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Australian Mortgage Delinquencies by Postcode - 2012

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Arthur Karabatsos
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RESIDENTIAL MBS OCTOBER 18, 2012 SPECIAL COMMENT Analyst Contacts Arthur Karabatsos Vice President - Senior Analyst +612.9270.8160 arthur.karabatsos@moodys.com Andrew Crawshaw-Fardouly Associate Analyst +612.9270.8156 andrew.crawshaw-fardouly@moodys.com MOODY'S CLIENT SERVICES: New York: +1.212.553.1653 Tokyo: +81.3.5408.4100 London: +44.20.7772.5454 Hong Kong: +852.3551.3077 Sydney: +612.9270.8100 Singapore: +65.6398.8308 ADDITIONAL CONTACTS: Website: www.moodys.com Australian Mortgage Delinquencies by Postcode - 2012 Summary This report is a postcode-focused supplement to our latest regional-focused delinquency report, titled “Australian Residential Mortgage Delinquencies to Stabilize after a Slight Decline, but Regional Disparity Persists”. Postcode analysis has several well-known deficiencies, including the fact it is difficult to apply meaningful analytical judgment at such a granular level. However, in response to investor requests, we have produced a postcode delinquency table for the 100 poorest performing regions. A more comprehensive table detailing all postcodes which have 400 or more loans, can be downloaded here. For each postcode, we calculate the 30-plus day delinquency rate by dividing the loans under this category by the total of all loans for that postcode. The data was obtained from RMBS deals and warehouses, representing over AUD114.6 billion worth of mortgages, in more than 2,700 different postcodes. To ensure that results are meaningful, we have excluded postcodes with less than 400 loans, leaving AUD83.8 billion worth of mortgages in 560 postcodes. This report lists the 100 poorest performing postcodes, among the 560 postcodes which have at least 400 residential mortgage loans. Of the 10 worst performing postcodes, five were around Sydney, the capital of New South Wales; three were in Queensland’s tourism- dependent Gold Coast and Far North regions, and one was in Western Australia and one in Victoria. The worst performing postcode, with 5.33% delinquencies, was 4212 in the Gold Coast, which encompasses the suburbs of Helensvale, Hope Island and Sanctuary Cove. Generally, loans that are delinquent have higher weighted average loan-to-value (LTV) ratios and larger average loan balances than all other loans within the same postcode. For example, in the previously mentioned 4212 postcode, its loans taken as a whole, have a weighted average LTV ratio of 63.2% and an average loan balance of AUD251,206. However, loans which are 30-plus days delinquent in that postcode, have a weighted average LTV of 74.6% and loan balance of AUD389,657.
2 OCTOBER 18, 2012 SPECIAL COMMENT: AUSTRALIAN MORTGAGE DELINQUENCIES BY POSTCODE - 2012 RESIDENTIAL MBS Postcode Suburbs Region State % of loans 30 - plus delinquent by loan balance % of loans 90- plus delinquent by loan balance 4212 Helensvale, Helensvale Town Centre, Hope Island, Sanctuary Cove Gold Coast QLD 5.33% 2.73% 4879 Clifton Beach, Ellis Beach, Kewarra Beach, Palm Cove, Trinity Beach, Trinity Park Far North QLD 4.86% 3.07% 2263 Canton Beach, Charmhaven, Gorokan, Lake Haven, Norah Head, Noraville, Toukley Central Coast NSW 4.72% 2.30% 6233 Australind, Binningup, Leschenault, Parkfield, Wellesley Lower Western WA WA 4.64% 2.06% 4218 Broadbeach, Broadbeach Waters, Mermaid Beach, Mermaid Waters, Nobby Beach, Pacific Fair Gold Coast QLD 4.58% 2.61% 2761 Dean Park, Glendenning, Hassall Grove, Oakhurst, Plumpton North Western Sydney NSW 4.57% 1.92% 2256 Blackwall, Koolewong, Patonga, Pearl Beach, Phegans Bay, Woy Woy Central Coast NSW 4.56% 2.23% 2766 Eastern Creek, Rooty Hill North Western Sydney NSW 4.33% 2.64% 2262 Blue Haven, Budgewoi, Buff Point, Doyalson, Halekulani, San Remo Central Coast NSW 4.21% 1.95% 3064 Craigieburn, Donnybrook, Kalkallo, Mickleham, Roxburgh Park North Western Melbourne VIC 4.19% 1.21% 2324 Balickera, Brandy