Australian Mortgage Delinquency by Postcode (2010 - September)

Structured Finance
RMBS
Australia
Special Report
Australian Mortgage Delinquency

by Postcode 30 September 2010
Analysts
Summary
Structured Finance
James Zanesi
+61 2 8256 0306
james.zanesi@fitchratings.com
David Carroll
+61 2 8256 0333
david.carroll@fitchratings.com
Natasha Vojvodic
+61 2 8256 0350
natasha.vojvodic@fitchratings.com
Ben Newey
+61 2 8256 0341
ben.newey@fitchratings.com
Overall, delinquencies have considerably increased across all six states in Australia.
As of September 2010, 1% of borrowers were one month or more behind on their
scheduled balance. Delinquent borrowers tend to be in arrears on higher-thanaverage outstanding loan balances and 1.54% of the total mortgage balance is not
performing.
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 bank
Standard Variable Rate (SVR) also increased over this period and as of September
2010 stood at 7.40%, negatively affecting delinquencies.
Australia 30+ Day Delinquencies
0.00% To 0.51%
James Leung
+61 2 8256 0322
james.leung@fitchratings.com
0.51% To 1.03%
1.03% To 1.54%
1.54% To 2.05%
Spencer Wilson
+61 2 8256 0320
spencer.wilson@fitchratings.com
2.05% To 2.57%
2.57% To 10.00%
Adam Daman
+61 2 8256 0358
adam.daman@fitchratings.com
Kim Bui
+61 2 8256 0340
kim.bui@fitchratings.com
Courtney Miller
+61 2 8256 0347
courtney.miller@fitchratings.com
Investor Relations
Vickie Brumwell
+61 2 8256 0305
vickie.brumwell@fitchratings.com
Northern
Territory
0.93
Western
Australia
(excl. Perth and South
West)
1.52
The Dinkum Index Q310, Fitch Ratings

Quarterly Australian Residential Mortgage
Performance Report (November 2010)
2
3
4
South
Australia
(excl. Adelaide)
1.42
South
West WA
2.82
7
8
North West &
Western NSW
9
1.89
14
15
16
Tasmania
1.20
Related Research
Australian Mortgage Delinquency by
Postcode 30 September 2009
(December 2009)
1
Far North
and West
1.78
Source: ABS, Fitch
13
17
10
11
18
12
1 Northern QLD
2 Mackay
3 Fitzroy
4 Wide Bay-Burnett
5 Sunshine Coast
6 Darling Downs
7 Richmond-Tweed
8 North NSW
9 Hunter
10 Illawarra
11 South East NSW
12 ACT
13 Murray Murrumbidgee
14 Mallee,Wimmera & Loddon
15 Western VIC
16 Barwon
17 Goulburn & Ovens Murray
18 Gippsland
1.29
1.99
1.44
1.74
1.96
1.62
1.56
1.96
2.08
2.03
1.39
0.74
1.77
1.11
1.62
1.33
1.27
1.06
Regional Highlights
In terms of mortgage performance, regions that have been historically labelled as
the worst performing regions have been impacted the most by the increasing
interest rates: South Western Sydney and the Central Coast north of Sydney, the
Gold Coast in Queensland and the South West region in Western Australia are still
experiencing delinquency rates far above the national average. Fairfield-Liverpool
continues to be the worst performing region in Australia, with one delinquent
mortgage out of 60 and a 30+ day delinquency rate of 2.81%.
Nelson Bay continues to be by far the worst performing postcode overall, recording
a 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.
www.fitchratings.com
21 December 2010
Structured Finance
For the first time in the history of this report, Western Australia is the worst
performing state in terms of 30+ day arrears (1.95%). Delinquency rates in Perth
and 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 in
Queensland have experienced a considerable increase in delinquency rates,
although the delinquency rate for the overall state is in line with the national
average. As of September 2010, four of the worst performing postcodes were
located 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 delinquencies
in the last year are all located in Victoria: Boroondara City, Mornington Peninsula
and Greater Dandengong City.
In this report, Fitch Ratings covers all securitised mortgages (prime and nonconforming) including, for the first time, mortgages which form the collateral of
REPO-eligible transactions with the RBA. As of September 2010, securitised
mortgages represented approximately 13% of all Australian mortgages by volume.
Australian Mortgage Delinquency by Postcode 30 September 2010

December 2010
Structured Finance
Background
This is Fitchs fifth report covering the performance of Australian mortgages by
postcode. The analysis is based on loan-by-loan data for Australian securitised
residential mortgages and provides a window on the Australian mortgage market as
a whole and specifically, the performance of mortgages across postcodes.
For the purpose of this report, Fitch has used its mortgage performance data to
divide Australian mortgage performance by geography. The agency has done this by
placing an emphasis on the postcode in which the security property is located. In
this manner, Fitch is able to analyse missed payments on residential mortgages in
Australia at varying levels of granularity, including by state, city, region and
postcode.
As not all of the mortgages are owner-occupied, the location of the property might
be different than the residency of the borrower and the business focus of the
lender. Therefore, for small geographical areas such as postcodes, the study
provides more information on the performance of the secured property market
rather than the creditworthiness of the residents in that particular area, or the
performance of a specific lenders portfolio. For example, while properties in one
geographical area may form collateral for investment properties, the borrower
might be resident anywhere else in Australia (eg in a metropolitan city). According
to the Reserve Bank of Australia (RBA), 30.12% of the mortgages are currently
investment properties. Even if the location of the property might not always tell
the credit profile of the obligor, it remains a discriminating factor in performance.
This study has been devised to examine Australian mortgage delinquency at a
granular level and to highlight areas of stress in the Australian mortgage market
that may not be in evidence when looking at national or even state-based data. The
variability of the performance of postcodes across Australia is a reminder to those
reviewing RMBS performance that the geographic diversity of a portfolio is an
important attribute to be considered.
The study relies on data from home loans that have been securitised in the
Australian market. This year, the study also takes into account the loans of REPOeligible transactions with the RBA, as such transactions are now well-seasoned. At
30 September 2010, the study included approximately 900,000 loans (730,000 at 30
September 2009) with a total outstanding balance of over AUD155bn (AUD118bn at
30 September 2009). While the volume of data has increased due to the inclusion of
REPO-eligible transactions, the total outstanding balance of securitised mortgages
has decreased by approximately 24% since September 2009. Currently, the volume
of securitised mortgages in the study represents approximately 13% by value of the
total housing loan stock in Australia and provides a good proxy for the performance
of the Australian residential housing finance sector. The data includes both
conforming and non-conforming securitised residential loans.
Methodology
In order to compare different geographical areas across Australia, Fitch displays
statistics both by postcode and by regions. Fitch started to provide statistics about
specific geographical regions in 2007, when it highlighted the divergence in
performance between South West Sydney and the rest of New South Wales. In
March 2008, Fitch presented for the first time a detailed overview about the
performances among the 54 largest regions in Australia.
While in this report Fitch has continued to use the same postcode classification, it
also decided to further increase the number of regions that are covered in the
study. In its previous report, Fitch analysed exclusively the largest Statistical
Subdivisions (SSD), as classified by the Australian Bureau of Statistics (ABS), with an
outstanding mortgage balance greater than AUD1.0bn. Such criteria allowed the
agency to quickly assess the performance in a specific and geographically-delimited
December 2010
Structured Finance
area and, at the same time, avoid the risk of running into statistically misleading
results. On the other hand, such methodology does not easily allow Fitch to cover
the whole Australian territory, as it focuses on the most densely populated areas.
Moreover, it is relatively hard to capture the divergence in performance between
metropolitan 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 by
the ABS. While some cities (eg Sydney and Melbourne) allow further segmentation
and in turn, show geographical differences within the metropolitan area itself, this
is not always possible: for example, the portion and size of the sample in small
areas such as Darwin might lack statistical significance. Fitch has therefore decided
to 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 in
the Northern Territory in one geographical area, as this provides a significant
sample 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 statistical
significance 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 for
Statistical Subdivisions (SSD) as defined by the ABS. The 47 SSD in the five biggest
cities have remained the same since the last report. Other SSD, which have
previously been excluded from Fitchs report, have been grouped together in larger
divisions (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 six
maps for regional performance (Australia, Sydney, Melbourne, Brisbane, Perth and
Adelaide). While the postcode maps show the location of the twenty worst
performing postcodes, the regional maps show which geographical areas are
currently experiencing higher or lower than average 30+ day arrears by dollar
amount. Information by number of loans in arrears is provided in tables, but is not
displayed in geographical maps.
The colour of a specific region indicates whether it is under- or over-performing the
national average: arrears are grouped into quintile in relation to the national
average at a particular reporting date. For example, as of September 2010,
Australian securitised mortgage arrears amounted to 1.54%, and 30+ day arrears are
displayed 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 for
each region. Furthermore, the maps show whether performance has deteriorated or
improved from the last reporting date (in this case, September 2009).

December 2010
Structured Finance
Residential Loan Performance by Region
Australia - Historical
Performance of States
Australia 30+ Day Delinquencies
0.00% To 0.51%
NSW
QLD
SA
0.51% To 1.03%
TAS
VIC
WA
1.03% To 1.54%
(%)
2.5
1.54% To 2.05%
2.0
2.57% To 10.00%
2.05% To 2.57%
1.5
Northern
Territory
0.93
1.0
0.5
Western
Australia
(excl. Perth and South
West)
1.52
0.0
Mar Jun Sep Dec Mar Jun Sep
09 09 09 09 10 10 10
Source: Fitch
QLD and WA have experienced a

remarkable
deterioration
in
performance over the last year
Australia - House Price

Appreciation in the Last 3
Years
Sydney
Melbourne
Brisbane
Adelaide
Perth
Canberra
8 Capitals
140
130
120
110
1
2
Far North
and West
1.78
3
4
South
Australia
(excl. Adelaide)
1.42
South
West WA
2.82
7
8
North West &
Western NSW
9
1.89
14
15
13
17
10
11
18
12
16
Tasmania
1.20
Source: ABS, Fitch
1 Northern QLD
2 Mackay
3 Fitzroy
4 Wide Bay-Burnett
5 Sunshine Coast
6 Darling Downs
7 Richmond-Tweed
8 North NSW
9 Hunter
10 Illawarra
11 South East NSW
12 ACT
13 Murray Murrumbidgee
14 Mallee,Wimmera & Loddon
15 Western VIC
16 Barwon
17 Goulburn & Ovens Murray
18 Gippsland
1.29
1.99
1.44
1.74
1.96
1.62
1.56
1.96
2.08
2.03
1.39
0.74
1.77
1.11
1.62
1.33
1.27
1.06
Overall, delinquencies have increased considerably across all of the six states in
Australia. As of September 2010, the average 30+ day delinquency ratio by dollar
amount 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 arrears
and that delinquent borrowers tend to have higher-than-average outstanding loan
balances. As house prices, the Australia economy and unemployment are stabilising,
the increase in the mortgage rate remains the main variable to impact households
affordability.
100
90
Sep 07
Sep 08
Source: ABS, Fitch
Sep 09
Sep 10
Sept 2007 = 100
The Melbourne housing market

has strongly appreciated during
the last three years, while
Perth house price growth has
been modest
Australia - Historical 30+ Day Arrears of Selected Regions
(%)
Blacktown
Central Coast Sydney
South West WA
Fairfield-Liverpool
Outer Western Sydney
ACT
Boroondara City
Inner Melbourne
Lower Northern Sydney
Northern Middle Melbourne
Australia
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Mar 09
Jun 09
Sep 09
Dec 09
Mar 10
Jun 10
Sep 10
Source: Fitch
Queensland and Western Australia have experienced a remarkable deterioration in

performance over the last year, with 30+ day arrears increasing to respectively
1.54% 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 be
the best performing, with a delinquency ratio of 0.71% and less than one
delinquency out of two hundred mortgages on average.
21 December 2010
Structured Finance
For the first time in the history of this series of reports, NSW is not the worst
performing state in terms of 30+ delinquencies by dollar amount. Mortgage arrears
in Western Australia have worsened considerably over the past year and especially
over the last quarter (for more information see the Western Australia section on
page 17). As in Fitchs previous reports, the worst performing geographical areas in
Australia are located in the west side of Sydney. Interestingly, performance in
South West WA has strongly deteriorated and this has been reflected both at a
regional 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
The number of regions
located in Western Australia
among the 10 worst
performing has increased
The East Gold Coast
continues to be the worst
performing region in QLD
Victorian regions tend to be
among the best performing
regions in Australia
10 Worst Performing Fitch Regions in Australia By Value

As at 30 September 2010
Rank
1
2
3
4
5
6
7
8
9
10
Region
Fairfield-Liverpool
South West WA
Blacktown
Outer South Western Sydney
Gold Coast East
Hunter
South West Metro Perth
East Metropolitan Perth
As at 31 March 2010
State
NSW
WA
NSW
NSW
NSW
NSW
QLD
NSW
WA
WA
30+ day
arrears
(%)
2.81
2.80
2.74
2.65
2.56
2.42
2.26
2.08
2.07
2.03
Region
Fairfield-Liverpool
Blacktown
Gold Coast East
South West WA
Gold Coast West
Hume City
Mackay
State
NSW
NSW
NSW
NSW
NSW
QLD
WA
QLD
VIC
QLD
30+ day
arrears
(%)
2.84
2.59
2.50
2.50
2.45
2.11
2.08
2.04
2.02
2.01
Source: Fitch, ABS
Fairfield-Liverpool continues to be the worst performing region in Australia, above

other NSW regions such as the Central Coast and Blacktown. The deterioration in
Blacktown has been considerable; it is currently the third worst-performing region
by arrears amount and the second worst-performing region by delinquent loan
number. Delinquencies in the Canterbury-Bankstown region have now stabilised and
in relative terms the region is no longer among the ten worst performing regions; as
of September 2010, it was the nineteenth worst performing region.
10 Worst Performing Regions in Australia By Number

