Australian Mortgage Delinquency by Postcode 30 September 2011

Structured Finance
RMBS/Australia
Australian Mortgage Delinquency by Postcode

30 September 2011 Special Report
Key Points
Thanks to stable interest rates,
delinquencies have decreased at state and regional level
Key Findings
General Fall in Delinquencies: Overall, delinquencies have decreased considerably across Australia to 1.42% in September 2011 from 1.77% in March 2011. Western Australia has shown a significant improvement in arrears, recording a 1.50% delinquency rate by AUD amount, down 49bp from 1.99% in March 2011. Queensland continues to be the worst performing state in terms of 30+ day arrears (1.70%), down 30bp from 2.00% in March 2011. Worst Performers Improving: The ten worst performing regions in Australia are the same as in March 2011. However, delinquency rates have decreased across all of these regions. Regions which have shown strong sensitivity to mortgage rates, due to socio-economical factors (eg high unemployment rate, low income) have benefited most from stable cash rates. Positive Signals: Fairfield-Liverpool continues to be the worst performing region in Australia, but 30+ day arrears decreased to 2.63% in September 2011 (from 2.99% in March 2011). South-west Western Australia has shown a significant improvement in mortgage performance, with arrears decreasing by 76bp to 2.17%. Northern Middle Melbourne is currently the best performing region in Australia by value (30+ day arrears at 0.54%), followed by Lower Northern Sydney (0.56%). Tourism Destinations Struggling: Nelson Bay remains the worst performing postcode overall by loan amount, recording a delinquency ratio of 7.8%. An increasing number of the 20 worst performing suburbs in Australia are located in tourism destinations such as Arlie Beach, Noosa Heads, Surfers Paradise and Nelson Bay.
Figure 1
Tourism destinations are now among the

worst performing suburbs in Australia
Western Australia is showing a significant

improvement in delinquencies, thanks to the rebound in the mining sector
Australia 30+ Day Delinquencies
0.00% To 0.47% 0.47% To 0.95% 0.95% To 1.42% 1.42% To 1.89% 1.89% To 2.36% >2.36%
Related Research
Australian Mortgage Delinquency by Postcode 31 March 2011 (March 2011) The Dinkum Index Q311, Fitch Ratings Quarterly Australian Residential Mortgage Performance Report (Dec 2011)
Northern Territory 0.75 Western Australia (excl Perth) 1.84
Analysts
James Zanesi +61 2 8256 0306 james.zanesi@fitchratings.com Natasha Vojvodic +61 2 8256 0350 natasha.vojvodic@fitchratings.com Kim Bui +61 2 8256 0340 kim.bui@fitchratings.com
South West WA 2.17
Investor Relations
Vickie Brumwell +61 2 8256 0305 vickie.brumwell@fitchratings.com
Source: ABS, Fitch
1 Northern QLD 1.34 2 Mackay 1.81 3 Fitzroy 1.31 3 4 Wide Bay-Burnett 1.92 4 1.87 5 5 Sunshine Coast 6 Darling Downs 1.60 6 South 7 7 Richmond-Tweed 1.69 Australia 8 8 North NSW 2.01 North West NSW (excl. Adelaide) 1.47 9 9 Hunter 2.03 1.83 10 Illawarra 1.70 13 10 11 South East NSW 1.41 14 11 17 12 12 ACT 0.65 15 18 13 Murray Murrumbidgee 1.58 16 14 Mallee,Wimmera & Loddon1.27 Tasmania 15 Western VIC 1.17 1.12 16 Barwon 0.98 17 Goulburn & Ovens Murray 1.34 18 Gippsland 1.09 1 Far North and West 1.67 2
www.fitchratings.com
19 December 2011
Structured Finance
Regional Highlights
In terms of mortgage performance, those regions which have shown strong sensitivity to mortgage rates due to socio-economical factors (eg high unemployment rate, low income households) and which were affected most in March 2011 by Christmas spending and increased interest rates have also benefited the most from stable cash rates.
Figure 2
The Fitch Dinkum Index

RMBS delinquencies
(%) 2.0 1.5 1.0 0.5 0.0 Sep 00 Sep 01 Sep 02 Sep 03 Sep 04 Sep 05 Sep 06 Sep 07 Sep 08 Sep 09 Sep 10 Source: Fitch 90+ days 30+days Cash rate (%) 8 6 4 2 0 Sep 11
South west Sydney, Melton-Hume in Victoria, and Logan City in Queensland have shown an above average improvement in 30+ day arrears. However, these regions continue to be among the worst performing regions in their respective states. Fairfield-Liverpool continues to be the worst performing region in Australia, with one mortgage in 60 being in arrears and a 30+ day delinquency rate of 2.63%. Other regions labelled as worst performing such as the Gold Coast in Queensland and the Central Coast north of Sydney have not shown the same degree of improvement in arrears, as these regions were less affected by socio-economical variables. These regions tend to have above average 90+ day arrears, indicating delinquencies in these areas are more severe, and are often related to a slow down in the housing sector. Nelson Bay remains the worst performing postcode overall by loan amount recording a delinquency ratio of 7.8% in AUD terms and the second worst performing postcode by number of borrowers in arrears (31 out of 1,000). Nelson Bay has been the worst Australian performing postcode in terms of mortgage performance over the last two and half years, due to strong 90+ day arrears (often influenced by housing speculation). These 90+ day arrears are expected to decrease in the long term, as has been the case in the past two years. Other suburbs, such as Budgewoi (NSW), Casuarina (WA), and Helensvale (QLD), remain among the worst performing postcodes. Queensland continues to be the worst performing state in terms of 30+ day arrears (1.70%), down 30 basis points (bp) from 2.00% in March 2011. Delinquency rates in the Gold Coast and in Logan City are still relatively high. However, Logan City has shown a strong improvement in 30+ day arrears (to 2.38% from 2.83% in March 2011). Both the 30-60 day and 60-90 day delinquency buckets have seen an improvement since March 2011, indicating that borrowers have been able to cope with increased interest rates. Western Australia has shown a significant improvement in arrears, recording a 1.50% delinquency rate by amount, down 49bp from 1.99% in March 2011. This improvement has also been reflected in the delinquency rate by number of mortgages in arrears, with one borrower out of four being able to cure their delinquency status since March 2011. Only one of the worst 20 postcodes is currently located in Western Australia (versus five in March 2011).
Australian Mortgage Delinquency by Postcode December 2011
Structured Finance
Arrears levels in Victoria decreased over the six months to September 2011 and it is still performing well, with an overall delinquency rate of 1.04%. This is considerably lower than the other large states of New South Wales (1.55%) and Queensland (1.70%). Melbourne is performing in line with the rest of Victoria, with a delinquency ratio of 1.00%. The majority of the 20 best performing postcodes are still located in Victoria. In this report, Fitch Ratings covers all securitised mortgages (prime and non-conforming), including mortgages which form the collateral of REPO-eligible transactions with the Reserve Bank of Australia (RBA). As of September 2011, securitised mortgages represented approximately 17% of all Australian mortgages by volume. Overall, Australian arrears are still below those of other key markets, such as the US and UK.
Figure 3
Serious Delinquencies
(%) 14 12 10 8 6 4 2 0 Mar 05 Source: Fitch Apr 06 May 07 Jun 08 Jul 09 Aug 10 Sep 11 Australia 90+days US 60+days UK 90+days
Background
This is Fitchs seventh report covering the performance of Australian mortgages by postcode. The analysis is based on loan-by-loan data for Australian securitised residential mortgages and provides a window on the Australian mortgage market as a whole and specifically, the performance of mortgages across postcodes. For the purpose of this report, Fitch has used its mortgage performance data to divide Australian mortgage performance by geography. The agency has done this by placing an emphasis on the postcode in which the security property is located. In this manner, Fitch is able to analyse missed payments on residential mortgages in Australia at varying levels of granularity, including by state, city, region and postcode. As not all of the mortgages are owner-occupied, the location of the property might be different than the residency of the borrower and the business focus of the lender. Therefore, for small geographical areas such as postcodes, the study provides more information on the performance of the secured property market, rather than the creditworthiness of the residents in that particular area, or the performance of a specific lenders portfolio. For example, while properties in one geographical area may form collateral for investment properties, the borrower might be resident anywhere else in Australia, for example in a metropolitan city. According to the RBA, 31% of mortgages are currently secured on investment properties. Even if the location of the property might not always reveal the credit profile of the obligor, it remains a discriminating factor in performance. This study has been devised to examine Australian mortgage delinquency at a granular level and to highlight areas of stress in the Australian mortgage market that may not be evident when looking at national or even state-based data. The variability of the performance of postcodes across Australia is a reminder to those reviewing RMBS performance that the geographic diversity of a portfolio is an important attribute to be considered.
Structured Finance
The study relies on data from home loans that have been securitised in the Australian market. Since September 2010, the study also takes into account the loans of REPO-eligible transactions with the RBA, as such transactions are now well-seasoned. At 30 September 2011, the study included approximately 1,056,000 loans (1,040,000 at 31 March 2011) with a total outstanding balance of over AUD194bn (AUD186bn at 31 March 2011). The volume of data has increased due to recent market issuance, and the volume of securitised mortgages in the study currently represents approximately 17% by value of the total housing loan stock in Australia. As such, it provides a good proxy for the performance of the Australian residential housing finance sector. The data include both conforming and non-conforming securitised residential loans.
Methodology
In order to compare different geographical areas across Australia, Fitch displays statistics both by postcode and by region. Fitch first provided statistics about specific geographical regions in 2007, when it first highlighted the divergence in performance between south west Sydney and the rest of New South Wales. In March 2008, Fitch presented for the first time a detailed overview of the performances among the 54 largest regions in Australia. Since the September 2010 report, Fitch has increased the number of regions covered in the study. Previously, Fitch exclusively analysed the largest Statistical Subdivisions (SSD), as classified by the Australian Bureau of Statistics (ABS), with an outstanding mortgage balance greater than AUD1.0bn. Such criteria allowed the agency to quickly assess the performance in a specific and geographically-delimited area and, at the same time, avoid the risk of running into statistically misleading results. On the other hand, such methodology did not easily allow Fitch to cover the whole of Australia, as it focuses on the most densely populated areas. Moreover, it was relatively hard to capture the divergence in performance between metropolitan and more remote areas. For metropolitan areas such as Sydney, Melbourne, Brisbane, Adelaide, and Perth, Fitch continues to display information for subdivisions, as provided by the ABS. While some cities (eg Sydney and Melbourne) allow further segmentation and in turn, show geographical differences within the metropolitan area itself, this is not always possible: for example, the portion and size of the sample in small areas such as Darwin might lack statistical significance. Fitch therefore groups two or more small subdivisions in order to form a new geographical area. In the particular case of Darwin, Fitch groups all of the subdivisions in the Northern Territory into one geographical area, as this provides a significant sample which could be compared with other regions of similar size. Fitch has segmented Australia into proportionate and homogenous areas. In identifying and grouping statistical subdivisions, Fitch has reached statistical significance and geographical divergence at the same time. Fitch has identified 76 regions. In metropolitan areas such as Sydney, Melbourne, Brisbane, Adelaide and Perth, the information continues to be displayed for SSD as defined by the ABS. The 47 SSDs in the five biggest cities have not changed since the last report. Other SSDs, which were excluded from Fitchs reports prior to September 2010, have been grouped together in larger divisions (eg Statistical Divisions as defined by the ABS). For more information, see Statistical Subdivision within Fitch Regions on page 38. The information is also represented visually using geographical maps. Information is displayed in two maps for postcodes (Australia and Sydney) and six maps for regional performance (Australia, Sydney, Melbourne, Brisbane, Perth and Adelaide). While the postcode maps show the location of the 20 worst performing postcodes, the regional maps show those geographical areas currently experiencing higher or lower than average 30+ day arrears by AUD amount.
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Information by number of loans in arrears is provided in tables, but is not displayed in geographical maps. The colour of a specific region indicates whether it is under- or over-performing the national average: arrears are grouped into quintile in relation to the national average at a particular reporting date. For example, as of September 2011, Australian securitised mortgage arrears amounted to 1.42%; 30+ day arrears are displayed in three quintiles above and three quintiles below such value. In each geographical map, Fitch also displays the level of arrears as a numeric value for each region. Furthermore, the maps show whether performance has deteriorated or improved from the last reporting date (in this case, since March 2011).
Residential Loan Performance by Region

Figure 4
Australia 30+ Day Delinquencies
0.00% To 0.47% 0.47% To 0.95% 0.95% To 1.42% 1.42% To 1.89% 1.89% To 2.36% >2.36%
Northern Territory 0.75 Western Australia (excl Perth) 1.84
South West WA 2.17
Figure 5
Australian Property Prices

Canberra Darwin Adelaide Melbourne National (Sep 2008 = 100) 125.00 115.00 105.00 95.00 Sep 08 Sep 09 Sep 10 Sep 11 Sydney Brisbane Hobart Perth
Source: ABS, Fitch
1 Northern QLD 1.34 2 Mackay 1.81 2 Far North 3 Fitzroy 1.31 and West 1.67 3 4 Wide Bay-Burnett 1.92 4 1.87 5 5 Sunshine Coast 6 Darling Downs 1.60 6 South 7 7 Richmond-Tweed 1.69 Australia 8 8 North NSW 2.01 North West NSW (excl. Adelaide) 1.47 9 9 Hunter 2.03 1.83 10 Illawarra 1.70 13 10 11 South East NSW 1.41 14 11 17 12 12 ACT 0.65 15 18 13 Murray Murrumbidgee 1.58 16 14 Mallee,Wimmera & Loddon1.27 Tasmania 15 Western VIC 1.17 1.12 16 Barwon 0.98 17 Goulburn & Ovens Murray 1.34 18 Gippsland 1.09 1
Overall, delinquencies have decreased considerably across all six states in Australia. Western Australia strongly improved over the six months to September 2011. Queensland and South Australia have improved the least.
Figure 6
Australia - Historical Performance of States

(%) 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Jan 03 Sep 03 May 04 Jan 05 Sep 05 May 06 Jan 07 Sep 07 May 08 Jan 09 Sep 09 May 10 Jan 11 Sep 11 Source: Fitch NSW QLD SA TAS VIC WA Australia
Source: ABS, Fitch
Melbourne has shown the strongest house price appreciation over the last three years.
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As of September 2011, the average 30+ day delinquency ratio by AUD amount in Australia was 1.42%. The delinquency ratio by number of loans in arrears was 1.00%, down from 1.23% in March 2011, and exactly the same as in September 2010. This means that in Australia, one in 400 borrowers have cured their delinquent status since March 2011. As mortgage rates have decreased and the Australian economy and unemployment remain solid, the increased cost of living remains the main variable generally affecting household affordability.
Figure 7
Australia - Historical 30+ Day Arrears of Selected Regions

ACT Inner Melbourne Eastern Suburbs Logan City (%) 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Sep 10 Central Coast Sydney Lower Northern Sydney Gold Coast East Australia Fairfield-Liverpool Northern Middle Melbourne Gold Coast West
Oct 10
Nov 10 Dec 10
Jan 11
Feb 11
Mar 11
Apr 11
May 11
Jun 11
Jul 11
Aug 11 Sep 11
Source: Fitch
Queensland is still the worst performing state. The improvement in 30+ day delinquencies was below the Australian average: 30+ day arrears decreased to 1.70% in September 2011 from 2.00% in March 2011, but 90+ day arrears remain almost unchanged. 30+ day arrears in New South Wales and Western Australia have also improved, but remain above the Australian average, at 1.55% and 1.50% respectively. Western Australia has shown a remarkable improvement in 30+ day delinquencies, with 25% less delinquent borrowers since March 2011. Victoria has also shown a significant improvement in delinquency rates, and continues to be the best performing state with 30+ day arrears at 1.04% in September 2011, down 30bp since March 2011. The Australian Capital Territory and the Northern Territory continue to perform well, with a delinquency rate of 0.71% and 0.75% respectively: this is practically half the Australian average. As in Fitchs previous reports, the worst performing geographical area in Australia is located in south-west Sydney. Since September 2010, performance in the southern regions of Brisbane has deteriorated significantly and this has been reflected both at a regional level (eg Logan City, Ipswich and Gold Coast) and at a suburb level (eg Helensvale and Kingston).
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Worst Performing Regions in Australia
Fairfield-Liverpool continues to be the worst performing region in Australia The number of regions in WA that are among the 10 worst performing has decreased The Gold Coast regions still have higher than average arrears
Victorian regions tend to be
Figure 8
10 Worst Performing Regions in Australia By Value

As at 30 September 2011 30+ day arrears (%) 2.63 2.58 2.57 2.47 2.38 2.35 2.24 2.17 2.15 2.10 As at 31 March 2011 30+ day arrears (%) 2.99 2.93 2.87 2.84 2.83 2.82 2.80 2.77 2.73 2.52
among the best performing regions in Australia
Rank 1 2 3 4 5 6 7 8 9 10
Fitch Region Fairfield-Liverpool Gold Coast East Central Coast Sydney Gold Coast West Logan City (& Beaudesert) Ipswich City Blacktown South West WA Outer South West Sydney Outer Western Sydney
State NSW QLD NSW QLD QLD QLD NSW WA NSW NSW
Fitch Region Fairfield-Liverpool South West WA Gold Coast West Outer South West Sydney Logan City (& Beaudesert) Outer Western Sydney Central Coast Sydney Gold Coast East Blacktown Ipswich City
State NSW WA QLD NSW QLD NSW NSW QLD NSW QLD
Source: Fitch, ABS
The ten worst performing regions in Australia are the same as in March 2011. However, delinquency rates have decreased across all of these regions. In fact, only the worst two regional delinquency rates in September 2011 would have been included in the ten worst performing six months before. Fairfield-Liverpool continues to be the worst performing region in Australia, above other NSW regions such as the Central Coast and Blacktown: 30+ day arrears decreased to 2.63% in September 2011 (from 2.99% in March 2011). The Gold Coast West, Logan City and Ipswich have also improved, but their improvement has been below the Australian average. In March 2011, these regions experienced a significant deterioration by number of borrowers in arrears and have shown a more moderate improvement than the rest of the country since then. On average, 19 borrowers out of 1,000 in the Gold Coast, Ipswich and Logan City were in arrears as of March 2011 (compared to 17 in September 2011). Overall, these regions were not directly impacted by the Queensland floods; however, Fitch believes mortgage borrowers in some of these areas may have been affected by the flood (eg business or primary residence located in a flood-affected area).
Figure 9
10 Worst Performing Regions in Australia By Number