Hill, Bundabah, Carrington, Cells River, Eagleton, East Seaham, Heatherbrae, Karuah, Limeburners Creek, Millers Forest, Nelsons Plains, North Arm Cove, Osterley, Pindimar, Raymond Terrace, Seaham, Swan Bay, Tahlee, Tea Gardens, Twelve Mile Creek Hunter NSW 4.19% 3.53% 3047 Broadmeadows, Dallas, Jacana North Western Melbourne VIC 4.18% 0.91% 4573 Coolum Beach, Marcus Beach, Mount Coolum, Peregian Beach, Peregian Springs, Yaroomba Sunshine Coast QLD 4.17% 2.00% 2749 Castlereagh, Cranebrook North Western Sydney NSW 4.11% 2.23% 2540 Bamarang, Basin View, Berrara, Bolong, Brundee, Burrier, Callala Bay, Callala Beach, Cambewarra, Cudmirrah, Culburra Beach, Currarong, Erowal Bay, Falls Creek, Greenwell Point, Hmas Albatross, Hmas Creswell, Huskisson, Hyams Beach, Jervis Bay, Meroo Meadow, Myola, Numbaa, Old Erowal Bay, Orient Point, Pyree, Sanctuary Point, St Georges Basin, Sussex Inlet, Swanhaven, Tapitallee, Terara, Tomerong, Vincentia, Wandandian, Woollamia, Worrigee, Wrights Beach, Yalwal Illawarra NSW 4.00% 1.44% 2485 Tweed Heads, Tweed Heads West Richmond-Tweed NSW 3.97% 1.42% 2565 Macquarie Links, Denham Court, Ingleburn Outer South Western Sydney NSW 3.97% 1.33% 2529 Blackbutt, Dunmore, Flinders, Oak Flats, Shell Cove, Shellharbour Illawarra NSW 3.96% 1.14% 4217 Benowa, Bundall, Chevron Island, Isle Of Capri, Main Beach, Surfers Paradise Gold Coast QLD 3.95% 2.65% 2190 Chullora, Greenacre, Mount Lewis Canterbury- Bankstown NSW 3.93% 1.79% 4815 Condon, Kelso, Rasmussen Northern-North West QLD 3.90% 1.78% 2564 Long Point, Macquarie Fields Outer South Western Sydney NSW 3.89% 0.40% 2777 Hawkesbury Heights, Springwood, Valley Heights, Winmalee, Yellow Rock North Western Sydney NSW 3.87% 1.68% 2168 Ashcroft, Busby, Cartwright, Green Valley, Heckenberg, Hinchinbrook, Miller, Sadleir Fairfield-Liverpool NSW 3.84% 1.01% 2558 Eagle Vale, Eschol Park, Kearns Outer South Western Sydney NSW 3.81% 1.97% 4019 Clontarf, Margate, Margate Beach, Woody Point North BSD Balance QLD 3.78% 0.76%
3 OCTOBER 18, 2012 SPECIAL COMMENT: AUSTRALIAN MORTGAGE DELINQUENCIES BY POSTCODE - 2012 RESIDENTIAL MBS Postcode Suburbs Region State % of loans 30 - plus delinquent by loan balance % of loans 90- plus delinquent by loan balance 2528 Barrack Heights, Barrack Point, Lake Illawarra, Mount Warrigal, Warilla, Windang Illawarra NSW 3.74% 1.91% 2205 Arncliffe, Turrella, Wolli Creek St George- Sutherland NSW 3.69% 2.26% 4133 Chambers Flat, Logan Reserve, Waterford, Waterford West South and East BSD Balance QLD 3.69% 1.71% 2325 Aberdare, Abernethy, Bellbird, Cessnock, Congewai, Ellalong, Elrington, Kearsley, Kitchener, Laguna, Millfield, Mount View, Nulkaba, Paxton, Paynes Crossing, Pelton, Quorrobolong, Wollombi Hunter NSW 3.67% 0.56% 2770 Bidwill, Blackett, Dharruk, Emerton, Hebersham, Lethbridge Park, Minchinbury, Mount Druitt, Shalvey, Tregear, Whalan, Willmot North Western Sydney NSW 3.64% 1.34% 2570 Camden, Camden Park, Cawdor, Cobbitty, Elderslie, Ellis Lane, Grasmere, Mount Hunter, Nattai, Oakdale, Orangeville, The Oaks, Werombi Outer South Western Sydney NSW 3.63% 2.19% 3024 Mount Cottrell, Wyndham Vale Outer Western Melbourne VIC 3.63% 1.66% 5169 Moana, Seaford, Seaford Heights, Seaford Meadows Southern Adelaide SA 3.48% 1.17% 4214 Arundel, Ashmore, Molendinar, Parkwood Gold Coast QLD 3.47% 2.52% 6167 Anketell, Bertram, Calista, Casuarina, Kwinana Beach, Kwinana Town Centre, Mandogalup, Medina, Orelia, Parmelia, Postans, The Spectacles, Wandi South West Metropolitan WA 3.40% 1.41% 2536 Batehaven, Batemans Bay, Benandarah, Bimbimbie, Buckenbowra, Catalina, Currowan, Denhams Beach, Durras North, East Lynne, Guerilla Bay, Jeremadra, Lilli Pilli, Long Beach, Maloneys Beach, Malua Bay, Mogo, Nelligen, North Batemans Bay, Rosedale, Runnyford, South Durras, Sunshine Bay, Sunshine Bay, Surf Beach, Surfside, Woodlands South Eastern NSW 3.39% 1.74% 6168 Cooloongup, East Rockingham, Garden Island, Hillman, Peron, Rockingham South West Metropolitan WA 3.34% 1.00% 2747 Cambridge Park, Kingswood, Llandilo, Shanes Park, Werrington, Werrington County, Werrington Downs North Western