

Sep 09 Dec 09 Mar 10 Jun 10 Sep 10

30-60 days 60-90 days

90+ days 0-30 days

New South Wales - Arrears

Source: Fitch

(%)

Regions that have historicallyexperienced higher than averagearrears, such as South West & WesternSydney have been impacted the most.

2

4

6

8

Oct 07 Oct 08 Oct 09 Oct 10

NSW Sydney

NSW Unemployment

Source: ABS, Fitch

(%)


12/35

Structured Finance


Fairfield/Liverpool and Blacktown was 9.1% and 8.4% respectively as of 2009.Moreover, the average wage and salary in these two regions has also beenhistorically below the NSW average. It is therefore likely that the high portion of

mortgages in arrears can be attributed to the sensitivity of the residents of thesespecific regions to fluctuations in interest rates. The fact that performance in theseregions has particularly worsened in March 2010, after the three consecutiveinterest rate hikes in Q409, supports this conclusion. The credit performance interms of mortgage arrears in these areas has also considerably worsened sinceSeptember 2009.

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0


Blacktown Eastern Suburbs Fairfield-Liverpool

Central Coast Inner Sydney Lower Northern Sydney

Northern Beaches Outer Western Sydney Sydney(%)

Sydney - Historical 30+ Day Arrears of Selected Regions

Source: Fitch

While the Central Coast shares a similar trend in terms of mortgage performance,the economy of this region is considerably different to that in Fairfield/Liverpool orBlacktown. Despite it being the third largest urban area in NSW, the Central Coaststrongly relies on tourism from Sydney and Newcastle. The area is also a knownlocation for holiday homes and investment properties for Sydney residents.

Lower Northern Sydney continues to be the best performing suburb in NSW, with a0.68% delinquency rate. Lower Northern Sydney is considered to be a more affluentarea; according to ABS data, approximately 40% of wage and salary earners arerepresented by professionals and associate professionals and the average income inthe Lower Northern Sydney region is AUD68,600 (in comparison to the NSW averageof approximately AUD46,500). Mosman, which is a suburb located in this area, hadthe highest average income in NSW (AUD109,500). Regions around this area andclose to the city are also out-performing the national average (eg Inner Sydney,Inner West Sydney, Eastern Suburbs and Northern beaches). Moreover, mortgageperformance in these areas has remained stable overall over the last year.

Fitch believes that the regions located south west of Sydney (Blacktown,Fairfield/Liverpool, Outer West, and South Outer West) and the Central Coast willcontinue to experience higher than average arrears.


13/35

Structured Finance


Victoria

In the study, Fitch has analysed approximately 206,000 mortgages for an equivalentamount of AUD32.8bn. Victoria is performing well in terms of mortgage arrears,with an overall delinquency rate of 1.11%, which is considerably lower than the

other large states of New South Wales (1.81%) and Queensland (1.54%). Melbourneis performing slightly better than the rest of Victoria, with a delinquency ratio of1.07%. Victorias strengths include a stable and diversified economy, stableproperty market, satisfactory affordability and low unemployment rates.Unemployment in Melbourne has strongly decreased to a current level of 4.8% fromthe 6.4% level in May 2009 (slightly better than the average 5.2% in Victoria).Manufacturing, which has historically been the largest industry in Victoria, hasexperienced a constant reduction in terms of number of employed people over thelast three years. However, Health Care and especially the Construction sector have seen an increasing demand for skilled labour. The property market has alsoexperienced a considerable growth: property prices in Melbourne have increased by40% in the last three years (twice the increase of the average house price in theeight capital cities) and by 2.7% in the last quarter.

0.0

0.5

1.0

1.5

2.0

2.5

3.0


Boroondara City Frankston City

Hume City Inner Melbourne

Melton-Wyndham Northern Middle Melbourne

South Eastern Outer Melbourne Melbourne

(%)

Melbourne - Historical 30+ Day Arrear of Selected Regions

Source: Fitch

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Aug-05

Aug-06

Aug-07

Aug-08

Aug-09

Aug-10

Manufacturing

Health Care

Constructionn

VIC-Work Force

Source: ABS

90

100

110

120

130

140


Melbourne

8 Capitals

Sept 2007 = 100

Melbourne - House Price

Appreciation in the last 3 years

Source: ABS, Fitch

The low and stable unemploymentrate, the diversified and stable

economy and the strong propertymarket have positively impactedmortgage performance across Victoria,and especially in Inner Melbourne.

0.0

0.5

1.0

1.5

2.0

2.5


30-60 days 60-90 days

90+ days 0-30 days

Victoria - Arrears

Source: Fitch

(%)

2

4

6

8


VIC Melbourne

VIC Unemployment

Source: ABS, Fitch

(%)


14/35

Structured Finance


A number of divisions of Inner Melbourne are outperforming the Australian averagedelinquency rate. Five Melbourne regions are among the ten best performingsuburbs by loan balance. South-East Melbourne, Northern Middle Melbourne, Inner

Melbourne and Borroondara City are also among the better performing suburbs byloan number, with respectively 54, 46, 44 and 20 loans out of 10,000 beingdelinquent for more than 30 days. In the inner city of Melbourne, on average onlyone out of two hundred mortgages is currently behind on its payments. Melbourne isperforming soundly, as employment is low and the property market is still relativelystrong.

Fitchs study on mortgage delinquencies across Australia shows that arrears aremainly concentrated in the north-western part of Melbourne. Melton-Wyndham andHume are among the worst performing suburbs in relative terms, with adelinquency ratio of respectively 2.00% and 1.81%. However, their performance isnot substantially worse than the national 1.54% delinquency rate.

The Hume economy is mainly based on manufacturing (automotive), transport and

storage, while many international companies have major operations located in thisarea. While there is no data available from ABS, preliminary data from theDepartment of Education, Employment and Workplace Relations (DEEWR) estimatesthat the unemployment rate in the City of Hume was approximately 10.0% in June2010 (versus 6.3% one year before).

Although Melton-Wyndham is not known to be a low-income region, it hashistorically experienced unemployment levels above the national average.According to DEEWR, the unemployment level has been overall stable in thisgeographical area: preliminary data shows a stable unemployment rate at around7% in June 2010 (versus 6.8% in June 2009). On the other hand, the local economy iswell diversified; moreover, data recently released by the ABS shows an averageincome of AUD42,900 in June 2008, which is in line with the state and national

levels. As 30+ day delinquencies have been overall stable since March 2010, it islikely that households experienced an interest rate shock in Q110, and thoseborrowers are still having trouble coping with increased mortgage payments.

As unemployment is slightly improving and remains low, GDP is growing,affordability remains high and the property market is still experiencing priceappreciation, there is no reason to expect a drastic change in delinquency rates inVictoria in the near term.


15/35

Structured Finance


Queensland

Ipswich City

1.73

West Gold

Coast

2.00

Darling Downs

& West

Moreton

1.62

Logan

1.98

Northwest

Inner

0.77

Inner Brisbane

1.10

Redland

1.14

East Gold

Coast

2.26

South Inner

0.97

SE Outer

1.13

Sunshine

1.96

Caboolture

1.77

Pine

1.21

Northwest

0.84

Source: ABS, Fitch

Brisbane 30+ Day Delinquencies0.00% To 0.51%

0.51% To 1.03%

1.03% To 1.54%

1.54% To 2.05%

2.05% To 2.57%

2.57% To 10.00%

Queensland is the second largest state in terms of securitised mortgage balance.Fitch has available information on approximately 220,000 mortgages for anequivalent amount of AUD39bn. At the end of September 2010, the average

delinquency ratio in Queensland was exactly the same as the Australian average of1.54%. In February 2010, Queensland recorded the highest level of unemployment inthe last six years. The high unemployment, in conjunction with the increase ininterest rates, has seriously impacted households affordability.

This has been reflected in 0-90 day delinquencies. Moreover, preliminary data fromABS suggests that house prices in Brisbane have decreased over the last quarter. Asthe property market has been softening, properties have been sold at a lower pace.Meanwhile, 90+ day arrears have also been increasing. According to the ABS, theunemployment rate has strongly improved since February and was recorded at 5.0%in October 2010 (versus 6.6% in February 2010). Eventual concerns on affordabilitywill therefore depend on future monetary policy decisions.

0.0

0.5

1.0

1.5

2.0

2.5


Caboolture Shire Logan City Northwest Inner Brisbane

Northwest Outer Brisbane Southeast Inner Brisbane Brisbane(%)

Brisbane - Historical 30+ Day Arrears of Selected Regions

Source: Fitch

The peak in unemployment, inconjunction with the increase ininterest rates, has impactedhouseholds affordability

90

100

110

120

130


Brisbane8 Capitals

Sept 2007 = 100

Brisbane - House Price

Appreciation in the last 3 years

Source: ABS, Fitch As the property market has been

softening, properties have been sold ata lower pace, and 90+ days arrearshave been slightly accumulating overtime.

