Despite recent interest rate rises, the Reserve Bank of Australia (RBA) claims the majority of homeowners are keeping pace with their mortgage repayments, with deputy governor, Ric Battellino, saying the RBA estimates just 15,000 borrowers are 90 days or more in arrears on their mortgage repayments.
"These are quite low numbers for a country the size of Australia," Mr Battellino said, adding to notes of his comments to the committee released on Thursday.
"From a macroeconomic perspective, there do not appear to be any major problems here.
"Indeed, given the historically low level of unemployment, it would be surprising if there was a widespread problem with housing loan arrears at present."
The RBA also disputes the accuracy of the current definition of mortgage stress, whereby households paying more than 30 per cent of their income towards mortgage repayments are deemed to be suffering mortgage stress.
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