Sydney NSW 3.33% 1.33% 4505 Burpengary North BSD Balance QLD 3.32% 2.13% 4020 Redcliffe, Scarborough North BSD Balance QLD 3.32% 1.19% 2259 Chain Valley Bay, Dooralong, Durren Durren, Gwandalan, Halloran, Hamlyn Terrace, Jilliby, Kanwal, Lake Munmorah, Lemon Tree, Mannering Park, Mardi, Ravensdale, Summerland Point, Tacoma, Tuggerah, Tuggerawong, Wallarah, Warnervale, Watanobbi, Woongarrah, Wyee, Wyong, Wyongah, Yarramalong Central Coast NSW 3.30% 1.54% 4220 Burleigh Heads, Burleigh Waters, Miami Gold Coast QLD 3.26% 1.51% 6059 Dianella North Metropolitan WA 3.26% 1.51% 5107 Green Fields, Parafield Gardens Northern Adelaide SA 3.25% 1.91% 3338 Brookfield, Exford, Melton South Outer Western Melbourne VIC 3.22% 0.73% 2527 Albion Park, Albion Park Rail Illawarra NSW 3.21% 1.46% 2756 Bligh Park, Cattai, Clarendon, Colo, Cornwallis, Ebenezer, Freemans Reach, Glossodia, Lower Portland, Maroota, Mcgraths Hill, Mulgrave, Pitt Town, Scheyville, Wilberforce, Windsor North Western Sydney NSW 3.20% 1.79% 4216 Biggera Waters, Coombabah, Hollywell, Paradise Point, Runaway Bay, South Stradbroke Gold Coast QLD 3.18% 1.51% 2160 Merrylands, Merrylands West Central Western Sydney NSW 3.17% 0.85% 2097 Collaroy Northern Beaches NSW 3.16% 0.99% 2161 Guildford, Guildford West, Old Guildford, Yennora Central Western Sydney NSW 3.14% 1.48%
4 OCTOBER 18, 2012 SPECIAL COMMENT: AUSTRALIAN MORTGAGE DELINQUENCIES BY POSTCODE - 2012 RESIDENTIAL MBS Postcode Suburbs Region State % of loans 30 - plus delinquent by loan balance % of loans 90- plus delinquent by loan balance 4878 Barron, Caravonica, Holloways Beach, Machans Beach, Smithfield, Yorkeys Knob Far North QLD 3.13% 2.39% 3215 Bell Park, Bell Post Hill, Hamlyn Heights, North Geelong Barwon-Western District VIC 3.12% 1.87% 4132 Crestmead, Marsden South and East BSD Balance QLD 3.11% 1.07% 6112 Armadale, Bedfordale, Brookdale, Forrestdale, Mount Nasura, Mount Richon, Seville Grove, Wungong South East Metropolitan WA 3.10% 1.27% 6064 Alexander Heights, Girrawheen, Koondoola, Marangaroo North Metropolitan WA 3.09% 1.37% 2250 Calga, Gosford, East Gosford, North Gosford, West Gosford, Erina, Kariong, Kulnura, Lisarow, Lower Mangrove, Mangrove Mountain, Matcham, Mount White, Narara, Niagara Park, Peats Ridge, Point Clare, Somersby, Springfield, Tascott, Wendoree Park, Wyoming Central Coast NSW 3.09% 1.23% 4300 Augustine Heights, Bellbird Park, Brookwater, Camira, Carole Park, Gailes, Goodna, Springfield, Springfield Lakes Ipswich City QLD 3.08% 1.45% 2196 Punchbowl, Roselands Canterbury- Bankstown NSW 3.07% 1.15% 3074 Thomastown North Eastern Melbourne VIC 3.07% 0.90% 4213 Austinville, Bonogin, Mudgeeraba, Springbrook, Tallai, Worongary Gold Coast QLD 3.06% 1.00% 2753 Bowen Mountain, Grose Vale, Grose Wold, Hobartville, Londonderry, Richmond, Yarramundi North Western Sydney NSW 3.06% 0.85% 5097 Redwood Park, Ridgehaven, St Agnes Northern Adelaide SA 3.05% 0.50% 6210 Coodanup, Dudley Park, Erskine, Falcon, Greenfields, Halls Head, Madora Bay, Mandurah, Meadow Springs, San Remo, Silver Sands, Wannanup Lower Western WA WA 3.05% 1.67% 4114 Kingston, Logan Central, Woodridge South and East BSD Balance QLD 3.04% 1.30% 2171 Cecil Hills, Horningsea Park, Hoxton Park, Middleton Grange, West Hoxton Fairfield-Liverpool NSW 3.04% 1.46% 4210 Guanaba, Maudsland, Oxenford, Studio Village, Wongawallan Gold Coast QLD 3.01% 1.22% 3337 Kurunjang, Melton, Toolern Vale Outer Western Melbourne VIC 3.01% 0.99% 2165 Fairfield, Fairfield East, Fairfield Heights, Fairfield West Fairfield-Liverpool NSW 2.97% 1.20% 2760 Colyton, Oxley Park, St Marys North Western Sydney NSW 2.95% 1.32% 3219 Breakwater, East Geelong, Newcomb, St Albans Park, Whittington Barwon-Western District VIC 2.95% 0.99% 2560 Airds, Ambarvale, Appin, Bradbury, Blair Athol, Bradbury, Campbelltown, Englorie Park, Gilead, Glen Alpine, Kentlyn, Leumeah, Rosemeadow, Ruse, St Helens Park, Wedderburn, Woodbine Outer South Western Sydney NSW 2.95% 1.18% 6530 Beachlands, Beresford, Bluff Point, Geraldton, Karloo, Mahomets Flats, Meru, Moresby, Mount Tarcoola, Rangeway, Spalding, Strathalbyn, Sunset