0.0

0.5

1.0

1.5

2.0

2.5

3.0


30-60 days 60-90 days

90+ days 0-30 days

Queensland - Arrears

Source: Fitch

(%)

2

4

6

8


QLD Brisbane

QLD Unemployment

Source: ABS, Fitch

(%)


16/35

Structured Finance


Delinquency rates have increased for the majority of the Queensland regions sinceSeptember 2009. As shown in Fitchs previous reports, the Gold Coast continues tobe the worst performing region in Queensland. The delinquency rate in the East

Gold Coast was 2.26% in September 2010. The West Gold Coast is the second worstperforming region with a delinquency ratio of 2.00%. In these two regions,approximately one loan out of 75 is currently non-performing. Two of the twentyworst postcodes in Australia are located in this geographical area (Helensvale andSurfers Paradise). As of September 2010, the worst performing region in terms ofnumber of mortgages was Logan City (including Beaudesert Shire) with on averageone loan out of 70 in arrears for more than 30 days.

Inner Brisbane has experienced a considerable increase in delinquency rates, mainlyrelated to a few loans falling behind in their scheduled balance for one or two monthsin the postcode of Brisbane CBD (4,000). Delinquencies have been increasing mainlyin the 30-89 day bucket and therefore might be cured over coming months.Moreover, a few delinquent jumbo loans on large value properties have skewed

upward the delinquency rate: in fact, Inner Brisbane is among the best performingregions in terms of number of borrowers in arrears. Future performance mighttherefore normalise, aligning itself with the rest of the inner part of the city.

However, Fitch still believes that coastal regions like the Sunshine Coast and theGold Coast East are subject to a higher level of volatility than the rest ofQueensland.


17/35

Structured Finance


Western Australia

Fitchs analysis covers 79,600 mortgages across Western Australia, for an equivalentamount of AUD13.7bn. The study shows increasing arrears in Perth and in the South

West region of Western Australia. Despite this, Western Australia has experienced arebound in both the tourism and mining industries and a slight improvement inemployment over the last year.

The property market in Western Australia may suffer additional volatility in case ofdownsizing, relocation or changes in the mining industry. In contrast to other states,the mining industry is among the main industries in Western Australia. Almost 44%of all employed persons in the Australian mining industry are located in WesternAustralia, followed by Queensland (26%). However, the mining industry hasrebounded in 2010 and according to ABS, the number of persons employed in thisindustry in Western Australia has considerably increased (from 59,000 in August2009 to almost 87,000 in August this year). The mining industry was also the largestcontributor in the fiscal year 2009-2010 to the Gross State Product (GSP) of Western

Australia. Other industries have also experienced a rebound, contributing positivelyto the unemployment rate, which has considerably improved in the last year to4.2% in October 2010 from 5.9% at September 2009.

The increase in 30+ day arrears since September 2009 is mainly due to the interestrate shock and volatility in the housing market. From October 2009 until February2010, 30-60 day arrears almost doubled, as households were impacted by increasingmortgage rates. Western Australian households were particularly affected by theincrease in interest rates in Q409; however, arrears then stabilised until June 2010,as borrowers adjusted their spending and curing their missed payments. Housingprices in Perth have remained overall unchanged since March 2010. As was the casefor Queensland, as the housing market softens, properties are being sold at a slowerpace; the portion of 90+ day arrears has increased as 90+ day loans accumulate and

30-90 day arrears move into the 90+ day bucket.Currently, delinquencies outside Perth are mainly concentrated in the South Westof Western Australia. With the exception of Poddington, the major mines are

0

20,000

40,000

60,000

80,000

100,000

Aug-04

Aug-05

Aug-06

Aug-07

Aug-08

Aug-09

Aug-10

Number of Employees

n

WA - Mining Work Force

Source: ABS

90

95

100

105

110

115

120


Perth8 Capitals

Sept 2007 = 100

Perth - House Prices

Source: ABS, Fitch

The stagnant housing market is likelyto be one of the main reasons for poormortgage performance.

At the moment the mining industry iscontributing positively to households

affordability

0.0

0.5

1.0

1.5

2.0

2.5

3.0


30-60 days 60-90 days

90+ days 0-30 days

Western Australia - Arrears

Source: Fitch

(%)

0

2

4

6

8


WA Perth

WA Unemployment

Source: ABS, Fitch

(%)


18/35

Structured Finance


located outside the South West region, where the 30+ day delinquency rate is onaverage 1.52% (in line with the national average). Therefore, the performance ofthe mining industry does not appear to be having an effect on borrowers

performance.

Performance in the South-West region has substantially worsened; as of September2010, it was second worst performing region in Australia by value, with 2.80% of thetotal mortgage balance in arrears (versus 1.90% one year before). Moreover, half ofall delinquencies in the South-West region are more than three months in arrears,indicating that borrowers are experiencing significant financial distress. The South-West region is the most popular tourism area outside Perth and is the object ofwhat is often referred to as coastal suburbanisation. While numerous reportshave shown how tourism has been impacted locally and internationally due to thestrong dollar (eg the Tourism & Transport Forum has highlighted a decline ininternational arrivals in 2009), Fitch cannot exclude the possibility that the increasein arrears might also be due to the investment mortgages or second-home

mortgages of Perth residents being particularly affected by the recent financialcrisis.

For example, Mandurah, which is the worst performing postcode in the South Westregion of Western Australia, has an economy which depends on tourism. It is alsothe centre of Western Australias third-largest mining region, being located an houraway from the Poddington mine. Furthermore, major infrastructure development(eg freeways, railways line) have resulted in Mandurah becoming an attractivelocation for investment or second-home properties.

While these factors may combine to have a positive impact on house prices, theycan also generate a degree in volatility as regards credit performance, as theexpectation of future house price appreciation can encourage borrowers to increasetheir leverage.

South Australia

2

4

6

8


SA Adelaide

SA Unemployment

Source: ABS, Fitch

(%)

90

100

110

120

130


Adelaide8 Capitals

Sept 2007 = 100

Adelaide - House Price

Appreciation in the last 3 Years

Source: ABS, Fitch


19/35

Structured Finance


Fitch has analysed approximately 63,800 mortgages in South Australia for anequivalent amount of AUD8.8bn. Overall delinquencies in South Australia are belowthe national average. Currently, the worst performing region is Northern Adelaide,

for which 1.73% of the securitised mortgage balance is 30+ days in arrears.


20/35

Structured Finance


Australian Regions Ranked by Dollar Amount of 30+ Day Arrears at 30 September 10Rank Region State 30 Sep 10 (%) 31 Mar 10 (%) 30 Sep 09 (%) 31 Mar 09 (%)

1 Fairfield-Liverpool NSW 2.81 2.84 2.29 3.38

2 South West WA WA 2.80 2.08 1.90 2.453 Central Coast Sydney NSW 2.74 2.50 2.21 3.064 Blacktown NSW 2.65 2.59 1.95 2.935 Outer Western Sydney NSW 2.56 2.50 2.14 2.916 Outer South Western Sydney NSW 2.42 2.45 1.88 2.677 Gold Coast East QLD 2.26 2.11 1.80 2.248 Hunter NSW 2.08 1.99 1.93 2.839 South West Metropolitan Perth WA 2.07 1.86 1.43 1.8710 East Metropolitan Perth WA 2.03 1.54 1.37 1.9211 Illawarra NSW 2.03 1.78 1.81 2.6012 Melton-Wyndham VIC 2.00 1.92 1.49 2.0913 Gold Coast West QLD 2.00 2.04 1.59 1.8914 Mackay QLD 1.99 2.01 1.01 1.1915 Logan City (incl. Beaudesert Shire) QLD 1.98 1.69 1.37 1.5916 Sunshine Coast QLD 1.96 1.80 1.50 1.7617 Mid-North Coast NSW 1.96 2.01 1.61 1.94

18 Central Metropolitan Perth WA 1.91 0.87 1.04 1.4619 Canterbury-Bankstown NSW 1.90 1.99 1.96 2.3620 Central Western Sydney NSW 1.89 1.79 1.53 2.1421 North West NSW NSW 1.89 1.73 1.47 2.0122 Murray & Murrumbidgee VIC 1.89 1.82 1.36 1.5923 North Metropolitan Perth WA 1.86 1.60 1.20 1.3324 Hume City VIC 1.81 2.02 1.20 1.9525 Murray & Murrumbidgee VIC 1.89 1.82 1.36 1.5926 Caboolture Shire QLD 1.77 1.77 1.44 1.7227 Wide Bay-Burnett QLD 1.74 1.74 1.27 1.4228 Northern Adelaide SA 1.73 1.54 1.15 1.5129 Ipswich City QLD 1.73 1.73 1.29 1.6730 South East Metropolitan Perth WA 1.67 1.70 1.42 1.7231 South Eastern Outer Melbourne VIC 1.63 1.77 1.32 2.0332 Frankston City VIC 1.62 1.32 0.93 1.5533 Central Highlands & Western District VIC 1.62 1.48 1.17 1.81

34 Darling Downs & West Moreton QLD 1.62 1.48 0.79 1.2835 St George-Sutherland NSW 1.58 1.52 1.28 1.4036 Richmond-Tweed NSW 1.56 1.73 1.24 1.6537 Central Northern Sydney NSW 1.56 1.41 1.18 1.6138 WA (excl. Perth and South West) WA 1.49 1.36 1.34 1.8139 Fitzroy QLD 1.44 1.35 0.90 1.2840 SA Regional SA 1.42 1.29 1.06 1.3541 South Eastern NSW NSW 1.39 1.51 1.43 1.7442 Barwon VIC 1.33 1.19 1.15 1.5543 Northern Outer Melbourne VIC 1.31 1.35 1.12 1.8644 Northern QLD QLD 1.29 1.53 0.77 0.9045 Inner Western Sydney NSW 1.27 1.06 1.34 1.5646 Goulburn & Ovens-Murray VIC 1.27 1.26 1.06 1.4147 Inner Sydney NSW 1.21 1.09 1.11 1.4548 Pine Rivers Shire & Redcliffe City QLD 1.21 1.18 0.73 1.1049 TAS TAS 1.20 1.23 0.96 1.03