Rank
1
2
3
4
5
6
7
8
9
10
Fitch Region
Fairfield-Liverpool
Blacktown
South West WA
North West NSW
Logan City
(incl. Beaudesert Shire)
Melton-Wyndham
Gold Coast East
As at 31 March 2010
State
NSW
NSW
NSW
NSW
NSW
WA
NSW
QLD
VIC
QLD
30+ day
arrears
(%)
1.76
1.69
1.67
1.61
1.60
1.45
1.42
Fitch Region
Fairfield-Liverpool
Blacktown
Hume City
Melton-Wyndham
1.39 Murray & Murrumbidgee

1.36 North West NSW
1.35 South West WA
State
NSW
NSW
NSW
NSW
NSW
VIC
VIC
VIC
NSW
WA
30+ day
arrears
(%)
1.80
1.75
1.71
1.69
1.60
1.55
1.42
1.42
1.39
1.34
Source: Fitch, ABS
While in September 2009 just one out of the 10 worst performing regions was
located in Western Australia, today that number has increased to three (as the
south west and east part of Perth have experienced a higher degree of
deterioration than other regions in Australia). Of particular note is the increase in
delinquencies in South Western WA, where 2.80% of the mortgage balance in the
analysis is not performing. This is almost a 50% increase year-on-year (yoy). In

December 2010
Structured Finance
terms of loan number, on average, 15 mortgages out of 1,000 were delinquent in
September 2010.
The East Gold Coast remains the only Queensland region to be among the 10 worst
performing regions by arrears amount. However, three out of the ten regions with
the highest portion of delinquent obligors are from Queensland (Logan City, Gold
Coast East and Caboolture Shire), indicating that an increasing number of borrowers
are experiencing mortgage payment difficulties.
Melton-Wyndham continues to be the worst performing region in Victoria and the
only Victorian region among the 10 worst performing regions by number of
mortgages; 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 Value
Rank
1
2
3
4
5
6
7
8
9
10
Region
Boroondara City
Inner Melbourne
ACT
Northwest Inner Brisbane
Northwest Outer Brisbane
Southern Melbourne
Western Melbourne
Mornington Peninsula Shire
As at 31 March 2010
State
VIC
VIC
NSW
VIC
ACT
QLD
QLD
VIC
VIC
VIC
30+ day
arrears
(%)
0.27
0.66
0.68
0.69
0.71
0.77
0.84
0.84
0.88
0.92
Region
Moreland City
Boroondara City
Inner Melbourne
ACT
NT
Southern Melbourne
Inner Brisbane
State
VIC
VIC
VIC
NSW
ACT
NT
VIC
VIC
QLD
QLD
30+ day
arrears
(%)
0.56
0.58
0.62
0.66
0.67
0.71
0.73
0.75
0.77
0.82
Source: Fitch, ABS
Six out of the ten best performing regions are located in Melbourne. The statistical
subdivision of Borrondara City is currently the best performing region in Australia,
as a considerable number of obligors have cured their delinquent payments in the
last year: on average, only two mortgages out of 1,000 are currently delinquent.
10 Best Performing Regions in Australia By Number

Rank
1
2
3
4
5
6
7
8
9
10
Fitch Region
Boroondara City
Inner Melbourne
ACT
Southeast Inner Brisbane
Southern Melbourne
Inner Brisbane
Northern Beaches
As at 31 March 2010
State
VIC
NSW
VIC
ACT
VIC
QLD
QLD
VIC
QLD
NSW
30+ day
arrears
(%)
0.20
0.39
0.44
0.44
0.46
0.47
0.49
0.54
0.56
0.60
Fitch Region
Boroondara City
Moreland City
Inner Melbourne
Southern Melbourne
ACT
NT
Central Metropolitan Perth
Inner Brisbane
State
VIC
NSW
VIC
VIC
VIC
ACT
NT
WA
QLD
QLD
30+ day
arrears
(%)
0.38
0.39
0.42
0.44
0.46
0.46
0.49
0.52
0.54
0.54
Source: Fitch, ABS
Lower Northern Sydney is the only subdivision of New South Wales to be among the
best ten regions, boasting the lowest portion of mortgage balances in arrears. The
Northern Beaches subdivision (located north east of Sydney) is the second best
performing area in NSW, with six mortgages out of 1,000 being delinquent.
Northwest Inner and Northwest Outer Brisbane continue to be among the best
performing regions in Queensland by arrears amount.

December 2010
Structured Finance
Residential Loan Performance by Suburb
Nelson Bay continues to be by
far the worst performing
postcode, by arrears value
and loan number
Six of the postcodes from
September 2009 are still
among the twenty worst
performing
Eight out of the twenty worst
performing postcodes are
located around Sydney
Surfers Paradise is the worst
performing postcode in QLD,
with a 4.3% delinquency rate
20 Worst Performing Postcodes in Australia by Value

Post
Rank code
1
2315
2
2262
3
4217
4
2164
5
2759
6
6210
7
2190
8
6167
9
2766
10
2168
11
6064
12
2280
13
2176
14
2747
15
4132
16
2753
17
6110
18
6069
19
4212
20
4000
State
NSW
NSW
QLD
NSW
NSW
WA
NSW
WA
NSW
NSW
WA
NSW
NSW
NSW
QLD
NSW
WA
WA
QLD
QLD
Suburb
Nelson Bay
Budgewoi
Surfers Paradise
Smithfield
St Clair
Mandurah
Greenacre
Casuarina
Rooty Hill
Green Valley
Marangaroo
Belmont
Bossley Park
Kingswood
Crestmead/Marsden
Richmond
Gosnells
Swan
Helensvale
Brisbane
As at 31 March 2010
30+ day
arrears
(%)
8.0
4.4
4.3
4.1
3.9
3.9
3.8
3.8
3.7
3.7
3.6
3.7
3.7
3.6
3.6
3.5
3.4
3.3
3.3
3.3
Post
code
2315
2164
6167
2156
4212
2224
2263
2780
2262
2753
2770
2767
2168
2190
6110
3337
2571
4217
2756
2761
State
NSW
NSW
WA
NSW
QLD
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
WA
VIC
NSW
QLD
NSW
NSW
Suburb
Nelson Bay
Smithfield
Casuarina
Kenthurst
Helensvale
Sylvania
Gorokan
Blue Mountains
Budgewoi
Richmond
Mount Druitt
Doonside/Woodcroft
Green Valley
Greenacre
Gosnells
Melton
Wilton
Surfers Paradise
Womerah
Oakhurst/Plumpton
30+ day
arrears
(%)
6.8
5.0
4.9
4.7
4.6
4.6
4.0
3.9
3.9
3.7
3.7
3.6
3.6
3.5
3.4
3.4
3.3
3.3
3.2
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 are
excluded in the analysis, as Fitch believes that the sample does not have a
sufficient size to provide useful and reliable information.
Moreover, only postcodes with more than 500 securitised loans and more than 10
delinquent loans are included among the worst performing loans. In relatively small
postcodes, a few jumbo loans falling into arrears could easily exaggerate the real
deterioration in such areas.
Eight out of the twenty worst performing postcodes are located around Sydney (see
map Worst 20 Performing Australian Postcodes including Sydney on page 9).
However, Nelson Bay which includes the areas of Corlette, Fingal Bay, Nelson Bay
and 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, such
as Budgewoi (NSW), Mandurah (WA), Casuarina (WA), Richmond (NSW) and
Helensvale (QLD), continue to be among the worst performing postcodes.

December 2010
Structured Finance
Worst 20 Performing Australian Postcodes Excluding Sydney
4000
Brisbane
NT
QLD
6064
Marangaroo
6069
Swan
4212
Helensvale
4132
Crestmead/
Marsden
WA
4217
Surfers
Paradise
SA
6167
Casuarina
NSW
6110
Gosnells
6210
Mandurah
2315
Nelson Bay
VIC
TAS
Source: ABS, Fitch
Apart from Sydney, the other worst performing suburbs are located around Brisbane
and Perth. As of September 2010, no postcode from the Australian Capital Territory,
the Northern Territory or Tasmania was among the twenty worst performing
postcodes.
Worst 20 Performing Australian Postcodes Including Sydney
2280,
Belmont
2262,
Budgewoi
2753, Richmond
2747, Kingswood
2759, St Clair
2766, Rooty Hill

2164, Smithfield
2176, Bossley Park
2168, Green Valley
SYDNEY
2190, Greenacre
Source: ABS, Fitch
No postcode located in Victoria and South Australia is among the worst performing
postcodes by value; however, this is not the case when looking at the statistics by
number of mortgages in arrears: Hampton Park (VIC) and Salisbury Heights (SA) are

December 2010
Structured Finance
the worst performing postcodes in Victoria and South Australia, with respectively 22
and 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 of
deterioration in the last year. On the other hand, Floreat/Wembley (WA) is no
longer among the 20 worst performing postcodes. The deterioration in performance
is not however limited to a few postcodes, as the whole Perth and South West
region 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 in
Queensland by number and value. Surfers Paradise has experienced a large degree
of deterioration and currently, on average, 23 mortgages out of 1,000 are not
performing, representing 4.3% of the balance of mortgages with properties located
in that postcode. Unexpectedly, Inner Brisbane is also among the worst twenty
postcodes by value.
20 Worst Performing Postcodes in Australia by Number

Post
Rank code
1
2315
2
2262
3
4132
4
6167
5
2164
6
2766
7
2759
8
2168
9
4217
10
6064
11
2190
12
6110
13
3976
14
2747
15
6210
16
4280
17
2176
18
2280
19
5109
20
2575
30+ day
arrears (%)
State Suburb
NSW Nelson Bay
3.3
NSW Budgewoi
3.0
QLD Crestmead/Marsden
2.7
WA
Casuarina
2.6
NSW Smithfield
2.5
NSW Rooty Hill
2.5
NSW St Clair
2.4
NSW Green Valley
2.4
QLD Surfers Paradise
2.3
WA
Marangaroo
2.3
NSW Greenacre
2.3
WA
Gosnells
2.2
VIC
Hampton Park
2.2
NSW Kingswood
2.2
WA
Mandurah
2.2
QLD Jimboomba
2.2
NSW Bossley Park
2.1
NSW Belmont
2.1
SA
Salisbury Heights
2.1
NSW High Range
2.1
As at 31 March 2010
Post
code
2315
2164
6167
2780
2262
2571
6110
2263
2767
2168
2156
2770
2224
2760
4212
2190
2580
2577
2761
2753
State
NSW
NSW
WA
NSW
NSW
NSW
WA
NSW
NSW
NSW
NSW
NSW
NSW
NSW
QLD
NSW
NSW
NSW
NSW
NSW
Suburb
Nelson Bay
Smithfield
Casuarina
Blue Mountains
Budgewoi
Wilton
Gosnells
Gorokan
Doonside/Woodcroft
Green Valley
Kenthurst
Mount Druitt
Sylvania
St Marys
Helensvale
Greenacre
Tarlo
Werai
Oakhurst/Plumpton
Richmond
30+ day
arrears
(%)
3.4
3.2
3.1
2.6
2.6
2.4
2.4
2.4
2.4
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.2
2.2
2.2
2.2
Source: Fitch, ABS

December 2010
10
Structured Finance
New South Wales
NSW Unemployment
(%)
8
NSW
Sydney
6
4
2
Oct 07
Oct 08
Oct 09
Oct 10
Source: ABS, Fitch
Sydney- House Price

Appreciation in the last 3 Years
Sydney
8 Capitals
120
115
110
105
100
95
90
Sep 07
Sep 08
Source: ABS, Fitch
Sep 09
Sep 10
Sept 2007 = 100
The increase in 30+ day arrears is mainly

due to constraints on household
affordability following the increase in
interest rates
New South Wales - Arrears

30-60 days
90+ days
60-90 days
0-30 days
(%)
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Sep 09 Dec 09 Mar 10 Jun 10 Sep 10
Source: Fitch
Regions
that
have
historically
experienced higher than average
arrears, such as South West & Western
Sydney have been impacted the most.
As of September 2010, NSW dropped the tag of worst performing state in terms of
mortgages in arrears, as delinquencies have considerably increased in Western
Australia over the last year. The study has analysed the performance of over
280,000 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 the
national average of 1.54%. Sydney is performing in line with the rest of NSW, with a
delinquency rate of 1.80%.
While 90+ day arrears have been overall stable since September 2009, 30-60 day
arrears have been constantly increasing, as households have had to deal with higher
mortgage payments.
Following the peak in March 2009, unemployment has constantly improved over the
last year; it is now in line with historical levels. Moreover, NSW remains a welldiversified economy. As of August 2010, the majority of residents were employed in
the 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 of
employment, given the impact of the Global Financial Crisis (GFC) on the banking
sector and the impact of the dollar on the tourism and manufacturing sectors. At
the moment, the main risk to households affordability is represented by an
eventual further increase in mortgage rates.
In this report, Fitch has analysed the Sydney metropolitan area according to ABSs
statistical subdivisions. As mentioned, Fairfield/Liverpool, Blacktown and the
Central Coast (previously known as Gosford-Wyong) continue to be the worst
performing suburbs in Sydney and NSW. Regions around these areas still have higher
than average delinquency rates. Consequently, the majority of the worst
performing postcodes in Australia are located in or nearby Fairfield/Liverpool and
Blacktown (eg Smithfield, St Clair, Rooty Hill, Green Valley, Bossley Park,
Kingswood and Richmond) (see the section Residential Loan Performance by
Suburb on page 8). According to ABS data, the unemployment rate in

December 2010
11
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 been
historically 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 these
specific regions to fluctuations in interest rates. The fact that performance in these
regions has particularly worsened in March 2010, after the three consecutive
interest rate hikes in Q409, supports this conclusion. The credit performance in
terms of mortgage arrears in these areas has also considerably worsened since
September 2009.
Sydney - Historical 30+ Day Arrears of Selected Regions

(%)
Blacktown
Eastern Suburbs
Fairfield-Liverpool
Central Coast
Inner Sydney
Northern Beaches
Sydney
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Mar 09
Jun 09
Sep 09
Dec 09
Mar 10
Jun 10
Sep 10
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 or
Blacktown. Despite it being the third largest urban area in NSW, the Central Coast
strongly relies on tourism from Sydney and Newcastle. The area is also a known
location for holiday homes and investment properties for Sydney residents.
Lower Northern Sydney continues to be the best performing suburb in NSW, with a
0.68% delinquency rate. Lower Northern Sydney is considered to be a more affluent
area; according to ABS data, approximately 40% of wage and salary earners are
represented by professionals and associate professionals and the average income in
the Lower Northern Sydney region is AUD68,600 (in comparison to the NSW average
of approximately AUD46,500). Mosman, which is a suburb located in this area, had
the highest average income in NSW (AUD109,500). Regions around this area and
close to the city are also out-performing the national average (eg Inner Sydney,
Inner West Sydney, Eastern Suburbs and Northern beaches). Moreover, mortgage
performance 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 will
continue to experience higher than average arrears.