Beach, Tarcoola Beach, Utakarra, Waggrakine, Wandina, Webberton, West End, Wonthella, Woorree Remainder - Balance WA WA 2.93% 1.34% 4558 Cotton Tree, Maroochydore, Sunshine Plaza Sunshine Coast QLD 2.93% 2.09% 3196 Bonbeach, Chelsea, Chelsea Heights, Edithvale Southern Melbourne VIC 2.92% 1.33% 3840 Jeeralang, Mid Valley, Morwell All Gippsland VIC 2.89% 0.74% 6280 Abbey, Abba River, Acton Park, Ambergate, Anniebrook, Boallia, Bovell, Broadwater, Busselton, Carbunup River, Chapman Hill, Geographe, Hithergreen, Jindong, Kalgup, Kaloorup, Kealy, Ludlow, Marybrook, Metricup, Reinscourt, Ruabon, Sabina River, Siesta Park, Tutunup, Vasse, Walsall, West Busselton, Wilyabrup, Wonnerup, Yalyalup, Yelverton, Yoongarillup Lower Western WA WA 2.87% 1.74%
5 OCTOBER 18, 2012 SPECIAL COMMENT: AUSTRALIAN MORTGAGE DELINQUENCIES BY POSTCODE - 2012 RESIDENTIAL MBS Postcode Suburbs Region State % of loans 30 - plus delinquent by loan balance % of loans 90- plus delinquent by loan balance 2780 Katoomba, Leura, Medlow Bath North Western Sydney NSW 2.86% 1.13% 4124 Boronia Heights, Greenbank South and East BSD Balance QLD 2.84% 1.31% 2902 Kambah Australian Capital Territory ACT 2.83% 1.88% 3166 Hughesdale, Huntingdale, Oakleigh, Oakleigh East Inner Eastern Melbourne VIC 2.80% 2.30% 4223 Currumbin, Currumbin Valley, Currumbin Waters Gold Coast QLD 2.80% 1.02% 3175 Bangholme, Dandenong, Dandenong North, Dandenong South South Eastern Melbourne VIC 2.79% 0.46% 3173 Keysborough South Eastern Melbourne VIC 2.79% 0.98% 3076 Epping, Epping Dc North Eastern Melbourne VIC 2.78% 0.95% 4211 Advancetown, Beechmont, Carrara, Clagiraba, Gaven, Gilston, Highland Park, Mount Nathan, Natural Bridge, Nerang, Numinbah Valley, Pacific Pines Gold Coast QLD 2.77% 0.91% 6030 Clarkson, Merriwa, Mindarie, Quinns Rocks, Ridgewood, Tamala Park North Metropolitan WA 2.77% 0.76% 4280 Jimboomba West Moreton QLD 2.76% 0.54% 2251 Avoca Beach, Bensville, Copacabana, Davistown, Green Point, Kincumber, Macmasters Beach, Saratoga, Yattalunga Central Coast NSW 2.75% 0.97% 4560 Bli Bli, Dulong, Mapleton, Montville, Nambour, Perwillowen Sunshine Coast QLD 2.73% 0.96% 4127 Daisy Hill, Priestdale, Slacks Creek, Springwood South and East BSD Balance QLD 2.73% 1.17% 6156 Attadale, Melville, Willagee South West Metropolitan WA 2.71% 2.51% 2566 Bow Bowing, Minto, Raby, St Andrews, Varroville Outer South Western Sydney NSW 2.69% 0.64% 3630 Benarch, Branditt, Caniambo, Colliver, Dunkirk, Shepparton Goulburn-Ovens- Murray VIC 2.69% 1.08% 4077 Doolandella, Durack, Inala, Richlands Brisbane City Outer Ring QLD 2.69% 1.11% 2200 Bankstown, Condell Park Canterbury- Bankstown NSW 2.68% 0.52% 2285 Cameron Park, Cardiff, Cardiff Heights, Cardiff South, Edgeworth, Glendale, Macquarie Hills Hunter NSW 2.67% 0.89% 4510 Beachmere, Caboolture, Caboolture South, Donnybrook, Toorbul North BSD Balance QLD 2.66% 0.69% 6330 Albany, Bayonet Head, 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 King, Lowlands, Marbelup, Mckail, Middleton Beach, Millbrook, Milpara, Mira Mar, Mount Clarence, Mount Elphinstone, Mount Melville, Nanarup, Napier, Nullaki, Orana, Port Albany, Robinson, Sandpatch, Seppings, Spencer Park, Torbay, Torndirrup, Vancouver Peninsula, Walmsley, Warrenup, West Cape Howe, Willyung, Yakamia, Youngs Siding Lower Western WA WA 2.64% 2.38%
6 OCTOBER 18, 2012 SPECIAL COMMENT: AUSTRALIAN MORTGAGE DELINQUENCIES BY POSTCODE - 2012 RESIDENTIAL MBS Report Number: SF302931 © 2012 Moody’s Investors Service, Inc. and/or its licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. (“MIS”) AND ITS AFFILIATES ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY’S (“MOODY’S PUBLICATIONS”) MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY’S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY’S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY’S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER. MIS, a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Shareholder Relations — Corporate Governance — Director and Shareholder Affiliation Policy.” Any publication into Australia of this document is by MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody’s Japan K.K. (“MJKK”) are MJKK’s current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, “MIS” in the foregoing statements shall be deemed to be replaced with “MJKK”. MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. This credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