50 Eastern Suburbs NSW 1.18 0.99 1.21 1.2551 Redland Shire QLD 1.14 1.18 1.11 1.0052 Southeast Outer Brisbane QLD 1.13 1.05 0.79 0.8453 Yarra Ranges Shire Part A VIC 1.11 1.03 1.11 1.8054 Northern Beaches NSW 1.11 1.21 1.06 1.6755 Mallee, Wimmera & Loddon VIC 1.10 1.11 1.02 1.1656 Inner Brisbane QLD 1.10 0.77 0.67 0.8457 Southern Adelaide SA 1.09 0.93 0.65 0.9758 Eastern Adelaide SA 1.08 0.95 1.07 1.0759 Gippsland (incl. East Gippsland) VIC 1.06 1.28 0.88 1.8060 Eastern Outer Melbourne VIC 1.06 0.95 0.72 0.9861 Western Adelaide SA 1.05 1.03 0.85 1.2162 Greater Dandenong City VIC 1.00 1.67 1.12 1.8363 Southeast Inner Brisbane QLD 0.97 0.98 0.80 0.9564 Moreland City VIC 0.96 0.56 0.88 1.0365 Eastern Middle Melbourne VIC 0.94 1.01 0.75 0.89

66 NT NT 0.93 0.71 0.62 0.7567 Mornington Peninsula Shire VIC 0.92 1.39 1.39 1.6468 Western Melbourne VIC 0.88 0.99 0.83 1.2769 Southern Melbourne VIC 0.84 0.73 0.71 0.9370 Northwest Outer Brisbane QLD 0.84 0.95 0.71 0.84


21/35

Structured Finance


Australian Regions Ranked by Dollar Amount 30+ Day Arrears at 30 September 10 (Continued)Rank Region State 30 Sep 10 (%) 31 Mar 10 (%) 30 Sep 09 (%) 31 Mar 09 (%)

71 Northwest Inner Brisbane QLD 0.77 0.82 0.55 0.5072 ACT ACT 0.71 0.67 0.46 0.6173 Inner Melbourne VIC 0.69 0.62 0.78 0.8874 Lower Northern Sydney NSW 0.68 0.66 0.82 0.7675 Northern Middle Melbourne VIC 0.66 0.75 0.58 0.8376 Boroondara City VIC 0.27 0.58 0.68 0.87

Source: Fitch, ABS


22/35

Structured Finance


Australian Regions Ranked by Number of Loans in 30+ Day Arrears at 30 September 10Rank Region State 30 Sep 10 (%) 31 Mar 10 (%) 30 Sep 09 (%) 31 Mar 09 (%)

1 Fairfield-Liverpool NSW 1.76 1.80 1.54 2.16

2 Blacktown NSW 1.69 1.75 1.35 2.003 Central Coast Sydney NSW 1.67 1.69 1.35 1.904 Outer Western Sydney NSW 1.61 1.60 1.37 1.845 Outer South Western Sydney NSW 1.60 1.71 1.28 1.806 South West WA WA 1.45 1.34 1.17 1.477 North West NSW NSW 1.42 1.39 1.15 1.618 Logan City (incl. Beaudesert Shire) QLD 1.39 1.24 0.99 1.219 Melton-Wyndham VIC 1.36 1.42 1.12 1.6010 Gold Coast East QLD 1.35 1.18 0.90 1.1411 Murray & Murrumbidgee VIC 1.34 1.42 0.98 1.1412 Caboolture Shire QLD 1.33 1.24 0.99 1.1013 Gold Coast West QLD 1.31 1.28 0.97 1.1614 South West Metropolitan Perth WA 1.31 1.15 0.90 1.2615 Hume City VIC 1.30 1.55 0.90 1.4416 Ipswich City QLD 1.28 1.26 0.95 1.1617 Frankston City VIC 1.27 1.04 0.69 1.15

18 Mid-North Coast NSW 1.27 1.32 1.06 1.3719 East Metropolitan Perth WA 1.27 1.05 0.76 1.1220 Northern Adelaide SA 1.20 1.13 0.82 1.0821 Hunter NSW 1.19 1.34 1.26 1.7522 Mackay QLD 1.18 1.31 0.75 0.8523 Central Western Sydney NSW 1.17 1.13 0.98 1.3424 Wide Bay-Burnett QLD 1.16 1.27 0.82 1.0325 South Eastern Outer Melbourne VIC 1.16 1.26 0.96 1.4526 Illawarra NSW 1.15 1.17 1.14 1.5627 South Eastern NSW NSW 1.15 1.27 1.09 1.4028 North Metropolitan Perth WA 1.15 1.11 0.80 0.9129 South East Metropolitan Perth WA 1.14 1.14 0.94 1.1630 Far North and West QLD QLD 1.13 1.23 0.89 0.9931 Darling Downs & West Moreton QLD 1.13 1.01 0.59 0.9132 Canterbury-Bankstown NSW 1.12 1.27 1.26 1.5433 Central Highlands & Western District VIC 1.09 1.04 0.79 1.04

34 Fitzroy QLD 1.08 0.97 0.66 0.9235 Sunshine Coast QLD 1.05 1.07 0.82 1.0536 Richmond-Tweed NSW 1.04 1.05 0.68 0.9337 WA (excl. Perth and South West) WA 1.04 1.19 0.99 1.2338 SA Regional SA 1.02 0.95 0.79 1.0139 Barwon VIC 0.95 0.87 0.80 1.0940 Goulburn & Ovens-Murray VIC 0.91 0.98 0.80 1.1241 Gippsland (incl. East Gippsland) VIC 0.90 0.99 0.71 1.3042 TAS TAS 0.87 0.94 0.72 0.7843 Northern Outer Melbourne VIC 0.87 0.92 0.72 1.1544 Pine Rivers Shire & Redcliffe City QLD 0.87 0.89 0.47 0.6945 Mallee, Wimmera & Loddon VIC 0.87 0.90 0.78 0.8846 Northern QLD QLD 0.86 1.13 0.59 0.7047 Redland Shire QLD 0.83 0.76 0.68 0.7448 Central Northern Sydney NSW 0.83 0.75 0.62 0.8949 St George-Sutherland NSW 0.83 0.79 0.68 0.88

50 Yarra Ranges Shire Part A VIC 0.78 0.88 0.87 1.3251 Inner Sydney NSW 0.75 0.66 0.70 0.9352 Southeast Outer Brisbane QLD 0.73 0.69 0.52 0.5153 Southern Adelaide SA 0.71 0.69 0.51 0.7154 Eastern Suburbs NSW 0.71 0.60 0.67 0.6655 Western Adelaide SA 0.71 0.77 0.64 0.8156 Central Metropolitan Perth WA 0.70 0.52 0.55 0.6857 Mornington Peninsula Shire VIC 0.70 1.11 0.96 1.1258 Inner Western Sydney NSW 0.70 0.68 0.78 0.9559 Eastern Adelaide SA 0.69 0.61 0.59 0.6460 Greater Dandenong City VIC 0.68 1.18 0.81 1.1161 Western Melbourne VIC 0.66 0.76 0.61 0.9062 Moreland City VIC 0.66 0.42 0.59 0.6863 Eastern Outer Melbourne VIC 0.64 0.70 0.56 0.7464 Eastern Middle Melbourne VIC 0.61 0.61 0.47 0.5665 Northwest Outer Brisbane QLD 0.61 0.72 0.53 0.60

66 NT NT 0.60 0.49 0.51 0.5967 Northern Beaches NSW 0.60 0.68 0.66 0.9668 Inner Brisbane QLD 0.56 0.54 0.43 0.5569 Southern Melbourne VIC 0.54 0.46 0.51 0.5870 Southeast Inner Brisbane QLD 0.49 0.54 0.45 0.56


23/35

Structured Finance


Australian Regions Ranked by Number of Loans in 30+ Day Arrears at 30 September 10 (Continued)Rank Region State 30 Sep 10 (%) 31 Mar 10 (%) 30 Sep 09 (%) 31 Mar 09 (%)

71 Northwest Inner Brisbane QLD 0.47 0.54 0.42 0.31

72 Northern Middle Melbourne VIC 0.46 0.56 0.41 0.5173 ACT ACT 0.44 0.46 0.32 0.4374 Inner Melbourne VIC 0.44 0.44 0.51 0.6075 Lower Northern Sydney NSW 0.39 0.39 0.46 0.4976 Boroondara City VIC 0.20 0.38 0.40 0.46

Source: Fitch, ABS


24/35

Structured Finance


Australian Worst 100 Postcodes Ranked by Dollar Amount 30+ Days Arrears (%)Rank Postcode Districts 30Sep10(%) 31Mar10(%) 30Sep09(%) 31Mar09(%)

