Westpac’s 2015-16 financial results show that the banking major has experienced a sharp rise in mortgage arrears in Western Australia. The state accounts for 10 per cent of Westpac’s mortgage book, and it contributed to a 21 basis point rise in the proportion of borrowers overall who are 90 days behind in their mortgage repayments. CEO Brian Hartzer notes that the downturn in the mining boom had prompted Westpac to scale back its mortgage lending in WA.
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