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Australian Mortgage Delinquencies by Postcode - 2012

  • 1. RESIDENTIAL MBS OCTOBER 18, 2012 SPECIAL COMMENT Analyst Contacts Arthur Karabatsos Vice President - Senior Analyst +612.9270.8160 arthur.karabatsos@moodys.com Andrew Crawshaw-Fardouly Associate Analyst +612.9270.8156 andrew.crawshaw-fardouly@moodys.com MOODY'S CLIENT SERVICES: New York: +1.212.553.1653 Tokyo: +81.3.5408.4100 London: +44.20.7772.5454 Hong Kong: +852.3551.3077 Sydney: +612.9270.8100 Singapore: +65.6398.8308 ADDITIONAL CONTACTS: Website: www.moodys.com Australian Mortgage Delinquencies by Postcode - 2012 Summary This report is a postcode-focused supplement to our latest regional-focused delinquency report, titled “Australian Residential Mortgage Delinquencies to Stabilize after a Slight Decline, but Regional Disparity Persists”. Postcode analysis has several well-known deficiencies, including the fact it is difficult to apply meaningful analytical judgment at such a granular level. However, in response to investor requests, we have produced a postcode delinquency table for the 100 poorest performing regions. A more comprehensive table detailing all postcodes which have 400 or more loans, can be downloaded here. For each postcode, we calculate the 30-plus day delinquency rate by dividing the loans under this category by the total of all loans for that postcode. The data was obtained from RMBS deals and warehouses, representing over AUD114.6 billion worth of mortgages, in more than 2,700 different postcodes. To ensure that results are meaningful, we have excluded postcodes with less than 400 loans, leaving AUD83.8 billion worth of mortgages in 560 postcodes. This report lists the 100 poorest performing postcodes, among the 560 postcodes which have at least 400 residential mortgage loans. Of the 10 worst performing postcodes, five were around Sydney, the capital of New South Wales; three were in Queensland’s tourism- dependent Gold Coast and Far North regions, and one was in Western Australia and one in Victoria. The worst performing postcode, with 5.33% delinquencies, was 4212 in the Gold Coast, which encompasses the suburbs of Helensvale, Hope Island and Sanctuary Cove. Generally, loans that are delinquent have higher weighted average loan-to-value (LTV) ratios and larger average loan balances than all other loans within the same postcode. For example, in the previously mentioned 4212 postcode, its loans taken as a whole, have a weighted average LTV ratio of 63.2% and an average loan balance of AUD251,206. However, loans which are 30-plus days delinquent in that postcode, have a weighted average LTV of 74.6% and loan balance of AUD389,657.
  • 2. 2 OCTOBER 18, 2012 SPECIAL COMMENT: AUSTRALIAN MORTGAGE DELINQUENCIES BY POSTCODE - 2012 RESIDENTIAL MBS Postcode Suburbs Region State % of loans 30 - plus delinquent by loan balance % of loans 90- plus delinquent by loan balance 4212 Helensvale, Helensvale Town Centre, Hope Island, Sanctuary Cove Gold Coast QLD 5.33% 2.73% 4879 Clifton Beach, Ellis Beach, Kewarra Beach, Palm Cove, Trinity Beach, Trinity Park Far North QLD 4.86% 3.07% 2263 Canton Beach, Charmhaven, Gorokan, Lake Haven, Norah Head, Noraville, Toukley Central Coast NSW 4.72% 2.30% 6233 Australind, Binningup, Leschenault, Parkfield, Wellesley Lower Western WA WA 4.64% 2.06% 4218 Broadbeach, Broadbeach Waters, Mermaid Beach, Mermaid Waters, Nobby Beach, Pacific Fair Gold Coast QLD 4.58% 2.61% 2761 Dean Park, Glendenning, Hassall Grove, Oakhurst, Plumpton North Western Sydney NSW 4.57% 1.92% 2256 Blackwall, Koolewong, Patonga, Pearl Beach, Phegans Bay, Woy Woy Central Coast NSW 4.56% 2.23% 2766 Eastern Creek, Rooty Hill North