1 2315 CORLETTE, FINGAL BAY, NELSON BAY, SHOAL BAY 8.02 6.80 6.75 8.55

2 2262 BLUE HAVEN, BUDGEWOI, BUDGEWOI PENINSULA, BUFF POINT, COLONGRA, DOYALSON, DOYALSON NORTH,HALEKULANI, SAN REMO 4.38 3.89 4.05 4.10

3 4217BENOWA, BUNDALL, BUNDALL BC, BUNDALL DC, CHEVRON ISLAND, GOLD COAST MC, ISLE OF CAPRI, MAINBEACH, SURFERS PARADISE 4.33 3.28 2.68 3.35

4 2164 SMITHFIELD, SMITHFIELD WEST, WETHERILL PARK, WOODPARK 4.09 4.96 3.28 5.195 2759 ERSKINE PARK, ST CLAIR 3.87 2.57 2.21 2.67

6 6210

COODANUP, DUDLEY PARK, ERSKINE, FALCON, GREENFIELDS, HALLS HEAD, MADORA BAY, MANDURAH,MANDURAH DC, MANDURAH EAST, MANDURAH NORTH, MEADOW SPRINGS, SAN REMO, SILVER SANDS,WANNANUP 3.85 2.58 2.64 3.53

7 2190 CHULLORA, GREENACRE, MOUNT LEWIS 3.84 3.55 3.42 3.28

8 6167ANKETELL, BERTRAM, CALISTA, CASUARINA, KWINANA BEACH, KWINANA TOWN CENTRE, MANDOGALUP,MEDINA, ORELIA, PARMELIA, POSTANS, THE SPECTACLES, WANDI 3.81 4.91 3.52 4.24

9 2766 EASTERN CREEK, ROOTY HILL 3.70 3.13 2.99 5.5310 2168 ASHCROFT, BUSBY, CARTWRIGHT, GREEN VALLEY, HECKENBERG, HINCHINBROOK, MILLER, SADLEIR 3.69 3.57 2.94 3.9411 6064 ALEXANDER HEIGHTS, GIRRAWHEEN, KOONDOOLA, MARANGAROO 3.61 2.58 1.59 2.36

12 2280BELMONT, BELMONT NORTH, BELMONT SOUTH, CROUDACE BAY, FLORAVILLE, JEWELLS, MARKS POINT,VALENTINE 3.52 2.85 1.80 2.51

13 2176 ABBOTSBURY, BOSSLEY PARK, EDENSOR PARK, GREENFIELD PARK, PRAIRIEWOOD, ST JOHNS PARK, WAKELEY 3.47 2.78 2.53 3.46

14 2747

CAMBRIDGE GARDENS, CAMBRIDGE PARK, CLAREMONT MEADOWS, KINGSWOOD, LLANDILO, SHANES PARK,

WERRINGTON, WERRINGTON COUNTY, WERRINGTON DOWNS 3.43 2.70 1.41 2.7615 4132 CRESTMEAD, MARSDEN 3.40 2.09 1.05 1.67

16 2753AGNES BANKS, BOWEN MOUNTAIN, GROSE VALE, GROSE WOLD, HOBARTVILLE, LONDONDERRY, RICHMOND,RICHMOND LOWLANDS, YARRAMUNDI 3.36 3.75 2.75 2.78

17 6110 GOSNELLS, HUNTINGDALE, MARTIN, SOUTHERN RIVER 3.36 3.42 2.35 3.3418 6069 AVELEY, BELHUS, BRIGADOON, ELLENBROOK, ELLENBROOK EAST, THE VINES, UPPER SWAN 3.34 1.47 1.32 2.0219 4212 HELENSVALE, HELENSVALE TOWN CENTRE, HOPE ISLAND, SANCTUARY COVE 3.34 4.64 3.03 4.4720 4000 BRISBANE, BRISBANE ADELAIDE STREET, BRISBANE CITY, BRISBANE GPO, PETRIE TERRACE, SPRING HILL 3.30 0.74 1.10 1.1721 2205 ARNCLIFFE, TURRELLA, WOLLI CREEK 3.28 2.50 2.47 2.39

22 2171CARNES HILL, CECIL HILLS, ELIZABETH HILLS, HORNINGSEA PARK, HOXTON PARK, LEN WATERS ESTATE,MIDDLETON GRANGE, WEST HOXTON 3.15 3.15 3.02 3.55

23 2261

BATEAU BAY, BAY VILLAGE, BERKELEY VALE, BLUE BAY, CHITTAWAY BAY, CHITTAWAY POINT, GLENNINGVALLEY, KILLARNEY VALE, LONG JETTY, MAGENTA, SHELLY BEACH, THE ENTRANCE, THE ENTRANCE NORTH,TOOWOON BAY, TUMBI UMBI 3.13 2.53 2.22 2.95

24 6230BUNBURY, CAREY PARK, COLLEGE GROVE, DALYELLUP, DAVENPORT, EAST BUNBURY, GELORUP, GLEN IRIS,PELICAN POINT, SOUTH BUNBURY, USHER, VITTORIA, WITHERS 3.12 1.83 1.08 2.32

25 2575

ALPINE, AYLMERTON, BALACLAVA, BRAEMAR, BULLIO, COLO VALE, GOODMANS FORD, HIGH RANGE, HILLTOP, JOADJA, MANDEMAR, MITTAGONG, MOUNT LINDSEY, RENWICK, WATTLE RIDGE, WELBY, WILLOW VALE,WOODLANDS, YERRINBOOL 3.09 2.39 2.20 2.75

26 2767 DOONSIDE, WOODCROFT 3.08 3.61 2.40 2.8727 4575 BIRTINYA, BOKARINA, BUDDINA, MINYAMA, PARREARRA, WARANA, WURTULLA 3.07 1.88 2.16 3.41

28 2250

BUCKETTY, CALGA, CENTRAL MANGROVE, EAST GOSFORD, ERINA, ERINA FAIR, GLENWORTH VALLEY,GOSFORD, GREENGROVE, HOLGATE, KARIONG, KULNURA, LISAROW, LOWER MANGROVE, MANGROVE CREEK,MANGROVE MOUNTAIN, MATCHAM, MOONEY MOONEY CREEK, MOUNT ELLIOT, MOUNT WHITE, NARA 3.06 2.24 1.96 2.92

29 2160 MERRYLANDS, MERRYLANDS WEST 3.05 3.05 2.53 3.8330 6169 SAFETY BAY, SHOALWATER, WAIKIKI, WARNBRO 3.02 2.42 1.58 2.6731 4213 AUSTINVILLE, BONOGIN, MUDGEERABA, NERANWOOD, SPRINGBROOK, TALLAI, WORONGARY 2.99 3.13 2.24 1.9532 6059 DIANELLA 2.99 2.02 1.99 1.8533 3976 HAMPTON PARK 2.97 2.73 3.17 2.8434 2760 COLYTON, NORTH ST MARYS, OXLEY PARK, ROPES CROSSING, ST MARYS, ST MARYS EAST, ST MARYS SOUTH 2.95 3.20 3.29 3.62

35 2770BIDWILL, BLACKETT, DHARRUK, EMERTON, HEBERSHAM, LETHBRIDGE PARK, MINCHINBURY, MOUNT DRUITT,MOUNT DRUITT VILLAGE, SHALVEY, TREGEAR, WHALAN, WILLMOT 2.94 3.68 3.25 5.08

36 2565 BARDIA, DENHAM COURT, INGLEBURN, MACQUARIE LINKS 2.92 2.65 2.63 3.6937 2142 BLAXCELL, CAMELLIA, CLYDE, GRANVILLE, HOLROYD, ROSEHILL, SOUTH GRANVILLE 2.92 2.12 1.34 2.0538 3337 KURUNJANG, MELTON, MELTON WEST, TOOLERN VALE 2.91 3.40 1.94 2.4939 2216 BANKSIA, BRIGHTON-LE-SANDS, KYEEMAGH, ROCKDALE 2.90 2.23 1.45 1.87

40 2165 FAIRFIELD, FAIRFIELD EAST, FAIRFIELD HEIGHTS, FAIRFIELD WEST 2.89 2.93 2.08 3.7541 6168

COOLOONGUP, EAST ROCKINGHAM, GARDEN ISLAND, HILLMAN, PERON, ROCKINGHAM, ROCKINGHAM BEACH,ROCKINGHAM DC 2.87 2.38 2.17 3.69

42 6172 PORT KENNEDY 2.83 1.60 0.28 0.7343 2193 ASHBURY, CANTERBURY, HURLSTONE PARK 2.81 1.33 0.92 0.6344 4879 CLIFTON BEACH, ELLIS BEACH, KEWARRA BEACH, PALM COVE, TRINITY BEACH, TRINITY PARK 2.81 2.25 2.53 3.51

45 5109BRAHMA LODGE, SALISBURY EAST, SALISBURY EAST NORTHBRI AVE, SALISBURY HEIGHTS, SALISBURY PARK,SALISBURY PLAIN 2.77 1.07 1.97 2.58

46 2161 GUILDFORD, GUILDFORD WEST, OLD GUILDFORD, YENNORA 2.74 2.74 2.74 5.2147 2195 LAKEMBA, WILEY PARK 2.72 1.32 1.33 3.2548 4020 NEWPORT, REDCLIFFE, REDCLIFFE NORTH, SCARBOROUGH 2.68 2.20 1.89 2.17

