From Banking Day comes some more news we’ll ascribe to the magic of rate cuts:
Genworth Financial…said it paid out 770 claims in Australia during the June quarter, down from 852 in the March quarter.
The average size of each claim paid out increased to A$91,000 in June, up from $77,000 in March.
Borrowers getting into strife…include the self-employed and those running small businesses in general, and small business owners that took out loans in 2007 and 2008 in particular. Borrowers in Queensland in general and in coastal Queensland in particular remain a prominent source of claims.
Genworth said there was a rise in the percentage of loans in long-term arrears ending up in default [but] more borrowers in arrears (presumably, at relatively early stages) managed to catch up with their repayments.
Genworth said 0.52 per cent of insured loans were in arrears at the end of June, down two basis points from March.