Rank 1 2 3 4 5 6 7 8 9 10
Fitch Region Logan City (& Beaudesert) Ipswich City Central Coast Sydney Outer South West Sydney Gold Coast East Gold Coast West Fairfield-Liverpool Blacktown Outer Western Sydney Melton-Wyndham
State QLD QLD NSW NSW QLD QLD NSW NSW NSW VIC
Fitch Region Logan City (& Beaudesert) Outer South West Sydney Central Coast Sydney Blacktown Fairfield-Liverpool Caboolture Shire Gold Coast West Outer Western Sydney South West WA Ipswich City
State QLD NSW NSW NSW NSW QLD QLD NSW WA QLD
Source: Fitch, ABS
Delinquencies in Perth continue to improve and no region from Perth was among the ten worst performing regions as of September 2011. Particularly, East Metropolitan Perth has shown a remarkable improvement in terms of number of borrowers in arrears, with 25% fewer delinquent borrowers than at end-September 2010. The 30+ day delinquency rate in South-
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West Western Australia has also shown a significant improvement of 76bp, in line with the improvement across Western Australia. Melton-Wyndham continues to be the worst performing region in Victoria and the only Victorian region among the 10 worst performing regions by number of mortgages; approximately 14 mortgages in 1,000 were in arrears as of September 2011.
Best Performing Regions in Australia

Regions labelled as best performing have also shown signs of improvement: for example, in September 2011, the delinquency rate of the tenth best performing region (Eastern Middle Melbourne, 0.81%) was lower than the delinquency rate of the best performing region in March 2011 (Lower Northern Sydney, 0.85%). As was the case in March 2011, five of the ten best performing regions are located in Melbourne. The statistical subdivision of Northern Middle Melbourne is currently the best performing region in Australia by value, followed by Lower Northern Sydney. Lower Northern Sydney continues to be the best performing region by number of mortgages in arrears, reflecting the solid socio-economic situation in the region: on average, less than four mortgages out of 1,000 were delinquent at end-September 2011.
Figure 10
10 Best Performing Regions in Australia By Value

Rank 1 2 3 4 5 6 7 8 9 10
Fitch Region Northern Middle Melbourne Lower Northern Sydney Inner Melbourne ACT Eastern Suburbs Boroondara City Northwest Inner Brisbane NT Southern Melbourne Eastern Middle Melbourne
State VIC NSW VIC ACT NSW VIC QLD NT VIC VIC
Fitch Region Lower Northern Sydney Inner Melbourne Northern Middle Melbourne Moreton City Boroondara City Eastern Suburbs ACT Eastern Middle Melbourne NT Northwest Inner Brisbane
State NSW VIC VIC VIC VIC NSW ACT VIC NT QLD
Source: Fitch, ABS
Figure 11
10 Best Performing Regions in Australia By Number

Rank 1 2 3 4 5 6 7 8 9 10
Fitch Region Lower Northern Sydney Boroondara City Northern Middle Melbourne ACT Inner Melbourne Eastern Suburbs Eastern Middle Melbourne Northwest Inner Brisbane Moreland City Southern Melbourne
State NSW VIC VIC ACT VIC NSW VIC QLD VIC VIC
Fitch Region Lower Northern Sydney Boroondara City Northern Middle Melbourne Eastern Suburbs Eastern Middle Melbourne Inner Brisbane Inner Melbourne Southern Melbourne ACT Northwest Inner Brisbane
State NSW VIC VIC NSW VIC QLD VIC VIC ACT QLD
Source: Fitch, ABS
Lower Northern Sydney and the Eastern Suburbs continue to be the only subdivisions of New South Wales among the best 10 regions, boasting the lowest portion of mortgage balances in arrears. Northwest Inner Brisbane, Boroondara City and Central Metropolitan Perth are the best performing regions in Queensland, Victoria and Western Australia respectively by number of mortgages in arrears.
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Nelson Bay continues to be the worst performing postcode by balance Six of the postcodes from March 2011 were still among the 20 worst performing, as at September 2011 Fitch notes an increasing number of tourism destination suburbs in the 20 worst performing postcodes
Budgewoi (QLD) is the worst
Residential Loan Performance by Suburb

This study exclusively analyses performance among the larger postcodes in Australia. Postcodes with less than AUD100m of the total securitised mortgage balance are excluded from the analysis, as Fitch believes that the sample is not of sufficient size to provide useful and reliable information.
Figure 12
20 Worst Performing Postcodes in Australia by Value

As at 30 September 2011 Post code 2315 2262 4212 2576 2171 4217 4130 4114 2106 2761 4567 4802 2753 2324 2325 6167 2177 2428 2263 2430 30+ day arrears (%) 7.8 4.6 4.3 4.3 4.0 3.9 3.9 3.8 3.8 3.7 3.6 3.6 3.4 3.4 3.4 3.4 3.3 3.3 3.3 3.2 Post code 2315 2164 2765 4114 4132 2770 2577 4212 2262 2780 6168 6210 4217 2199 6167 4208 2168 2195 4213 6055 As at 31 March 2011 30+ day arrears (%) 5.6 5.0 4.8 4.6 4.4 4.3 4.2 4.2 4.2 4.2 4.2 4.2 4.1 4.1 4.1 4.1 4.0 4.0 3.9 3.9
performing postcode by number of borrowers, with 3.5% of loans in arrears by more than 30 days
Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
State NSW NSW QLD NSW NSW QLD QLD QLD NSW NSW QLD QLD NSW NSW NSW WA NSW NSW NSW NSW
Suburb Nelson Bay Budgewoi Helensvale Kangaloon Hoxton Park Surfers Paradise Carbrook Kingston Newport Plumpton Noosa Heads Airlie Beach Richmond Karuah Cessnock Casuarina Bonnyrigg Forster Gorokan Taree
State NSW NSW NSW QLD QLD NSW NSW QLD NSW NSW WA WA QLD NSW WA QLD NSW NSW QLD WA
Suburb Nelson Bay Smithfield Riverstone Kingston Crestmead/Marsden Mount Druitt Kangaroo Valley Helensvale Budgewoi Katoomba Rockingham Mandurah Surfers Paradise Yagoona Casuarina Ormeau Green Valley Lakemba Mudgeeraba West Swan
Source: Fitch, ABS
Figure 13
Worst 20 Performing Australian Postcodes Excluding Sydney and Brisbane
NT QLD WA SA
4802 Airlie Beach
4567 Noosa Heads
6167 Casuarina
2430 Taree
NSW
2428 Forster 2315 Nelson Bay 2324
VIC
2576 Kangaloon
Source: ABS, Fitch
Karuah/ Swan Bay

TAS
2325 Cessnock
Moreover, only postcodes with more than 500 securitised loans and more than 10 delinquent loans are included among the analysis of worst performing loans. In relatively small postcodes,
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a few jumbo loans falling into arrears could easily exaggerate the real deterioration in such areas. Six of the 20 worst performing postcodes are located around Sydney (see Figure 14 Worst 20 Performing Australian Postcodes including Sydney). Despite the overall improvement across Australia, Nelson Bay which includes the areas of Corlette, Fingal Bay, Nelson Bay and Shoal Bay continues to be the worst performing postcode, with 7.8% of mortgage balances being in arrears, up 2.2% from March 2011. The increase was mainly in the 90+ day bucket, up 1.2% from March 2011. Other suburbs, such as Budgewoi (NSW), Helensvale (QLD), Kingston (QLD) and Surfers Paradise (QLD), continue to be among the worst performing postcodes.
Figure 14
Worst 20 Performing Australian Postcodes Including Sydney
2262, Budgewoi 2263, Gorokan 2753, Richmond 2761, Plumpton
2106, Newport 2177, Bonnyrigg
SYDNEY
2171, Hoxton Park
Source: ABS, Fitch
A considerable number of postcodes in Western Australia (Rockingham, Mandurah, West Swan) have shown a remarkable improvement in mortgage performance over the last six months: currently, Casuarina is the only suburb from Western Australia to be among the worst 20 performing postcodes by value of mortgage, and the second worst performing suburb in Western Australia, behind Port Kennedy, by number of mortgages in arrears. Apart from Sydney, the other worst performing suburbs are located around Brisbane and in tourist regions in Queensland and NSW. As of September 2011, the 20 worst performing postcodes were located mainly in New South Wales and Queensland. The study shows that the number of worst performing postcodes from Western Australia has decreased. Fitch has noticed an increasing number of suburbs located in tourism destinations among the 20 worst performing suburbs in Australia: in addition to the already mentioned Nelson Bay and Surfers Paradise, arrears in Arlie Beach and Noosa Heads have not significantly improved over the six months to September 2011. As was the case in March 2011, postcodes around Logan City and the Gold Coast (eg Kingston and Helensvale) are experiencing arrears levels above those of one year ago, although they have improved slightly since March 2011. The deterioration in performance is not limited to a few postcodes, as the whole Logan City and Gold Coast areas experienced an
10
Structured Finance
increase in delinquencies during the year to September 2011 (see Residential Loan Performance by Region, on page 5).
Figure 15
Worst 20 Performing Australian Postcodes Including Brisbane
4114 Kingston 4130 Carbrook/Cornubia
BRISBANE
4212 Helensvale 4217 Surfers Paradise

Source: ABS, Fitch
Figure 16
20 Worst Performing Postcodes in Australia by Number

As at 30 September 2011 Post Rank code 2262 1 2 2315 3 2576 4 4217 5 2325 6 2761 7 4114 8 4212 9 4132 10 2558 11 6172 12 2263 13 2564 14 2430 15 2259 16 2168 17 2171 18 2324 19 6167 20 4305 30+ day arrears (%) 3.5 3.1 3.0 2.9 2.6 2.6 2.5 2.5 2.4 2.3 2.3 2.2 2.2 2.2 2.2 2.2 2.1 2.1 2.1 2.1 Post code 4132 4114 2262 2765 4212 6112 2164 2770 6055 2168 6167 2766 6210 2325 6168 2322 2199 2160 4301 2571 As at 31 March 2011 30+ day arrears (%) 3.3 3.3 3.2 3.2 2.9 2.9 2.9 2.8 2.8 2.7 2.7 2.7 2.7 2.6 2.6 2.6 2.5 2.5 2.5 2.5
State NSW NSW NSW QLD NSW NSW QLD QLD QLD NSW WA NSW NSW NSW NSW NSW NSW NSW WA QLD
Suburb Budgewoi Nelson Bay Kangaloon Surfers Paradise Cessnock Plumpton Kingston Helensvale Crestmead/Marsden Eagle Vale Port Kennedy Gorokan Macquarie Fields Taree Hamlyn Terrace Green Valley Hoxton Park Karuah/Swan Bay Casuarina Ipswich
State QLD QLD NSW NSW QLD WA NSW NSW WA NSW WA NSW WA NSW WA NSW NSW NSW QLD NSW
Suburb Crestmead/Marsden Kingston Budgewoi Riverstone Helensvale Armadale Smithfield Mount Druitt West Swan Green Valley Casuarina Rooty Hill Mandurah Laguna Rockingham Beresfield/Hexham Yagoona Merrylands Redbank Wilton
Source: Fitch, ABS
In Western Australia, West Swan (WA) and Rockingham (WA) are no longer among the worst performing postcodes by number of mortgages in arrears; however, Port Kennedy is currently among the 20 worst performing postcodes, as in the 18 months to September 2011, arrears doubled from 1.60% to 3.21%.
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Figure 18
New South Wales

Figure 17
NSW Unemployment
(%) 8 6 4 2 0 Oct 08
Sydney 30+ Day Delinquencies

0.00% To 0.47% Hunter 2.03 North West & Western NSW 1.47 0.47% To 0.95% 0.95% To 1.42% 1.42% To 1.89% Central Coast Sydney 2.57 1.89% To 2.36% >2.36%
Oct 09
Oct 10
Oct 11
Source: ABS, Fitch
Following the peak of 7.0% in March 2009, unemployment has improved over the last two years, remaining between 4.5% and 5.3%.
Outer West 2.10
Figure 19
Central North 1.22 Northern Beaches 1.12 Blacktown 2.24
Lower Northern 0.56 Central Western Sydney 1.61

Sydney (Sep 2008= 100) 125.00 120.00 115.00 110.00 105.00 100.00 95.00 Sep 08 Sep 09 Sep 10 Sep 11
Source: ABS, Fitch
National
Fairfield/Liverpool 2.63 Outer South Western 2.15
Eastern Suburbs 0.67 Inner Sydney 0.96 Inner West 1.12
St George/Sutherland Canterbury/ 1.20 Bankstown 1.70 Illawarra 1.70
Source: ABS, Fitch
Sydney property prices have moved in line with national levels and have remained stable over the last year
Since September 2010, NSW has no longer been worst performing state in terms of mortgages in arrears, as delinquencies in Queensland increased over the year to September 2011. The study has analysed the performance of over 311,000 mortgages in NSW, for an equivalent amount of AUD62.8bn. On average, 1.55% of the total mortgage balance in NSW was in arrears, slightly worse than the national average of 1.42%. Sydney is performing in line with the rest of NSW, with a delinquency rate of 1.50%. 30-59 day arrears improved 19bp to 0.65% in September 2011, indicating NSW borrowers have also benefited from stable interest rates. Also, 90+ day arrears in NSW decreased to 0.63% in September 2011 from 0.75% in March 2011. This is even lower than in September 2010. Following the peak of 7.0% in March 2009, unemployment has improved over the last two years, remaining between 4.5% and 5.3%. As of October 2011, the unemployment rate in NSW was 5.1%, in line with historical levels. Moreover, NSW remains a well-diversified economy. NSW is performing well in terms of employment, despite the impact of the global financial crisis on financial services and the impact of the AUD on the tourism and manufacturing sectors. At the moment, the main risk to household affordability is represented by the increasing cost of living. Mortgage rates decreased 25bp in both November and December 2011: consequently, delinquency rates, especially in the 30 60 day bracket, are expected to decrease. In this report, Fitch has analysed the Sydney metropolitan area according to ABSs statistical subdivisions. As mentioned, Fairfield/Liverpool, Blacktown and the Central Coast (previously referred to as Gosford-Wyong) continue to be the worst performing regions in Sydney and NSW, despite the recent improvement in 30+ day arrears. The Outer West and Outer South Western parts of Sydney also continue to experience increasing deterioration in mortgage performance. Suburbs around these areas still have higher than average delinquency rates; consequently, a portion of the worst performing postcodes in Australia is located in or nearby
Figure 20
New South Wales - Arrears

30-60 days 90+ days (%) 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Mar 10 Sep 10 Mar 11 Sep 11 60-90 days 0-30 days
Source: Fitch
The increase in 30+ day arrears in March 2011 was mainly due to constraints on household affordability, following the increase in interest rates, Christmas spending and the increasing cost of living
12
Structured Finance
Fairfield/Liverpool and Blacktown (eg Richmond, Bonnyrigg, Plumpton Hoxton Park see Residential Loan Performance by Suburb on page 9). According to Department of Education, Employment and Workplace Relations (DEEWR) data, the unemployment rate in Fairfield/Liverpool was 6.1% as of October 2011, 1.0% lower than in March 2011, and below historical levels. The overall unemployment rate across Farifield/Liverpool has shown an improving trend, especially for suburbs closer to the city (eg Central West Sydney). However, according to ABS data, the average wage and salary in this region has historically been below the NSW average and unemployment rates are still higher than the national average. The worst performing postcodes in Fairfield/Liverpool are also above average arrears: Hoxton Park (2171) and Bonnyrigg (2177) recorded an unemployment rate of 7.2% and 7.0% in August 2011. Historically, above-average delinquency rates can be attributed to socio-economic variables which lead to a strong sensitivity to fluctuations in interest rates and to changes in the cost of living. The fact that performance in Fairfield/Liverpool worsened in March 2010 and March 2011, after interest rate hikes in Q409 and Q410, supports this conclusion. As mortgage rates stabilise, households in these regions are able to adjust their spending and better cope with their obligations, leading to decreasing delinquency rates. It is therefore likely that performance will continue to improve in Q411, as households are expected to continue to adjust their spending and no event has negatively impacted borrowers in Q411. The RBA decision to reduce the cash rate by 25bp in both November and December 2011 is expected to have a positive impact in Q112 as interest rate movements are usually reflected in mortgage performance with a three to four month lag. However, the overall positive impact may be offset by the usual Christmas spending, which is still expected to negatively affect mortgage performance in March 2012. Fitchs view is that delinquencies will still be lower than in March 2011, when interest rates were higher and Queensland borrowers had yet to be affected by the floods.
Figure 21
Sydney - Historical 30+ Day Arrears of Selected Regions