Western Sydney NSW 4.33% 2.64% 2262 Blue Haven, Budgewoi, Buff Point, Doyalson, Halekulani, San Remo Central Coast NSW 4.21% 1.95% 3064 Craigieburn, Donnybrook, Kalkallo, Mickleham, Roxburgh Park North Western Melbourne VIC 4.19% 1.21% 2324 Balickera, Brandy Hill, Bundabah, Carrington, Cells River, Eagleton, East Seaham, Heatherbrae, Karuah, Limeburners Creek, Millers Forest, Nelsons Plains, North Arm Cove, Osterley, Pindimar, Raymond Terrace, Seaham, Swan Bay, Tahlee, Tea Gardens, Twelve Mile Creek Hunter NSW 4.19% 3.53% 3047 Broadmeadows, Dallas, Jacana North Western Melbourne VIC 4.18% 0.91% 4573 Coolum Beach, Marcus Beach, Mount Coolum, Peregian Beach, Peregian Springs, Yaroomba Sunshine Coast QLD 4.17% 2.00% 2749 Castlereagh, Cranebrook North Western Sydney NSW 4.11% 2.23% 2540 Bamarang, Basin View, Berrara, Bolong, Brundee, Burrier, Callala Bay, Callala Beach, Cambewarra, Cudmirrah, Culburra Beach, Currarong, Erowal Bay, Falls Creek, Greenwell Point, Hmas Albatross, Hmas Creswell, Huskisson, Hyams Beach, Jervis Bay, Meroo Meadow, Myola, Numbaa, Old Erowal Bay, Orient Point, Pyree, Sanctuary Point, St Georges Basin, Sussex Inlet, Swanhaven, Tapitallee, Terara, Tomerong, Vincentia, Wandandian, Woollamia, Worrigee, Wrights Beach, Yalwal Illawarra NSW 4.00% 1.44% 2485 Tweed Heads, Tweed Heads West Richmond-Tweed NSW 3.97% 1.42% 2565 Macquarie Links, Denham Court, Ingleburn Outer South Western Sydney NSW 3.97% 1.33% 2529 Blackbutt, Dunmore, Flinders, Oak Flats, Shell Cove, Shellharbour Illawarra NSW 3.96% 1.14% 4217 Benowa, Bundall, Chevron Island, Isle Of Capri, Main Beach, Surfers Paradise Gold Coast QLD 3.95% 2.65% 2190 Chullora, Greenacre, Mount Lewis Canterbury- Bankstown NSW 3.93% 1.79% 4815 Condon, Kelso, Rasmussen Northern-North West QLD 3.90% 1.78% 2564 Long Point, Macquarie Fields Outer South Western Sydney NSW 3.89% 0.40% 2777 Hawkesbury Heights, Springwood, Valley Heights, Winmalee, Yellow Rock North Western Sydney NSW 3.87% 1.68% 2168 Ashcroft, Busby, Cartwright, Green Valley, Heckenberg, Hinchinbrook, Miller, Sadleir Fairfield-Liverpool NSW 3.84% 1.01% 2558 Eagle Vale, Eschol Park, Kearns Outer South Western Sydney NSW 3.81% 1.97% 4019 Clontarf, Margate, Margate Beach, Woody Point North BSD Balance QLD 3.78% 0.76%
  • 3. 3 OCTOBER 18, 2012 SPECIAL COMMENT: AUSTRALIAN MORTGAGE DELINQUENCIES BY POSTCODE - 2012 RESIDENTIAL MBS Postcode Suburbs Region State % of loans 30 - plus delinquent by loan balance % of loans 90- plus delinquent by loan balance 2528 Barrack Heights, Barrack Point, Lake Illawarra, Mount Warrigal, Warilla, Windang Illawarra NSW 3.74% 1.91% 2205 Arncliffe, Turrella, Wolli Creek St George- Sutherland NSW 3.69% 2.26% 4133 Chambers Flat, Logan Reserve, Waterford, Waterford West South and East BSD Balance QLD 3.69% 1.71% 2325 Aberdare, Abernethy, Bellbird, Cessnock, Congewai, Ellalong, Elrington, Kearsley, Kitchener, Laguna, Millfield, Mount View, Nulkaba, Paxton, Paynes Crossing, Pelton, Quorrobolong, Wollombi Hunter NSW 3.67% 0.56% 2770 Bidwill, Blackett, Dharruk, Emerton, Hebersham, Lethbridge Park, Minchinbury, Mount Druitt, Shalvey, Tregear, Whalan, Willmot North Western Sydney NSW 3.64% 1.34% 2570 Camden, Camden Park, Cawdor, Cobbitty, Elderslie, Ellis Lane, Grasmere, Mount Hunter, Nattai, Oakdale, Orangeville, The Oaks, Werombi Outer South Western Sydney NSW 3.63% 2.19% 3024 Mount Cottrell, Wyndham Vale Outer Western Melbourne VIC 3.63% 1.66% 5169 Moana, Seaford, Seaford Heights, Seaford Meadows Southern Adelaide SA 3.48% 1.17% 4214 Arundel, Ashmore, Molendinar, Parkwood Gold Coast QLD 3.47% 2.52% 6167 Anketell, Bertram, Calista, Casuarina, Kwinana Beach, Kwinana Town Centre, Mandogalup, Medina, Orelia, Parmelia, Postans, The Spectacles, Wandi South West Metropolitan WA 3.40% 1.41% 2536 Batehaven, Batemans Bay, Benandarah, Bimbimbie, Buckenbowra, Catalina, Currowan, Denhams Beach, Durras North, East Lynne, Guerilla Bay, Jeremadra, Lilli Pilli, Long Beach, Maloneys Beach, Malua Bay, Mogo, Nelligen, North Batemans Bay, Rosedale, Runnyford, South Durras, Sunshine Bay, Sunshine Bay, Surf