More Australians Struggle to Pay Mortgage Despite Interest Rate Cut

Around 0.71 percent of CBA customers were over 90 days behind their mortgage payments, the highest level since March 2019.

A man walks past a bank advertising home loans in Melbourne, Australia, on Feb. 7, 2023. William West/AFP via Getty Images

An increasing number of Australian homeowners are having difficulty repaying their mortgages despite the recent interest rate cut in February.

New data (pdf) from the Commonwealth Bank of Australia, the country’s largest retail lender, indicated that there had been a notable increase in mortgage arrears among its customers.