Blacktown Inner Sydney (%) Central Coast Sydney 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Sep 09 Nov 09 Source: Fitch Eastern Suburbs Lower Northern Sydney Inner Western Sydney Fairfield-Liverpool Outer SouthWest Sydney Sydney
Jan 10
Mar 10
May 10
Jul 10
Sep 10 Nov 10
Jan 11
Mar 11
May 11
Jul 11
Sep 11
While the Central Coast shares a similar trend to that seen in Fairfield/Liverpool and Outer Western Sydney in terms of mortgage performance, the economy of this region is different. Despite it being the third largest urban area in NSW, the Central Coast relies heavily on tourism from Sydney and Newcastle. As of October 2011, the Central Coasts unemployment rate was 6.9%, 0.7% higher than in March 2011, but in line with the historical rate. A few coastal suburbs in the Hunter region are experiencing a high level of arrears: as well as Nelson Bay (2315) which has been the worst performing postcode in Australia for the last two and a half years, Cessnock (2325), Karuah/Swan Bay (2324) and Forster (2428) are also currently among the 20 worst performing postcodes.
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Structured Finance
Lower Northern Sydney continues to be the best performing suburb in NSW, with a 0.56% 30+ day delinquency rate. Lower Northern Sydney is considered to be one of the more affluent areas in Sydney; according to ABS data, approximately 40% of wage and salary earners in the area are professionals and associate professionals; as of June 2008, the average income in the Lower Northern Sydney region was AUD68,600 (50% higher than the NSW average of approximately AUD46,500). Mosman, which is a suburb located in this area, had the highest average income in NSW (AUD109,500). The unemployment rate in Lower Northern Sydney is also very low, being 3.5% in October 2011 (versus 3.7% in March 2011). Suburbs around this area and close to the city are also out-performing the national average in terms of mortgage performance (eg Inner Sydney, Eastern Suburbs and Central Northern Sydney). Moreover, mortgage performance in these areas has remained stable overall over the two years to September 2011. As stressed in the previous report (Australian Mortgage Delinquency by Postcode 31 March 2011, dated 14 June 2011), the regions located west and south west of Sydney (Blacktown, Fairfield/Liverpool, Outer West, and South Outer West) and the Central Coast will continue to experience higher than average arrears.
14
Structured Finance
Figure 22
Victoria
Figure 24
VIC Unemployment
(%) 8 6 4 2 0 Oct 08
Melbourne 30+ Day Delinquencies

0.00% To 0.47% To 0.95% To 1.42% To 1.89% To >2.36% 0.47% 0.95% 1.42% 1.89% 2.36%
Mallee, Wimmera & Loddon 1.27

Oct 09 Oct 10 Oct 11
Goulburn Ovens-Murray 1.34
Western VIC 1.17
Source: ABS, Fitch
In October 2011, the unemployment rate in Victoria was 5.1%, down from a peak of 6.3% in February 2009
Hume 1.62 Western Melton 0.98 1.85
Northern Outer 1.25 Yarra Outer 1.20 0.84
Moreton 0.85 Northern 0.54 Inner Boroondara 0.68 0.64 Eastern 0.81
Southern 0.80 Barwon 0.98 Frankston Sourth Eastern Outer Melbourne 1.03 1.28 Mornington Peninsula 1.16 Gippsland 1.09
Greater Dandenong 1.34
Source: ABS, Fitch
Figure 23

Melbourne (Sep 2008= 100) 130.00 125.00 120.00 115.00 110.00 105.00 100.00 95.00 Sep 08 Sep 09 Sep 10 Sep 11 National
Source: ABS, Fitch
Property prices in Victoria increased by 25% in the two years to March 2010, far above the national average
In this study, Fitch has analysed approximately 252,000 mortgages for an equivalent amount of AUD43.9bn. Victoria is performing well in terms of mortgage arrears, with an overall delinquency rate of 1.04%, which is considerably lower than the other large states of New South Wales (1.55%) and Queensland (1.70%). Melbourne is performing in line with the rest of Victoria, with a delinquency ratio of 1.00%. Victorias strengths include a stable and diversified economy, a stable property market, satisfactory affordability and low unemployment rates. As of October 2011, the unemployment rate in Victoria was 5.1%, down from a peak of 6.3% in February 2009. The property market has also experienced considerable growth: according to ABS, property prices in Victoria increased by 25% in the two years to March 2010 almost 50% more than the increase of the average house price in the eight capital cities although they then slightly decreased and stabilised at March 2010 levels over the most recent 12 months.
Figure 26
Melbourne - Historical 30+ Day Arrears of Selected Regions

Boroondara City Melton-Wyndham (%) 3.0 2.5 SE Outer Melbourne Hume City Murray & Murrumbidgee Melbourne Inner Melbourne North Middle Melbourne
Figure 25
Victoria - Arrears
30-60 days 90+ days (%) 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Mar 10 Sep 10 Mar 11 Sep 11 Source: Fitch 60-90 days 0-30 days
2.0 1.5 1.0 0.5 0.0 Sep 09 Nov 09 Source: Fitch Jan 10 Mar 10 May 10 Jul 10 Sep 10 Nov 10 Jan 11 Mar 11 May 11 Jul 11 Sep 11
A number of subdivisions around Melbourne are outperforming the Australian average delinquency rate. Five Melbourne regions are among the ten best performing suburbs by loan balance. Eastern Middle Melbourne, Inner Melbourne, Northern Middle Melbourne and
15
Structured Finance
Borroondara City are also among the better performing suburbs by loan number, with 52, 48, 45 and 38 loans out of 10,000 being delinquent by more than 30 days, respectively. Melbourne is performing well, as unemployment is low and the overall economy is well diversified. Moreover, Melbournes house prices are still relatively stable. Fitchs study shows that arrears are mainly concentrated in the north-western part of Melbourne. Melton-Wyndham and Hume are among the worst performing suburbs in relative terms, with delinquency ratios of 1.85% and 1.62% respectively, down 27bp and 58bp respectively from March 2011. As was the case for regions located in south west Sydney, the mortgage performance in these Victorian regions is more volatile, as households are more sensitive to interest rate movements. As was also the case for the regions located in south west Sydney, Melton-Wyndham and Hume have shown a significant improvement above the Australian average; however, their mortgage performance is slightly worse than the national average. The Hume economy is mainly based on automotive manufacturing, transport and storage, and many international companies have major operations located in this area. While no data are available from ABS, preliminary data from DEEWR suggests that the unemployment rate in the City of Hume was far above the Victorian average, at approximately 8.4% in September 2011, despite recording a 1.6% year-on-year (yoy) improvement. Melton-Wyndham has historically experienced unemployment levels above the national average. However, the local economy is well diversified and data released by the ABS shows an average income of AUD42,900 in June 2008, which is in line with the state and national levels. Unemployment increased slightly to 7.2% in September 2011, from 6.8% one year before. As mentioned in the previous report, it is likely that households experienced an interest rate shock in Q111, as borrowers struggled to cope with increased mortgage payments. However, stable mortgage rates since then have strongly benefited households. As unemployment is improving slightly and remains low, GDP is growing, and affordability remains high, there is no reason to expect a drastic change in delinquency rates in Victoria in the near term. The stabilisation of property prices does not currently represent a threat to mortgage performance, although it might lead to slightly higher 90+ day arrears.
16
Structured Finance
Figure 27
Queensland
Figure 28
QLD Unemployment
(%) 8 6 4 2 0 Oct 08
Darling Downs & West Moreton 1.60
Brisbane 30+ Day Delinquencies

Sunshine 1.87 0.00% To 0.47% To 0.94% To 1.42% To 1.89% To >2.36% 0.47% 0.94% 1.42% 1.89% 2.36%
Oct 09
Oct 10
Oct 11
Source: ABS, Fitch
Caboolture 1.93 Northwest Inner 0.73 Inner Brisbane 1.08 South Inner 0.93
Pine 1.33
Northwest 1.22 Ipswich City 2.35 SE Outer 1.17
Redland 1.35
Figure 29
Logan 2.38

Brisbane (Sep 2008= 100) 120.00 115.00 110.00 105.00 100.00 95.00 Sep 08 Sep 09 Sep 10 Sep 11 National
Source: ABS, Fitch
West Gold Coast 2.47
East Gold Coast 2.58
Source: ABS, Fitch
House prices have experienced a slowdown since March 2010 and are currently at almost the same level as three years ago
Queensland is the second largest state in terms of securitised mortgage balance. Fitch has available information on approximately 245,000 mortgages, for an equivalent amount of AUD45.5bn. At the end of September 2011, the average delinquency ratio in Queensland was 1.70%, down 30bp from 2.00% in March 2011. As of September 2011, Queensland was still the worst performing state in Australia in terms of mortgage performance. In the six months to September 2011, the Christmas spending, in combination with socio-economic variables and natural disasters, generated a stronger affordability shock on Queensland households than in other states. In turn, households found it more difficult to cure their delinquent status than in New South Wales and Western Australia. In October 2011, the unemployment rate in Queensland stabilised to 5.2%, down from the 6.6% in February 2011, which was one of the highest levels in the last six years. Fitch believes that with the exception of a few coastal areas, the mortgage performance of which is potentially linked to housing speculation, the recent monetary policy decisions will be favourable to households in the medium to longer term. Preliminary data from ABS suggests that house prices in Brisbane are almost back to the levels of three years ago, as they have decreased steadily since June 2010. As the property market has been stagnating, properties have been sold at a slower pace. Meanwhile, 90+ day arrears have also been increasing, to 0.78% in March 2011, up 21bp yoy. While delinquency rates have decreased for the majority of Queensland regions, bringing to a halt an increasing trend which started in September 2009, delinquency rates around Inner Brisbane have shown no strong signs of improvement, although they remain relatively low. The delinquency rate in the East Gold Coast continues to be relatively high and has shown no signs of stabilisation: as of September 2011, the East Gold Coast had 30+ day arrears of 2.58%, showing only a 19bp improvement from the 2.77% in March 2011. The West Gold Coast has shown a strong improvement, but arrears remain high at 2.47%. More worrying is the fact that the number of obligors in arrears has not improved over the last six months: in these two regions, approximately one loan out of 60 was non-performing at the end of September 2011,
Figure 30
Queensland - Arrears
While 30-60 and 60-90 day arrears have stabilised, 90+ day arrears continue to be relatively high at 0.75
17
Structured Finance
as was the case in March 2011. Two of the 20 worst postcodes in Australia are also located in this geographical area (Helensvale and Surfers Paradise). The region of Logan City (including Beaudesert Shire) has also experienced a considerable increase in delinquency rates starting from November 2010: however, 30+ day arrears decreased to 2.4% in September 2011, from 2.8% in March 2011. Logan City is located about 50km south of Brisbane and Kingston and Carbrook/Cornubia which are among the 20 worst performing postcodes in Australia are also located in this region.
Figure 31
Brisbane - Historical 30+ Day Arrears of Selected Regions

Gold Coast East Southeast Inner Brisbane (%) Brisbane 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Sep 09 Nov 09 Source: Fitch Gold Coast West Inner Brisbane Northwest Inner Brisbane Logan City
Jan 10
Mar 10
May 10
Jul 10
Sep 10 Nov 10
Jan 11
Mar 11
May 11
Jul 11
Sep 11
As mentioned in the press release Fitch: Queensland Floods Could Reduce Available Income from Mortgage-Backed Transactions, dated 16 January 2011, borrowers directly or indirectly affected by the flooding were expected to experience some financial distress in terms of property damage, increased living expenses and potential loss of income. Fitch believes that the Queensland floods partially contributed to the increase in arrears through Q111. This is also shown in Figure 32, which displays delinquencies in the postcodes affected by the flooding, versus Fitchs Dinkum levels. Fitch has analysed whether postcodes in flood-affected areas experienced an increase in delinquencies. Postcodes such as Hamilton (4007), Brookfield (4069), Redbank (4301), and Blackbutt/Colinton (4306) experienced a strong increase in arrears in the December 2010 March 2011 period (2.9%, 1.3%, 1.0%, and 0.9% respectively). Regional performance did not show the same degree of volatility. Fitch also believes that the effects of the Queensland floods will not influence arrears in the long term. Borrowers might experience a temporary increase in expenses, which will be offset in the following months as claims are paid and financial support is granted. Self-employed households are however expected to be more vulnerable to potential income volatility, which in turn might lead to more long-term stresses.
Figure 32
QLD Flood - Delinquencies

(%) 2.5 2.0 1.5 1.0 0.5 0.0 Sep 08 Dec 08 Source: Fitch Flood Postcode 30+days Australia 30+days Flood Postcode 90+days Australia 90+days
Mar 09
Jun 09
Sep 09 Dec 09
Mar 10
Jun 10
Sep 10
Dec 10
Mar 11
Jun 11
Sep 11
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Structured Finance
Fitch will continue to monitor the impact of the Queensland floods in structured finance transactions. However, the agency believes that coastal regions, like the Sunshine Coast and the Gold Coast East, are subject to a higher level of volatility than the rest of Queensland in the long term. This is because their economies are less diversified than the rest of the state, a fact that is likely to impact house prices and mortgage performance.
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Structured Finance
Figure 33
Western Australia
Figure 34
WA Unemployment
(%) 8 6 4 2 0 Oct 08 Oct 09 Oct 10 Oct 11
North Metro Perth 1.22 East Metro Perth 1.52 Western Australia (excl. Perth & South West) 1.84
Perth 30+ Day Delinquencies

0.00% To 0.47% To 0.95% To 1.42% To 1.89% To >2.36% 0.47% 0.95% 1.42% 1.89% 2.36%
Source: ABS, Fitch
The unemployment rate is extremely low in comparison to other Australian states
Cental Metro Perth 1.19
South East Metro 1.50 South West Metro Perth 1.50 South West WA 2.17
Figure 35
Source: ABS, Fitch

Perth (Sep 2008= 100) 120.00 115.00 110.00 105.00 100.00 95.00 Sep 08 Sep 09 Sep 10 Sep 11 Source: ABS, Fitch National
Property prices in Perth have not enjoy the same house price appreciations than the rest of Australian in the last three years
Fitchs analysis covers 104,000 mortgages across Western Australia, for an equivalent amount of AUD20.1bn. As of September 2011, the 30+ day arrears in Western Australia were recorded at 1.50% (compared to 1.99% in March 2011). The number of obligors in arrears also improved: one in four obligors has cured their delinquency status since March 2011. As highlighted in Fitchs previous postcode report, the study shows a stabilisation of arrears in Perth; in particular North Metropolitan Perth, which recorded 30+ day arrears at 1.22% in September 2011, down 61bp from March 2011. The improvement in arrears is mainly due to a strong decrease in 30-60 days arrears, to 0.43% in September 2011 from 0.70% in March 2011. Western Australia has also experienced a rebound in both the tourism and mining industries and a slight improvement in employment over 2010 and 2011; this might have contributed to the improvement in mortgage performance through the September 2010 - September 2011 period. The mining industry is among the main industries in Western Australia. Almost 41% of all those employed in the Australian mining industry are located in Western Australia, followed by Queensland (27%). The mining industry rebounded in 2010-2011 and according to ABS, the number employed in this industry in Western Australia continued to increase to almost 88,700 in August 2011, from 80,800 in February 2011. The mining industry was also the largest contributor to the gross state product of Western Australia in the fiscal year 2009-2010. However, the property market in Western Australia may suffer additional volatility in case of downsizing, relocation or changes in the mining industry. 30-59 day arrears have reduced since March 2011, but in contrast to other states, they have also reduced since September 2010. The amount of 90+ day arrears has however remained overall stable and relatively high. As of September 2011, 30-60 day and 90+ day arrears were recorded at 0.53% and 0.74% (versus 0.78% and 0.81% respectively in March 2011). This would suggest that Western Australian (WA) borrowers have been better able to cope with the increasing cost of living (and Christmas spending) than borrowers in other states. On the other hand, the stagnation in the housing market might have lead to an accumulation of 90+ day arrears.
Figure 36
Western Australia - Arrears

30-60 days 90+ days (%) 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Mar 10 Sep 10 Mar 11 Sep 11 Source: Fitch 60-90 days 0-30 days
30-60 day arrears have strongly improved, but severe delinquencies remain relatively high
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Structured Finance
Currently, delinquencies outside Perth are mainly concentrated in the south west of Western Australia. 30+ day arrears in the south west WA region are still high; as of September 2011, it was the eighth worst performing region in Australia by value, with 2.17% of the total mortgage balance in arrears (although it has shown a remarkable 76bp improvement since March 2011). However, the south west part of Western Australia is the worst performing region in Australia in terms of 90+ day arrears by mortgage balance: the 90+ day delinquency rate was 1.33% in September 2011. This indicates that borrowers are experiencing significant financial distress. The south west WA region is the most popular tourism area outside Perth and is the object of what is often referred to as coastal suburbanisation. While reports have shown how tourism has been impacted locally and internationally due to the strong AUD (see Tourism Western Australia, 2010-2011 Annual Report), Fitch believes that foreclosed properties in these areas might sell at a slower pace, in turn keeping 90+ day arrears at a high level. The rest of Western Australia, excluding Perth and South Western Australia, has shown a slight improvement in mortgage performance, with 30+ day arrears decreasing to 1.84% in September 2011 from 2.10% in March 2011. As of September 2011, Casuarina (6167) a suburb of Perth, located within the region of Kwinana was the worst performing postcode in Western Australia, with 3.4% of the total mortgage balance in arrears for more than 30 days, compared with 4.1% in March 2011. The unemployment rate in Kwinana was 9.5% in September 2011, more than twice the average 4.2% unemployment rate in Western Australia. Casuarina was the only WA suburb in the 20 worst performing suburbs in Australia. Other suburbs, such as Mandurah and Rockingham, continue to experience above-average levels of arrears.
21
Structured Finance
South Australia
Figure 37 Figure 38
SA Unemployment
(%) 8 6 4 2 0 Oct 08
Adelaide 30+ Day Delinquencies
0.00% To 0.47% To 0.95% To 1.42% To 1.89% To >2.36%
0.47% 0.95% 1.42% 1.89% 2.36%
Western Adelaide 0.95
Northern Adelaide 1.66
Oct 09
Oct 10
Oct 11
Eastern Adelaide 1.18
South Australia 1.83
Source: ABS, Fitch
The unemployment rate is still low, mirroring that of the country as a whole
Figure 39