Beach, Surfside, Woodlands South Eastern NSW 3.39% 1.74% 6168 Cooloongup, East Rockingham, Garden Island, Hillman, Peron, Rockingham South West Metropolitan WA 3.34% 1.00% 2747 Cambridge Park, Kingswood, Llandilo, Shanes Park, Werrington, Werrington County, Werrington Downs North Western Sydney NSW 3.33% 1.33% 4505 Burpengary North BSD Balance QLD 3.32% 2.13% 4020 Redcliffe, Scarborough North BSD Balance QLD 3.32% 1.19% 2259 Chain Valley Bay, Dooralong, Durren Durren, Gwandalan, Halloran, Hamlyn Terrace, Jilliby, Kanwal, Lake Munmorah, Lemon Tree, Mannering Park, Mardi, Ravensdale, Summerland Point, Tacoma, Tuggerah, Tuggerawong, Wallarah, Warnervale, Watanobbi, Woongarrah, Wyee, Wyong, Wyongah, Yarramalong Central Coast NSW 3.30% 1.54% 4220 Burleigh Heads, Burleigh Waters, Miami Gold Coast QLD 3.26% 1.51% 6059 Dianella North Metropolitan WA 3.26% 1.51% 5107 Green Fields, Parafield Gardens Northern Adelaide SA 3.25% 1.91% 3338 Brookfield, Exford, Melton South Outer Western Melbourne VIC 3.22% 0.73% 2527 Albion Park, Albion Park Rail Illawarra NSW 3.21% 1.46% 2756 Bligh Park, Cattai, Clarendon, Colo, Cornwallis, Ebenezer, Freemans Reach, Glossodia, Lower Portland, Maroota, Mcgraths Hill, Mulgrave, Pitt Town, Scheyville, Wilberforce, Windsor North Western Sydney NSW 3.20% 1.79% 4216 Biggera Waters, Coombabah, Hollywell, Paradise Point, Runaway Bay, South Stradbroke Gold Coast QLD 3.18% 1.51% 2160 Merrylands, Merrylands West Central Western Sydney NSW 3.17% 0.85% 2097 Collaroy Northern Beaches NSW 3.16% 0.99% 2161 Guildford, Guildford West, Old Guildford, Yennora Central Western Sydney NSW 3.14% 1.48%
  • 4. 4 OCTOBER 18, 2012 SPECIAL COMMENT: AUSTRALIAN MORTGAGE DELINQUENCIES BY POSTCODE - 2012 RESIDENTIAL MBS Postcode Suburbs Region State % of loans 30 - plus delinquent by loan balance % of loans 90- plus delinquent by loan balance 4878 Barron, Caravonica, Holloways Beach, Machans Beach, Smithfield, Yorkeys Knob Far North QLD 3.13% 2.39% 3215 Bell Park, Bell Post Hill, Hamlyn Heights, North Geelong Barwon-Western District VIC 3.12% 1.87% 4132 Crestmead, Marsden South and East BSD Balance QLD 3.11% 1.07% 6112 Armadale, Bedfordale, Brookdale, Forrestdale, Mount Nasura, Mount Richon, Seville Grove, Wungong South East Metropolitan WA 3.10% 1.27% 6064 Alexander Heights, Girrawheen, Koondoola, Marangaroo North Metropolitan WA 3.09% 1.37% 2250 Calga, Gosford, East Gosford, North Gosford, West Gosford, Erina, Kariong, Kulnura, Lisarow, Lower Mangrove, Mangrove Mountain, Matcham, Mount White, Narara, Niagara Park, Peats Ridge, Point Clare, Somersby, Springfield, Tascott, Wendoree Park, Wyoming Central Coast NSW 3.09% 1.23% 4300 Augustine Heights, Bellbird Park, Brookwater, Camira, Carole Park, Gailes, Goodna, Springfield, Springfield Lakes Ipswich City QLD 3.08% 1.45% 2196 Punchbowl, Roselands Canterbury- Bankstown NSW 3.07% 1.15% 3074 Thomastown North Eastern Melbourne VIC 3.07% 0.90% 4213 Austinville, Bonogin, Mudgeeraba, Springbrook, Tallai, Worongary Gold Coast QLD 3.06% 1.00% 2753 Bowen Mountain, Grose Vale, Grose Wold, Hobartville, Londonderry, Richmond, Yarramundi North Western Sydney NSW 3.06% 0.85% 5097 Redwood Park, Ridgehaven, St Agnes Northern Adelaide SA 3.05% 0.50% 6210 Coodanup, Dudley Park, Erskine, Falcon, Greenfields, Halls Head, Madora Bay, Mandurah, Meadow Springs, San Remo, Silver Sands, Wannanup Lower Western WA WA 3.05% 1.67% 4114 Kingston, Logan Central, Woodridge South and East BSD Balance QLD 3.04% 1.30% 2171 Cecil Hills, Horningsea Park, Hoxton Park, Middleton Grange, West Hoxton Fairfield-Liverpool NSW 3.04% 1.46% 4210 Guanaba, Maudsland, Oxenford, Studio Village, Wongawallan Gold Coast QLD 3.01% 1.22% 3337 Kurunjang, Melton, Toolern Vale Outer Western Melbourne VIC 3.01% 0.99% 2165 Fairfield, Fairfield East, Fairfield Heights, Fairfield West Fairfield-Liverpool NSW 2.97% 1.20% 2760 Colyton, Oxley Park, St Marys North Western Sydney NSW 2.95% 1.32% 3219 Breakwater, East Geelong, Newcomb, St Albans Park, Whittington Barwon-Western District VIC 2.95% 0.99% 2560 Airds, Ambarvale, Appin, Bradbury, Blair Athol, Bradbury, Campbelltown, Englorie