49 6076BICKLEY, CARMEL, GOOSEBERRY HILL, HACKETTS GULLY, KALAMUNDA, LESMURDIE, PAULLS VALLEY,PICKERING BROOK, PIESSE BROOK, RESERVOIR, WALLISTON, WALLISTON DC 2.68 0.82 0.58 1.27

50 6112ARMADALE, BEDFORDALE, BROOKDALE, FORRESTDALE, HARRISDALE, HAYNES, HILBERT, MOUNT NASURA,MOUNT RICHON, PIARA WATERS, SEVILLE GROVE, WUNGONG 2.68 2.22 2.09 2.76

51 2541BANGALEE, BOMADERRY, NORTH NOWRA, NOWRA, NOWRA DC, NOWRA EAST, NOWRA NORTH, SOUTHNOWRA, WEST NOWRA 2.67 1.19 1.31 2.32

52 2259

ALISON, BUSHELLS RIDGE, CEDAR BRUSH CREEK, CHAIN VALLEY BAY, CRANGAN BAY, DOORALONG, DURRENDURREN, FRAZER PARK, FREEMANS, GWANDALAN, HALLORAN, HAMLYN TERRACE, JILLIBY, KANWAL, KIAR,KINGFISHER SHORES, LAKE MUNMORAH, LEMON TREE, LITTLE JILLIBY, MANNERING 2.67 2.90 2.23 3.12

53 4114 KINGSTON, LOGAN CENTRAL, LOGAN CITY DC, WOODRIDGE 2.65 2.29 1.50 2.7954 2146 OLD TOONGABBIE, TOONGABBIE, TOONGABBIE EAST 2.65 1.43 1.02 1.4655 2166 CABRAMATTA, CABRAMATTA WEST, CANLEY HEIGHTS, CANLEY VALE, LANSVALE 2.62 2.08 1.85 2.9556 3064 CRAIGIEBURN, DONNYBROOK, KALKALLO, MICKLEHAM, ROXBURGH PARK 2.59 2.20 1.77 2.68


25/35

Structured Finance


Australian Worst 100 Postcodes Ranked by Dollar Amount 30+ Days Arrears (%) (Continued)Rank Postcode Districts 30Sep10(%) 31Mar10(%) 30Sep09(%) 31Mar09(%)

57 2325

ABERDARE, ABERNETHY, BELLBIRD, BELLBIRD HEIGHTS, CEDAR CREEK, CESSNOCK, CESSNOCK WEST,

CONGEWAI, CORRABARE, ELLALONG, ELRINGTON, GRETA MAIN, KEARSLEY, KITCHENER, LAGUNA, LOVEDALE,MILLFIELD, MORUBEN, MOUNT VIEW, NULKABA, OLNEY, PAXTON, PAYNES CROSSING, PE 2.56 2.58 2.05 4.47

58 4573COOLUM BEACH, MARCUS BEACH, MOUNT COOLUM, PEREGIAN BEACH, PEREGIAN SPRINGS, POINTARKWRIGHT, YAROOMBA 2.55 2.72 1.59 1.60

59 4655

BOORAL, BUNYA CREEK, CRAIGNISH, DUNDOWRAN, DUNDOWRAN BEACH, ELI WATERS, GREAT SANDY STRAIT,HERVEY BAY, HERVEY BAY DC, KAWUNGAN, KINGFISHER BAY RESORT, NIKENBAH, PIALBA, POINT VERNON,RIVER HEADS, SCARNESS, SUNSHINE ACRES, SUSAN RIVER, TAKURA, TOOGOOM, TO 2.55 1.82 1.58 1.85

60 2011 ELIZABETH BAY, HMAS KUTTABUL, POTTS POINT, RUSHCUTTERS BAY, WOOLLOOMOOLOO 2.53 1.37 1.52 2.6061 6061 BALGA, MIRRABOOKA, NOLLAMARA, WESTMINSTER 2.53 2.45 1.19 1.5262 6107 BECKENHAM, CANNINGTON, EAST CANNINGTON, KENWICK, QUEENS PARK, WATTLE GROVE, WILSON 2.52 2.15 1.97 1.92

63 2756

BLIGH PARK, CATTAI, CENTRAL COLO, CLARENDON, COLO, COLO HE IGHTS, CORNWALLIS, CUMBERLANDREACH, EBENEZER, FREEMANS REACH, GLOSSODIA, LOWER PORTLAND, MAROOTA, MCGRATHS HILL,MELLONG, MULGRAVE, PITT TOWN, PITT TOWN BOTTOMS, SACKVILLE, SACKVILLE NORTH, SCHEYV 2.50 3.23 2.55 3.38

64 6151 KENSINGTON, SOUTH PERTH, SOUTH PERTH ANGELO ST 2.49 1.00 0.29 1.0065 6030 CLARKSON, MERRIWA, MINDARIE, QUINNS ROCKS, RIDGEWOOD, TAMALA PARK 2.49 2.41 1.45 2.21

66 4285

ALLENVIEW, BEAUDESERT, BIRNAM, BROMELTON, CAINBABLE, CEDAR GROVE, CEDAR VALE, CHINGHEE CREEK,CHRISTMAS CREEK, CRYNA, DARLINGTON, GLENEAGLE, HILLVIEW, INNISPLAIN, JOSEPHVILLE, KAGARU,KERRY, KNAPP CREEK, KOORALBYN, LAMINGTON, LARAVALE, MOUNT GIPPS, MUNDOO 2.48 1.88 0.83 2.44

67 2761 COLEBEE, DEAN PARK, GLENDENNING, HASSALL GROVE, OAKHURST, PLUMPTON 2.48 3.22 1.45 2.6968 4280

JIMBOOMBA, NORTH MACLEAN, SOUTH MACLEAN, STOCKLEIGH2.47 1.47 2.65 2.74

69 2560

AIRDS, AMBARVALE, APPIN, BLAIR ATHOL, BRADBURY, CAMPBELLTOWN, CAMPBELLTOWN NORTH, CATARACT,ENGLORIE PARK, GILEAD, GLEN ALPINE, KENTLYN, LEUMEAH, MACARTHUR SQUARE, ROSEMEADOW, RUSE, STHELENS PARK, WEDDERBURN, WOODBINE 2.47 2.29 1.73 2.70

70 2768 GLENWOOD, PARKLEA, STANHOPE GARDENS 2.45 2.06 1.47 2.04

71 5118BIBARINGA, BUCHFELDE, CONCORDIA, GAWLER, GAWLER BELT, GAWLER EAST, GAWLER RIVER, GAWLERSOUTH, GAWLER WEST, HEWETT, KALBEEBA, KANGAROO FLAT, KINGSFORD, REID, WARD BELT, WILLASTON 2.45 1.46 1.03 1.14

72 4128 SHAILER PARK, TANAH MERAH 2.42 1.36 0.73 0.7873 2749 CASTLEREAGH, CRANEBROOK 2.42 2.30 1.09 2.42

74 3215BELL PARK, BELL POST HILL, DRUMCONDRA, GEELONG NORTH, HAMLYN HEIGHTS, NORTH GEELONG,RIPPLESIDE 2.41 2.17 3.62 2.33

75 4207

ALBERTON, BAHRS SCRUB, BANNOCKBURN, BEENLEIGH, BELIVAH, BUCCAN, CEDAR CREEK, EAGLEBY, EDENSLANDING, HOLMVIEW, LOGAN VILLAGE, LUSCOMBE, MOUNT WARREN PARK, STAPYLTON, STEIGLITZ,WINDAROO, WOLFFDENE, WOONGOOLBA, YARRABILBA, YATALA, YATALA DC 2.39 2.10 1.55 1.82

76 2148ARNDELL PARK, BLACKTOWN, BLACKTOWN WESTPOINT, HUNTINGWOOD, KINGS PARK, MARAYONG,PROSPECT 2.37 2.28 1.72 2.64

77 6065ASHBY, DARCH, HOCKING, KINGSWAY, LANDSDALE, MADELEY, PEARSALL, SINAGRA, TAPPING, WANGARA,WANGARA DC, WANNEROO 2.35 2.49 1.90 1.56

78 4216 BIGGERA WATERS, COOMBABAH, HOLLYWELL, PARADISE POINT, RUNAWAY BAY, SOUTH STRADBROKE 2.34 1.92 2.27 2.81

79 2170

CASULA, CASULA MALL, CHIPPING NORTON, HAMMONDVILLE, LIVERPOOL, LIVERPOOL SOUTH, LIVERPOOL

WESTFIELD, LURNEA, MOOREBANK, MOUNT PRITCHARD, PRESTONS, WARWICK FARM 2.32 2.69 2.12 3.4080 2566 BOW BOWING, MINTO, MINTO DC, MINTO HEIGHTS, RABY, ST ANDREWS, VARROVILLE 2.25 2.22 1.69 2.62

81 3977BOTANIC RIDGE, CANNONS CREEK, CRANBOURNE, CRANBOURNE EAST, CRANBOURNE NORTH, CRANBOURNESOUTH, CRANBOURNE WEST, DEVON MEADOWS, JUNCTION VILLAGE, SANDHURST, SKYE 2.25 2.14 1.22 2.49