Adelaide (Sep 2008= 100) 120.00 115.00 110.00 105.00 100.00 95.00 Sep 08 National
Southern Adelaide 1.02
Source: ABS, Fitch
Sep 09
Sep 10
Sep 11
Source: ABS, Fitch
House prices in Adelaide have shown a marginal decline since December 2010
Fitch has analysed approximately 80,000 mortgages in South Australia for an equivalent amount of AUD11.9bn. As of September 2011, overall delinquencies in South Australia were below the national average at 1.34%, 20bp below the March 2011 level (1.54%). Adelaide continues to outperform the rest of South Australia. The region of Northern Adelaide has the highest delinquency rate of 1.66%, down 32bp from March 2011. Arrears in Eastern and Southern Adelaide continue to be overall stable.
Figure 40
South Australia - Arrears

Since March 2011, 30-60 and 60-90 day arrears have improved, while 90+ day arrears have remained stable
22
Structured Finance
Figure 41
Australian Regions Ranked by AUD Amount of 30+ Day Arrears at 30 September 11

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 Region Fairfield-Liverpool Gold Coast East Central Coast Sydney Gold Coast West Logan City (& Beaudesert Shire) Ipswich City Blacktown South West WA Outer South Western Sydney Outer Western Sydney Hunter Mid-North Coast Caboolture Shire Wide Bay-Burnett Sunshine Coast Melton-Wyndham WA Regional SA Regional Mackay Canterbury-Bankstown Illawarra Richmond-Tweed Far North and West QLD Northern Adelaide Hume City Central Western Sydney Darling Downs & West Moreton Murray & Murrumbidgee East Metropolitan Perth South East Metropolitan Perth South West Metropolitan Perth North West NSW South Eastern NSW South Eastern Outer Melbourne Redland Shire Goulburn & Ovens-Murray Greater Dandenong City Northern QLD Pine Rivers Shire & Redcliffe City Fitzroy Mallee, Wimmera & Loddon Northern Outer Melbourne Central Northern Sydney Northwest Outer Brisbane North Metropolitan Perth Yarra Ranges Shire Part A St George-Sutherland Central Metropolitan Perth Eastern Adelaide Central Highlands & Western District Southeast Outer Brisbane Mornington Peninsula Shire Northern Beaches Inner Western Sydney State NSW QLD NSW QLD QLD QLD NSW WA NSW NSW NSW NSW QLD QLD QLD VIC WA SA QLD NSW NSW NSW QLD SA VIC NSW QLD VIC WA WA WA NSW NSW VIC QLD VIC VIC QLD QLD QLD VIC VIC NSW QLD WA VIC NSW WA SA VIC QLD VIC NSW NSW 30 Sep 11 (%) 2.63 2.58 2.57 2.47 2.38 2.35 2.24 2.17 2.15 2.10 2.03 2.01 1.93 1.92 1.87 1.85 1.84 1.83 1.81 1.70 1.70 1.69 1.67 1.66 1.62 1.61 1.60 1.58 1.52 1.50 1.50 1.47 1.41 1.38 1.35 1.34 1.34 1.34 1.33 1.31 1.27 1.25 1.22 1.22 1.22 1.20 1.20 1.19 1.18 1.17 1.17 1.16 1.12 1.12 31 Mar 11 (%) 2.99 2.77 2.80 2.87 2.83 2.52 2.73 2.93 2.84 2.82 2.21 2.12 2.43 2.50 2.39 2.12 2.10 1.90 2.12 2.37 1.88 2.22 2.16 1.98 2.20 1.91 1.87 1.92 1.80 1.80 2.27 2.12 1.83 1.66 1.48 1.54 1.33 1.70 1.51 1.67 1.64 1.81 1.43 1.28 1.83 1.55 1.60 1.27 1.39 1.80 1.25 1.55 1.46 1.49 30 Sep 10 (%) 2.81 2.26 2.74 2.00 1.98 1.73 2.65 2.80 2.42 2.56 2.08 1.96 1.77 1.74 1.96 2.00 1.49 1.42 1.99 1.90 2.03 1.56 1.78 1.73 1.81 1.89 1.62 1.89 2.03 1.67 2.07 1.89 1.39 1.63 1.14 1.27 1.00 1.29 1.21 1.44 1.10 1.31 1.56 0.84 1.86 1.11 1.58 1.91 1.08 1.62 1.13 0.92 1.11 1.27 31 Mar 10 (%) 2.84 2.11 2.50 2.04 1.69 1.73 2.59 2.08 2.45 2.50 1.99 2.01 1.77 1.74 1.80 1.92 1.36 1.29 2.01 1.99 1.78 1.73 1.91 1.54 2.02 1.79 1.48 1.82 1.54 1.70 1.86 1.73 1.51 1.77 1.18 1.26 1.67 1.53 1.18 1.35 1.11 1.35 1.41 0.95 1.60 1.03 1.52 0.87 0.95 1.48 1.05 1.39 1.21 1.06
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Structured Finance
Australian Regions Ranked by AUD Amount of 30+ Day Arrears at 30 September 11 (Cont.)
Rank 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 Region TAS Gippsland (incl. East Gippsland) Inner Brisbane Frankston City Southern Adelaide Barwon Western Melbourne Inner Sydney Western Adelaide Southeast Inner Brisbane Moreland City Eastern Outer Melbourne Eastern Middle Melbourne Southern Melbourne NT Northwest Inner Brisbane Boroondara City Eastern Suburbs ACT Inner Melbourne Lower Northern Sydney Northern Middle Melbourne State TAS VIC QLD VIC SA VIC VIC NSW SA QLD VIC VIC VIC VIC NT QLD VIC NSW ACT VIC NSW VIC 30 Sep 11 (%) 1.12 1.09 1.08 1.03 1.02 0.98 0.98 0.96 0.95 0.93 0.85 0.84 0.81 0.80 0.75 0.73 0.68 0.67 0.65 0.64 0.56 0.54 31 Mar 11 (%) 1.37 1.29 1.14 1.51 1.05 1.42 1.18 1.28 1.37 1.13 0.97 1.13 1.04 1.05 1.04 1.05 0.98 0.99 1.03 0.87 0.85 0.90 30 Sep 10 (%) 1.20 1.06 1.10 1.62 1.09 1.33 0.88 1.21 1.05 0.97 0.96 1.06 0.94 0.84 0.93 0.77 0.27 1.18 0.71 0.69 0.68 0.66 31 Mar 10 (%) 1.23 1.28 0.77 1.32 0.93 1.19 0.99 1.09 1.03 0.98 0.56 0.95 1.01 0.73 0.71 0.82 0.58 0.99 0.67 0.62 0.66 0.75
Source: Fitch, ABS
24
Structured Finance
Figure 42
Australian Regions Ranked by Number of Loans in 30+ Day Arrears at 31 March 11