December 2010
12
Structured Finance
Victoria
VIC Unemployment
(%)
8
VIC
Melbourne
6
4
2
Oct 07
Oct 08
Oct 09
Oct 10
Source: ABS, Fitch

Manufacturing
Health Care
Construction
VIC-Work Force
n
350,000
300,000
250,000
200,000
150,000
100,000
50,000
Aug-10
Aug-09
Aug-08
Aug-07
Aug-06
Aug-05
Source: ABS
Melbourne - House Price

Appreciation in the last 3 years
Melbourne
8 Capitals
140
130
120
110
100
90
Sep 07
Sep 08
Source: ABS, Fitch
Sep 09
Sep 10
Sept 2007 = 100
The low and stable unemployment

rate, the diversified and stable
economy and the strong property
market have positively impacted
mortgage performance across Victoria,
and especially in Inner Melbourne.
Melbourne - Historical 30+ Day Arrear of Selected Regions

Boroondara City
Hume City
Melton-Wyndham
South Eastern Outer Melbourne
(%)
Victoria - Arrears
30-60 days
90+ days
In the study, Fitch has analysed approximately 206,000 mortgages for an equivalent
amount 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%). Melbourne
is performing slightly better than the rest of Victoria, with a delinquency ratio of
1.07%. Victorias strengths include a stable and diversified economy, stable
property market, satisfactory affordability and low unemployment rates.
Unemployment in Melbourne has strongly decreased to a current level of 4.8% from
the 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, has
experienced a constant reduction in terms of number of employed people over the
last three years. However, Health Care and especially the Construction sector
have seen an increasing demand for skilled labour. The property market has also
experienced a considerable growth: property prices in Melbourne have increased by
40% in the last three years (twice the increase of the average house price in the
eight capital cities) and by 2.7% in the last quarter.
60-90 days
0-30 days
(%)
2.5
2.0
3.0
Frankston City
Inner Melbourne
Melbourne
2.5
2.0
1.5
1.5
1.0
1.0
0.5
0.0
Source: Fitch
0.5
0.0
Mar 09
Jun 09
Sep 09
Dec 09
Mar 10
Jun 10
Sep 10
Source: Fitch
21 December 2010
Structured Finance
A number of divisions of Inner Melbourne are outperforming the Australian average
delinquency rate. Five Melbourne regions are among the ten best performing
suburbs by loan balance. South-East Melbourne, Northern Middle Melbourne, Inner
Melbourne and Borroondara City are also among the better performing suburbs by
loan number, with respectively 54, 46, 44 and 20 loans out of 10,000 being
delinquent for more than 30 days. In the inner city of Melbourne, on average only
one out of two hundred mortgages is currently behind on its payments. Melbourne is
performing soundly, as employment is low and the property market is still relatively
strong.
Fitchs study on mortgage delinquencies across Australia shows that arrears are
mainly concentrated in the north-western part of Melbourne. Melton-Wyndham and
Hume are among the worst performing suburbs in relative terms, with a
delinquency ratio of respectively 2.00% and 1.81%. However, their performance is
not 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 this
area. While there is no data available from ABS, preliminary data from the
Department of Education, Employment and Workplace Relations (DEEWR) estimates
that the unemployment rate in the City of Hume was approximately 10.0% in June
2010 (versus 6.3% one year before).
Although Melton-Wyndham is not known to be a low-income region, it has
historically experienced unemployment levels above the national average.
According to DEEWR, the unemployment level has been overall stable in this
geographical area: preliminary data shows a stable unemployment rate at around
7% in June 2010 (versus 6.8% in June 2009). On the other hand, the local economy is
well diversified; moreover, data recently released by the ABS shows an average
income 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 is
likely that households experienced an interest rate shock in Q110, and those
borrowers 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 price
appreciation, there is no reason to expect a drastic change in delinquency rates in
Victoria in the near term.

December 2010
14
Structured Finance
Queensland
QLD Unemployment
(%)
8
QLD
Brisbane
Brisbane 30+ Day Delinquencies

6
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%
Sunshine
1.96
4
2
Oct 07
Oct 08
Oct 09
Oct 10
Source: ABS, Fitch
Darling Downs
& West
Moreton
1.62
Caboolture
1.77
The peak in unemployment, in

conjunction with the increase in
interest
rates,
has
impacted
households affordability
Northwest
Inner
0.77
Pine
1.21
Brisbane - House Price

Appreciation in the last 3 years
South Inner
0.97
Northwest
0.84
Brisbane
8 Capitals
Ipswich City
1.73
130
110
100
Redland
1.14
SE Outer
1.13
Logan
1.98
120
Inner Brisbane
1.10
West Gold
Coast
2.00
East Gold
Coast
2.26
Source: ABS, Fitch
90
Sep 07
Sep 08
Source: ABS, Fitch
Sep 09
Sep 10
Sept 2007 = 100
As the property market has been

softening, properties have been sold at
a lower pace, and 90+ days arrears
have been slightly accumulating over
time.
Queensland - Arrears
30-60 days
90+ days
60-90 days
0-30 days
(%)
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Source: Fitch
Queensland is the second largest state in terms of securitised mortgage balance.

Fitch has available information on approximately 220,000 mortgages for an
equivalent amount of AUD39bn. At the end of September 2010, the average
delinquency ratio in Queensland was exactly the same as the Australian average of
1.54%. In February 2010, Queensland recorded the highest level of unemployment in
the last six years. The high unemployment, in conjunction with the increase in
interest rates, has seriously impacted households affordability.
This has been reflected in 0-90 day delinquencies. Moreover, preliminary data from
ABS suggests that house prices in Brisbane have decreased over the last quarter. As
the 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, the
unemployment rate has strongly improved since February and was recorded at 5.0%
in October 2010 (versus 6.6% in February 2010). Eventual concerns on affordability
will therefore depend on future monetary policy decisions.
Brisbane - Historical 30+ Day Arrears of Selected Regions

(%)
2.5
Caboolture Shire
Logan City
Brisbane
2.0
1.5
1.0
0.5
0.0
Mar 09
Jun 09
Sep 09
Dec 09
Mar 10
Jun 10
Sep 10
Source: Fitch

December 2010
15
Structured Finance
Delinquency rates have increased for the majority of the Queensland regions since
September 2009. As shown in Fitchs previous reports, the Gold Coast continues to
be 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 worst
performing 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 twenty
worst postcodes in Australia are located in this geographical area (Helensvale and
Surfers Paradise). As of September 2010, the worst performing region in terms of
number of mortgages was Logan City (including Beaudesert Shire) with on average
one loan out of 70 in arrears for more than 30 days.
Inner Brisbane has experienced a considerable increase in delinquency rates, mainly
related to a few loans falling behind in their scheduled balance for one or two months
in the postcode of Brisbane CBD (4,000). Delinquencies have been increasing mainly
in 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 performing
regions in terms of number of borrowers in arrears. Future performance might
therefore 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 the
Gold Coast East are subject to a higher level of volatility than the rest of
Queensland.

December 2010
16
Structured Finance
Western Australia
WA Unemployment
WA
(%)
8
Perth
6
4
2
0
Oct 07
Oct 08
Oct 09
Oct 10
Source: ABS, Fitch
WA - Mining Work Force

Number of Employees
n
100,000
80,000
60,000
40,000
20,000
Aug-10
Aug-09
Aug-08
Aug-07
Aug-06
Aug-05
Aug-04
Source: ABS
Perth - House Prices

Perth
8 Capitals
Fitchs analysis covers 79,600 mortgages across Western Australia, for an equivalent
amount 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 a
rebound in both the tourism and mining industries and a slight improvement in
employment over the last year.
120
115
110
105
100
95
90
Sep 07
Sep 08
Source: ABS, Fitch
Sep 09
Sep 10
Sept 2007 = 100
The stagnant housing market is likely

to be one of the main reasons for poor
mortgage performance.
At the moment the mining industry is
contributing positively to households
affordability
Western Australia - Arrears

30-60 days
90+ days
60-90 days
0-30 days
(%)
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Source: Fitch
The property market in Western Australia may suffer additional volatility in case of
downsizing, 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 Western
Australia, followed by Queensland (26%). However, the mining industry has
rebounded in 2010 and according to ABS, the number of persons employed in this
industry in Western Australia has considerably increased (from 59,000 in August
2009 to almost 87,000 in August this year). The mining industry was also the largest
contributor in the fiscal year 2009-2010 to the Gross State Product (GSP) of Western
Australia. Other industries have also experienced a rebound, contributing positively
to the unemployment rate, which has considerably improved in the last year to
4.2% in October 2010 from 5.9% at September 2009.
The increase in 30+ day arrears since September 2009 is mainly due to the interest
rate shock and volatility in the housing market. From October 2009 until February
2010, 30-60 day arrears almost doubled, as households were impacted by increasing
mortgage rates. Western Australian households were particularly affected by the
increase in interest rates in Q409; however, arrears then stabilised until June 2010,
as borrowers adjusted their spending and curing their missed payments. Housing
prices in Perth have remained overall unchanged since March 2010. As was the case
for Queensland, as the housing market softens, properties are being sold at a slower
pace; 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 West
of Western Australia. With the exception of Poddington, the major mines are

December 2010
17
Structured Finance
located outside the South West region, where the 30+ day delinquency rate is on
average 1.52% (in line with the national average). Therefore, the performance of
the mining industry does not appear to be having an effect on borrowers
performance.
Performance in the South-West region has substantially worsened; as of September
2010, it was second worst performing region in Australia by value, with 2.80% of the
total mortgage balance in arrears (versus 1.90% one year before). Moreover, half of
all delinquencies in the South-West region are more than three months in arrears,
indicating that borrowers are experiencing significant financial distress. The SouthWest region is the most popular tourism area outside Perth and is the object of
what is often referred to as coastal suburbanisation. While numerous reports
have shown how tourism has been impacted locally and internationally due to the
strong dollar (eg the Tourism & Transport Forum has highlighted a decline in
international arrivals in 2009), Fitch cannot exclude the possibility that the increase
in arrears might also be due to the investment mortgages or second-home
mortgages of Perth residents being particularly affected by the recent financial
crisis.
For example, Mandurah, which is the worst performing postcode in the South West
region of Western Australia, has an economy which depends on tourism. It is also
the centre of Western Australias third-largest mining region, being located an hour
away from the Poddington mine. Furthermore, major infrastructure development
(eg freeways, railways line) have resulted in Mandurah becoming an attractive
location for investment or second-home properties.
While these factors may combine to have a positive impact on house prices, they
can also generate a degree in volatility as regards credit performance, as the
expectation of future house price appreciation can encourage borrowers to increase
their leverage.
South Australia
SA Unemployment
(%)
8
SA
Adelaide
6
4
2
Oct 07
Oct 08
Oct 09
Oct 10
Source: ABS, Fitch
Adelaide - House Price

Appreciation in the last 3 Years
Adelaide
8 Capitals
130
120
110
100
90
Sep 07
Sep 08
Source: ABS, Fitch
Sep 09
Sep 10
Sept 2007 = 100

December 2010
18
Structured Finance
Fitch has analysed approximately 63,800 mortgages in South Australia for an
equivalent amount of AUD8.8bn. Overall delinquencies in South Australia are below
the national average. Currently, the worst performing region is Northern Adelaide,
for which 1.73% of the securitised mortgage balance is 30+ days in arrears.