82 5114ANDREWS FARM, BLAKEVIEW, CRAIGMORE, GOULD CREEK, HUMBUG SCRUB, ONE TREE HILL, SAMPSON FLAT,SMITHFIELD, SMITHFIELD PLAINS, SMITHFIELD WEST, ULEYBURY, YATTALUNGA 2.22 2.47 1.71 1.86

83 2430

BLACK HEAD, BOHNOCK, BOOTAWA, BRIMBIN, CABBAGE TREE ISLAND, CHATHAM, CROKI, CUNDLETOWN,DIAMOND BEACH, DUMARESQ ISLAND, FAILFORD, GHINNI GHINNI, GLENTHORNE, HALLIDAYS POINT,HILLVILLE, JONES ISLAND, KIWARRAK, KOORAINGHAT, KUNDLE KUNDLE, LANSDOWNE, LANSDOW 2.21 3.17 3.34 3.44

84 2285 CAMERON PARK, CARDIFF, CARDIFF HEIGHTS, CARDIFF SOUTH, EDGEWORTH, GLENDALE, MACQUARIE HILLS 2.19 2.55 0.66 1.95

85 4305

BASIN POCKET, BRASSALL, BREMER, CHURCHILL, COALFALLS, EAST IPSWICH, EASTERN HEIGHTS, FLINDERSVIEW, IPSWICH, LEICHHARDT, LIMESTONE RIDGES, MOORES POCKET, NEWTOWN, NORTH IPSWICH, NORTHTIVOLI, ONE MILE, RACEVIEW, SADLIERS CROSSING, TIVOLI, WEST IPSWICH, WO 2.16 2.03 1.08 1.60

86 6330

ALBANY, BAYONET HEAD, BIG GROVE, BORNHOLM, CENTENNIAL PARK, COLLINGWOOD HEIGHTS,COLLINGWOOD PARK, CUTHBERT, DROME, ELLEKER, EMU POINT, FRENCHMAN BAY, GLEDHOW, GOODEBEACH, GREEN VALLEY, KALGAN, KING RIVER, KRONKUP, LANGE, LITTLE GROVE, LOCKYER, LOWER KIN 2.15 2.04 2.00 1.65

87 4558 COTTON TREE, KULUIN, MAROOCHYDORE, MAROOCHYDORE BC, MAROOCHYDORE DC, SUNSHINE PLAZA 2.14 0.86 0.80 1.00

88 2640

ALBURY, BUNGOWANNAH, EAST ALBURY, ETTAMOGAH, GLENROY, LAVINGTON DC, MOORWATHA, NORTHALBURY, OURNIE, SOUTH ALBURY, SPLITTERS CREEK, TABLE TOP, TALMALMO, THURGOONA, WEST ALBURY,WIRLINGA, WYMAH 2.12 2.55 2.12 3.39

89 2540

BAMARANG, BARRINGELLA, BASIN VIEW, BEECROFT PENINSULA, BERRARA, BEWONG, BOLONG, BOOLIJAH,

BREAM BEACH, BROWNS MOUNTAIN, BRUNDEE, BUANGLA, BURRIER, CALLALA BAY, CALLALA BEACH,CAMBEWARRA, CAMBEWARRA VILLAGE, COMBERTON, COMERONG ISLAND, CUDMIRRAH, CULBURRA 2.08 2.02 2.13 2.84

90 2580

BANNABY, BANNISTER, BAW BAW, BOXERS CREEK, BRISBANE GROVE, BUNGONIA, CARRICK, CHATSBURY,CURRAWANG, CURRAWEELA, GOLSPIE, GOULBURN, GOULBURN DC, GOULBURN NORTH, GREENWICH PARK,GUNDARY, JERRONG, KINGSDALE, LAKE BATHURST, LOWER BORO, MAYFIELD, MIDDLE ARM, M 2.08 2.31 1.80 2.95

91 2830

BALLIMORE, BARBIGAL, BENI, BOOTHENBA, BROCKLEHURST, BRUAH, BUNGLEGUMBIE, BURRABADINE,BUTLERS FALLS, COOLBAGGIE, CUMBOOGLE, DUBBO, DUBBO DC, DUBBO EAST, DUBBO GROVE, DUBBO WEST,ESCHOL, EULOMOGO, GLENGERRA, GOONOO FOREST, JONES CREEK, KICKABIL, MINORE, MO 2.08 1.87 1.42 2.11

92 4214 ARUNDEL, ARUNDEL BC, ARUNDEL DC, ASHMORE, ASHMORE CITY, MOLENDINAR, PARKWOOD 2.08 2.09 1.38 1.4293 4506 MOORINA, MORAYFIELD 2.08 1.43 1.68 1.5194 3201 CARRUM DOWNS 2.06 2.16 1.13 2.1595 2154 CASTLE HILL 2.05 1.96 1.42 2.4296 4161 ALEXANDRA HILLS 2.04 1.62 0.75 1.0397 3024 MAMBOURIN, MOUNT COTTRELL, WYNDHAM VALE 2.04 1.52 1.31 1.9098 2147 KINGS LANGLEY, LALOR PARK, SEVEN HILLS, SEVEN HILLS WEST 2.02 1.90 1.45 1.9399 4226 CLEAR ISLAND WATERS, MERRIMAC, ROBINA, ROBINA DC 2.02 1.68 1.56 1.77100 3214 CORIO, NORLANE, NORTH SHORE 2.01 1.28 1.31 3.64

Source: Fitch


26/35

Structured Finance


Australian Worst 100 Postcodes Ranked by Number of Loans in 30+ Days Arrears (%)Rank Postcode Districts 30Sep10(%) 31Mar10(%) 30Sep09(%) 31Mar09(%)

1 2315 CORLETTE, FINGAL BAY, NELSON BAY, SHOAL BAY 3.28 3.37 3.39 4.18

2 2262 BLUE HAVEN, BUDGEWOI, BUDGEWOI PENINSULA, BUFF POINT, COLONGRA, DOYALSON, DOYALSON NORTH,HALEKULANI, SAN REMO 2.97 2.60 2.33 2.453 4132 CRESTMEAD, MARSDEN 2.70 1.54 0.98 1.25

4 6167ANKETELL, BERTRAM, CALISTA, CASUARINA, KWINANA BEACH, KWINANA TOWN CENTRE, MANDOGALUP,MEDINA, ORELIA, PARMELIA, POSTANS, THE SPECTACLES, WANDI 2.63 3.14 2.12 2.89

5 2164 SMITHFIELD, SMITHFIELD WEST, WETHERILL PARK, WOODPARK 2.54 3.22 2.39 3.606 2766 EASTERN CREEK, ROOTY HILL 2.49 1.85 1.85 3.627 2759 ERSKINE PARK, ST CLAIR 2.42 1.79 1.49 1.688 2168 ASHCROFT, BUSBY, CARTWRIGHT, GREEN VALLEY, HECKENBERG, HINCHINBROOK, MILLER, SADLEIR 2.38 2.35 2.10 2.62

9 4217BENOWA, BUNDALL, BUNDALL BC, BUNDALL DC, CHEVRON ISLAND, GOLD COAST MC, ISLE OF CAPRI, MAINBEACH, SURFERS PARADISE 2.35 1.64 1.13 1.38

10 6064 ALEXANDER HEIGHTS, GIRRAWHEEN, KOONDOOLA, MARANGAROO 2.30 1.79 1.11 1.6311 2190 CHULLORA, GREENACRE, MOUNT LEWIS 2.27 2.26 2.26 1.9512 6110 GOSNELLS, HUNTINGDALE, MARTIN, SOUTHERN RIVER 2.20 2.43 1.74 2.4313 3976 HAMPTON PARK 2.20 1.97 2.11 2.11

14 2747CAMBRIDGE GARDENS, CAMBRIDGE PARK, CLAREMONT MEADOWS, KINGSWOOD, LLANDILO, SHANES PARK,WERRINGTON, WERRINGTON COUNTY, WERRINGTON DOWNS 2.17 1.71 0.98 1.95

15 6210

COODANUP, DUDLEY PARK, ERSKINE, FALCON, GREENFIELDS, HALLS HEAD, MADORA BAY, MANDURAH,

MANDURAH DC, MANDURAH EAST, MANDURAH NORTH, MEADOW SPRINGS, SAN REMO, SILVER SANDS,WANNANUP 2.16 1.73 1.70 2.1516 4280 JIMBOOMBA, NORTH MACLEAN, SOUTH MACLEAN, STOCKLEIGH 2.16 1.50 2.01 2.5517 2176 ABBOTSBURY, BOSSLEY PARK, EDENSOR PARK, GREENFIELD PARK, PRAIRIEWOOD, ST JOHNS PARK, WAKELEY 2.13 1.85 1.67 2.23

18 2280BELMONT, BELMONT NORTH, BELMONT SOUTH, CROUDACE BAY, FLORAVILLE, JEWELLS, MARKS POINT,VALENTINE 2.11 1.63 1.23 1.67

19 5109BRAHMA LODGE, SALISBURY EAST, SALISBURY EAST NORTHBRI AVE, SALISBURY HEIGHTS, SALISBURY PARK,SALISBURY PLAIN 2.10 0.85 1.12 1.08

20 2575

ALPINE, AYLMERTON, BALACLAVA, BRAEMAR, BULLIO, COLO VALE, GOODMANS FORD, HIGH RANGE, HILLTOP, JOADJA, MANDEMAR, MITTAGONG, MOUNT LINDSEY, RENWICK, WATTLE RIDGE, WELBY, WILLOW VALE,WOODLANDS, YERRINBOOL 2.09 2.13 2.04 1.78