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 Region Logan City (incl. Beaudesert Shire) Ipswich City Central Coast Sydney Outer South Western Sydney Gold Coast East Gold Coast West Fairfield-Liverpool Blacktown Outer Western Sydney Melton-Wyndham Caboolture Shire SA Regional Mid-North Coast Hunter South West WA North West NSW Hume City WA Regional Murray & Murrumbidgee Northern Adelaide Wide Bay-Burnett Darling Downs & West Moreton Mackay Sunshine Coast South Eastern NSW South East Metropolitan Perth Illawarra Richmond-Tweed Far North and West QLD South West Metropolitan Perth Canterbury-Bankstown Central Western Sydney Northern QLD South Eastern Outer Melbourne Pine Rivers Shire & Redcliffe City Greater Dandenong City Fitzroy East Metropolitan Perth Mallee, Wimmera & Loddon Goulburn & Ovens-Murray Yarra Ranges Shire Part A Gippsland (incl. East Gippsland) North Metropolitan Perth Redland Shire Mornington Peninsula Shire TAS Northwest Outer Brisbane Barwon Northern Outer Melbourne Frankston City Central Highlands & Western District St George-Sutherland Eastern Adelaide Central Northern Sydney Southern Adelaide Southeast Outer Brisbane Western Adelaide Northern Beaches Western Melbourne Inner Western Sydney Central Metropolitan Perth Inner Brisbane Inner Sydney NT Eastern Outer Melbourne Southeast Inner Brisbane Lower Northern Sydney Boroondara City Northern Middle Melbourne ACT State QLD QLD NSW NSW QLD QLD NSW NSW NSW VIC QLD SA NSW NSW WA NSW VIC WA VIC SA QLD QLD QLD QLD NSW WA NSW NSW QLD WA NSW NSW QLD VIC QLD VIC QLD WA VIC VIC VIC VIC WA QLD VIC TAS QLD VIC VIC VIC VIC NSW SA NSW SA QLD SA NSW VIC NSW WA QLD NSW NT VIC QLD NSW VIC VIC ACT 30 Sep 11 (%) 1.73 1.68 1.64 1.61 1.60 1.59 1.59 1.57 1.40 1.38 1.36 1.35 1.32 1.30 1.29 1.28 1.27 1.26 1.25 1.24 1.22 1.18 1.17 1.16 1.13 1.12 1.10 1.10 1.10 1.07 1.05 1.05 1.04 1.03 0.97 0.96 0.95 0.95 0.95 0.95 0.94 0.92 0.92 0.90 0.89 0.88 0.86 0.84 0.83 0.82 0.79 0.77 0.76 0.76 0.75 0.74 0.74 0.71 0.71 0.70 0.68 0.64 0.64 0.64 0.60 0.59 0.36 0.38 0.45 0.46 31 Mar 11 (%) 2.10 1.78 1.88 1.98 1.62 1.83 1.85 1.86 1.82 1.58 1.84 1.45 1.38 1.44 1.78 1.75 1.58 1.59 1.52 1.46 1.65 1.39 1.35 1.52 1.53 1.31 1.15 1.31 1.53 1.53 1.42 1.25 1.27 1.32 1.11 1.03 1.26 1.17 1.18 1.15 1.14 1.13 1.33 1.02 1.09 1.05 0.96 1.11 1.16 1.22 1.15 0.94 0.85 0.87 0.80 0.88 0.98 0.85 0.93 0.91 0.71 0.67 0.84 0.83 0.86 0.72 0.69 0.71 0.70 0.66 30 Sep 10 (%) 1.39 1.28 1.67 1.60 1.35 1.31 1.76 1.69 1.61 1.36 1.33 1.02 1.27 1.19 1.45 1.42 1.30 1.04 1.34 1.20 1.16 1.13 1.18 1.05 1.15 1.14 1.15 1.04 1.13 1.31 1.12 1.17 0.86 1.16 0.87 0.68 1.08 1.27 0.87 0.91 0.78 0.90 1.15 0.83 0.70 0.87 0.61 0.95 0.87 1.27 1.09 0.83 0.69 0.83 0.71 0.73 0.71 0.60 0.66 0.70 0.70 0.56 0.75 0.60 0.64 0.49 0.54 0.66 0.47 0.61 31 Mar 10 (%) 1.24 1.26 1.69 1.71 1.18 1.28 1.80 1.75 1.60 1.42 1.24 0.95 1.32 1.34 1.34 1.39 1.55 1.17 1.42 1.13 1.27 1.01 1.31 1.07 1.27 1.14 1.17 1.05 1.23 1.15 1.27 1.13 1.13 1.26 0.89 1.18 0.97 1.05 0.90 0.98 0.88 0.99 1.11 0.76 1.11 0.94 0.72 0.87 0.92 1.04 1.04 0.79 0.61 0.75 0.69 0.69 0.77 0.68 0.76 0.68 0.52 0.54 0.66 0.49 0.70 0.54 0.46 0.42 0.54 0.61
25
Structured Finance
Australian Regions Ranked by Number of Loans in 30+ Day Arrears at 31 March 11 (Cont.)
Rank 71 72 73 74 75 76 Region Inner Melbourne Eastern Suburbs Eastern Middle Melbourne Northwest Inner Brisbane Moreland City Southern Melbourne State VIC NSW VIC QLD VIC VIC 30 Sep 11 (%) 0.48 0.48 0.52 0.52 0.55 0.58 31 Mar 11 (%) 0.65 0.68 0.70 0.64 0.58 0.55 30 Sep 10 (%) 0.71 0.44 0.44 0.46 0.20 0.39 31 Mar 10 (%) 0.60 0.44 0.46 0.56 0.38 0.39
Source: Fitch, ABS
26
Structured Finance
Figure 43
Australian Worst 100 Postcodes Ranked by AUD Amount 30+ Day Arrears (%)
Rank Postcode Districts 30 Sep 11 31 Mar 11 30 Sep 10 31 Mar 10 1 2315 CORLETTE, FINGAL BAY, NELSON BAY, SHOAL BAY 7.79 5.62 8.02 6.80 2 2262 BLUE HAVEN, BUDGEWOI, BUDGEWOI PENINSULA, BUFF POINT, COLONGRA, 4.59 4.23 4.38 3.89 DOYALSON, DOYALSON NORTH, HALEKULANI, SAN REMO 3 4212 HELENSVALE, HELENSVALE TOWN CENTRE, HOPE ISLAND, SANCTUARY 4.27 4.24 3.34 4.64 COVE 4 2576 BOWRAL, BURRADOO, EAST BOWRAL, EAST KANGALOON, GLENQUARRY, 4.27 2.23 KANGALOON 5 2171 CARNES HILL, CECIL HILLS, ELIZABETH HILLS, HORNINGSEA PARK, HOXTON 4.04 2.62 3.15 3.15 PARK, LEN WATERS ESTATE, MIDDLETON GRANGE, WEST HOXTON 6 4217 BENOWA, BUNDALL, BUNDALL BC, BUNDALL DC, CHEVRON ISLAND, GOLD 3.93 4.10 4.33 3.28 COAST MC, ISLE OF CAPRI, MAIN BEACH, SURFERS PARADISE 7 4130 CARBROOK, CORNUBIA 3.93 3.83 2.42 8 4114 KINGSTON, LOGAN CENTRAL, LOGAN CITY DC, WOODRIDGE 3.80 4.61 2.65 2.29 9 2106 NEWPORT, NEWPORT BEACH 3.78 1.97 10 2761 COLEBEE, DEAN PARK, GLENDENNING, HASSALL GROVE, OAKHURST, 3.67 2.90 2.48 3.22 PLUMPTON 11 4567 CASTAWAYS BEACH, NOOSA HEADS, SUNRISE BEACH, SUNSHINE BEACH 3.59 2.46 12 4802 AIRLIE BEACH, CANNONVALE, FLAMETREE, JUBILEE POCKET, MANDALAY, 3.57 3.86 3.26 3.01 MOUNT ROOPER, SHUTE HARBOUR, WHITSUNDAYS, WOODWARK 13 2753 AGNES BANKS, BOWEN MOUNTAIN, GROSE VALE, GROSE WOLD, 3.42 2.98 3.36 3.75 HOBARTVILLE, LONDONDERRY, RICHMOND, RICHMOND LOWLANDS, YARRAMUNDI 14 2324 BALICKERA, BRANDY HILL, BUNDABAH, CARRINGTON, EAGLETON, EAST 3.40 2.29 2.55 2.24 SEAHAM, HAWKS NEST, HEATHERBRAE, KARUAH, LIMEBURNERS CREEK, MILLERS FOREST, NELSONS PLAINS, NORTH ARM COVE, OSTERLEY, PINDIMAR, RAYMOND TERRACE, RAYMOND TERRACE EAST, SEAHAM, SWAN BAY, TAHLEE, T 15 2325 ABERDARE, ABERNETHY, BELLBIRD, BELLBIRD HEIGHTS, CEDAR CREEK, 3.37 3.45 2.56 2.58 CESSNOCK, CESSNOCK WEST, CONGEWAI, CORRABARE, ELLALONG, ELRINGTON, GRETA MAIN, KEARSLEY, KITCHENER, LAGUNA, LOVEDALE, MILLFIELD, MORUBEN, MOUNT VIEW, NULKABA, OLNEY, PAXTON, PAYNES CROSSING, PE 16 6167 ANKETELL, BERTRAM, CALISTA, CASUARINA, KWINANA BEACH, KWINANA 3.36 4.10 3.81 4.91 TOWN CENTRE, MANDOGALUP, MEDINA, ORELIA, PARMELIA, POSTANS, THE SPECTACLES, WANDI 17 2177 BONNYRIGG, BONNYRIGG HEIGHTS 3.30 2.03 1.34 1.72 18 2428 BLUEYS BEACH, BOOMERANG BEACH, BOOTI BOOTI, CHARLOTTE BAY, 3.26 3.09 2.45 2.40 COOMBA BAY, COOMBA PARK, DARAWANK, ELIZABETH BEACH, FORSTER, FORSTER SHOPPING VILLAGE, GREEN POINT, PACIFIC PALMS, SANDBAR, SHALLOW BAY, SMITHS LAKE, TARBUCK BAY, TIONA, TUNCURRY, WALLINGAT, WALLI 19 2263 CANTON BEACH, CHARMHAVEN, GOROKAN, LAKE HAVEN, NORAH HEAD, 3.26 2.35 1.83 4.02 NORAVILLE, TOUKLEY 20 2430 BLACK HEAD, BOHNOCK, BOOTAWA, BRIMBIN, CABBAGE TREE ISLAND, 3.21 2.62 2.21 3.17 CHATHAM, CROKI, CUNDLETOWN, DIAMOND BEACH, DUMARESQ ISLAND, FAILFORD, GHINNI GHINNI, GLENTHORNE, HALLIDAYS POINT, HILLVILLE, JONES ISLAND, KIWARRAK, KOORAINGHAT, KUNDLE KUNDLE 21 2767 DOONSIDE, WOODCROFT 3.21 2.74 3.08 3.61 22 6172 PORT KENNEDY 3.21 2.91 2.83 1.60 23 3337 KURUNJANG, MELTON, MELTON WEST, TOOLERN VALE 3.18 2.90 2.91 3.40 24 4132 CRESTMEAD, MARSDEN 3.15 4.35 3.40 2.09 25 2765 BERKSHIRE PARK, BOX HILL, MARAYLYA, MARSDEN PARK, NELSON, 3.12 4.84 5.17 3.13 OAKVILLE, RIVERSTONE, VINEYARD 26 2168 ASHCROFT, BUSBY, CARTWRIGHT, GREEN VALLEY, HECKENBERG, 3.11 4.02 3.69 3.57 HINCHINBROOK, MILLER, SADLEIR 27 2125 WEST PENNANT HILLS 3.06 3.06 1.70 28 6210 COODANUP, DUDLEY PARK, ERSKINE, FALCON, GREENFIELDS, HALLS HEAD, 3.04 4.19 3.85 2.58 MADORA BAY, MANDURAH, MANDURAH DC, MANDURAH EAST, MANDURAH NORTH, MEADOW SPRINGS, SAN REMO, SILVER SANDS, WANNANUP 29 2571 BALMORAL, BUXTON, COURIDJAH, MALDON, MOWBRAY PARK, PICTON, 2.98 3.81 3.34 RAZORBACK, WILTON 30 2558 EAGLE VALE, ESCHOL PARK, KEARNS 2.96 2.93 1.90 2.31 31 5108 PARALOWIE, SALISBURY, SALISBURY DOWNS, SALISBURY NORTH, 2.89 2.52 1.84 2.30 SALISBURY NORTH WHITES ROAD 32 2564 GLENQUARIE, LONG POINT, MACQUARIE FIELDS 2.89 2.41 1.91 2.72 33 4305 BASIN POCKET, BRASSALL, BREMER, CHURCHILL, COALFALLS, EAST 2.89 2.82 2.16 2.03 IPSWICH, EASTERN HEIGHTS, FLINDERS VIEW, IPSWICH, LEICHHARDT, LIMESTONE RIDGES, MOORES POCKET, NEWTOWN, NORTH IPSWICH, NORTH TIVOLI, ONE MILE, RACEVIEW, SADLIERS CROSSING, TIVOLI, WEST IPSWICH, WO
27
Structured Finance
Australian Worst 100 Postcodes Ranked by AUD Amount 30+ Day Arrears (%) (Cont.)
Rank Postcode Districts 30 Sep 11 31 Mar 11 30 Sep 10 31 Mar 10 34 3139 BEENAK, DON VALLEY, HODDLES CREEK, LAUNCHING PLACE, SEVILLE, 2.88 1.92 1.11 1.37 SEVILLE EAST, WANDIN EAST, WANDIN NORTH, WOORI YALLOCK, YELLINGBO 35 4133 CHAMBERS FLAT, LOGAN RESERVE, WATERFORD, WATERFORD WEST 2.86 2.62 2.05 2.27 36 5072 AULDANA, MAGILL, MAGILL NORTH, MAGILL SOUTH, ROSSLYN PARK, SKYE, 2.84 1.65 TERINGIE, WOODFORDE 37 5112 ELIZABETH, ELIZABETH EAST, ELIZABETH GROVE, ELIZABETH SOUTH, 2.78 2.62 2.18 ELIZABETH VALE, HILLBANK 38 4573 COOLUM BEACH, MARCUS BEACH, MOUNT COOLUM, PEREGIAN BEACH, 2.75 2.22 2.55 2.72 PEREGIAN SPRINGS, POINT ARKWRIGHT, YAROOMBA 39 5096 GULFVIEW HEIGHTS, PARA HILLS, PARA HILLS WEST 2.73 3.13 1.45 40 2749 CASTLEREAGH, CRANEBROOK 2.72 3.02 2.42 2.30 41 4218 BROADBEACH, BROADBEACH WATERS, MERMAID BEACH, MERMAID WATERS, 2.72 2.76 1.86 1.45 NOBBY BEACH, PACIFIC FAIR, Q SUPERCENTRE 42 4300 AUGUSTINE HEIGHTS, BELLBIRD PARK, BROOKWATER, CAMIRA, CAROLE 2.71 2.19 1.49 1.75 PARK, GAILES, GOODNA, SPRINGFIELD, SPRINGFIELD CENTRAL, SPRINGFIELD LAKES 43 2770 BIDWILL, BLACKETT, DHARRUK, EMERTON, HEBERSHAM, LETHBRIDGE PARK, 2.69 4.32 2.94 3.68 MINCHINBURY, MOUNT DRUITT, MOUNT DRUITT VILLAGE, SHALVEY, TREGEAR, WHALAN, WILLMOT 44 2280 BELMONT, BELMONT NORTH, BELMONT SOUTH, CROUDACE BAY, 2.69 1.50 3.52 2.85 FLORAVILLE, JEWELLS, MARKS POINT, VALENTINE 45 3187 BRIGHTON EAST, NORTH ROAD 2.68 2.32 1.59 46 2170 CASULA, CASULA MALL, CHIPPING NORTON, HAMMONDVILLE, LIVERPOOL, 2.67 3.13 2.32 2.69 LIVERPOOL SOUTH, LIVERPOOL WESTFIELD, LURNEA, MOOREBANK, MOUNT PRITCHARD, PRESTONS, WARWICK FARM 47 2766 EASTERN CREEK, ROOTY HILL 2.64 3.69 3.70 3.13 48 2760 COLYTON, NORTH ST MARYS, OXLEY PARK, ROPES CROSSING, ST MARYS, 2.63 3.41 2.95 3.20 ST MARYS EAST, ST MARYS SOUTH 49 6058 FORRESTFIELD 2.63 2.22 1.50 50 2190 CHULLORA, GREENACRE, MOUNT LEWIS 2.62 3.28 3.84 3.55 51 4211 ADVANCETOWN, BEECHMONT, BINNA BURRA, CARRARA, CLAGIRABA, GAVEN, 2.61 2.66 1.84 1.47 GILSTON, HIGHLAND PARK, LOWER BEECHMONT, MOUNT NATHAN, NATURAL BRIDGE, NERANG, NERANG BC, NERANG DC, NUMINBAH VALLEY, PACIFIC PINES, SOUTHERN LAMINGTON 52 2747 CAMBRIDGE GARDENS, CAMBRIDGE PARK, CLAREMONT MEADOWS, 2.60 3.55 3.43 2.70 KINGSWOOD, LLANDILO, SHANES PARK, WERRINGTON, WERRINGTON COUNTY, WERRINGTON DOWNS 53 2259 ALISON, BUSHELLS RIDGE, CEDAR BRUSH CREEK, CHAIN VALLEY BAY, 2.60 3.07 2.67 2.90 CRANGAN BAY, DOORALONG, DURREN DURREN, FRAZER PARK, FREEMANS, GWANDALAN, HALLORAN, HAMLYN TERRACE, JILLIBY, KANWAL, KIAR, KINGFISHER SHORES, LAKE MUNMORAH, LEMON TREE, LITTLE JILLIBY, MANNERING 54 2250 BUCKETTY, CALGA, CENTRAL MANGROVE, EAST GOSFORD, ERINA, ERINA 2.59 2.47 3.06 2.24 FAIR, GLENWORTH VALLEY, GOSFORD, GREENGROVE, HOLGATE, KARIONG, KULNURA, LISAROW, LOWER MANGROVE, MANGROVE CREEK, MANGROVE MOUNTAIN, MATCHAM, MOONEY MOONEY CREEK, MOUNT ELLIOT, MOUNT WHITE, NARA 55 2142 BLAXCELL, CAMELLIA, CLYDE, GRANVILLE, HOLROYD, ROSEHILL, SOUTH 2.59 2.33 2.92 2.12 GRANVILLE 56 4220 BURLEIGH DC, BURLEIGH HEADS, BURLEIGH TOWN, BURLEIGH WATERS, 2.56 2.25 1.33 1.57 MIAMI 57 4825 ALEXANDRIA, ALPURRURULAM, BARKLY, BREAKAWAY, BUCKINGHAM, 2.55 2.17 1.26 1.18 CARRANDOTTA, DAJARRA, DUCHESS, FIELDING, FISHER, GEORGINA, GUNPOWDER, HAPPY VALLEY, HEALY, KALKADOON, LANSKEY, LAWN HILL, MENZIES, MICA CREEK, MILES END, MORNINGTON, MOUNT ISA, MOUNT ISA CITY, MOUNT 58 4019 CLONTARF, CLONTARF BEACH, CLONTARF DC, MARGATE, MARGATE BEACH, 2.54 2.29 1.02 1.05 WOODY POINT 59 2160 MERRYLANDS, MERRYLANDS WEST 2.53 3.82 3.05 3.05 60 2577 AVOCA, BANGADILLY, BARREN GROUNDS, BARRENGARRY, BEAUMONT, 2.52 4.25 3.00 BELANGLO, BERRIMA, BUDGONG, BURRAWANG, CANYONLEIGH, CARRINGTON FALLS, FITZROY FALLS, HANGING ROCK, KANGAROO VALLEY, KNIGHTS HILL, MACQUARIE PASS, MANCHESTER SQUARE, MEDWAY, MERYLA, MOSS VALE, MOUNT 61 6330 ALBANY, BAYONET HEAD, BIG GROVE, BORNHOLM, CENTENNIAL PARK, 2.52 2.22 2.15 2.04 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 KIN 62 2221 BLAKEHURST, CARSS PARK, CONNELLS POINT, KYLE BAY, SOUTH 2.51 2.95 HURSTVILLE
28
Structured Finance
Australian Worst 100 Postcodes Ranked by AUD Amount 30+ Day Arrears (%) (Cont.)
Rank Postcode Districts 63 64 65 66 67 68 69 4879 4214 4213 2260 2176 6010 2756 CLIFTON BEACH, ELLIS BEACH, KEWARRA BEACH, PALM COVE, TRINITY BEACH, TRINITY PARK ARUNDEL, ARUNDEL BC, ARUNDEL DC, ASHMORE, ASHMORE CITY, MOLENDINAR, PARKWOOD AUSTINVILLE, BONOGIN, MUDGEERABA, NERANWOOD, SPRINGBROOK, TALLAI, WORONGARY ERINA HEIGHTS, FORRESTERS BEACH, NORTH AVOCA, TERRIGAL, WAMBERAL ABBOTSBURY, BOSSLEY PARK, EDENSOR PARK, GREENFIELD PARK, PRAIRIEWOOD, ST JOHNS PARK, WAKELEY CLAREMONT, CLAREMONT NORTH, KARRAKATTA, MOUNT CLAREMONT, SWANBOURNE BLIGH PARK, CATTAI, CENTRAL COLO, CLARENDON, COLO, COLO HEIGHTS, CORNWALLIS, CUMBERLAND REACH, EBENEZER, FREEMANS REACH, GLOSSODIA, LOWER PORTLAND, MAROOTA, MCGRATHS HILL, MELLONG, MULGRAVE, PITT TOWN, PITT TOWN BOTTOMS, SACKVILLE, SACKVILLE NORTH, SCHEYV ARNCLIFFE, TURRELLA, WOLLI CREEK BIGGERA WATERS, COOMBABAH, HOLLYWELL, PARADISE POINT, RUNAWAY BAY, SOUTH STRADBROKE ARMADALE, BEDFORDALE, BROOKDALE, FORRESTDALE, HARRISDALE, HAYNES, HILBERT, MOUNT NASURA, MOUNT RICHON, PIARA WATERS, SEVILLE GROVE, WUNGONG FOREST LODGE, GLEBE EASTLAKES, ROSEBERY CONDON, GRANITE VALE, GUMLOW, KELSO, PINNACLES, RASMUSSEN REEDY CREEK, VARSITY LAKES COOLOONGUP, EAST ROCKINGHAM, GARDEN ISLAND, HILLMAN, PERON, ROCKINGHAM, ROCKINGHAM BEACH, ROCKINGHAM DC BLACKWALL, HORSFIELD BAY, KOOLEWONG, LITTLE WOBBY, PATONGA, PEARL BEACH, PHEGANS BAY, WONDABYNE, WOY WOY, WOY WOY BAY MOANA, SEAFORD, SEAFORD HEIGHTS, SEAFORD MEADOWS, SEAFORD RISE TWEED HEADS, TWEED HEADS WEST JIMBOOMBA, NORTH MACLEAN, SOUTH MACLEAN, STOCKLEIGH AVELEY, BELHUS, BRIGADOON, ELLENBROOK, ELLENBROOK EAST, THE VINES, UPPER SWAN FAIRFIELD, FAIRFIELD EAST, FAIRFIELD HEIGHTS, FAIRFIELD WEST MARCOOLA, MUDJIMBA, PACIFIC PARADISE, TWIN WATERS BERESFIELD, BLACK HILL, CHISHOLM, HEXHAM, LENAGHAN, STOCKRINGTON, TARRO, THORNTON, TOMAGO, WOODBERRY LANGFORD, LYNWOOD, PARKWOOD DOOLANDELLA, DURACK, INALA, INALA EAST, INALA HEIGHTS, RICHLANDS NARANGBA AVALON, AVALON BEACH, BILGOLA, CLAREVILLE, WHALE BEACH AIRDS, AMBARVALE, APPIN, BLAIR ATHOL, BRADBURY, CAMPBELLTOWN, CAMPBELLTOWN NORTH, CATARACT, ENGLORIE PARK, GILEAD, GLEN ALPINE, KENTLYN, LEUMEAH, MACARTHUR SQUARE, ROSEMEADOW, RUSE, ST HELENS PARK, WEDDERBURN, WOODBINE GOSNELLS, HUNTINGDALE, MARTIN, SOUTHERN RIVER MOORINA, MORAYFIELD BATEAU BAY, BAY VILLAGE, BERKELEY VALE, BLUE BAY, CHITTAWAY BAY, CHITTAWAY POINT, GLENNING VALLEY, KILLARNEY VALE, LONG JETTY, MAGENTA, SHELLY BEACH, THE ENTRANCE, THE ENTRANCE NORTH, TOOWOON BAY, TUMBI UMBI YAGOONA, YAGOONA WEST OLD TOONGABBIE, TOONGABBIE, TOONGABBIE EAST KAMBAH, KAMBAH VILLAGE BALLARD, BAPAUME, BIRNAM, BLANCHVIEW, BRANCHVIEW, CABARLAH, CAWDOR, CEMENT MILLS, COALBANK, CONDAMINE PLAINS, CUTELLA, DERRYMORE, DJUAN, DOCTOR CREEK, EVERGREEN, FIFTEEN MILE, GEHAM, GLENCOE, GORE, GOWRIE JUNCTION, GOWRIE LITTLE PLAIN, GRAPETREE, GROOMSVI ARNDELL PARK, BLACKTOWN, BLACKTOWN WESTPOINT, HUNTINGWOOD, KINGS PARK, MARAYONG, PROSPECT BOORAL, BUNYA CREEK, CRAIGNISH, DUNDOWRAN, DUNDOWRAN BEACH, ELI WATERS, GREAT SANDY STRAIT, HERVEY BAY, HERVEY BAY DC, KAWUNGAN, KINGFISHER BAY RESORT, NIKENBAH, PIALBA, POINT VERNON, RIVER HEADS, SCARNESS, SUNSHINE ACRES, SUSAN RIVER, TAKURA, TOOGOOM, TO AUSTINMER, CLIFTON, COLEDALE, SCARBOROUGH, THIRROUL, WOMBARRA 30 Sep 11 31 Mar 11 30 Sep 10 2.50 3.28 2.81 2.50 2.50 2.49 2.48 2.47 2.47 3.34 2.50 3.23 2.74 3.92 1.36 2.62 2.08 2.99 1.79 3.47 31 Mar 10 2.25 2.09 3.13 1.73 2.78
70 71 72
2205 4216 6112
2.47 2.42 2.42
3.52 2.99 3.42
3.28 2.34 2.68
2.50 1.92 2.22
73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90
2037 2018 4815 4227 6168 2256 5169 2485 4280 6069 2165 4564 2322 6147 4077 4504 2107 2560
2.40 2.39 2.38 2.37 2.36 2.36 2.35 2.35 2.33 2.33 2.32 2.31 2.31 2.30 2.30 2.30 2.29 2.29
3.50 3.47 3.00 4.22 2.79 1.73 2.45 2.59 1.85 2.72 2.74 3.38 2.12 2.22 2.01 2.76
1.91 2.87 2.46
1.71 2.16 2.38 2.16
2.47 3.34 2.89 2.47
1.47 1.47 2.93 2.12 1.37 1.81 1.80 1.83 1.73 2.29
1.18 1.50 2.47
91 92 93
6110 4506 2261
2.28 2.28 2.27
2.61 2.90 3.58
3.36 2.08 3.13
3.42 1.43 2.53
94 95 96 97
2199 2146 2902 4352
2.27 2.27 2.25 2.25
4.10 3.00 2.67 2.40
2.62 2.65 1.79
1.89 1.43 0.88 2.46
98 99
2148 4655
2.24 2.24
2.41 3.37
2.37 2.55
2.28 1.82
100
2515
2.24
2.54
Source: Fitch
29
Structured Finance
Figure 44
Australian Worst 100 Postcodes Ranked by Number of Loans in 30+ Day Arrears (%)
Rank Postcode Districts 30 Sep 11 31 Mar 11 1 2262 BLUE HAVEN, BUDGEWOI, BUDGEWOI PENINSULA, BUFF POINT, COLONGRA, 3.5 3.23 DOYALSON, DOYALSON NORTH, HALEKULANI, SAN REMO 2 2315 CORLETTE, FINGAL BAY, NELSON BAY, SHOAL BAY 3.1 2.08 3 2576 BOWRAL, BURRADOO, EAST BOWRAL, EAST KANGALOON, GLENQUARRY, 3.0 KANGALOON 4 4217 BENOWA, BUNDALL, BUNDALL BC, BUNDALL DC, CHEVRON ISLAND, GOLD 2.9 2.31 COAST MC, ISLE OF CAPRI, MAIN BEACH, SURFERS PARADISE 5 2325 ABERDARE, ABERNETHY, BELLBIRD, BELLBIRD HEIGHTS, CEDAR CREEK, 2.6 2.64 CESSNOCK, CESSNOCK WEST, CONGEWAI, CORRABARE, ELLALONG, ELRINGTON, GRETA MAIN, KEARSLEY, KITCHENER, LAGUNA, LOVEDALE, MILLFIELD, MORUBEN, MOUNT VIEW, NULKABA, OLNEY, PAXTON, PAYNES CROSSING, PE 6 2761 COLEBEE, DEAN PARK, GLENDENNING, HASSALL GROVE, OAKHURST, 2.6 2.08 PLUMPTON 7 4114 KINGSTON, LOGAN CENTRAL, LOGAN CITY DC, WOODRIDGE 2.5 3.26 8 4212 HELENSVALE, HELENSVALE TOWN CENTRE, HOPE ISLAND, SANCTUARY 2.5 2.92 COVE 9 4132 CRESTMEAD, MARSDEN 2.4 3.27 10 2558 EAGLE VALE, ESCHOL PARK, KEARNS 2.3 1.82 11 6172 PORT KENNEDY 2.3 2.16 12 2263 CANTON BEACH, CHARMHAVEN, GOROKAN, LAKE HAVEN, NORAH HEAD, 2.2 1.78 NORAVILLE, TOUKLEY 13 2564 GLENQUARIE, LONG POINT, MACQUARIE FIELDS 2.2 1.60 14 2430 BLACK HEAD, BOHNOCK, BOOTAWA, BRIMBIN, CABBAGE TREE ISLAND, 2.2 1.81 CHATHAM, CROKI, CUNDLETOWN, DIAMOND BEACH, DUMARESQ ISLAND, FAILFORD, GHINNI GHINNI, GLENTHORNE, HALLIDAYS POINT, HILLVILLE, JONES ISLAND, KIWARRAK, KOORAINGHAT, KUNDLE KUNDLE, LANSDOWNE, LANSDOW 15 2259 ALISON, BUSHELLS RIDGE, CEDAR BRUSH CREEK, CHAIN VALLEY BAY, 2.2 2.10 CRANGAN BAY, DOORALONG, DURREN DURREN, FRAZER PARK, FREEMANS, GWANDALAN, HALLORAN, HAMLYN TERRACE, JILLIBY, KANWAL, KIAR, KINGFISHER SHORES, LAKE MUNMORAH, LEMON TREE, LITTLE JILLIBY, MANNERING 16 2168 ASHCROFT, BUSBY, CARTWRIGHT, GREEN VALLEY, HECKENBERG, 2.2 2.73 HINCHINBROOK, MILLER, SADLEIR 17 2171 CARNES HILL, CECIL HILLS, ELIZABETH HILLS, HORNINGSEA PARK, HOXTON 2.1 1.51 PARK, LEN WATERS ESTATE, MIDDLETON GRANGE, WEST HOXTON 18 2324 BALICKERA, BRANDY HILL, BUNDABAH, CARRINGTON, EAGLETON, EAST 2.1 1.72 SEAHAM, HAWKS NEST, HEATHERBRAE, KARUAH, LIMEBURNERS CREEK, MILLERS FOREST, NELSONS PLAINS, NORTH ARM COVE, OSTERLEY, PINDIMAR, RAYMOND TERRACE, RAYMOND TERRACE EAST, SEAHAM, SWAN BAY, TAHLEE, T 19 6167 ANKETELL, BERTRAM, CALISTA, CASUARINA, KWINANA BEACH, KWINANA 2.1 2.73 TOWN CENTRE, MANDOGALUP, MEDINA, ORELIA, PARMELIA, POSTANS, THE SPECTACLES, WANDI 20 4305 BASIN POCKET, BRASSALL, BREMER, CHURCHILL, COALFALLS, EAST 2.1 2.03 IPSWICH, EASTERN HEIGHTS, FLINDERS VIEW, IPSWICH, LEICHHARDT, LIMESTONE RIDGES, MOORES POCKET, NEWTOWN, NORTH IPSWICH, NORTH TIVOLI, ONE MILE, RACEVIEW, SADLIERS CROSSING, TIVOLI, WEST IPSWICH, WO 21 2749 CASTLEREAGH, CRANEBROOK 2.08 1.97 22 2753 AGNES BANKS, BOWEN MOUNTAIN, GROSE VALE, GROSE WOLD, 2.08 1.64 HOBARTVILLE, LONDONDERRY, RICHMOND, RICHMOND LOWLANDS, YARRAMUNDI 23 5108 PARALOWIE, SALISBURY, SALISBURY DOWNS, SALISBURY NORTH, 2.07 1.94 SALISBURY NORTH WHITES ROAD 24 2767 DOONSIDE, WOODCROFT 2.05 1.88 25 4285 ALLENVIEW, BEAUDESERT, BIRNAM, BROMELTON, CAINBABLE, CEDAR 2.04 1.98 GROVE, CEDAR VALE, CHINGHEE CREEK, CHRISTMAS CREEK, CRYNA, DARLINGTON, GLENEAGLE, HILLVIEW, INNISPLAIN, JOSEPHVILLE, KAGARU, KERRY, KNAPP CREEK, KOORALBYN, LAMINGTON, LARAVALE, MOUNT GIPPS, MUNDOO 26 4802 AIRLIE BEACH, CANNONVALE, FLAMETREE, JUBILEE POCKET, MANDALAY, 2.03 2.20 MOUNT ROOPER, SHUTE HARBOUR, WHITSUNDAYS, WOODWARK 27 4304 BLACKSTONE, BOOVAL, BOOVAL FAIR, BUNDAMBA, EBBW VALE, NORTH 2.00 1.08 BOOVAL, SILKSTONE 28 2766 EASTERN CREEK, ROOTY HILL 1.94 2.71 29 3337 KURUNJANG, MELTON, MELTON WEST, TOOLERN VALE 1.93 1.99 30 Sep 10 31 Mar 10 2.97 2.60 3.28 3.37 1.72 1.64 1.64
2.35 1.68
1.79 1.46 1.96 2.70 1.26 1.78 1.32 1.25 1.37
2.18 1.44 2.27 1.54 1.45 1.19 2.43 1.66 1.34
1.77
1.94
2.38 1.56 1.47
2.35 1.78 1.89
2.63
3.14
1.57
1.45
1.41 1.75
1.46 2.18
1.48 2.08 1.60
1.69 2.36 1.08
1.78 1.24 2.49 1.71
2.03 0.78 1.85 2.15
30
Structured Finance
Australian Worst 100 Postcodes Ranked by Number of Loans in 30+ Day Arrears (%) (Cont.)
Rank Postcode Districts 30 Sep 11 31 Mar 11 30 4825 ALEXANDRIA, ALPURRURULAM, BARKLY, BREAKAWAY, BUCKINGHAM, 1.90 1.78 CARRANDOTTA, DAJARRA, DUCHESS, FIELDING, FISHER, GEORGINA, GUNPOWDER, HAPPY VALLEY, HEALY, KALKADOON, LANSKEY, LAWN HILL, MENZIES, MICA CREEK, MILES END, MORNINGTON, MOUNT ISA, MOUNT ISA CITY, MOUNT 31 2770 BIDWILL, BLACKETT, DHARRUK, EMERTON, HEBERSHAM, LETHBRIDGE PARK, 1.90 2.83 MINCHINBURY, MOUNT DRUITT, MOUNT DRUITT VILLAGE, SHALVEY, TREGEAR, WHALAN, WILLMOT 32 6112 ARMADALE, BEDFORDALE, BROOKDALE, FORRESTDALE, HARRISDALE, 1.88 2.92 HAYNES, HILBERT, MOUNT NASURA, MOUNT RICHON, PIARA WATERS, SEVILLE GROVE, WUNGONG 33 4133 CHAMBERS FLAT, LOGAN RESERVE, WATERFORD, WATERFORD WEST 1.88 1.78 34 2571 BALMORAL, BUXTON, COURIDJAH, MALDON, MOWBRAY PARK, PICTON, 1.85 2.47 RAZORBACK, WILTON 35 2322 BERESFIELD, BLACK HILL, CHISHOLM, HEXHAM, LENAGHAN, STOCKRINGTON, 1.83 2.56 TARRO, THORNTON, TOMAGO, WOODBERRY 36 2177 BONNYRIGG, BONNYRIGG HEIGHTS 1.83 1.42 37 2560 AIRDS, AMBARVALE, APPIN, BLAIR ATHOL, BRADBURY, CAMPBELLTOWN, 1.82 1.94 CAMPBELLTOWN NORTH, CATARACT, ENGLORIE PARK, GILEAD, GLEN ALPINE, KENTLYN, LEUMEAH, MACARTHUR SQUARE, ROSEMEADOW, RUSE, ST HELENS PARK, WEDDERBURN, WOODBINE 38 5112 ELIZABETH, ELIZABETH EAST, ELIZABETH GROVE, ELIZABETH SOUTH, 1.82 2.11 ELIZABETH VALE, HILLBANK 39 4130 CARBROOK, CORNUBIA 1.80 1.80 40 6010 CLAREMONT, CLAREMONT NORTH, KARRAKATTA, MOUNT CLAREMONT, 1.79 SWANBOURNE 41 5169 MOANA, SEAFORD, SEAFORD HEIGHTS, SEAFORD MEADOWS, SEAFORD RISE 1.78 1.26 42 3139 BEENAK, DON VALLEY, HODDLES CREEK, LAUNCHING PLACE, SEVILLE, 1.78 1.42 SEVILLE EAST, WANDIN EAST, WANDIN NORTH, WOORI YALLOCK, YELLINGBO 43 2428 BLUEYS BEACH, BOOMERANG BEACH, BOOTI BOOTI, CHARLOTTE BAY, 1.78 1.80 COOMBA BAY, COOMBA PARK, DARAWANK, ELIZABETH BEACH, FORSTER, FORSTER SHOPPING VILLAGE, GREEN POINT, PACIFIC PALMS, SANDBAR, SHALLOW BAY, SMITHS LAKE, TARBUCK BAY, TIONA, TUNCURRY, WALLINGAT 44 3187 BRIGHTON EAST, NORTH ROAD 1.77 2.15 45 2221 BLAKEHURST, CARSS PARK, CONNELLS POINT, KYLE BAY, SOUTH 1.75 1.89 HURSTVILLE 46 4300 AUGUSTINE HEIGHTS, BELLBIRD PARK, BROOKWATER, CAMIRA, CAROLE 1.75 1.66 PARK, GAILES, GOODNA, SPRINGFIELD, SPRINGFIELD CENTRAL, SPRINGFIELD LAKES 47 7011 AUSTINS FERRY, BERRIEDALE, CHIGWELL, CLAREMONT 1.73 48 4019 CLONTARF, CLONTARF BEACH, CLONTARF DC, MARGATE, MARGATE BEACH, 1.73 1.32 WOODY POINT 49 4504 NARANGBA 1.73 1.72 50 4567 CASTAWAYS BEACH, NOOSA HEADS, SUNRISE BEACH, SUNSHINE BEACH 1.72 1.07 51 2747 CAMBRIDGE GARDENS, CAMBRIDGE PARK, CLAREMONT MEADOWS, 1.72 2.35 KINGSWOOD, LLANDILO, SHANES PARK, WERRINGTON, WERRINGTON COUNTY, WERRINGTON DOWNS 52 4815 CONDON, GRANITE VALE, GUMLOW, KELSO, PINNACLES, RASMUSSEN 1.71 2.29 53 4280 JIMBOOMBA, NORTH MACLEAN, SOUTH MACLEAN, STOCKLEIGH 1.70 1.89 54 5096 GULFVIEW HEIGHTS, PARA HILLS, PARA HILLS WEST 1.70 2.12 55 2142 BLAXCELL, CAMELLIA, CLYDE, GRANVILLE, HOLROYD, ROSEHILL, SOUTH 1.69 1.60 GRANVILLE 56 6110 GOSNELLS, HUNTINGDALE, MARTIN, SOUTHERN RIVER 1.69 1.75 57 6168 COOLOONGUP, EAST ROCKINGHAM, GARDEN ISLAND, HILLMAN, PERON, 1.68 2.61 ROCKINGHAM, ROCKINGHAM BEACH, ROCKINGHAM DC 58 2170 CASULA, CASULA MALL, CHIPPING NORTON, HAMMONDVILLE, LIVERPOOL, 1.68 1.99 LIVERPOOL SOUTH, LIVERPOOL WESTFIELD, LURNEA, MOOREBANK, MOUNT PRITCHARD, PRESTONS, WARWICK FARM 59 6210 COODANUP, DUDLEY PARK, ERSKINE, FALCON, GREENFIELDS, HALLS HEAD, 1.67 2.66 MADORA BAY, MANDURAH, MANDURAH DC, MANDURAH EAST, MANDURAH NORTH, MEADOW SPRINGS, SAN REMO, SILVER SANDS, WANNANUP 60 2280 BELMONT, BELMONT NORTH, BELMONT SOUTH, CROUDACE BAY, 1.65 1.01 FLORAVILLE, JEWELLS, MARKS POINT, VALENTINE 61 4077 DOOLANDELLA, DURACK, INALA, INALA EAST, INALA HEIGHTS, RICHLANDS 1.65 1.50 62 4226 CLEAR ISLAND WATERS, MERRIMAC, ROBINA, ROBINA DC 1.64 1.46 30 Sep 10 31 Mar 10 0.98 1.24
1.82
2.31
1.83
1.79
1.26
1.29 2.44 1.01
0.92 1.76
1.19 1.73
2.05 1.35
0.78 1.04
1.37 1.50
0.87
1.14
1.25
0.99 1.33 2.17
0.87 1.37 1.71
2.16 1.70 2.20 1.72 1.44
1.51 1.50 0.82 1.58 2.43 1.30 1.67
2.16
1.73
2.11 0.76 1.69
1.63 1.24 1.24
31
Structured Finance
Australian Worst 100 Postcodes Ranked by Number of Loans in 30+ Day Arrears (%) (Cont.)
Rank Postcode Districts 63 4211 ADVANCETOWN, BEECHMONT, BINNA BURRA, CARRARA, CLAGIRABA, GAVEN, GILSTON, HIGHLAND PARK, LOWER BEECHMONT, MOUNT NATHAN, NATURAL BRIDGE, NERANG, NERANG BC, NERANG DC, NUMINBAH VALLEY, PACIFIC PINES, SOUTHERN LAMINGTON 64 2206 CLEMTON PARK, EARLWOOD 65 4069 BROOKFIELD, CHAPEL HILL, FIG TREE POCKET, KENMORE, KENMORE DC, KENMORE EAST, KENMORE HILLS, PINJARRA HILLS, PULLENVALE, UPPER BROOKFIELD 66 6147 LANGFORD, LYNWOOD, PARKWOOD 67 2760 COLYTON, NORTH ST MARYS, OXLEY PARK, ROPES CROSSING, ST MARYS, ST MARYS EAST, ST MARYS SOUTH 68 2190 CHULLORA, GREENACRE, MOUNT LEWIS 69 4213 AUSTINVILLE, BONOGIN, MUDGEERABA, NERANWOOD, SPRINGBROOK, TALLAI, WORONGARY 70 3029 HOPPERS CROSSING, TARNEIT, TRUGANINA 71 2765 BERKSHIRE PARK, BOX HILL, MARAYLYA, MARSDEN PARK, NELSON, OAKVILLE, RIVERSTONE, VINEYARD 72 4127 DAISY HILL, PRIESTDALE, SLACKS CREEK, SPRINGWOOD 73 6280 ABBA RIVER, ABBEY, ACTON PARK, AMBERGATE, ANNIEBROOK, BOALLIA, BOVELL, BROADWATER, BUSSELTON, CARBUNUP RIVER, CHAPMAN HILL, GEOGRAPHE, HITHERGREEN, JINDONG, KALGUP, KALOORUP, KEALY, LUDLOW, MARYBROOK, METRICUP, NORTH JINDONG, REINSCOURT, RUABON, SABINA RI 74 3018 ALTONA, SEAHOLME 75 4216 BIGGERA WATERS, COOMBABAH, HOLLYWELL, PARADISE POINT, RUNAWAY BAY, SOUTH STRADBROKE 76 5173 ALDINGA, ALDINGA BEACH, PORT WILLUNGA, SILVER SANDS 77 2759 ERSKINE PARK, ST CLAIR 78 4118 BROWNS PLAINS, FORESTDALE, HERITAGE PARK, HILLCREST, REGENTS PARK 79 6111 ASHENDON, CAMILLO, CANNING MILLS, CHAMPION LAKES, KARRAGULLEN, KELMSCOTT, KELMSCOTT DC, LESLEY, ROLEYSTONE 80 2160 MERRYLANDS, MERRYLANDS WEST 81 4209 COOMERA, PIMPAMA, UPPER COOMERA, WILLOW VALE 82 3140 LILYDALE 83 4208 GILBERTON, JACOBS WELL, KINGSHOLME, NORWELL, ORMEAU, ORMEAU HILLS 84 2106 NEWPORT, NEWPORT BEACH 85 4227 REEDY CREEK, VARSITY LAKES 86 3941 RYE, ST ANDREWS BEACH, TOOTGAROOK 87 2285 CAMERON PARK, CARDIFF, CARDIFF HEIGHTS, CARDIFF SOUTH, EDGEWORTH, GLENDALE, MACQUARIE HILLS 88 3214 CORIO, NORLANE, NORTH SHORE 89 2528 BARRACK HEIGHTS, BARRACK POINT, LAKE ILLAWARRA, MOUNT WARRIGAL, WARILLA, WINDANG 90 2566 BOW BOWING, MINTO, MINTO DC, MINTO HEIGHTS, RABY, ST ANDREWS, VARROVILLE 91 6030 CLARKSON, MERRIWA, MINDARIE, QUINNS ROCKS, RIDGEWOOD, TAMALA PARK 92 4214 ARUNDEL, ARUNDEL BC, ARUNDEL DC, ASHMORE, ASHMORE CITY, MOLENDINAR, PARKWOOD 93 2125 WEST PENNANT HILLS 94 2148 ARNDELL PARK, BLACKTOWN, BLACKTOWN WESTPOINT, HUNTINGWOOD, KINGS PARK, MARAYONG, PROSPECT 95 6065 ASHBY, DARCH, HOCKING, KINGSWAY, LANDSDALE, MADELEY, PEARSALL, SINAGRA, TAPPING, WANGARA, WANGARA DC, WANNEROO 96 5072 AULDANA, MAGILL, MAGILL NORTH, MAGILL SOUTH, ROSSLYN PARK, SKYE, TERINGIE, WOODFORDE 97 5109 BRAHMA LODGE, SALISBURY EAST, SALISBURY EAST NORTHBRI AVE, SALISBURY HEIGHTS, SALISBURY PARK, SALISBURY PLAIN 98 5107 GREEN FIELDS, PARAFIELD GARDENS 99 2756 BLIGH PARK, CATTAI, CENTRAL COLO, CLARENDON, COLO, COLO HEIGHTS, CORNWALLIS, CUMBERLAND REACH, EBENEZER, FREEMANS REACH, GLOSSODIA, LOWER PORTLAND, MAROOTA, MCGRATHS HILL, MELLONG, MULGRAVE, PITT TOWN, PITT TOWN BOTTOMS, SACKVILLE, SACKVILLE NORTH, SCHEYV 100 6069 AVELEY, BELHUS, BRIGADOON, ELLENBROOK, ELLENBROOK EAST, THE VINES, UPPER SWAN
Source: Fitch
30 Sep 11 31 Mar 11 1.61 1.62
30 Sep 10 31 Mar 10 1.26 0.97
1.61 1.60
1.30 1.29
0.69
1.16 0.74
1.60 1.60 1.59 1.59 1.59 1.59 1.59 1.58
1.32 2.30 1.71 2.43 1.64 3.19 2.32 0.98
2.06 2.27 1.68 1.20 3.03 1.19 1.01
1.25 2.29 2.26 1.98 1.37 1.38 1.27
1.58 1.57 1.57 1.57 1.56 1.56 1.55 1.55 1.54 1.54 1.54 1.53 1.53 1.52 1.52 1.51 1.50 1.50 1.49 1.49 1.49 1.49 1.49 1.49 1.49 1.48
1.65
1.52
1.17
1.84 1.79 1.56 2.52 1.46 1.18 2.45
2.42 1.35 0.99 1.89 0.91 1.09
1.79 1.45 0.86 1.88 0.94 0.96 0.77 1.25 1.36 1.12 1.49 1.29 1.61 1.59 1.92 1.04 0.69 1.49 1.66
1.71 0.94 1.67 1.44 1.36 1.91 1.97 1.64 1.30 1.55 1.45 1.50 1.69
1.26 1.43 1.54 0.88 1.40 1.97 1.41
1.50 1.40
2.10
0.85
1.98
1.55
1.97
1.48
1.40
1.99
0.99
32
Structured Finance
Australian Mortgage Performance by Postcode as at 30 September 2011
Figure 45
NSW/ACT Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2011