December 2010
19
Structured Finance
Australian Regions Ranked by Dollar Amount of 30+ Day Arrears at 30 September 10
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
Region
Fairfield-Liverpool
South West WA
Blacktown
Gold Coast East
Hunter
South West Metropolitan Perth
Illawarra
Melton-Wyndham
Gold Coast West
Mackay
Logan City (incl. Beaudesert Shire)
Sunshine Coast
Mid-North Coast
Canterbury-Bankstown
Central Western Sydney
North West NSW
Murray & Murrumbidgee
North Metropolitan Perth
Hume City
Caboolture Shire
Wide Bay-Burnett
Northern Adelaide
Ipswich City
South East Metropolitan Perth
Frankston City
Central Highlands & Western District
Darling Downs & West Moreton
St George-Sutherland
Richmond-Tweed
Central Northern Sydney
WA (excl. Perth and South West)
Fitzroy
SA Regional
South Eastern NSW
Barwon
Northern Outer Melbourne
Northern QLD
Inner Western Sydney
Goulburn & Ovens-Murray
Inner Sydney
Pine Rivers Shire & Redcliffe City
TAS
Eastern Suburbs
Redland Shire
Southeast Outer Brisbane
Yarra Ranges Shire Part A
Northern Beaches
Mallee, Wimmera & Loddon
Inner Brisbane
Southern Adelaide
Eastern Adelaide
Gippsland (incl. East Gippsland)
Eastern Outer Melbourne
Western Adelaide
Greater Dandenong City
Moreland City
Eastern Middle Melbourne
NT
Western Melbourne
Southern Melbourne
State
NSW
WA
NSW
NSW
NSW
NSW
QLD
NSW
WA
WA
NSW
VIC
QLD
QLD
QLD
QLD
NSW
WA
NSW
NSW
NSW
VIC
WA
VIC
VIC
QLD
QLD
SA
QLD
WA
VIC
VIC
VIC
QLD
NSW
NSW
NSW
WA
QLD
SA
NSW
VIC
VIC
QLD
NSW
VIC
NSW
QLD
TAS
NSW
QLD
QLD
VIC
NSW
VIC
QLD
SA
SA
VIC
VIC
SA
VIC
QLD
VIC
VIC
NT
VIC
VIC
VIC
QLD

December 2010
30 Sep 10 (%)
2.81
2.80
2.74
2.65
2.56
2.42
2.26
2.08
2.07
2.03
2.03
2.00
2.00
1.99
1.98
1.96
1.96
1.91
1.90
1.89
1.89
1.89
1.86
1.81
1.89
1.77
1.74
1.73
1.73
1.67
1.63
1.62
1.62
1.62
1.58
1.56
1.56
1.49
1.44
1.42
1.39
1.33
1.31
1.29
1.27
1.27
1.21
1.21
1.20
1.18
1.14
1.13
1.11
1.11
1.10
1.10
1.09
1.08
1.06
1.06
1.05
1.00
0.97
0.96
0.94
0.93
0.92
0.88
0.84
0.84
31 Mar 10 (%)
2.84
2.08
2.50
2.59
2.50
2.45
2.11
1.99
1.86
1.54
1.78
1.92
2.04
2.01
1.69
1.80
2.01
0.87
1.99
1.79
1.73
1.82
1.60
2.02
1.82
1.77
1.74
1.54
1.73
1.70
1.77
1.32
1.48
1.48
1.52
1.73
1.41
1.36
1.35
1.29
1.51
1.19
1.35
1.53
1.06
1.26
1.09
1.18
1.23
0.99
1.18
1.05
1.03
1.21
1.11
0.77
0.93
0.95
1.28
0.95
1.03
1.67
0.98
0.56
1.01
0.71
1.39
0.99
0.73
0.95
30 Sep 09 (%)
2.29
1.90
2.21
1.95
2.14
1.88
1.80
1.93
1.43
1.37
1.81
1.49
1.59
1.01
1.37
1.50
1.61
1.04
1.96
1.53
1.47
1.36
1.20
1.20
1.36
1.44
1.27
1.15
1.29
1.42
1.32
0.93
1.17
0.79
1.28
1.24
1.18
1.34
0.90
1.06
1.43
1.15
1.12
0.77
1.34
1.06
1.11
0.73
0.96
1.21
1.11
0.79
1.11
1.06
1.02
0.67
0.65
1.07
0.88
0.72
0.85
1.12
0.80
0.88
0.75
0.62
1.39
0.83
0.71
0.71
31 Mar 09 (%)
3.38
2.45
3.06
2.93
2.91
2.67
2.24
2.83
1.87
1.92
2.60
2.09
1.89
1.19
1.59
1.76
1.94
1.46
2.36
2.14
2.01
1.59
1.33
1.95
1.59
1.72
1.42
1.51
1.67
1.72
2.03
1.55
1.81
1.28
1.40
1.65
1.61
1.81
1.28
1.35
1.74
1.55
1.86
0.90
1.56
1.41
1.45
1.10
1.03
1.25
1.00
0.84
1.80
1.67
1.16
0.84
0.97
1.07
1.80
0.98
1.21
1.83
0.95
1.03
0.89
0.75
1.64
1.27
0.93
0.84
20
Structured Finance
Australian Regions Ranked by Dollar Amount 30+ Day Arrears at 30 September 10 (Continued)
Rank
71
72
73
74
75
76
Region
ACT
Inner Melbourne
Boroondara City
State
QLD
ACT
VIC
NSW
VIC
VIC
30 Sep 10 (%)
0.77
0.71
0.69
0.68
0.66
0.27
31 Mar 10 (%)
0.82
0.67
0.62
0.66
0.75
0.58
30 Sep 09 (%)
0.55
0.46
0.78
0.82
0.58
0.68
31 Mar 09 (%)
0.50
0.61
0.88
0.76
0.83
0.87
Source: Fitch, ABS

December 2010
21
Structured Finance
Australian Regions Ranked by Number of Loans in 30+ Day Arrears at 30 September 10
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
Region
Fairfield-Liverpool
Blacktown
South West WA
North West NSW
Melton-Wyndham
Gold Coast East
Caboolture Shire
Gold Coast West
Hume City
Ipswich City
Frankston City
Mid-North Coast
Northern Adelaide
Hunter
Mackay
Wide Bay-Burnett
Illawarra
South Eastern NSW
Far North and West QLD
Fitzroy
Sunshine Coast
Richmond-Tweed
SA Regional
Barwon
TAS
Northern QLD
Redland Shire
Inner Sydney
Southern Adelaide
Eastern Suburbs
Western Adelaide
Eastern Adelaide
Western Melbourne
Moreland City
NT
Northern Beaches
Inner Brisbane
Southern Melbourne
State
NSW
NSW
NSW
NSW
NSW
WA
NSW
QLD
VIC
QLD
VIC
QLD
QLD
WA
VIC
QLD
VIC
NSW
WA
SA
NSW
QLD
NSW
QLD
VIC
NSW
NSW
WA
WA
QLD
QLD
NSW
VIC
QLD
QLD
NSW
WA
SA
VIC
VIC
VIC
TAS
VIC
QLD
VIC
QLD
QLD
NSW
NSW
VIC
NSW
QLD
SA
NSW
SA
WA
VIC
NSW
SA
VIC
VIC
VIC
VIC
VIC
QLD
NT
NSW
QLD
VIC
QLD

December 2010
30 Sep 10 (%)
1.76
1.69
1.67
1.61
1.60
1.45
1.42
1.39
1.36
1.35
1.34
1.33
1.31
1.31
1.30
1.28
1.27
1.27
1.27
1.20
1.19
1.18
1.17
1.16
1.16
1.15
1.15
1.15
1.14
1.13
1.13
1.12
1.09
1.08
1.05
1.04
1.04
1.02
0.95
0.91
0.90
0.87
0.87
0.87
0.87
0.86
0.83
0.83
0.83
0.78
0.75
0.73
0.71
0.71
0.71
0.70
0.70
0.70
0.69
0.68
0.66
0.66
0.64
0.61
0.61
0.60
0.60
0.56
0.54
0.49
31 Mar 10 (%)
1.80
1.75
1.69
1.60
1.71
1.34
1.39
1.24
1.42
1.18
1.42
1.24
1.28
1.15
1.55
1.26
1.04
1.32
1.05
1.13
1.34
1.31
1.13
1.27
1.26
1.17
1.27
1.11
1.14
1.23
1.01
1.27
1.04
0.97
1.07
1.05
1.19
0.95
0.87
0.98
0.99
0.94
0.92
0.89
0.90
1.13
0.76
0.75
0.79
0.88
0.66
0.69
0.69
0.60
0.77
0.52
1.11
0.68
0.61
1.18
0.76
0.42
0.70
0.61
0.72
0.49
0.68
0.54
0.46
0.54
30 Sep 09 (%)
1.54
1.35
1.35
1.37
1.28
1.17
1.15
0.99
1.12
0.90
0.98
0.99
0.97
0.90
0.90
0.95
0.69
1.06
0.76
0.82
1.26
0.75
0.98
0.82
0.96
1.14
1.09
0.80
0.94
0.89
0.59
1.26
0.79
0.66
0.82
0.68
0.99
0.79
0.80
0.80
0.71
0.72
0.72
0.47
0.78
0.59
0.68
0.62
0.68
0.87
0.70
0.52
0.51
0.67
0.64
0.55
0.96
0.78
0.59
0.81
0.61
0.59
0.56
0.47
0.53
0.51
0.66
0.43
0.51
0.45
31 Mar 09 (%)
2.16
2.00
1.90
1.84
1.80
1.47
1.61
1.21
1.60
1.14
1.14
1.10
1.16
1.26
1.44
1.16
1.15
1.37
1.12
1.08
1.75
0.85
1.34
1.03
1.45
1.56
1.40
0.91
1.16
0.99
0.91
1.54
1.04
0.92
1.05
0.93
1.23
1.01
1.09
1.12
1.30
0.78
1.15
0.69
0.88
0.70
0.74
0.89
0.88
1.32
0.93
0.51
0.71
0.66
0.81
0.68
1.12
0.95
0.64
1.11
0.90
0.68
0.74
0.56
0.60
0.59
0.96
0.55
0.58
0.56
22
Structured Finance
Australian Regions Ranked by Number of Loans in 30+ Day Arrears at 30 September 10 (Continued)
Rank
71
72
73
74
75
76
Region
ACT
Inner Melbourne
Boroondara City
State
QLD
VIC
ACT
VIC
NSW
VIC
30 Sep 10 (%)
0.47
0.46
0.44
0.44
0.39
0.20
31 Mar 10 (%)
0.54
0.56
0.46
0.44
0.39
0.38
30 Sep 09 (%)
0.42
0.41
0.32
0.51
0.46
0.40
31 Mar 09 (%)
0.31
0.51
0.43
0.60
0.49
0.46
Source: Fitch, ABS

December 2010
23
Structured Finance
Australian Worst 100 Postcodes Ranked by Dollar Amount 30+ Days Arrears (%)
Rank Postcode Districts
1
2315
CORLETTE, FINGAL BAY, NELSON BAY, SHOAL BAY
2
2262
3
4
5
4217
2164
2759
6
7
6210
2190
8
9
10
11
6167
2766
2168
6064
12
13
2280
2176
14
15
2747
4132
16
17
18
19
20
21
2753
6110
6069
4212
4000
2205
22
2171
23
2261
24
6230
25
26
27
2575
2767
4575
28
29
30
31
32
33
34
2250
2160
6169
4213
6059
3976
2760
35
36
37
38
39
40
2770
2565
2142
3337
2216
2165
41
42
43
44
6168
6172
2193
4879
45
46
47
48
5109
2161
2195
4020
49
6076
50
6112
51
2541
52
53
54
55
56
2259
4114
2146
2166
3064
BLUE HAVEN, BUDGEWOI, BUDGEWOI PENINSULA, BUFF POINT, COLONGRA, DOYALSON, DOYALSON NORTH,
HALEKULANI, SAN REMO
BENOWA, BUNDALL, BUNDALL BC, BUNDALL DC, CHEVRON ISLAND, GOLD COAST MC, ISLE OF CAPRI, MAIN
BEACH, SURFERS PARADISE
SMITHFIELD, SMITHFIELD WEST, WETHERILL PARK, WOODPARK
ERSKINE PARK, ST CLAIR
COODANUP, DUDLEY PARK, ERSKINE, FALCON, GREENFIELDS, HALLS HEAD, MADORA BAY, MANDURAH,
MANDURAH DC, MANDURAH EAST, MANDURAH NORTH, MEADOW SPRINGS, SAN REMO, SILVER SANDS,
WANNANUP
CHULLORA, GREENACRE, MOUNT LEWIS
ANKETELL, BERTRAM, CALISTA, CASUARINA, KWINANA BEACH, KWINANA TOWN CENTRE, MANDOGALUP,
MEDINA, ORELIA, PARMELIA, POSTANS, THE SPECTACLES, WANDI
EASTERN CREEK, ROOTY HILL
ASHCROFT, BUSBY, CARTWRIGHT, GREEN VALLEY, HECKENBERG, HINCHINBROOK, MILLER, SADLEIR
ALEXANDER HEIGHTS, GIRRAWHEEN, KOONDOOLA, MARANGAROO
BELMONT, BELMONT NORTH, BELMONT SOUTH, CROUDACE BAY, FLORAVILLE, JEWELLS, MARKS POINT,
VALENTINE
ABBOTSBURY, BOSSLEY PARK, EDENSOR PARK, GREENFIELD PARK, PRAIRIEWOOD, ST JOHNS PARK, WAKELEY
CAMBRIDGE GARDENS, CAMBRIDGE PARK, CLAREMONT MEADOWS, KINGSWOOD, LLANDILO, SHANES PARK,
WERRINGTON, WERRINGTON COUNTY, WERRINGTON DOWNS
CRESTMEAD, MARSDEN
AGNES BANKS, BOWEN MOUNTAIN, GROSE VALE, GROSE WOLD, HOBARTVILLE, LONDONDERRY, RICHMOND,
RICHMOND LOWLANDS, YARRAMUNDI
GOSNELLS, HUNTINGDALE, MARTIN, SOUTHERN RIVER
AVELEY, BELHUS, BRIGADOON, ELLENBROOK, ELLENBROOK EAST, THE VINES, UPPER SWAN
HELENSVALE, HELENSVALE TOWN CENTRE, HOPE ISLAND, SANCTUARY COVE
BRISBANE, BRISBANE ADELAIDE STREET, BRISBANE CITY, BRISBANE GPO, PETRIE TERRACE, SPRING HILL
ARNCLIFFE, TURRELLA, WOLLI CREEK
CARNES HILL, CECIL HILLS, ELIZABETH HILLS, HORNINGSEA PARK, HOXTON PARK, LEN WATERS ESTATE,
MIDDLETON GRANGE, WEST HOXTON
BATEAU BAY, BAY VILLAGE, BERKELEY VALE, BLUE BAY, CHITTAWAY BAY, CHITTAWAY POINT, GLENNING
VALLEY, KILLARNEY VALE, LONG JETTY, MAGENTA, SHELLY BEACH, THE ENTRANCE, THE ENTRANCE NORTH,
TOOWOON BAY, TUMBI UMBI
BUNBURY, CAREY PARK, COLLEGE GROVE, DALYELLUP, DAVENPORT, EAST BUNBURY, GELORUP, GLEN IRIS,
PELICAN POINT, SOUTH BUNBURY, USHER, VITTORIA, WITHERS
ALPINE, AYLMERTON, BALACLAVA, BRAEMAR, BULLIO, COLO VALE, GOODMANS FORD, HIGH RANGE, HILL
TOP, JOADJA, MANDEMAR, MITTAGONG, MOUNT LINDSEY, RENWICK, WATTLE RIDGE, WELBY, WILLOW VALE,
WOODLANDS, YERRINBOOL
DOONSIDE, WOODCROFT
BIRTINYA, BOKARINA, BUDDINA, MINYAMA, PARREARRA, WARANA, WURTULLA
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
MERRYLANDS, MERRYLANDS WEST
SAFETY BAY, SHOALWATER, WAIKIKI, WARNBRO
AUSTINVILLE, BONOGIN, MUDGEERABA, NERANWOOD, SPRINGBROOK, TALLAI, WORONGARY
DIANELLA
HAMPTON PARK
COLYTON, NORTH ST MARYS, OXLEY PARK, ROPES CROSSING, ST MARYS, ST MARYS EAST, ST MARYS SOUTH
BIDWILL, BLACKETT, DHARRUK, EMERTON, HEBERSHAM, LETHBRIDGE PARK, MINCHINBURY, MOUNT DRUITT,
MOUNT DRUITT VILLAGE, SHALVEY, TREGEAR, WHALAN, WILLMOT
BARDIA, DENHAM COURT, INGLEBURN, MACQUARIE LINKS
BLAXCELL, CAMELLIA, CLYDE, GRANVILLE, HOLROYD, ROSEHILL, SOUTH GRANVILLE
KURUNJANG, MELTON, MELTON WEST, TOOLERN VALE
BANKSIA, BRIGHTON-LE-SANDS, KYEEMAGH, ROCKDALE
FAIRFIELD, FAIRFIELD EAST, FAIRFIELD HEIGHTS, FAIRFIELD WEST
COOLOONGUP, EAST ROCKINGHAM, GARDEN ISLAND, HILLMAN, PERON, ROCKINGHAM, ROCKINGHAM BEACH,
ROCKINGHAM DC
PORT KENNEDY
ASHBURY, CANTERBURY, HURLSTONE PARK
CLIFTON BEACH, ELLIS BEACH, KEWARRA BEACH, PALM COVE, TRINITY BEACH, TRINITY PARK
BRAHMA LODGE, SALISBURY EAST, SALISBURY EAST NORTHBRI AVE, SALISBURY HEIGHTS, SALISBURY PARK,
SALISBURY PLAIN
GUILDFORD, GUILDFORD WEST, OLD GUILDFORD, YENNORA
LAKEMBA, WILEY PARK
NEWPORT, REDCLIFFE, REDCLIFFE NORTH, SCARBOROUGH
BICKLEY, CARMEL, GOOSEBERRY HILL, HACKETTS GULLY, KALAMUNDA, LESMURDIE, PAULLS VALLEY,
PICKERING BROOK, PIESSE BROOK, RESERVOIR, WALLISTON, WALLISTON DC
ARMADALE, BEDFORDALE, BROOKDALE, FORRESTDALE, HARRISDALE, HAYNES, HILBERT, MOUNT NASURA,
MOUNT RICHON, PIARA WATERS, SEVILLE GROVE, WUNGONG
BANGALEE, BOMADERRY, NORTH NOWRA, NOWRA, NOWRA DC, NOWRA EAST, NOWRA NORTH, SOUTH
NOWRA, WEST NOWRA
ALISON, BUSHELLS RIDGE, CEDAR BRUSH CREEK, CHAIN VALLEY BAY, CRANGAN BAY, DOORALONG, DURREN
DURREN, FRAZER PARK, FREEMANS, GWANDALAN, HALLORAN, HAMLYN TERRACE, JILLIBY, KANWAL, KIAR,
KINGFISHER SHORES, LAKE MUNMORAH, LEMON TREE, LITTLE JILLIBY, MANNERING
KINGSTON, LOGAN CENTRAL, LOGAN CITY DC, WOODRIDGE
OLD TOONGABBIE, TOONGABBIE, TOONGABBIE EAST
CABRAMATTA, CABRAMATTA WEST, CANLEY HEIGHTS, CANLEY VALE, LANSVALE
CRAIGIEBURN, DONNYBROOK, KALKALLO, MICKLEHAM, ROXBURGH PARK