21 2767 DOONSIDE, WOODCROFT 2.08 2.36 1.61 1.7022 2760 COLYTON, NORTH ST MARYS, OXLEY PARK, ROPES CROSSING, ST MARYS, ST MARYS EAST, ST MARYS SOUTH 2.06 2.29 2.04 2.7423 2165 FAIRFIELD, FAIRFIELD EAST, FAIRFIELD HEIGHTS, FAIRFIELD WEST 2.06 1.93 1.50 2.3224 6169 SAFETY BAY, SHOALWATER, WAIKIKI, WARNBRO 2.05 1.67 0.97 1.7425 6069 AVELEY, BELHUS, BRIGADOON, ELLENBROOK, ELLENBROOK EAST, THE VINES, UPPER SWAN 1.99 0.99 0.60 1.4026 6151 KENSINGTON, SOUTH PERTH, SOUTH PERTH ANGELO ST 1.98 0.36 0.34 0.4127 6030 CLARKSON, MERRIWA, MINDARIE, QUINNS ROCKS, RIDGEWOOD, TAMALA PARK 1.97 1.92 1.07 1.6128 4212

HELENSVALE, HELENSVALE TOWN CENTRE, HOPE ISLAND, SANCTUARY COVE1.96 2.27 1.69 2.11

29 4575 BIRTINYA, BOKARINA, BUDDINA, MINYAMA, PARREARRA, WARANA, WURTULLA 1.95 1.09 1.28 1.72

30 2580

BANNABY, BANNISTER, BAW BAW, BOXERS CREEK, BRISBANE GROVE, BUNGONIA, CARRICK, CHATSBURY,CURRAWANG, CURRAWEELA, GOLSPIE, GOULBURN, GOULBURN DC, GOULBURN NORTH, GREENWICH PARK,GUNDARY, JERRONG, KINGSDALE, LAKE BATHURST, LOWER BORO, MAYFIELD, MIDDLE ARM, M 1.93 2.22 1.28 2.39

31 2160 MERRYLANDS, MERRYLANDS WEST 1.89 1.88 1.50 2.2232 3201 CARRUM DOWNS 1.88 1.85 1.12 1.90

33 6112ARMADALE, BEDFORDALE, BROOKDALE, FORRESTDALE, HARRISDALE, HAYNES, HILBERT, MOUNT NASURA,MOUNT RICHON, PIARA WATERS, SEVILLE GROVE, WUNGONG 1.83 1.79 1.53 2.02

34 2205 ARNCLIFFE, TURRELLA, WOLLI CREEK 1.82 1.41 1.41 1.7735 2195 LAKEMBA, WILEY PARK 1.82 1.19 1.06 2.48

36 2770BIDWILL, BLACKETT, DHARRUK, EMERTON, HEBERSHAM, LETHBRIDGE PARK, MINCHINBURY, MOUNT DRUITT,MOUNT DRUITT VILLAGE, SHALVEY, TREGEAR, WHALAN, WILLMOT 1.82 2.31 2.12 3.33

37 2193 ASHBURY, CANTERBURY, HURLSTONE PARK 1.82 0.83 0.51 0.3438 2761 COLEBEE, DEAN PARK, GLENDENNING, HASSALL GROVE, OAKHURST, PLUMPTON 1.79 2.18 1.06 1.7739 6172 PORT KENNEDY 1.78 1.19 0.30 0.74

40 2259

ALISON, BUSHELLS RIDGE, CEDAR BRUSH CREEK, CHAIN VALLEY BAY, CRANGAN BAY, DOORALONG, DURRENDURREN, FRAZER PARK, FREEMANS, GWANDALAN, HALLORAN, HAMLYN TERRACE, JILLIBY, KANWAL, KIAR,KINGFISHER SHORES, LAKE MUNMORAH, LEMON TREE, LITTLE JILLIBY, MANNERING 1.77 1.94 1.57 2.17

41 6054 ASHFIELD, BASSENDEAN, BASSENDEAN DC, EDEN HILL, KIARA, LOCKRIDGE 1.77 1.54 1.07 1.3642 2161 GUILDFORD, GUILDFORD WEST, OLD GUILDFORD, YENNORA 1.77 1.67 1.66 3.01

43 2261

BATEAU BAY, BAY VILLAGE, BERKELEY VALE, BLUE BAY, CHITTAWAY BAY, CHITTAWAY POINT, GLENNINGVALLEY, KILLARNEY VALE, LONG JETTY, MAGENTA, SHELLY BEACH, THE ENTRANCE, THE ENTRANCE NORTH,TOOWOON BAY, TUMBI UMBI 1.76 1.87 1.55 2.05

44 2560

AIRDS, AMBARVALE, APPIN, BLAIR ATHOL, BRADBURY, CAMPBELLTOWN, CAMPBELLTOWN NORTH, CATARACT,ENGLORIE PARK, GILEAD, GLEN ALPINE, KENTLYN, LEUMEAH, MACARTHUR SQUARE, ROSEMEADOW, RUSE, STHELENS PARK, WEDDERBURN, WOODBINE 1.76 1.73 1.30 1.95

45 2753AGNES BANKS, BOWEN MOUNTAIN, GROSE VALE, GROSE WOLD, HOBARTVILLE, LONDONDERRY, RICHMOND,RICHMOND LOWLANDS, YARRAMUNDI 1.75 2.18 2.07 1.91

46 3064 CRAIGIEBURN, DONNYBROOK, KALKALLO, MICKLEHAM, ROXBURGH PARK 1.72 1.70 1.30 1.8447 6107 BECKENHAM, CANNINGTON, EAST CANNINGTON, KENWICK, QUEENS PARK, WATTLE GROVE, WILSON 1.72 1.42 1.53 1.56

48 6168COOLOONGUP, EAST ROCKINGHAM, GARDEN ISLAND, HILLMAN, PERON, ROCKINGHAM, ROCKINGHAM BEACH,ROCKINGHAM DC 1.72 1.30 1.37 2.20

49 3337 KURUNJANG, MELTON, MELTON WEST, TOOLERN VALE 1.71 2.15 1.22 1.99

50 4510BEACHMERE, BELLMERE, CABOOLTURE, CABOOLTURE BC, CABOOLTURE SOUTH, DONNYBROOK, MELDALE,MOODLU, ROCKSBERG, TOORBUL, UPPER CABOOLTURE 1.70 1.59 0.88 0.95

51 2142 BLAXCELL, CAMELLIA, CLYDE, GRANVILLE, HOLROYD, ROSEHILL, SOUTH GRANVILLE 1.70 1.58 1.06 1.3952 4226 CLEAR ISLAND WATERS, MERRIMAC, ROBINA, ROBINA DC 1.69 1.24 0.66 1.04

53 2325ABERDARE, ABERNETHY, BELLBIRD, BELLBIRD HEIGHTS, CEDAR CREEK, CESSNOCK, CESSNOCK WEST,CONGEWAI, CORRABARE, ELLALONG, ELRINGTON, GRETA MAIN, KEARSLEY, KITCHENER, LAGUNA, LOVEDALE,MILLFIELD, MORUBEN, MOUNT VIEW, NULKABA, OLNEY, PAXTON, PAYNES CROSSING, PE 1.68 1.64 1.71 2.80

54 2216 BANKSIA, BRIGHTON-LE-SANDS, KYEEMAGH, ROCKDALE 1.68 1.27 0.65 1.3655 4213 AUSTINVILLE, BONOGIN, MUDGEERABA, NERANWOOD, SPRINGBROOK, TALLAI, WORONGARY 1.68 1.98 1.24 1.23


27/35

Structured Finance


Australian Worst 100 Postcodes Ranked by Number of Loans in 30+ Days Arrears (%) (Continued) Rank PostcodeDistricts 30Sep10(%) 31Mar10(%) 30Sep09(%) 31Mar09(%)

56 6059 DIANELLA 1.68 1.40 1.16 1.08

57 2250

BUCKETTY, CALGA, CENTRAL MANGROVE, EAST GOSFORD, ERINA, ERINA FAIR, GLENWORTH VALLEY,

GOSFORD, GREENGROVE, HOLGATE, KARIONG, KULNURA, LISAROW, LOWER MANGROVE, MANGROVE CREEK,MANGROVE MOUNTAIN, MATCHAM, MOONEY MOONEY CREEK, MOUNT ELLIOT, MOUNT WHITE, NARA 1.67 1.51 1.16 1.84

58 3215BELL PARK, BELL POST HILL, DRUMCONDRA, GEELONG NORTH, HAMLYN HEIGHTS, NORTH GEELONG,RIPPLESIDE 1.65 1.37 1.90 1.40

59 3977BOTANIC RIDGE, CANNONS CREEK, CRANBOURNE, CRANBOURNE EAST, CRANBOURNE NORTH, CRANBOURNESOUTH, CRANBOURNE WEST, DEVON MEADOWS, JUNCTION VILLAGE, SANDHURST, SKYE 1.62 1.56 0.88 1.73