By number Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 Postcode 2262 2315 2576 2325 2761 2558 2263 2564 2430 2259 2168 2171 2324 2749 2753 2767 2766 2770 2571 2322 2177 2560 2428 2221 2747 2142 2170 2280 2206 2760 2190 2765 2759 2160 2106 2285 2528 2566 2125 2148 2756 2165 2527 2250 2199 2193 2567 2256 2485 2745 2640 2487 2565 2176 2261 2075 2540 2086 2530 2486 2146 2074 2020 2156 2539 2164 Arrears (%) 3.45 3.13 3.01 2.65 2.55 2.35 2.22 2.19 2.19 2.18 2.16 2.14 2.12 2.08 2.08 2.05 1.94 1.90 1.85 1.83 1.83 1.82 1.78 1.75 1.72 1.69 1.68 1.65 1.61 1.60 1.59 1.59 1.57 1.55 1.54 1.52 1.51 1.50 1.49 1.49 1.48 1.48 1.48 1.45 1.44 1.43 1.43 1.41 1.40 1.39 1.36 1.35 1.34 1.34 1.34 1.33 1.32 1.32 1.31 1.30 1.30 1.29 1.28 1.28 1.28 1.27 Rank 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 Postcode 2127 2216 2902 2750 2577 2260 2205 2161 2570 2795 2450 2196 2830 2037 2460 2283 2166 2137 2780 2107 2155 2515 2147 2018 2000 2800 2224 2287 2526 2226 2580 2195 2768 2220 2228 2138 2536 2582 2145 2251 2144 2217 2041 2444 2340 2009 2289 2620 2200 2575 2095 2150 2619 2141 2257 2519 2480 2541 2529 2207 2097 2194 2153 2478 2154 2777 Arrears (%) 1.27 1.24 1.23 1.23 1.23 1.23 1.23 1.22 1.22 1.22 1.21 1.21 1.20 1.19 1.19 1.18 1.17 1.17 1.16 1.16 1.15 1.13 1.13 1.11 1.11 1.11 1.09 1.07 1.06 1.06 1.03 1.03 1.03 1.02 1.01 1.00 1.00 0.99 0.99 0.99 0.98 0.97 0.96 0.95 0.95 0.90 0.90 0.90 0.89 0.89 0.88 0.88 0.88 0.87 0.87 0.86 0.86 0.85 0.85 0.85 0.84 0.83 0.82 0.79 0.79 0.79 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 Postcode 2315 2262 2576 2171 2106 2761 2753 2324 2325 2177 2428 2263 2430 2767 2765 2168 2125 2571 2558 2564 2749 2770 2280 2170 2766 2760 2190 2747 2259 2250 2142 2160 2577 2221 2260 2176 2756 2205 2037 2018 2256 2485 2165 2322 2107 2560 2261 2199 2146 2902 2148 2515 2127 2759 2285 2075 2528 2566 2527 2206 2780 2567 2193 2161 2486 2565 By value Arrears (%) Rank 7.79 67 4.59 68 4.27 69 4.04 70 3.78 71 3.67 72 3.42 73 3.40 74 3.37 75 3.30 76 3.26 77 3.26 78 3.21 79 3.21 80 3.12 81 3.11 82 3.06 83 2.98 84 2.96 85 2.89 86 2.72 87 2.69 88 2.69 89 2.67 90 2.64 91 2.63 92 2.62 93 2.60 94 2.60 95 2.59 96 2.59 97 2.53 98 2.52 99 2.51 100 2.49 101 2.48 102 2.47 103 2.47 104 2.40 105 2.39 106 2.36 107 2.35 108 2.32 109 2.31 110 2.29 111 2.29 112 2.27 113 2.27 114 2.27 115 2.25 116 2.24 117 2.24 118 2.23 119 2.16 120 2.15 121 2.15 122 2.12 123 2.12 124 2.11 125 2.07 126 2.04 127 2.03 128 2.02 129 2.01 130 1.94 131 1.94 132 Postcode 2283 2097 2164 2444 2216 2640 2220 2200 2155 2570 2750 2745 2540 2526 2460 2166 2251 2257 2487 2539 2529 2530 2196 2795 2289 2450 2086 2147 2145 2480 2156 2541 2137 2519 2041 2144 2830 2154 2536 2620 2224 2768 2194 2000 2287 2074 2151 2046 2195 2153 2228 2340 2141 2020 2207 2217 2777 2619 2229 2582 2580 2009 2138 2500 2226 2575 Arrears (%) 1.93 1.88 1.88 1.87 1.87 1.85 1.82 1.82 1.80 1.78 1.77 1.77 1.77 1.77 1.75 1.71 1.70 1.66 1.66 1.65 1.64 1.64 1.64 1.60 1.55 1.55 1.55 1.54 1.52 1.51 1.51 1.51 1.50 1.49 1.49 1.48 1.47 1.45 1.43 1.43 1.42 1.41 1.41 1.39 1.37 1.35 1.33 1.32 1.32 1.31 1.31 1.28 1.28 1.28 1.27 1.26 1.26 1.26 1.24 1.21 1.21 1.20 1.19 1.17 1.16 1.14
33
Structured Finance
NSW/ACT Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2011 (Cont.)
By number Rank 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 Postcode 2026 2518 2010 2213 2763 2229 2114 2151 2233 2650 2905 2101 2099 2320 2230 2290 2120 Arrears (%) 0.76 0.75 0.75 0.75 0.75 0.74 0.73 0.73 0.73 0.71 0.71 0.70 0.69 0.67 0.65 0.65 0.64 Rank 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 Postcode 2500 2131 2121 3500 2615 2066 2076 2011 2046 2906 2077 2234 2122 2913 2602 2617 2232 Arrears (%) 0.64 0.64 0.62 0.62 0.58 0.57 0.55 0.54 0.54 0.52 0.46 0.44 0.43 0.39 0.37 0.35 0.33 Rank 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 Postcode 2114 2800 2131 2233 2099 2076 2010 2213 2905 2150 2763 2650 2121 2101 2026 3500 2120 By value Arrears (%) Rank 1.14 150 1.13 151 1.12 152 1.12 153 1.12 154 1.11 155 1.09 156 1.07 157 1.06 158 1.03 159 0.96 160 0.96 161 0.94 162 0.94 163 0.92 164 0.90 165 0.89 166 Postcode 2906 2518 2320 2011 2478 2290 2230 2066 2077 2615 2234 2122 2913 2232 2095 2602 2617 Arrears (%) 0.89 0.86 0.84 0.83 0.82 0.80 0.77 0.76 0.75 0.73 0.64 0.62 0.61 0.55 0.52 0.31 0.28
Source: Fitch
34
Structured Finance
Figure 46
QLD Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2011