Park, Gilead, Glen Alpine, Kentlyn, Leumeah, Rosemeadow, Ruse, St Helens Park, Wedderburn, Woodbine Outer South Western Sydney NSW 2.95% 1.18% 6530 Beachlands, Beresford, Bluff Point, Geraldton, Karloo, Mahomets Flats, Meru, Moresby, Mount Tarcoola, Rangeway, Spalding, Strathalbyn, Sunset Beach, Tarcoola Beach, Utakarra, Waggrakine, Wandina, Webberton, West End, Wonthella, Woorree Remainder - Balance WA WA 2.93% 1.34% 4558 Cotton Tree, Maroochydore, Sunshine Plaza Sunshine Coast QLD 2.93% 2.09% 3196 Bonbeach, Chelsea, Chelsea Heights, Edithvale Southern Melbourne VIC 2.92% 1.33% 3840 Jeeralang, Mid Valley, Morwell All Gippsland VIC 2.89% 0.74% 6280 Abbey, Abba River, Acton Park, Ambergate, Anniebrook, Boallia, Bovell, Broadwater, Busselton, Carbunup River, Chapman Hill, Geographe, Hithergreen, Jindong, Kalgup, Kaloorup, Kealy, Ludlow, Marybrook, Metricup, Reinscourt, Ruabon, Sabina River, Siesta Park, Tutunup, Vasse, Walsall, West Busselton, Wilyabrup, Wonnerup, Yalyalup, Yelverton, Yoongarillup Lower Western WA WA 2.87% 1.74%
  • 5. 5 OCTOBER 18, 2012 SPECIAL COMMENT: AUSTRALIAN MORTGAGE DELINQUENCIES BY POSTCODE - 2012 RESIDENTIAL MBS Postcode Suburbs Region State % of loans 30 - plus delinquent by loan balance % of loans 90- plus delinquent by loan balance 2780 Katoomba, Leura, Medlow Bath North Western Sydney NSW 2.86% 1.13% 4124 Boronia Heights, Greenbank South and East BSD Balance QLD 2.84% 1.31% 2902 Kambah Australian Capital Territory ACT 2.83% 1.88% 3166 Hughesdale, Huntingdale, Oakleigh, Oakleigh East Inner Eastern Melbourne VIC 2.80% 2.30% 4223 Currumbin, Currumbin Valley, Currumbin Waters Gold Coast QLD 2.80% 1.02% 3175 Bangholme, Dandenong, Dandenong North, Dandenong South South Eastern Melbourne VIC 2.79% 0.46% 3173 Keysborough South Eastern Melbourne VIC 2.79% 0.98% 3076 Epping, Epping Dc North Eastern Melbourne VIC 2.78% 0.95% 4211 Advancetown, Beechmont, Carrara, Clagiraba, Gaven, Gilston, Highland Park, Mount Nathan, Natural Bridge, Nerang, Numinbah Valley, Pacific Pines Gold Coast QLD 2.77% 0.91% 6030 Clarkson, Merriwa, Mindarie, Quinns Rocks, Ridgewood, Tamala Park North Metropolitan WA 2.77% 0.76% 4280 Jimboomba West Moreton QLD 2.76% 0.54% 2251 Avoca Beach, Bensville, Copacabana, Davistown, Green Point, Kincumber, Macmasters Beach, Saratoga, Yattalunga Central Coast NSW 2.75% 0.97% 4560 Bli Bli, Dulong, Mapleton, Montville, Nambour, Perwillowen Sunshine Coast QLD 2.73% 0.96% 4127 Daisy Hill, Priestdale, Slacks Creek, Springwood South and East BSD Balance QLD 2.73% 1.17% 6156 Attadale, Melville, Willagee South West Metropolitan WA 2.71% 2.51% 2566 Bow Bowing, Minto, Raby, St Andrews, Varroville Outer South Western Sydney NSW 2.69% 0.64% 3630 Benarch, Branditt, Caniambo, Colliver, Dunkirk, Shepparton Goulburn-Ovens- Murray VIC 2.69% 1.08% 4077 Doolandella, Durack, Inala, Richlands Brisbane City Outer Ring QLD 2.69% 1.11% 2200 Bankstown, Condell Park Canterbury- Bankstown NSW 2.68% 0.52% 2285 Cameron Park, Cardiff, Cardiff Heights, Cardiff South, Edgeworth, Glendale, Macquarie Hills Hunter NSW 2.67% 0.89% 4510 Beachmere, Caboolture, Caboolture South, Donnybrook, Toorbul North BSD Balance QLD 2.66% 0.69% 6330 Albany, Bayonet Head, 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 King, Lowlands, Marbelup, Mckail, Middleton Beach, Millbrook, Milpara, Mira Mar, Mount Clarence, Mount Elphinstone, Mount Melville, Nanarup, Napier, Nullaki, Orana, Port Albany, Robinson, Sandpatch, Seppings, Spencer Park, Torbay, Torndirrup, Vancouver Peninsula, Walmsley, Warrenup, West Cape Howe, Willyung, Yakamia, Youngs Siding Lower Western WA WA 2.64% 2.38%
  • 6. 6 OCTOBER 18, 2012 SPECIAL COMMENT: AUSTRALIAN MORTGAGE DELINQUENCIES BY POSTCODE - 2012 RESIDENTIAL MBS Report Number: SF302931 © 2012 Moody’s Investors Service, Inc. and/or its licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. (“MIS”) AND ITS AFFILIATES ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY’S (“MOODY’S PUBLICATIONS”) MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. 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