As the financial landscape continues to evolve, one notable trend emerges — a 33% increase in mortgage repayment arrears lasting between 30 to 89 days. This shift, observed between the June quarters of 2023 and 2022, can be attributed to the transition from low fixed rates to higher variable rates as borrowers exit their initial fixed terms. While this rise signifies the impact of interest rate adjustments, it's important to note that the current arrears levels still stand below those witnessed before the pandemic struck.
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