December 2010
30Sep10(%) 31Mar10(%) 30Sep09(%) 31Mar09(%)

8.02
6.80
6.75
8.55
4.38
3.89
4.05
4.10
4.33
4.09
3.87
3.28
4.96
2.57
2.68
3.28
2.21
3.35
5.19
2.67
3.85
3.84
2.58
3.55
2.64
3.42
3.53
3.28
3.81
3.70
3.69
3.61
4.91
3.13
3.57
2.58
3.52
2.99
2.94
1.59
4.24
5.53
3.94
2.36
3.52
3.47
2.85
2.78
1.80
2.53
2.51
3.46
3.43
3.40
2.70
2.09
1.41
1.05
2.76
1.67
3.36
3.36
3.34
3.34
3.30
3.28
3.75
3.42
1.47
4.64
0.74
2.50
2.75
2.35
1.32
3.03
1.10
2.47
2.78
3.34
2.02
4.47
1.17
2.39
3.15
3.15
3.02
3.55
3.13
2.53
2.22
2.95
3.12
1.83
1.08
2.32
3.09
3.08
3.07
2.39
3.61
1.88
2.20
2.40
2.16
2.75
2.87
3.41
3.06
3.05
3.02
2.99
2.99
2.97
2.95
2.24
3.05
2.42
3.13
2.02
2.73
3.20
1.96
2.53
1.58
2.24
1.99
3.17
3.29
2.92
3.83
2.67
1.95
1.85
2.84
3.62
2.94
2.92
2.92
2.91
2.90
2.89
3.68
2.65
2.12
3.40
2.23
2.93
3.25
2.63
1.34
1.94
1.45
2.08
5.08
3.69
2.05
2.49
1.87
3.75
2.87
2.83
2.81
2.81
2.38
1.60
1.33
2.25
2.17
0.28
0.92
2.53
3.69
0.73
0.63
3.51
2.77
2.74
2.72
2.68
1.07
2.74
1.32
2.20
1.97
2.74
1.33
1.89
2.58
5.21
3.25
2.17
2.68
0.82
0.58
1.27
2.68
2.22
2.09
2.76
2.67
1.19
1.31
2.32
2.67
2.65
2.65
2.62
2.59
2.90
2.29
1.43
2.08
2.20
2.23
1.50
1.02
1.85
1.77
3.12
2.79
1.46
2.95
2.68
24
Structured Finance
Australian Worst 100 Postcodes Ranked by Dollar Amount 30+ Days Arrears (%) (Continued)
57
2325
58
4573
59
60
61
62
4655
2011
6061
6107
63
64
65
2756
6151
6030
66
67
68
4285
2761
4280
69
70
2560
2768
71
72
73
5118
4128
2749
74
3215
75
4207
76
2148
77
78
6065
4216
79
80
2170
2566
81
3977
82
5114
83
84
2430
2285
85
4305
86
87
6330
4558
88
2640
89
2540
90
2580
91
92
93
94
95
96
97
98
99
100
2830
4214
4506
3201
2154
4161
3024
2147
4226
3214
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
COOLUM BEACH, MARCUS BEACH, MOUNT COOLUM, PEREGIAN BEACH, PEREGIAN SPRINGS, POINT
ARKWRIGHT, YAROOMBA
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
ELIZABETH BAY, HMAS KUTTABUL, POTTS POINT, RUSHCUTTERS BAY, WOOLLOOMOOLOO
BALGA, MIRRABOOKA, NOLLAMARA, WESTMINSTER
BECKENHAM, CANNINGTON, EAST CANNINGTON, KENWICK, QUEENS PARK, WATTLE GROVE, WILSON
BLIGH PARK, CATTAI, CENTRAL COLO, CLARENDON, COLO, COLO HEIGHTS, CORNWALLIS, CUMBERLAND
REACH, EBENEZER, FREEMANS REACH, GLOSSODIA, LOWER PORTLAND, MAROOTA, MCGRATHS HILL,
MELLONG, MULGRAVE, PITT TOWN, PITT TOWN BOTTOMS, SACKVILLE, SACKVILLE NORTH, SCHEYV
KENSINGTON, SOUTH PERTH, SOUTH PERTH ANGELO ST
CLARKSON, MERRIWA, MINDARIE, QUINNS ROCKS, RIDGEWOOD, TAMALA PARK
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
COLEBEE, DEAN PARK, GLENDENNING, HASSALL GROVE, OAKHURST, PLUMPTON
JIMBOOMBA, NORTH MACLEAN, SOUTH MACLEAN, STOCKLEIGH
AIRDS, AMBARVALE, APPIN, BLAIR ATHOL, BRADBURY, CAMPBELLTOWN, CAMPBELLTOWN NORTH, CATARACT,
ENGLORIE PARK, GILEAD, GLEN ALPINE, KENTLYN, LEUMEAH, MACARTHUR SQUARE, ROSEMEADOW, RUSE, ST
HELENS PARK, WEDDERBURN, WOODBINE
GLENWOOD, PARKLEA, STANHOPE GARDENS
BIBARINGA, BUCHFELDE, CONCORDIA, GAWLER, GAWLER BELT, GAWLER EAST, GAWLER RIVER, GAWLER
SOUTH, GAWLER WEST, HEWETT, KALBEEBA, KANGAROO FLAT, KINGSFORD, REID, WARD BELT, WILLASTON
SHAILER PARK, TANAH MERAH
CASTLEREAGH, CRANEBROOK
BELL PARK, BELL POST HILL, DRUMCONDRA, GEELONG NORTH, HAMLYN HEIGHTS, NORTH GEELONG,
RIPPLESIDE
ALBERTON, BAHRS SCRUB, BANNOCKBURN, BEENLEIGH, BELIVAH, BUCCAN, CEDAR CREEK, EAGLEBY, EDENS
LANDING, HOLMVIEW, LOGAN VILLAGE, LUSCOMBE, MOUNT WARREN PARK, STAPYLTON, STEIGLITZ,
WINDAROO, WOLFFDENE, WOONGOOLBA, YARRABILBA, YATALA, YATALA DC
ARNDELL PARK, BLACKTOWN, BLACKTOWN WESTPOINT, HUNTINGWOOD, KINGS PARK, MARAYONG,
PROSPECT
ASHBY, DARCH, HOCKING, KINGSWAY, LANDSDALE, MADELEY, PEARSALL, SINAGRA, TAPPING, WANGARA,
WANGARA DC, WANNEROO
BIGGERA WATERS, COOMBABAH, HOLLYWELL, PARADISE POINT, RUNAWAY BAY, SOUTH STRADBROKE
CASULA, CASULA MALL, CHIPPING NORTON, HAMMONDVILLE, LIVERPOOL, LIVERPOOL SOUTH, LIVERPOOL
WESTFIELD, LURNEA, MOOREBANK, MOUNT PRITCHARD, PRESTONS, WARWICK FARM
BOW BOWING, MINTO, MINTO DC, MINTO HEIGHTS, RABY, ST ANDREWS, VARROVILLE
BOTANIC RIDGE, CANNONS CREEK, CRANBOURNE, CRANBOURNE EAST, CRANBOURNE NORTH, CRANBOURNE
SOUTH, CRANBOURNE WEST, DEVON MEADOWS, JUNCTION VILLAGE, SANDHURST, SKYE
ANDREWS FARM, BLAKEVIEW, CRAIGMORE, GOULD CREEK, HUMBUG SCRUB, ONE TREE HILL, SAMPSON FLAT,
SMITHFIELD, SMITHFIELD PLAINS, SMITHFIELD WEST, ULEYBURY, YATTALUNGA
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
CAMERON PARK, CARDIFF, CARDIFF HEIGHTS, CARDIFF SOUTH, EDGEWORTH, GLENDALE, MACQUARIE HILLS
BASIN POCKET, BRASSALL, BREMER, CHURCHILL, COALFALLS, EAST IPSWICH, EASTERN HEIGHTS, FLINDERS
VIEW, IPSWICH, LEICHHARDT, LIMESTONE RIDGES, MOORES POCKET, NEWTOWN, NORTH IPSWICH, NORTH
TIVOLI, ONE MILE, RACEVIEW, SADLIERS CROSSING, TIVOLI, WEST IPSWICH, WO
ALBANY, BAYONET HEAD, BIG GROVE, BORNHOLM, CENTENNIAL PARK, COLLINGWOOD HEIGHTS,
COLLINGWOOD PARK, CUTHBERT, DROME, ELLEKER, EMU POINT, FRENCHMAN BAY, GLEDHOW, GOODE
BEACH, GREEN VALLEY, KALGAN, KING RIVER, KRONKUP, LANGE, LITTLE GROVE, LOCKYER, LOWER KIN
COTTON TREE, KULUIN, MAROOCHYDORE, MAROOCHYDORE BC, MAROOCHYDORE DC, SUNSHINE PLAZA
ALBURY, BUNGOWANNAH, EAST ALBURY, ETTAMOGAH, GLENROY, LAVINGTON DC, MOORWATHA, NORTH
ALBURY, OURNIE, SOUTH ALBURY, SPLITTERS CREEK, TABLE TOP, TALMALMO, THURGOONA, WEST ALBURY,
WIRLINGA, WYMAH
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
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
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
ARUNDEL, ARUNDEL BC, ARUNDEL DC, ASHMORE, ASHMORE CITY, MOLENDINAR, PARKWOOD
MOORINA, MORAYFIELD
CARRUM DOWNS
CASTLE HILL
ALEXANDRA HILLS
MAMBOURIN, MOUNT COTTRELL, WYNDHAM VALE
KINGS LANGLEY, LALOR PARK, SEVEN HILLS, SEVEN HILLS WEST
CLEAR ISLAND WATERS, MERRIMAC, ROBINA, ROBINA DC
CORIO, NORLANE, NORTH SHORE
30Sep10(%) 31Mar10(%) 30Sep09(%) 31Mar09(%)