60 5118BIBARINGA, BUCHFELDE, CONCORDIA, GAWLER, GAWLER BELT, GAWLER EAST, GAWLER RIVER, GAWLERSOUTH, GAWLER WEST, HEWETT, KALBEEBA, KANGAROO FLAT, KINGSFORD, REID, WARD BELT, WILLASTON 1.60 1.18 0.92 0.95

61 4285

ALLENVIEW, BEAUDESERT, BIRNAM, BROMELTON, CAINBABLE, CEDAR GROVE, CEDAR VALE, CHINGHEE CREEK,CHRISTMAS CREEK, CRYNA, DARLINGTON, GLENEAGLE, HILLVIEW, INNISPLAIN, JOSEPHVILLE, KAGARU,KERRY, KNAPP CREEK, KOORALBYN, LAMINGTON, LARAVALE, MOUNT GIPPS, MUNDOO 1.60 1.08 0.58 1.66

62 4305

BASIN POCKET, BRASSALL, BREMER, CHURCHILL, COALFALLS, EAST IPSWICH, EASTERN HEIGHTS, FLINDERSVIEW, IPSWICH, LEICHHARDT, LIMESTONE RIDGES, MOORES POCKET, NEWTOWN, NORTH IPSWICH, NORTHTIVOLI, ONE MILE, RACEVIEW, SADLIERS CROSSING, TIVOLI, WEST IPSWICH, WO 1.57 1.45 0.83 1.20

63 6076BICKLEY, CARMEL, GOOSEBERRY HILL, HACKETTS GULLY, KALAMUNDA, LESMURDIE, PAULLS VALLEY,PICKERING BROOK, PIESSE BROOK, RESERVOIR, WALLISTON, WALLISTON DC 1.56 0.39 0.27 0.59

64 2171CARNES HILL, CECIL HILLS, ELIZABETH HILLS, HORNINGSEA PARK, HOXTON PARK, LEN WATERS ESTATE,MIDDLETON GRANGE, WEST HOXTON 1.56 1.78 1.61 2.09

65 4020 NEWPORT, REDCLIFFE, REDCLIFFE NORTH, SCARBOROUGH 1.55 1.38 0.83 1.06

66 2756

BLIGH PARK, CATTAI, CENTRAL COLO, CLARENDON, COLO, COLO HE IGHTS, CORNWALLIS, CUMBERLANDREACH, EBENEZER, FREEMANS REACH, GLOSSODIA, LOWER PORTLAND, MAROOTA, MCGRATHS HILL,

MELLONG, MULGRAVE, PITT TOWN, PITT TOWN BOTTOMS, SACKVILLE, SACKVILLE NORTH, SCHEYV 1.55 1.97 1.53 1.92

67 2795

ABERCROMBIE, ABERCROMBIE RIVER, ARKELL, ARKSTONE, BALD RIDGE, BALLYROE, BATHAMPTON, BATHURST,BILLYWILLINGA, BREWONGLE, BRUINBUN, BURRAGA, CALOOLA, CHARLES STURT UNIVERSITY, CHARLTON,CLEAR CREEK, COLO, COPPERHANNIA, COW FLAT, CRUDINE, CURRAGH, DARK CORNE 1.54 1.75 1.11 1.64

68 3214 CORIO, NORLANE, NORTH SHORE 1.54 1.29 1.15 2.0369 2166 CABRAMATTA, CABRAMATTA WEST, CANLEY HEIGHTS, CANLEY VALE, LANSVALE 1.53 1.26 1.19 1.8370 3024 MAMBOURIN, MOUNT COTTRELL, WYNDHAM VALE 1.53 1.19 0.96 1.4471 4000 BRISBANE, BRISBANE ADELAIDE STREET, BRISBANE CITY, BRISBANE GPO, PETRIE TERRACE, SPRING HILL 1.52 0.49 0.64 0.8572 4505 BURPENGARY, BURPENGARY DC, BURPENGARY EAST 1.52 1.18 0.71 1.27

73 2541BANGALEE, BOMADERRY, NORTH NOWRA, NOWRA, NOWRA DC, NOWRA EAST, NOWRA NORTH, SOUTHNOWRA, WEST NOWRA 1.52 0.79 0.88 1.48

74 4655

BOORAL, BUNYA CREEK, CRAIGNISH, DUNDOWRAN, DUNDOWRAN BEACH, ELI WATERS, GREAT SANDY STRAIT,HERVEY BAY, HERVEY BAY DC, KAWUNGAN, KINGFISHER BAY RESORT, NIKENBAH, PIALBA, POINT VERNON,RIVER HEADS, SCARNESS, SUNSHINE ACRES, SUSAN RIVER, TAKURA, TOOGOOM, TO 1.52 1.17 0.95 1.24

75 4216 BIGGERA WATERS, COOMBABAH, HOLLYWELL, PARADISE POINT, RUNAWAY BAY, SOUTH STRADBROKE 1.52 1.17 1.29 1.38

76 2750EMU HEIGHTS, EMU PLAINS, JAMISONTOWN, LEONAY, PENRITH, PENRITH PLAZA, PENRITH SOUTH, SOUTHPENRITH 1.51 1.09 1.51 1.68

77 2146 OLD TOONGABBIE, TOONGABBIE, TOONGABBIE EAST 1.51 0.81 0.77 1.0678 4878 BARRON, CARAVONICA, HOLLOWAYS BEACH, MACHANS BEACH, SMITHFIELD, YORKEYS KNOB 1.50 1.25 0.76 1.45

79 2148ARNDELL PARK, BLACKTOWN, BLACKTOWN WESTPOINT, HUNTINGWOOD, KINGS PARK, MARAYONG,PROSPECT 1.50 1.49 1.25 1.97

80 5108 PARALOWIE, SALISBURY, SALISBURY DOWNS, SALISBURY NORTH, SALISBURY NORTH WHITES ROAD 1.48 1.69 1.13 1.4581 4128 SHAILER PARK, TANAH MERAH 1.47 0.87 0.46 0.5682 4114 KINGSTON, LOGAN CENTRAL, LOGAN CITY DC, WOODRIDGE 1.46 1.44 1.37 2.24

83 2830

BALLIMORE, BARBIGAL, BENI, BOOTHENBA, BROCKLEHURST, BRUAH, BUNGLEGUMBIE, BURRABADINE,BUTLERS FALLS, COOLBAGGIE, CUMBOOGLE, DUBBO, DUBBO DC, DUBBO EAST, DUBBO GROVE, DUBBO WEST,ESCHOL, EULOMOGO, GLENGERRA, GOONOO FOREST, JONES CREEK, KICKABIL, MINORE, MO 1.46 1.33 1.11 1.71

84 6230BUNBURY, CAREY PARK, COLLEGE GROVE, DALYELLUP, DAVENPORT, EAST BUNBURY, GELORUP, GLEN IRIS,PELICAN POINT, SOUTH BUNBURY, USHER, VITTORIA, WITHERS 1.46 0.98 0.79 1.27

85 6061 BALGA, MIRRABOOKA, NOLLAMARA, WESTMINSTER 1.45 1.56 0.89 1.09

86 2170CASULA, CASULA MALL, CHIPPING NORTON, HAMMONDVILLE, LIVERPOOL, LIVERPOOL SOUTH, LIVERPOOLWESTFIELD, LURNEA, MOOREBANK, MOUNT PRITCHARD, PRESTONS, WARWICK FARM 1.44 1.67 1.57 2.11

87 4207

ALBERTON, BAHRS SCRUB, BANNOCKBURN, BEENLEIGH, BELIVAH, BUCCAN, CEDAR CREEK, EAGLEBY, EDENSLANDING, HOLMVIEW, LOGAN VILLAGE, LUSCOMBE, MOUNT WARREN PARK, STAPYLTON, STEIGLITZ,WINDAROO, WOLFFDENE, WOONGOOLBA, YARRABILBA, YATALA, YATALA DC 1.44 1.43 1.21 1.31

88 2285 CAMERON PARK, CARDIFF, CARDIFF HEIGHTS, CARDIFF SOUTH, EDGEWORTH, GLENDALE, MACQUARIE HILLS 1.43 1.49 0.52 1.4189 2768 GLENWOOD, PARKLEA, STANHOPE GARDENS 1.42 1.60 0.99 1.4090 4214 ARUNDEL, ARUNDEL BC, ARUNDEL DC, ASHMORE, ASHMORE CITY, MOLENDINAR, PARKWOOD 1.41 1.04 0.99 0.9491 2749 CASTLEREAGH, CRANEBROOK 1.41 1.46 0.76 1.5992 3037 CALDER PARK, DELAHEY, HILLSIDE, SYDENHAM, TAYLORS HILL 1.40 1.48 0.85 1.5993 2566 BOW BOWING, MINTO, MINTO DC, MINTO HEIGHTS, RABY, ST ANDREWS, VARROVILLE 1.40 1.59 1.08 1.78

94 6065ASHBY, DARCH, HOCKING, KINGSWAY, LANDSDALE, MADELEY, PEARSALL, SINAGRA, TAPPING, WANGARA,WANGARA DC, WANNEROO 1.40 1.66 1.34 1.20

95 4352

BALLARD, BAPAUME, BIRNAM, BLANCHVIEW, BRANCHVIEW, CABARLAH, CAWDOR, CEMENT M

Australian Mortgage Delinquency by Postcode (2010 - September)

Documents

Transcript of Australian Mortgage Delinquency by Postcode (2010 - September)