From S&P:
Australian prime home loan arrears held steady in June. The Standard & Poor’s Performance Index (SPIN) for Australian prime mortgages remained unchanged from a month earlier at 1.38%, according to a recent report by S&P Global Ratings.
Arrears typically decline in June. While home loan arrears remain elevated year on year, we expect the performance of loan products to diverge as lenders compete for low-risk borrowers. This is positive for Australian residential mortgage-backed securities (RMBS) because around 60% of the loans that underlie portfolios are amortizing, owner-occupier residential mortgage loans with modest loan-to-value ratios.