Westpac has revealed that more people are defaulting on their home loans.
There has been a greater number of defaults made on home loans in Australia, it has been revealed.
Mortgage lender Westpac has announced that customers are defaulting on their loans at a faster rate than in 2008 at the height of the economic crisis, reports the Herald Sun.
The group revealed that at the end of March 2011, 1.5 per cent of the amount of money lent out by Westpac for home loan deals were more than 30 days behind on their mortgage payment.
Westpac's chief Gail Kelly told the publication that she predicts the numbers will continue to rise as the cost of living soars and people struggle to afford bills.
Indeed, there was an increase of 0.6 per cent on the number of homeowners who were more than 90 days late with their loan payments to the financial services provider.
More people are continuing to struggle with the costs of buying property in the nation and the JP Morgan-Fujitsu Australia Industry Report published by ABC last week revealed that fewer applications are being submitted for mortgages as the soaring cost of living has an impact on their best accounts.
By Nate Sawyer