By number Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 Postcode 4217 4114 4212 4132 4305 4285 4802 4304 4825 4133 4130 4300 4019 4504 4567 4815 4280 4077 4226 4211 4069 4213 4127 4216 4118 4209 4208 4227 4214 4508 4573 4506 4218 4301 4210 4655 4154 4510 4564 4701 4503 4570 4870 4575 4018 4207 4702 4505 4165 4556 4215 4220 4352 4124 4703 4115 4810 4502 Arrears (%) 2.90 2.47 2.47 2.42 2.10 2.04 2.03 2.00 1.90 1.88 1.80 1.75 1.73 1.73 1.72 1.71 1.70 1.65 1.64 1.61 1.60 1.59 1.59 1.57 1.56 1.55 1.54 1.53 1.49 1.48 1.47 1.47 1.46 1.43 1.40 1.39 1.39 1.38 1.37 1.37 1.35 1.33 1.30 1.30 1.29 1.29 1.29 1.22 1.20 1.19 1.16 1.16 1.16 1.15 1.15 1.13 1.13 1.11 Rank 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 Postcode 4551 4700 4879 4868 4161 4221 4170 4878 4670 4560 4811 4116 4054 4812 4507 4818 4164 4000 4034 4306 4128 4565 4123 4031 4500 4814 4151 4169 4740 4074 4223 4020 4520 4053 4017 4350 4078 4509 4006 4159 4650 4558 4869 4557 4817 4066 4160 4109 4680 4178 4121 4122 4055 4035 4152 4113 4051 Arrears (%) 1.09 1.07 1.07 1.06 1.06 1.05 1.04 1.04 1.03 1.02 1.00 1.00 0.97 0.97 0.96 0.95 0.94 0.94 0.93 0.93 0.93 0.92 0.92 0.88 0.86 0.86 0.86 0.85 0.84 0.83 0.82 0.79 0.78 0.76 0.75 0.75 0.75 0.73 0.70 0.70 0.69 0.65 0.63 0.62 0.61 0.60 0.60 0.60 0.59 0.58 0.57 0.54 0.52 0.50 0.48 0.44 0.37 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 Postcode 4212 4217 4130 4114 4567 4802 4132 4305 4133 4573 4218 4300 4211 4220 4825 4019 4879 4214 4213 4216 4815 4227 4280 4564 4077 4504 4506 4352 4655 4226 4210 4208 4505 4169 4069 4701 4118 4508 4304 4285 4209 4154 4570 4207 4301 4700 4870 4703 4556 4810 4127 4503 4170 4575 4221 4560 4116 4000 By value Arrears (%) 4.27 3.93 3.93 3.80 3.59 3.57 3.15 2.89 2.86 2.75 2.72 2.71 2.61 2.56 2.55 2.54 2.50 2.50 2.50 2.42 2.38 2.37 2.33 2.31 2.30 2.30 2.28 2.25 2.24 2.22 2.15 2.11 2.11 2.08 2.08 2.05 2.05 2.03 2.00 2.00 1.94 1.94 1.92 1.88 1.86 1.85 1.85 1.83 1.82 1.80 1.78 1.71 1.71 1.68 1.64 1.63 1.61 1.60 Rank 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 Postcode 4215 4510 4670 4165 4502 4018 4128 4006 4702 4558 4115 4124 4868 4020 4034 4306 4164 4551 4878 4161 4074 4123 4031 4053 4223 4121 4507 4812 4078 4017 4818 4509 4565 4740 4054 4122 4520 4869 4160 4650 4814 4035 4350 4500 4178 4557 4152 4817 4109 4811 4066 4680 4151 4159 4055 4051 4113 Arrears (%) 1.59 1.57 1.57 1.57 1.56 1.55 1.54 1.52 1.51 1.51 1.48 1.47 1.46 1.41 1.40 1.39 1.39 1.38 1.38 1.37 1.36 1.36 1.34 1.26 1.24 1.20 1.19 1.19 1.19 1.16 1.16 1.16 1.11 1.09 1.07 1.04 1.03 1.00 0.97 0.96 0.96 0.94 0.92 0.91 0.91 0.90 0.89 0.86 0.86 0.86 0.82 0.79 0.77 0.72 0.66 0.66 0.59
Source: Fitch
35
Structured Finance
Figure 47
South Australia Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2011
By number Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Postcode 5108 5112 5169 5096 5173 5072 5109 5107 5118 5114 5290 5086 5158 5066 Arrears (%) 2.07 1.82 1.78 1.70 1.57 1.49 1.49 1.49 1.39 1.28 1.17 1.13 1.11 1.10 Rank 15 16 17 18 19 20 21 22 23 24 25 26 27 Postcode 5041 5095 5000 5085 5063 5092 5023 5163 5051 5045 5125 5162 5159 Arrears (%) 1.08 0.97 0.93 0.93 0.92 0.85 0.84 0.77 0.71 0.70 0.67 0.57 0.51 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Postcode 5108 5072 5112 5096 5169 5173 5109 5107 5118 5085 5290 5114 5095 5041 By value Arrears (%) 2.89 2.84 2.78 2.73 2.35 2.22 1.93 1.92 1.83 1.74 1.52 1.50 1.46 1.42 Rank 15 16 17 18 19 20 21 22 23 24 25 26 27 Postcode 5066 5158 5063 5092 5000 5125 5023 5163 5051 5086 5045 5162 5159 Arrears (%) 1.39 1.39 1.37 1.33 1.29 1.25 1.25 1.22 1.21 1.11 1.08 0.81 0.73
Source: Fitch
Figure 48
VIC/TAS Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2011