2.56
2.58
2.05
4.47
2.55
2.72
1.59
1.60
2.55
2.53
2.53
2.52
1.82
1.37
2.45
2.15
1.58
1.52
1.19
1.97
1.85
2.60
1.52
1.92
2.50
2.49
2.49
3.23
1.00
2.41
2.55
0.29
1.45
3.38
1.00
2.21
2.48
2.48
2.47
1.88
3.22
1.47
0.83
1.45
2.65
2.44
2.69
2.74
2.47
2.45
2.29
2.06
1.73
1.47
2.70
2.04
2.45
2.42
2.42
1.46
1.36
2.30
1.03
0.73
1.09
1.14
0.78
2.42
2.41
2.17
3.62
2.33
2.39
2.10
1.55
1.82
2.37
2.28
1.72
2.64
2.35
2.34
2.49
1.92
1.90
2.27
1.56
2.81
2.32
2.25
2.69
2.22
2.12
1.69
3.40
2.62
2.25
2.14
1.22
2.49
2.22
2.47
1.71
1.86
2.21
2.19
3.17
2.55
3.34
0.66
3.44
1.95
2.16
2.03
1.08
1.60
2.15
2.14
2.04
0.86
2.00
0.80
1.65
1.00
2.12
2.55
2.12
3.39
2.08
2.02
2.13
2.84
2.08
2.31
1.80
2.95
2.08
2.08
2.08
2.06
2.05
2.04
2.04
2.02
2.02
2.01
1.87
2.09
1.43
2.16
1.96
1.62
1.52
1.90
1.68
1.28
1.42
1.38
1.68
1.13
1.42
0.75
1.31
1.45
1.56
1.31
2.11
1.42
1.51
2.15
2.42
1.03
1.90
1.93
1.77
3.64
Source: Fitch

December 2010
25
Structured Finance
Australian Worst 100 Postcodes Ranked by Number of Loans in 30+ Days Arrears (%)
1
2315
CORLETTE, FINGAL BAY, NELSON BAY, SHOAL BAY
2
3
2262
4132
4
5
6
7
8
6167
2164
2766
2759
2168
9
10
11
12
13
4217
6064
2190
6110
3976
14
2747
15
16
17
6210
4280
2176
18
2280
19
5109
20
21
22
23
24
25
26
27
28
29
2575
2767
2760
2165
6169
6069
6151
6030
4212
4575
30
31
32
2580
2160
3201
33
34
35
6112
2205
2195
36
37
38
39
2770
2193
2761
6172
40
41
42
2259
6054
2161
43
2261
44
2560
45
46
47
2753
3064
6107
48
49
6168
3337
50
51
52
4510
2142
4226
53
54
55
2325
2216
4213
BLUE HAVEN, BUDGEWOI, BUDGEWOI PENINSULA, BUFF POINT, COLONGRA, DOYALSON, DOYALSON NORTH,
HALEKULANI, SAN REMO
CRESTMEAD, MARSDEN
ANKETELL, BERTRAM, CALISTA, CASUARINA, KWINANA BEACH, KWINANA TOWN CENTRE, MANDOGALUP,
MEDINA, ORELIA, PARMELIA, POSTANS, THE SPECTACLES, WANDI
SMITHFIELD, SMITHFIELD WEST, WETHERILL PARK, WOODPARK
EASTERN CREEK, ROOTY HILL
ERSKINE PARK, ST CLAIR
ASHCROFT, BUSBY, CARTWRIGHT, GREEN VALLEY, HECKENBERG, HINCHINBROOK, MILLER, SADLEIR
BENOWA, BUNDALL, BUNDALL BC, BUNDALL DC, CHEVRON ISLAND, GOLD COAST MC, ISLE OF CAPRI, MAIN
BEACH, SURFERS PARADISE
ALEXANDER HEIGHTS, GIRRAWHEEN, KOONDOOLA, MARANGAROO
CHULLORA, GREENACRE, MOUNT LEWIS
GOSNELLS, HUNTINGDALE, MARTIN, SOUTHERN RIVER
HAMPTON PARK
CAMBRIDGE GARDENS, CAMBRIDGE PARK, CLAREMONT MEADOWS, KINGSWOOD, LLANDILO, SHANES PARK,
WERRINGTON, WERRINGTON COUNTY, WERRINGTON DOWNS
COODANUP, DUDLEY PARK, ERSKINE, FALCON, GREENFIELDS, HALLS HEAD, MADORA BAY, MANDURAH,
MANDURAH DC, MANDURAH EAST, MANDURAH NORTH, MEADOW SPRINGS, SAN REMO, SILVER SANDS,
WANNANUP
JIMBOOMBA, NORTH MACLEAN, SOUTH MACLEAN, STOCKLEIGH
ABBOTSBURY, BOSSLEY PARK, EDENSOR PARK, GREENFIELD PARK, PRAIRIEWOOD, ST JOHNS PARK, WAKELEY
BELMONT, BELMONT NORTH, BELMONT SOUTH, CROUDACE BAY, FLORAVILLE, JEWELLS, MARKS POINT,
VALENTINE
BRAHMA LODGE, SALISBURY EAST, SALISBURY EAST NORTHBRI AVE, SALISBURY HEIGHTS, SALISBURY PARK,
SALISBURY PLAIN
ALPINE, AYLMERTON, BALACLAVA, BRAEMAR, BULLIO, COLO VALE, GOODMANS FORD, HIGH RANGE, HILL
TOP, JOADJA, MANDEMAR, MITTAGONG, MOUNT LINDSEY, RENWICK, WATTLE RIDGE, WELBY, WILLOW VALE,
WOODLANDS, YERRINBOOL
DOONSIDE, WOODCROFT
COLYTON, NORTH ST MARYS, OXLEY PARK, ROPES CROSSING, ST MARYS, ST MARYS EAST, ST MARYS SOUTH
FAIRFIELD, FAIRFIELD EAST, FAIRFIELD HEIGHTS, FAIRFIELD WEST
SAFETY BAY, SHOALWATER, WAIKIKI, WARNBRO
AVELEY, BELHUS, BRIGADOON, ELLENBROOK, ELLENBROOK EAST, THE VINES, UPPER SWAN
KENSINGTON, SOUTH PERTH, SOUTH PERTH ANGELO ST
CLARKSON, MERRIWA, MINDARIE, QUINNS ROCKS, RIDGEWOOD, TAMALA PARK
HELENSVALE, HELENSVALE TOWN CENTRE, HOPE ISLAND, SANCTUARY COVE
BIRTINYA, BOKARINA, BUDDINA, MINYAMA, PARREARRA, WARANA, WURTULLA
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
MERRYLANDS, MERRYLANDS WEST
CARRUM DOWNS
ARMADALE, BEDFORDALE, BROOKDALE, FORRESTDALE, HARRISDALE, HAYNES, HILBERT, MOUNT NASURA,
MOUNT RICHON, PIARA WATERS, SEVILLE GROVE, WUNGONG
ARNCLIFFE, TURRELLA, WOLLI CREEK
LAKEMBA, WILEY PARK
BIDWILL, BLACKETT, DHARRUK, EMERTON, HEBERSHAM, LETHBRIDGE PARK, MINCHINBURY, MOUNT DRUITT,
MOUNT DRUITT VILLAGE, SHALVEY, TREGEAR, WHALAN, WILLMOT
ASHBURY, CANTERBURY, HURLSTONE PARK
COLEBEE, DEAN PARK, GLENDENNING, HASSALL GROVE, OAKHURST, PLUMPTON
PORT KENNEDY
ALISON, BUSHELLS RIDGE, CEDAR BRUSH CREEK, CHAIN VALLEY BAY, CRANGAN BAY, DOORALONG, DURREN
DURREN, FRAZER PARK, FREEMANS, GWANDALAN, HALLORAN, HAMLYN TERRACE, JILLIBY, KANWAL, KIAR,
KINGFISHER SHORES, LAKE MUNMORAH, LEMON TREE, LITTLE JILLIBY, MANNERING
ASHFIELD, BASSENDEAN, BASSENDEAN DC, EDEN HILL, KIARA, LOCKRIDGE
GUILDFORD, GUILDFORD WEST, OLD GUILDFORD, YENNORA
BATEAU BAY, BAY VILLAGE, BERKELEY VALE, BLUE BAY, CHITTAWAY BAY, CHITTAWAY POINT, GLENNING
VALLEY, KILLARNEY VALE, LONG JETTY, MAGENTA, SHELLY BEACH, THE ENTRANCE, THE ENTRANCE NORTH,
TOOWOON BAY, TUMBI UMBI
AIRDS, AMBARVALE, APPIN, BLAIR ATHOL, BRADBURY, CAMPBELLTOWN, CAMPBELLTOWN NORTH, CATARACT,
ENGLORIE PARK, GILEAD, GLEN ALPINE, KENTLYN, LEUMEAH, MACARTHUR SQUARE, ROSEMEADOW, RUSE, ST
HELENS PARK, WEDDERBURN, WOODBINE
AGNES BANKS, BOWEN MOUNTAIN, GROSE VALE, GROSE WOLD, HOBARTVILLE, LONDONDERRY, RICHMOND,
RICHMOND LOWLANDS, YARRAMUNDI
CRAIGIEBURN, DONNYBROOK, KALKALLO, MICKLEHAM, ROXBURGH PARK
BECKENHAM, CANNINGTON, EAST CANNINGTON, KENWICK, QUEENS PARK, WATTLE GROVE, WILSON
COOLOONGUP, EAST ROCKINGHAM, GARDEN ISLAND, HILLMAN, PERON, ROCKINGHAM, ROCKINGHAM BEACH,
ROCKINGHAM DC
KURUNJANG, MELTON, MELTON WEST, TOOLERN VALE
BEACHMERE, BELLMERE, CABOOLTURE, CABOOLTURE BC, CABOOLTURE SOUTH, DONNYBROOK, MELDALE,
MOODLU, ROCKSBERG, TOORBUL, UPPER CABOOLTURE
BLAXCELL, CAMELLIA, CLYDE, GRANVILLE, HOLROYD, ROSEHILL, SOUTH GRANVILLE
CLEAR ISLAND WATERS, MERRIMAC, ROBINA, ROBINA DC
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
BANKSIA, BRIGHTON-LE-SANDS, KYEEMAGH, ROCKDALE
AUSTINVILLE, BONOGIN, MUDGEERABA, NERANWOOD, SPRINGBROOK, TALLAI, WORONGARY

December 2010
30Sep10(%) 31Mar10(%) 30Sep09(%) 31Mar09(%)

