MORTGAGE WOE HOTSPOT?: Gladstone's mortgage delinquency rate was the highest in the country in November.
MORTGAGE WOE HOTSPOT?: Gladstone's mortgage delinquency rate was the highest in the country in November. Bet_Noire

Gladstone's mortgage woes topped the country last year

NEW FIGURES from ratings agency Moody's show Gladstone had the highest rate of mortgage delinquency in the country last November.

4.95 per cent of residential mortgages on properties in the 4680 postcode were more than 30 days in arrears, meeting Moody's definition of the "30-plus delinquency" rate.

Postcodes in Queensland and Western Australia heavily exposed to the resources industry filled out the top ten highest rates, all well above the national average of 1.45 per cent.

But a local mortgage broker said it was important to note the figures referred to a moment in time five months ago, echoing the message from the local real estate industry that the housing market has since turned the corner.

Peter Miller of Gladstone Home Loans said the market was now worlds apart from how it was in November last year, and plenty of young people were taking out mortgages to buy their first home without having to be concerned about the direction of the market.

"Gladstone's changed a lot since then... it's a whole different world now," he said.

"At the moment I've just put on an extra staff member to help me write loans."

Philippa Walters, senior financial planner at Gladstone's Triumph Financial Planning, said the most important thing someone could do if they were having trouble paying their mortgage was to talk to their provider.

"One of the biggest things we see is people go quiet when they get a bill they can't pay," Mrs Walters said.

"Quite often there can be repayment holidays, or other ways the debt provider can assist them over the short term.

"The other thing is obviously to do a budget.

"It may be a case of going to the debt provider and saying "My income's gone down to this, this is what I can pay.

"Banks don't want to own a whole lot of property - they would rather see you pay what you can."