By number Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Postcode 3337 3139 3187 7011 3029 3018 3140 3941 3214 3037 3752 3064 3193 3429 3043 3550 3810 3024 3976 7018 3977 3219 3175 3805 3806 3201 3020 3030 3173 3168 3174 3023 3141 3844 3076 3215 3197 3630 3021 3135 3171 3016 3038 Arrears (%) 1.93 1.78 1.77 1.73 1.59 1.58 1.54 1.53 1.52 1.47 1.45 1.38 1.33 1.30 1.23 1.22 1.16 1.16 1.16 1.15 1.15 1.13 1.12 1.07 1.06 1.02 1.01 0.99 0.98 0.98 0.97 0.95 0.91 0.91 0.89 0.88 0.88 0.88 0.88 0.88 0.85 0.84 0.84 Rank 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 Postcode 3068 3199 3910 3073 3178 3934 3131 3150 3690 3195 3226 3802 3072 3340 3153 3172 3028 3931 3181 7250 3122 3071 7310 3082 3156 3000 3280 3500 3350 3216 3083 3046 3136 3130 3152 3032 3196 3058 3012 3165 3095 3134 Arrears (%) 0.84 0.83 0.81 0.80 0.79 0.78 0.78 0.77 0.77 0.77 0.77 0.77 0.77 0.75 0.74 0.74 0.73 0.72 0.70 0.69 0.68 0.66 0.66 0.65 0.63 0.63 0.62 0.62 0.60 0.60 0.60 0.58 0.58 0.58 0.57 0.54 0.54 0.53 0.51 0.49 0.46 0.41 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Postcode 3337 3139 3187 7011 3029 3752 3037 3550 3941 3215 3140 3064 3018 3197 3805 3016 3024 3043 3429 3173 3214 3976 3175 3810 3977 3219 3020 3806 3193 3076 3340 3802 3023 7018 3072 3030 3178 3174 3141 3021 3171 3038 3073 By value Arrears (%) 3.18 2.88 2.68 2.18 2.07 2.06 2.04 1.99 1.95 1.89 1.88 1.86 1.75 1.68 1.67 1.66 1.60 1.58 1.58 1.57 1.57 1.56 1.55 1.53 1.49 1.44 1.41 1.40 1.33 1.32 1.29 1.28 1.26 1.24 1.20 1.20 1.18 1.18 1.18 1.17 1.17 1.16 1.13 Rank 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 Postcode 3131 3199 3172 3934 3150 7250 3630 3058 3910 3195 3196 3168 3152 3181 3028 3280 3122 3690 3201 3844 3500 7310 3136 3082 3068 3134 3931 3012 3046 3350 3083 3135 3130 3095 3165 3153 3156 3216 3000 3032 3071 3226 Arrears (%) 1.13 1.12 1.12 1.12 1.12 1.11 1.10 1.10 1.09 1.09 1.07 1.06 1.06 1.05 1.03 1.00 1.00 1.00 0.96 0.96 0.90 0.90 0.87 0.87 0.85 0.83 0.80 0.78 0.78 0.76 0.75 0.75 0.75 0.72 0.72 0.71 0.66 0.65 0.62 0.56 0.50 0.46
Source: Fitch
36
Structured Finance
Figure 49
Western Australia Postcodes Ranked by 30+ Day Arrears (%) as at 30 September 2011
By number Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Postcode 6172 6167 6112 6010 6110 6168 6210 6147 6280 6111 6030 6065 6069 6064 6107 6169 6173 6058 6330 6026 6063 6051 6233 6021 6056 6031 Arrears (%) 2.35 2.11 1.88 1.79 1.69 1.68 1.67 1.60 1.58 1.56 1.50 1.49 1.48 1.37 1.37 1.36 1.25 1.25 1.24 1.20 1.18 1.17 1.17 1.15 1.11 1.08 Rank 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Postcode 6028 6171 6061 6151 6066 6055 6430 6164 6163 6108 6104 6050 6059 6024 6230 6530 6019 6076 6148 6155 6057 6152 6060 6025 6027 Arrears (%) 1.06 1.05 1.02 1.01 0.93 0.93 0.92 0.91 0.87 0.85 0.85 0.84 0.84 0.79 0.75 0.73 0.70 0.69 0.68 0.68 0.63 0.61 0.60 0.53 0.32 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Postcode 6167 6172 6210 6058 6330 6010 6112 6168 6069 6147 6110 6056 6030 6065 6151 6107 6280 6061 6111 6173 6063 6230 6171 6021 6169 6064 By value Arrears (%) 3.36 3.21 3.04 2.63 2.52 2.47 2.42 2.36 2.33 2.30 2.28 2.01 2.00 1.98 1.92 1.89 1.84 1.77 1.74 1.73 1.67 1.57 1.57 1.55 1.53 1.48 Rank 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Postcode 6031 6050 6059 6051 6233 6060 6108 6152 6066 6055 6530 6164 6430 6019 6026 6057 6104 6163 6028 6076 6155 6148 6025 6024 6027 Arrears (%) 1.46 1.46 1.43 1.43 1.40 1.39 1.38 1.33 1.31 1.20 1.18 1.16 1.09 1.07 1.04 1.01 0.99 0.96 0.91 0.84 0.78 0.67 0.62 0.52 0.51
Source: Fitch
37
Structured Finance
Figure 50
Statistical Subdivision Within Fitch Regions

State ACT ACT ACT ACT ACT ACT ACT ACT NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NSW NT NT NT NT NT NT NT NT QLD QLD QLD QLD QLD QLD QLD QLD Previous district (SSD) Belconnen Gungahlin-Hall North Canberra South Canberra Southern Tablelands (excl. Queanbeyan) Tuggeranong Weston Creek-Stromlo Woden Valley Blacktown Canterbury-Bankstown Gosford-Wyong Central Northern Sydney Central Western Sydney Eastern Suburbs Fairfield-Liverpool Hunter SD Bal Newcastle Illawarra SD Bal Nowra-Bomaderry Wollongong Inner Sydney Inner Western Sydney Lower Northern Sydney Clarence (excl. Coffs Harbour) Coffs Harbour Hastings (excl. Port Macquarie) Port Macquarie Bathurst Central Macquarie (excl. Dubbo) Central Tablelands (excl. Bathurst & Orange) Dubbo Far West Lachlan Macquarie-Barwon North Central Plain Northern Slopes (excl. Tamworth) Northern Tablelands Orange Tamworth Upper Darling Northern Beaches Outer South Western Sydney Outer Western Sydney Lismore Richmond-Tweed SD Bal Tweed Heads & Tweed Coast Lower South Coast Queanbeyan Snowy Southern Tablelands (excl. Queanbeyan) St George-Sutherland Barkly Central NT Darwin City East Arnhem Finniss Litchfield Shire Lower Top End NT Palmerston-East Arm Caboolture Shire Darling Downs SD Bal Lower West Moreton Toowoomba Upper West Moreton Cairns City Part A Central West Far North SD Bal Included in the previous report No No No No No No No No Yes Yes Yes Yes Yes Yes Yes No Yes No No Yes Yes Yes Yes No No No No No No No No No No No No No No No No No Yes Yes Yes No No No No No No No Yes No No No No No No No No No No No No No No No No Fitch region ACT ACT ACT ACT ACT ACT ACT ACT Blacktown Canterbury-Bankstown Central Coast Sydney Central Northern Sydney Central Western Sydney Eastern Suburbs Fairfield-Liverpool Hunter Hunter Illawarra Illawarra Illawarra Inner Sydney Inner Western Sydney Lower Northern Sydney Mid-North Coast Mid-North Coast Mid-North Coast Mid-North Coast North West NSW North West NSW North West NSW North West NSW North West NSW North West NSW North West NSW North West NSW North West NSW North West NSW North West NSW North West NSW North West NSW Northern Beaches Outer South Western Sydney Outer Western Sydney Richmond-Tweed Richmond-Tweed Richmond-Tweed South Eastern NSW South Eastern NSW South Eastern NSW South Eastern NSW St George-Sutherland NT NT NT NT NT NT NT NT Caboolture Shire Darling Downs & West Moreton Darling Downs & West Moreton Darling Downs & West Moreton Darling Downs & West Moreton Far North and West QLD Far North and West QLD Far North and West QLD Description Grouped at State level Grouped at State level Grouped at State level Grouped at State level Grouped at State level Grouped at State level Grouped at State level Grouped at State level Continue to be a separate division Continue to be a separate division Continue to be a separate division Continue to be a separate division Continue to be a separate division Continue to be a separate division Continue to be a separate division Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Continue to be a separate division Continue to be a separate division Continue to be a separate division Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Continue to be a separate division Continue to be a separate division Continue to be a separate division Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Continue to be a separate division Grouped at State level Grouped at State level Grouped at State level Grouped at State level Grouped at State level Grouped at State level Grouped at State level Grouped at State level Continue to be a separate division Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region
38
Structured Finance
Statistical Subdivision Within Fitch Regions (Cont.)
State QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD QLD SA SA SA SA SA SA SA SA SA SA SA SA SA SA SA SA SA SA SA SA TAS TAS TAS TAS TAS TAS TAS TAS VIC VIC VIC VIC VIC VIC VIC VIC VIC Previous district North West South West Fitzroy SD Bal Gladstone Rockhampton Gold Coast East Gold Coast North Gold Coast SD Bal Gold Coast West Inner Brisbane Ipswich City Beaudesert Shire Part A Logan City Mackay City Part A Mackay SD Bal Northern SD Bal Thuringowa City Part A Townsville City Part A Northwest Inner Brisbane Northwest Outer Brisbane Pine Rivers Shire Redcliffe City Redland Shire Southeast Inner Brisbane Southeast Outer Brisbane Sunshine Coast Sunshine Coast SD Bal Bundaberg Hervey Bay City Part A Wide Bay-Burnett SD Bal Eastern Adelaide Northern Adelaide Barossa Far North Fleurieu Flinders Ranges Kangaroo Island Lincoln Lower North Lower South East Mt Lofty Ranges Murray Mallee Pirie Riverland Upper South East West Coast Whyalla Yorke Southern Adelaide Western Adelaide Burnie-Devonport Central North Greater Hobart Greater Launceston Lyell North Eastern North Western Rural Southern East Barwon Greater Geelong City Part A West Barwon Boroondara City Ballarat City East Central Highlands Glenelg Hopkins Warrnambool City Included in the previous report No No No No No Yes No No Yes No Yes No Yes No No No No No Yes Yes Yes No No Yes Yes Yes No No No No Yes Yes No No No No No No No No No No No No No No No No Yes Yes No No No No No No No No No No No No No No No No No Fitch region Far North and West QLD Far North and West QLD Fitzroy Fitzroy Fitzroy Gold Coast East Gold Coast West Gold Coast West Gold Coast West Inner Brisbane Ipswich City Logan City (incl. Beaudesert Shire) Logan City (incl. Beaudesert Shire) Mackay Mackay Northern QLD Northern QLD Northern QLD Northwest Inner Brisbane Northwest Outer Brisbane Pine Rivers Shire & Redcliffe City Pine Rivers Shire & Redcliffe City Redland Shire Southeast Inner Brisbane Southeast Outer Brisbane Sunshine Coast Sunshine Coast Wide Bay-Burnett Wide Bay-Burnett Wide Bay-Burnett Eastern Adelaide Northern Adelaide SA (excl. Adealide) SA (excl. Adealide) SA (excl. Adealide) SA (excl. Adealide) SA (excl. Adealide) SA (excl. Adealide) SA (excl. Adealide) SA (excl. Adealide) SA (excl. Adealide) SA (excl. Adealide) SA (excl. Adealide) SA (excl. Adealide) SA (excl. Adealide) SA (excl. Adealide) SA (excl. Adealide) SA (excl. Adealide) Southern Adelaide Western Adelaide TAS TAS TAS TAS TAS TAS TAS TAS Barwon Barwon Barwon Boroondara City Central Highlands & Western District Central Highlands & Western District Central Highlands & Western District Central Highlands & Western District Central Highlands & Western District Description Grouped in a new region Grouped in a new region Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Continue to be a separate division Grouped in a new region Grouped in a new region Grouped in a new region Continue to be a separate division Continue to be a separate division Grouped in a new region Grouped in a new region Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Continue to be a separate division Continue to be a separate division Grouped in a new region Grouped in a new region Continue to be a separate division Continue to be a separate division Continue to be a separate division Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Continue to be a separate division Continue to be a separate division Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Continue to be a separate division Continue to be a separate division Grouped at State level Grouped at State level Grouped at State level Grouped at State level Grouped at State level Grouped at State level Grouped at State level Grouped at State level Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Continue to be a separate division Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region
39
Structured Finance
State VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC VIC WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA Previous district West Central Highlands Eastern Middle Melbourne Eastern Outer Melbourne Frankston City East Gippsland Shire La Trobe Valley South Gippsland Wellington Shire West Gippsland East Ovens-Murray Greater Shepparton City Part A North Goulburn South Goulburn South West Goulburn West Ovens-Murray Wodonga Greater Dandenong City Hume City Inner Melbourne East Mallee Greater Bendigo City Part A Mildura Rural City Part A North Loddon North Wimmera South Loddon South Wimmera West Mallee Melton-Wyndham Moreland City Mornington Peninsula Shire Albury Central Murray Central Murrumbidgee (excl. Wagga Wagga) East Ovens-Murray Lower Murrumbidgee Murray-Darling North Goulburn Upper Murray (excl. Albury) Wagga Wagga Northern Middle Melbourne Northern Outer Melbourne South Eastern Outer Melbourne Yarra Ranges Shire Part A Southern Melbourne Western Melbourne Yarra Ranges Shire Part A Central Metropolitan East Metropolitan North Metropolitan South East Metropolitan South West Metropolitan Blackwood Bunbury Mandurah Preston Vasse Avon Campion Carnegie De Grey Fitzroy Fortescue Gascoyne Geraldton Greenough River Hotham Johnston Included in the previous report No Yes Yes No No No No No No No No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No No No No Yes No Yes No Yes Yes No No Yes Yes Yes Yes No No No No No No No No No No No No No No No No Fitch region Central Highlands & Western District Eastern Middle Melbourne Eastern Outer Melbourne Frankston City Gippsland (incl. East Gippsland) Gippsland (incl. East Gippsland) Gippsland (incl. East Gippsland) Gippsland (incl. East Gippsland) Gippsland (incl. East Gippsland) Goulburn & Ovens-Murray Goulburn & Ovens-Murray Goulburn & Ovens-Murray Goulburn & Ovens-Murray Goulburn & Ovens-Murray Goulburn & Ovens-Murray Goulburn & Ovens-Murray Greater Dandenong City Hume City Inner Melbourne Mallee, Wimmera & Loddon Mallee, Wimmera & Loddon Mallee, Wimmera & Loddon Mallee, Wimmera & Loddon Mallee, Wimmera & Loddon Mallee, Wimmera & Loddon Mallee, Wimmera & Loddon Mallee, Wimmera & Loddon Melton-Wyndham Moreland City Mornington Peninsula Shire Murray & Murrumbidgee Murray & Murrumbidgee Murray & Murrumbidgee Murray & Murrumbidgee Murray & Murrumbidgee Murray & Murrumbidgee Murray & Murrumbidgee Murray & Murrumbidgee Murray & Murrumbidgee Northern Middle Melbourne Northern Outer Melbourne South Eastern Outer Melbourne South Eastern Outer Melbourne Southern Melbourne Western Melbourne Yarra Ranges Central Metropolitan Perth East Metropolitan Perth North Metropolitan Perth South East Metropolitan Perth South West Metropolitan Perth South West WA South West WA South West WA South West WA South West WA WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) Description Grouped in a new region Continue to be a separate division Continue to be a separate division Continue to be a separate division Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Continue to be a separate division Continue to be a separate division Continue to be a separate division Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Continue to be a separate division Continue to be a separate division Continue to be a separate division Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Continue to be a separate division Continue to be a separate division Continue to be a separate division Continue to be a separate division Continue to be a separate division Continue to be a separate division Continue to be a separate division Continue to be a separate division Continue to be a separate division Continue to be a separate division Continue to be a separate division Continue to be a separate division Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped at Statistical Division level Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region
40
Structured Finance
State WA WA WA WA WA WA WA WA Previous district Kalgoorlie/Boulder City Part A King Lakes Lefroy Moore Ord Other Territories Pallinup Included in the previous report No No No No No No No No Fitch region WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) WA (excl. Perth and South West) Description Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region Grouped in a new region
Source: ABS, Fitch
41
Structured Finance
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Users of Fitch's ratings should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings Fitch must rely on the work of experts, including independent auditors wi th respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings can be affected by future events or conditions that were not anticipated at the time a rating was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind. A Fitch rating is an o pinion as to the creditworthiness of a security. This opinion is based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at anytime for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of Great Britain, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers.
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Australian Mortgage Delinquency by Postcode 30 September 2011

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Australian Mortgage Delinquency by Postcode 30 September 2011

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Structured Finance

Australian Mortgage Delinquency by Postcode

Tourism destinations are now among the

Western Australia is showing a significant

Australia 30+ Day Delinquencies

South West WA 2.17

The Fitch Dinkum Index

Australian Mortgage Delinquency by Postcode December 2011

Australian Mortgage Delinquency by Postcode December 2011

Australian Mortgage Delinquency by Postcode December 2011

Residential Loan Performance by Region

Australia 30+ Day Delinquencies

Northern Territory 0.75 Western Australia (excl Perth) 1.84

South West WA 2.17

Australian Property Prices

Source: ABS, Fitch

Australia - Historical Performance of States

Source: ABS, Fitch

Australian Mortgage Delinquency by Postcode December 2011

Australia - Historical 30+ Day Arrears of Selected Regions

Australian Mortgage Delinquency by Postcode December 2011

10 Worst Performing Regions in Australia By Value

among the best performing regions in Australia

Source: Fitch, ABS

10 Worst Performing Regions in Australia By Number

Source: Fitch, ABS

Australian Mortgage Delinquency by Postcode December 2011

Best Performing Regions in Australia

10 Best Performing Regions in Australia By Value

Source: Fitch, ABS

10 Best Performing Regions in Australia By Number

Source: Fitch, ABS

Australian Mortgage Delinquency by Postcode December 2011

Residential Loan Performance by Suburb

20 Worst Performing Postcodes in Australia by Value

Source: Fitch, ABS

Worst 20 Performing Australian Postcodes Excluding Sydney and Brisbane

4802 Airlie Beach

4567 Noosa Heads

2428 Forster 2315 Nelson Bay 2324

Karuah/ Swan Bay

Worst 20 Performing Australian Postcodes Including Sydney

2262, Budgewoi 2263, Gorokan 2753, Richmond 2761, Plumpton

2106, Newport 2177, Bonnyrigg

2171, Hoxton Park

Source: ABS, Fitch

Worst 20 Performing Australian Postcodes Including Brisbane

4114 Kingston 4130 Carbrook/Cornubia

4212 Helensvale 4217 Surfers Paradise

20 Worst Performing Postcodes in Australia by Number

Source: Fitch, ABS

Australian Mortgage Delinquency by Postcode December 2011

New South Wales

Sydney 30+ Day Delinquencies

Source: ABS, Fitch

Outer West 2.10

Central North 1.22 Northern Beaches 1.12 Blacktown 2.24

Lower Northern 0.56 Central Western Sydney 1.61

Australian Property Prices

Fairfield/Liverpool 2.63 Outer South Western 2.15

Eastern Suburbs 0.67 Inner Sydney 0.96 Inner West 1.12

St George/Sutherland Canterbury/ 1.20 Bankstown 1.70 Illawarra 1.70

Source: ABS, Fitch