3.28
3.37
3.39
4.18
2.97
2.70
2.60
1.54
2.33
0.98
2.45
1.25
2.63
2.54
2.49
2.42
2.38
3.14
3.22
1.85
1.79
2.35
2.12
2.39
1.85
1.49
2.10
2.89
3.60
3.62
1.68
2.62
2.35
2.30
2.27
2.20
2.20
1.64
1.79
2.26
2.43
1.97
1.13
1.11
2.26
1.74
2.11
1.38
1.63
1.95
2.43
2.11
2.17
1.71
0.98
1.95
2.16
2.16
2.13
1.73
1.50
1.85
1.70
2.01
1.67
2.15
2.55
2.23
2.11
1.63
1.23
1.67
2.10
0.85
1.12
1.08
2.09
2.08
2.06
2.06
2.05
1.99
1.98
1.97
1.96
1.95
2.13
2.36
2.29
1.93
1.67
0.99
0.36
1.92
2.27
1.09
2.04
1.61
2.04
1.50
0.97
0.60
0.34
1.07
1.69
1.28
1.78
1.70
2.74
2.32
1.74
1.40
0.41
1.61
2.11
1.72
1.93
1.89
1.88
2.22
1.88
1.85
1.28
1.50
1.12
2.39
2.22
1.90
1.83
1.82
1.82
1.79
1.41
1.19
1.53
1.41
1.06
2.02
1.77
2.48
1.82
1.82
1.79
1.78
2.31
0.83
2.18
1.19
2.12
0.51
1.06
0.30
3.33
0.34
1.77
0.74
1.77
1.77
1.77
1.94
1.54
1.67
1.57
1.07
1.66
2.17
1.36
3.01
1.76
1.87
1.55
2.05
1.76
1.73
1.30
1.95
1.75
1.72
1.72
2.18
1.70
1.42
2.07
1.30
1.53
1.91
1.84
1.56
1.72
1.71
1.30
2.15
1.37
1.22
2.20
1.99
1.70
1.70
1.69
1.59
1.58
1.24
0.88
1.06
0.66
0.95
1.39
1.04
1.68
1.68
1.68
1.64
1.27
1.98
1.71
0.65
1.24
2.80
1.36
1.23
26
Structured Finance
Australian Worst 100 Postcodes Ranked by Number of Loans in 30+ Days Arrears (%) (Continued)
56
6059
DIANELLA
57
2250
58
3215
59
3977
60
5118
61
4285
62
4305
63
6076
64
65
2171
4020
66
2756
67
68
69
70
71
72
2795
3214
2166
3024
4000
4505
73
2541
74
75
4655
4216
76
77
78
2750
2146
4878
79
80
81
82
2148
5108
4128
4114
83
2830
84
85
6230
6061
86
2170
87
88
89
90
91
92
93
4207
2285
2768
4214
2749
3037
2566
94
6065
95
4352
96
97
98
2430
4118
4879
99
100
2640
4504
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
BELL PARK, BELL POST HILL, DRUMCONDRA, GEELONG NORTH, HAMLYN HEIGHTS, NORTH GEELONG,
RIPPLESIDE
BOTANIC RIDGE, CANNONS CREEK, CRANBOURNE, CRANBOURNE EAST, CRANBOURNE NORTH, CRANBOURNE
SOUTH, CRANBOURNE WEST, DEVON MEADOWS, JUNCTION VILLAGE, SANDHURST, SKYE
BIBARINGA, BUCHFELDE, CONCORDIA, GAWLER, GAWLER BELT, GAWLER EAST, GAWLER RIVER, GAWLER
SOUTH, GAWLER WEST, HEWETT, KALBEEBA, KANGAROO FLAT, KINGSFORD, REID, WARD BELT, WILLASTON
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
BASIN POCKET, BRASSALL, BREMER, CHURCHILL, COALFALLS, EAST IPSWICH, EASTERN HEIGHTS, FLINDERS
VIEW, IPSWICH, LEICHHARDT, LIMESTONE RIDGES, MOORES POCKET, NEWTOWN, NORTH IPSWICH, NORTH
TIVOLI, ONE MILE, RACEVIEW, SADLIERS CROSSING, TIVOLI, WEST IPSWICH, WO
BICKLEY, CARMEL, GOOSEBERRY HILL, HACKETTS GULLY, KALAMUNDA, LESMURDIE, PAULLS VALLEY,
PICKERING BROOK, PIESSE BROOK, RESERVOIR, WALLISTON, WALLISTON DC
CARNES HILL, CECIL HILLS, ELIZABETH HILLS, HORNINGSEA PARK, HOXTON PARK, LEN WATERS ESTATE,
MIDDLETON GRANGE, WEST HOXTON
NEWPORT, REDCLIFFE, REDCLIFFE NORTH, SCARBOROUGH
BLIGH PARK, CATTAI, CENTRAL COLO, CLARENDON, COLO, COLO HEIGHTS, CORNWALLIS, CUMBERLAND
REACH, EBENEZER, FREEMANS REACH, GLOSSODIA, LOWER PORTLAND, MAROOTA, MCGRATHS HILL,
MELLONG, MULGRAVE, PITT TOWN, PITT TOWN BOTTOMS, SACKVILLE, SACKVILLE NORTH, SCHEYV
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
CORIO, NORLANE, NORTH SHORE
CABRAMATTA, CABRAMATTA WEST, CANLEY HEIGHTS, CANLEY VALE, LANSVALE
MAMBOURIN, MOUNT COTTRELL, WYNDHAM VALE
BRISBANE, BRISBANE ADELAIDE STREET, BRISBANE CITY, BRISBANE GPO, PETRIE TERRACE, SPRING HILL
BURPENGARY, BURPENGARY DC, BURPENGARY EAST
BANGALEE, BOMADERRY, NORTH NOWRA, NOWRA, NOWRA DC, NOWRA EAST, NOWRA NORTH, SOUTH
NOWRA, WEST NOWRA
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
BIGGERA WATERS, COOMBABAH, HOLLYWELL, PARADISE POINT, RUNAWAY BAY, SOUTH STRADBROKE
EMU HEIGHTS, EMU PLAINS, JAMISONTOWN, LEONAY, PENRITH, PENRITH PLAZA, PENRITH SOUTH, SOUTH
PENRITH
OLD TOONGABBIE, TOONGABBIE, TOONGABBIE EAST
BARRON, CARAVONICA, HOLLOWAYS BEACH, MACHANS BEACH, SMITHFIELD, YORKEYS KNOB
ARNDELL PARK, BLACKTOWN, BLACKTOWN WESTPOINT, HUNTINGWOOD, KINGS PARK, MARAYONG,
PROSPECT
PARALOWIE, SALISBURY, SALISBURY DOWNS, SALISBURY NORTH, SALISBURY NORTH WHITES ROAD
SHAILER PARK, TANAH MERAH
KINGSTON, LOGAN CENTRAL, LOGAN CITY DC, WOODRIDGE
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
BUNBURY, CAREY PARK, COLLEGE GROVE, DALYELLUP, DAVENPORT, EAST BUNBURY, GELORUP, GLEN IRIS,
PELICAN POINT, SOUTH BUNBURY, USHER, VITTORIA, WITHERS
BALGA, MIRRABOOKA, NOLLAMARA, WESTMINSTER
CASULA, CASULA MALL, CHIPPING NORTON, HAMMONDVILLE, LIVERPOOL, LIVERPOOL SOUTH, LIVERPOOL
WESTFIELD, LURNEA, MOOREBANK, MOUNT PRITCHARD, PRESTONS, WARWICK FARM
ALBERTON, BAHRS SCRUB, BANNOCKBURN, BEENLEIGH, BELIVAH, BUCCAN, CEDAR CREEK, EAGLEBY, EDENS
LANDING, HOLMVIEW, LOGAN VILLAGE, LUSCOMBE, MOUNT WARREN PARK, STAPYLTON, STEIGLITZ,
WINDAROO, WOLFFDENE, WOONGOOLBA, YARRABILBA, YATALA, YATALA DC
CAMERON PARK, CARDIFF, CARDIFF HEIGHTS, CARDIFF SOUTH, EDGEWORTH, GLENDALE, MACQUARIE HILLS
GLENWOOD, PARKLEA, STANHOPE GARDENS
ARUNDEL, ARUNDEL BC, ARUNDEL DC, ASHMORE, ASHMORE CITY, MOLENDINAR, PARKWOOD
CASTLEREAGH, CRANEBROOK
CALDER PARK, DELAHEY, HILLSIDE, SYDENHAM, TAYLORS HILL
BOW BOWING, MINTO, MINTO DC, MINTO HEIGHTS, RABY, ST ANDREWS, VARROVILLE
ASHBY, DARCH, HOCKING, KINGSWAY, LANDSDALE, MADELEY, PEARSALL, SINAGRA, TAPPING, WANGARA,
WANGARA DC, WANNEROO
BALLARD, BAPAUME, BIRNAM, BLANCHVIEW, BRANCHVIEW, CABARLAH, CAWDOR, CEMENT MILLS, COALBANK,
CONDAMINE PLAINS, CUTELLA, DERRYMORE, DJUAN, DOCTOR CREEK, EVERGREEN, FIFTEEN MILE, GEHAM,
GLENCOE, GORE, GOWRIE JUNCTION, GOWRIE LITTLE PLAIN, GRAPETREE, GROOMSVI
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
BROWNS PLAINS, FORESTDALE, HERITAGE PARK, HILLCREST, REGENTS PARK
CLIFTON BEACH, ELLIS BEACH, KEWARRA BEACH, PALM COVE, TRINITY BEACH, TRINITY PARK
ALBURY, BUNGOWANNAH, EAST ALBURY, ETTAMOGAH, GLENROY, LAVINGTON DC, MOORWATHA, NORTH
ALBURY, OURNIE, SOUTH ALBURY, SPLITTERS CREEK, TABLE TOP, TALMALMO, THURGOONA, WEST ALBURY,
WIRLINGA, WYMAH
NARANGBA
30Sep10(%) 31Mar10(%) 30Sep09(%) 31Mar09(%)

1.68
1.40
1.16
1.08
1.67
1.51
1.16
1.84
1.65
1.37
1.90
1.40
1.62
1.56
0.88
1.73
1.60
1.18
0.92
0.95
1.60
1.08
0.58
1.66
1.57
1.45
0.83
1.20
1.56
0.39
0.27
0.59
1.56
1.55
1.78
1.38
1.61
0.83
2.09
1.06
1.55
1.97
1.53
1.92
1.54
1.54
1.53
1.53
1.52
1.52
1.75
1.29
1.26
1.19
0.49
1.18
1.11
1.15
1.19
0.96
0.64
0.71
1.64
2.03
1.83
1.44
0.85
1.27
1.52
0.79
0.88
1.48
1.52
1.52
1.17
1.17
0.95
1.29
1.24
1.38
1.51
1.51
1.50
1.09
0.81
1.25
1.51
0.77
0.76
1.68
1.06
1.45
1.50
1.48
1.47
1.46
1.49
1.69
0.87
1.44
1.25
1.13
0.46
1.37
1.97
1.45
0.56
2.24
1.46
1.33
1.11
1.71
1.46
1.45
0.98
1.56
0.79
0.89
1.27
1.09
1.44
1.67
1.57
2.11
1.44
1.43
1.42
1.41
1.41
1.40
1.40
1.43
1.49
1.60
1.04
1.46
1.48
1.59
1.21
0.52
0.99
0.99
0.76
0.85
1.08
1.31
1.41
1.40
0.94
1.59
1.59
1.78
1.40
1.66
1.34
1.20
1.38
1.70
0.63
1.02
1.37
1.35
1.34
1.34
1.45
0.87
1.49
1.03
1.18
1.59
1.17
1.77
1.33
1.33
1.36
1.37
1.16
1.00
2.00
0.86
Source: Fitch

December 2010
27
Structured Finance
Australian Mortgage Performance by Postcode as at 30 September 2010
NSW/ACT Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2010
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
Postcode
2315
2262
2164
2766
2759
2168
2190
2747
2176
2280
2575
2767
2760
2165
2580
2160
2205
2195
2770
2193
2761
2259
2161
2261
2560
2753
2142
2325
2216
2250
2171
2756
2795
2166
2541
2750
2146
2148
2830
2170
2285
2768
2749
2566
2430
By Number
Arrears (%)
Rank
3.28
46
2.97
47
2.54
48
2.49
49
2.42
50
2.38
51
2.27
52
2.17
53
2.13
54
2.11
55
2.09
56
2.08
57
2.06
58
2.06
59
1.93
60
1.89
61
1.82
62
1.82
63
1.82
64
1.82
65
1.79
66
1.77
67
1.77
68
1.76
69
1.76
70
1.75
71
1.70
72
1.68
73
1.68
74
1.67
75
1.56
76
1.55
77
1.54
78
1.53
79
1.52
80
1.51
81
1.51
82
1.50
83
1.46
84
1.44
85
1.43
86
1.42
87
1.41
88
1.40
89
1.37
Postcode Arrears (%)

2640
1.33
2036
1.33
2263
1.32
2777
1.32
2486
1.32
2147
1.32
2196
1.31
2763
1.30
2565
1.30
2540
1.28
2251
1.25
2000
1.21
2567
1.21
2340
1.21
2260
1.20
2800
1.20
2530
1.16
2204
1.15
2145
1.30
2287
1.30
2444
1.28
2745
1.25
2011
1.21
2570
1.21
3500
1.21
2450
1.20
2155
1.20
2257
1.16
2144
1.15
2077
1.14
2233
1.11
2154
1.10
2153
1.10
2615
1.07
2026
1.07
2500
1.06
2480
1.05
2620
1.03
2620
1.03
2010
1.01
2650
1.00
2234
0.98
2200
0.94
2905
0.90
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
By Value
Rank
2315
8.02
47
2262
4.38
48
2164
4.09
49
2759
3.87
50
2190
3.84
51
2766
3.70
52
2168
3.69
53
2280
3.52
54
2176
3.47
55
2747
3.43
56
2753
3.36
57
2205
3.28
58
2171
3.15
59
2261
3.13
60
2575
3.09
61
2767
3.08
62
2250
3.06
63
2160
3.05
64
2760
2.95
65
2770
2.94
66
2565
2.92
67
2142
2.92
68
2216
2.90
69
2165
2.89
70
2193
2.81
71
2161
2.74
72
2195
2.72
73
2541
2.67
74
2259
2.67
75
2146
2.65
76
2166
2.62
77
2325
2.56
78
2011
2.53
79
2756
2.50
80
2761
2.48
81
2560
2.47
82
2768
2.45
83
2749
2.42
84
2148
2.37
85
2170
2.32
86
2566
2.25
87
2430
2.21
88
2285
2.19
89
2640
2.12
90
2540
2.08
91
2580
2.08
92
Postcode
2830
2154
2147
2251
2000
2777
2750
2763
2777
2750
2763
2795
2257
2444
2204
2263
2155
2145
2260
2500
2567
2480
2486
2340
2196
2077
2234
2144
2800
2233
2036
2745
2570
2530
2010
2287
2200
2905
2153
2650
2450
2620
2620
2615
2026
3500
Arrears (%)
2.08
2.05
2.02
1.99
1.99
1.97
1.97
1.96
1.97
1.97
1.96
1.95
1.93
1.91
1.86
1.83
1.80
1.79
1.79
1.75
1.75
1.73
1.72
1.70
1.68
1.61
1.61
1.59
1.59
1.55
1.55
1.54
1.47
1.43
1.40
1.39
1.36
1.31
1.30
1.22
1.14
1.12
1.12
1.09
1.03
0.94
Source: Fitch

December 2010
28
Structured Finance
QLD Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2010
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
Postcode
4132
4217
4280
4212
4575
4510
4226
4213
4285
4305
4020
4000
4505
4655
4216
4878
4128
4114
4207
4214
4352
4118
4879
4504
4570
4506
4701
4227
4218
4211
4557
4301
4127
By Number
Arrears (%)
Rank
2.70
34
2.35
35
2.16
36
1.96
37
1.95
38
1.70
39
1.69
40
1.68
41
1.60
42
1.57
43
1.55
44
1.52
45
1.52
46
1.52
47
1.52
48
1.50
49
1.47
50
1.46
51
1.44
52
1.41
53
1.38
54
1.35
55
1.34
56
1.33
57
1.29
58
1.29
59
1.27
60
1.26
61
1.26
62
1.26
63
1.25
64
1.20
65
1.19
66

4124
1.18
4810
1.16
4161
1.14
4300
1.14
4210
1.13
4558
1.13
4869
1.12
4221
1.10
4573
1.08
4165
1.08
4868
1.07
4650
0.98
4560
0.98
4220
0.97
4115
0.95
4670
0.95
4503
0.95
4814
0.94
4870
0.94
4306
0.94
4740
0.93
4680
0.91
4209
0.91
4500
0.88
4215
0.86
4551
0.82
4350
0.82
4109
0.77
4034
0.75
4069
0.69
4078
0.68
4817
0.68
4017
0.68
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
By Value
Rank
4217
4.33
36
4132
3.40
37
4212
3.34
38
4000
3.30
39
4575
3.07
40
4213
2.99
41
4879
2.81
42
4020
2.68
43
4114
2.65
44
4573
2.55
45
4655
2.55
46
4285
2.48
47
4280
2.47
48
4128
2.42
49
4207
2.39
50
4216
2.34
51
4305
2.16
52
4558
2.14
53
4214
2.08
54
4506
2.08
55
4161
2.04
56
4226
2.02
57
4557
2.00
58
4510
1.97
59
4701
1.92
60
4227
1.91
61
4570
1.87
62
4124
1.87
63
4810
1.87
64
4218
1.86
65
4211
1.84
66
4869
1.81
67
4352
1.79
68
4868
1.73
69
4650
1.73
70
Postcode
4221
4301
4878
4560
4118
4505
4109
4551
4504
4300
4127
4740
4210
4870
4814
4306
4556
4220
4680
4152
4165
4670
4350
4115
4503
4215
4209
4078
4500
4122
4034
4017
4817
4069
4053
Arrears (%)
1.73
1.69
1.67
1.66
1.64
1.64
1.56
1.54
1.50
1.49
1.47
1.44
1.44
1.40
1.39
1.34
1.33
1.33
1.33
1.33
1.32
1.29
1.28
1.26
1.24
1.23
1.22
1.21
1.12
1.03
1.03
1.03
0.97
0.81
0.64
Postcode
3630
3174
3136
3082
3023
3844
3805
3216
3178
7250
3020
3429
3806
3175
3150
3500
3550
Arrears (%)
1.44
1.42
1.41
1.41
1.33
1.27
1.24
1.20
1.16
1.14
1.10
1.09
1.05
1.01
0.95
0.94
0.78
Source: Fitch
VIC/TAS Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2010

Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Postcode
3976
3201
3064
3337
3215
3977
3214
3024
3037
3029
3810
3199
3219
3030
3350
3844
3021
By Number
Arrears (%)
Rank
2.20
18
1.88
19
1.72
20
1.71
21
1.65
22
1.62
23
1.54
24
1.53
25
1.40
26
1.20
27
1.20
28
1.19
29
1.18
30
1.17
31
1.17
32
1.13
33
1.06
34

3500
1.06
3023
1.06
3910
1.00
3630
0.96
3082
0.95
3174
0.93
3805
0.92
3429
0.88
3216
0.88
3020
0.88
3136
0.80
3175
0.74
7250
0.73
3178
0.69
3150
0.67
3806
0.65
3550
0.55
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
By Value
Rank
3976
2.97
18
3337
2.91
19
3064
2.59
20
3215
2.41
21
3977
2.25
22
3201
2.06
23
3024
2.04
24
3214
2.01
25
3037
1.94
26
3350
1.88
27
3029
1.84
28
3219
1.82
29
3030
1.69
30
3810
1.64
31
3910
1.61
32
3021
1.58
33
3199
1.50
34
Source: Fitch

December 2010
29
Structured Finance
Western Australia Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2010
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
Postcode
6167
6064
6110
6210
6169
6069
6151
6030
6112
6172
6054
6107
6168
By Number
Arrears (%)
Rank
2.63
14
2.30
15
2.20
16
2.16
17
2.05
18
1.99
19
1.98
20
1.97
21
1.83
22
1.78
23
1.77
24
1.72
25
1.72
26

6059
1.68
6076
1.56
6230
1.46
6061
1.45
6065
1.40
6066
1.30
6056
1.24
6330
1.19
6108
1.15
6163
1.08
6164
0.94
6027
0.92
6025
0.82
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
By Value
Rank
6210
3.85
14
6167
3.81
15
6064
3.61
16
6110
3.36
17
6069
3.34
18
6230
3.12
19
6169
3.02
20
6059
2.99
21
6168
2.87
22
6172
2.83
23
6076
2.68
24
6112
2.68
25
6061
2.53
26
Postcode
6107
6151
6030
6065
6330
6056
6066
6027
6163
6108
6164
6054
6025
Arrears (%)
2.52
2.49
2.49
2.35
2.15
1.87
1.87
1.71
1.69
1.67
1.51
1.38
1.20
Postcode
5108
5158
Arrears (%)
1.84
1.53
Source: Fitch
South Australia Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2010
Rank
1
2
3
Postcode
5109
5118
5108
By Number
Arrears (%)
Rank
2.10
4
1.60
5
1.48

5114
1.28
5158
0.98
Rank
1
2
3
By Value
Rank
5109
2.77
4
5118
2.45
5
5114
2.22
Source: Fitch

December 2010
30
Structured Finance
Statistical Subdivision within Fitch Regions
State
ACT
ACT
ACT
ACT
ACT
ACT
ACT
ACT
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NT
NT
NT
NT
NT
NT
NT
NT
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
Previous District (SSD)

Belconnen
Gungahlin-Hall
North Canberra
South Canberra
Southern Tablelands (excl. Queanbeyan)
Tuggeranong
Weston Creek-Stromlo
Woden Valley
Blacktown
Gosford-Wyong
Eastern Suburbs
Fairfield-Liverpool
Hunter SD Bal
Newcastle
Illawarra SD Bal
Nowra-Bomaderry
Wollongong
Inner Sydney
Clarence (excl. Coffs Harbour)
Coffs Harbour
Hastings (excl. Port Macquarie)
Port Macquarie
Bathurst
Central Macquarie (excl. Dubbo)
Central Tablelands (excl. Bathurst & Orange)
Dubbo
Far West
Lachlan
Macquarie-Barwon
North Central Plain
Northern Slopes (excl. Tamworth)
Northern Tablelands
Orange
Tamworth
Upper Darling
Northern Beaches
Lismore
Richmond-Tweed SD Bal
Tweed Heads & Tweed Coast
Lower South Coast
Queanbeyan
Snowy
Southern Tablelands (excl. Queanbeyan)
Barkly
Central NT
Darwin City
East Arnhem
Finniss
Litchfield Shire
Lower Top End NT
Palmerston-East Arm
Caboolture Shire
Darling Downs SD Bal
Lower West Moreton
Toowoomba
Upper West Moreton
Cairns City Part A
Central West
Far North SD Bal
North West
South West
Included in the
Previous Report
No
No
No
No
No
No
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
No
No
Yes
Yes
Yes
Yes
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
Yes
Yes
No
No
No
No
No
No
No
Yes
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No

December 2010
New Fitch Region

ACT
ACT
ACT
ACT
ACT
ACT
ACT
ACT
Blacktown
Eastern Suburbs
Fairfield-Liverpool
Hunter
Hunter
Illawarra
Illawarra
Illawarra
Inner Sydney
Mid-North Coast
Mid-North Coast
Mid-North Coast
Mid-North Coast
North West NSW
North West NSW
North West NSW
North West NSW
North West NSW
North West NSW
North West NSW
North West NSW
North West NSW
North West NSW
North West NSW
North West NSW
North West NSW
Northern Beaches
Richmond-Tweed
Richmond-Tweed
Richmond-Tweed
South Eastern NSW
South Eastern NSW
South Eastern NSW
South Eastern NSW
NT
NT
NT
NT
NT
NT
NT
NT
Caboolture Shire
Description
Grouped at State level
Continue to be a separate division
Grouped at Statistical Division level
Grouped in a new region
31
Structured Finance
Statistical Subdivision within Fitch Regions (continued)
State
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
SA
TAS
TAS
TAS
TAS
TAS
TAS
TAS
TAS
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
Previous District
Fitzroy SD Bal
Gladstone
Rockhampton
Gold Coast East
Gold Coast North
Gold Coast SD Bal
Gold Coast West
Inner Brisbane
Ipswich City
Beaudesert Shire Part A
Logan City
Mackay City Part A
Mackay SD Bal
Northern SD Bal
Thuringowa City Part A
Townsville City Part A
Pine Rivers Shire
Redcliffe City
Redland Shire
Sunshine Coast
Sunshine Coast SD Bal
Bundaberg
Hervey Bay City Part A
Wide Bay-Burnett SD Bal
Eastern Adelaide
Northern Adelaide
Barossa
Far North
Fleurieu
Flinders Ranges
Kangaroo Island
Lincoln
Lower North
Lower South East
Mt Lofty Ranges
Murray Mallee
Pirie
Riverland
Upper South East
West Coast
Whyalla
Yorke
Southern Adelaide
Western Adelaide
Burnie-Devonport
Central North
Greater Hobart
Greater Launceston
Lyell
North Eastern
North Western Rural
Southern
East Barwon
Greater Geelong City Part A
West Barwon
Boroondara City
Ballarat City
East Central Highlands
Glenelg
Hopkins
Warrnambool City
West Central Highlands
Included in the
Previous Report
No
No
No
Yes
No
No
Yes
No
Yes
No
Yes
No
No
No
No
No
Yes
Yes
Yes
No
No
Yes
Yes
Yes
No
No
No
No
Yes
Yes
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
Yes
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
Yes

December 2010
New Fitch Region

Fitzroy
Fitzroy
Fitzroy
Gold Coast East
Gold Coast West
Gold Coast West
Gold Coast West
Inner Brisbane
Ipswich City
Mackay
Mackay
Northern QLD
Northern QLD
Northern QLD
Redland Shire
Sunshine Coast
Sunshine Coast
Wide Bay-Burnett
Wide Bay-Burnett
Wide Bay-Burnett
Eastern Adelaide
Northern Adelaide
SA (excl. Adealide)
SA (excl. Adealide)
SA (excl. Adealide)
SA (excl. Adealide)
SA (excl. Adealide)
SA (excl. Adealide)
SA (excl. Adealide)
SA (excl. Adealide)
SA (excl. Adealide)
SA (excl. Adealide)
SA (excl. Adealide)
SA (excl. Adealide)
SA (excl. Adealide)
SA (excl. Adealide)
SA (excl. Adealide)
SA (excl. Adealide)
Southern Adelaide
Western Adelaide
TAS
TAS
TAS
TAS
TAS
TAS
TAS
TAS
Barwon
Barwon
Barwon
Boroondara City
Description
32
Structured Finance
State
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
WA
Previous District
Frankston City
East Gippsland Shire
La Trobe Valley
South Gippsland
Wellington Shire
West Gippsland
East Ovens-Murray
Greater Shepparton City Part A
North Goulburn
South Goulburn
South West Goulburn
West Ovens-Murray
Wodonga
Hume City
Inner Melbourne
East Mallee
Greater Bendigo City Part A
Mildura Rural City Part A
North Loddon
North Wimmera
South Loddon
South Wimmera
West Mallee
Melton-Wyndham
Moreland City
Albury
Central Murray
Central Murrumbidgee (excl. Wagga Wagga)
East Ovens-Murray
Lower Murrumbidgee
Murray-Darling
North Goulburn
Upper Murray (excl. Albury)
Wagga Wagga
Southern Melbourne
Western Melbourne
Central Metropolitan
East Metropolitan
North Metropolitan
South East Metropolitan
South West Metropolitan
Blackwood
Bunbury
Mandurah
Preston
Vasse
Avon
Campion
Carnegie
De Grey
Fitzroy
Fortescue
Gascoyne
Geraldton
Greenough River
Hotham
Johnston
Kalgoorlie/Boulder City Part A
King
Lakes
Included in the
Previous Report
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
No
No
No
No
No
No
No
No
Yes
No
No
No
No
No
No
No
No
No
No
No
Yes
No
Yes
No
Yes
Yes
No
No
Yes
Yes
Yes
Yes
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No

December 2010
New Fitch Region

Frankston City
Hume City
Inner Melbourne
Melton-Wyndham
Moreland City
Southern Melbourne
Western Melbourne
Yarra Ranges
South West WA
South West WA
South West WA
South West WA
South West WA
Description
33
Structured Finance
State
WA
WA
WA
WA
WA
Previous District
Lefroy
Moore
Ord
Other Territories
Pallinup
Included in the
Previous Report
No
No
No
No
No
New Fitch Region

WA (excl. Perth and South
West)
West)
West)
West)
West)
Description
Source: ABS, Fitch

December 2010
34
Structured Finance
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AND
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Copyright 2010 by Fitch, Inc., Fitch Ratings Ltd. and its subsidiaries. One State Street Plaza, NY, NY 10004.Telephone: 18007534824,
(212) 9080500. Fax: (212) 4804435. Fitch Australia Pty Ltd holds an Australian financial services licence (AFS licence no. 337123) which
authorises it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by
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factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information
from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitchs
factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its
issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the
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should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information
Fitch relies on in connection with a rating will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the
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conditions that were not anticipated at the time a rating was issued or affirmed. As a result, the information in this report is provided "as
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December 2010
35

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Structured Finance

Australian Mortgage Delinquency

The Dinkum Index Q310, Fitch Ratings

Source: ABS, Fitch

Australian Mortgage Delinquency by Postcode 30 September 2010

Australian Mortgage Delinquency by Postcode 30 September 2010

Australia 30+ Day Delinquencies

QLD and WA have experienced a

Australia - House Price

Source: ABS, Fitch

Source: ABS, Fitch

The Melbourne housing market

Australia - Historical 30+ Day Arrears of Selected Regions

Central Coast Sydney

Outer Western Sydney

Lower Northern Sydney

Northern Middle Melbourne

Queensland and Western Australia have experienced a remarkable deterioration in

Worst Performing Regions in Australia

10 Worst Performing Fitch Regions in Australia By Value

Source: Fitch, ABS

Fairfield-Liverpool continues to be the worst performing region in Australia, above

10 Worst Performing Regions in Australia By Number

1.39 Murray & Murrumbidgee

Source: Fitch, ABS

Australian Mortgage Delinquency by Postcode 30 September 2010

Best Performing Regions in Australia

Source: Fitch, ABS

10 Best Performing Regions in Australia By Number

Source: Fitch, ABS

Australian Mortgage Delinquency by Postcode 30 September 2010

20 Worst Performing Postcodes in Australia by Value

Source: Fitch, ABS

Australian Mortgage Delinquency by Postcode 30 September 2010

2766, Rooty Hill

2176, Bossley Park

2168, Green Valley

Source: ABS, Fitch

Australian Mortgage Delinquency by Postcode 30 September 2010

20 Worst Performing Postcodes in Australia by Number

Source: Fitch, ABS

Australian Mortgage Delinquency by Postcode 30 September 2010

Source: ABS, Fitch

Sydney- House Price

Source: ABS, Fitch

Sept 2007 = 100

The increase in 30+ day arrears is mainly

New South Wales - Arrears

Australian Mortgage Delinquency by Postcode 30 September 2010

Sydney - Historical 30+ Day Arrears of Selected Regions

Lower Northern Sydney

Outer Western Sydney

Australian Mortgage Delinquency by Postcode 30 September 2010

Source: ABS, Fitch

Melbourne - House Price

Source: ABS, Fitch

Sept 2007 = 100

The low and stable unemployment

Melbourne - Historical 30+ Day Arrear of Selected Regions

Australian Mortgage Delinquency by Postcode 30 September 2010

Brisbane 30+ Day Delinquencies

Source: ABS, Fitch

The peak in unemployment, in

Brisbane - House Price