Westpac repossessions up 10% on downturn in mining states

Sydney

RISING mortgage delinquencies and repossessions in outback mining towns are starting to bite Australia's banks, with Westpac Banking Corp the latest to report an increase on Monday.

In a third-quarter update, Australia's second biggest bank by market value said that repossessions jumped 10 per cent mainly due to weak conditions in resource-rich states Queensland and Western Australia, a development likely to worry rivals with greater exposure to such areas.