❓ WA Parliamentary Question on Notice regarding Keystart loan performance from Jan-June 2020, covering defaults, arrears, repossessions, and interest earned. Shows a concerning trend of increasing defaults and arrears during this period.
AnsweredQoN 6332Legislative Assembly
QuestionView source ↗
(1) What is the number and percentage of Keystart clients with defaulted accounts for each month from, and including, January 2020 to, and including, June 2020? (2) What is the number and percentage of Keystart clients with accounts over one month in arrears from, and including, January 2020 to, and including, June 2020? (3) What is the number of Keystart client homes repossessed for each month from, and including, January 2020 to, and including, June 2020? (4) What is the amount of interest earned on Keystart loans for each month from, and including, January 2020 to, and including, June 2020?
AnswerView source ↗
Answered
15 September 2020
Responded by
Minister for Housing
Response time
9 days
Data on Questions 1 to 3 include loans equitably assigned to Bendigo & Adelaide Bank in 2016 as these customers continue to be serviced as Keystart’s customers. Question 4 does not include these loans as interest is collected for the benefit of Bendigo & Adelaide Bank. (1)
Month
Number of loans
Percentage of total loans
January 2020
258
1.29%
February 2020
248
1.23%
March 2020
273
1.35%
April 2020
309
1.52%
May 2020
400
1.97%
June 2020
570
2.79%
Figures are based on accounts which are in arrears 90 days plus or in hardship with an arrears status of 90 days plus. This figure does not include mortgages in possession (MIP).
(2) Excludes loans where Keystart has taken possession of secured property.
Month
Number of loans
Percentage of total loans
January 2020
565
2.83%
February 2020
611
3.04%
March 2020
736
3.64%
April 2020
950
4.68%
May 2020
1481
7.29%
June 2020
1859
9.09%
Figures are based on accounts which are one month in arrears including hardship accounts but excluding MIP’s.
(3)
The report shows the number of households affected by repossession.
Month
Number of loans
January 2020
13
February 2020
19
March 2020
8
April 2020
8
May 2020
10
June 2020
3
(4)
Financial Year
Interest earned $000
January 2020
$18,731
February 2020
$17,671
March 2020
$18,814
April 2020
$17,680
May 2020
$18,422
June 2020
$17,942
Month
Number of loans
Percentage of total loans
January 2020
258
1.29%
February 2020
248
1.23%
March 2020
273
1.35%
April 2020
309
1.52%
May 2020
400
1.97%
June 2020
570
2.79%
Figures are based on accounts which are in arrears 90 days plus or in hardship with an arrears status of 90 days plus. This figure does not include mortgages in possession (MIP).
(2) Excludes loans where Keystart has taken possession of secured property.
Month
Number of loans
Percentage of total loans
January 2020
565
2.83%
February 2020
611
3.04%
March 2020
736
3.64%
April 2020
950
4.68%
May 2020
1481
7.29%
June 2020
1859
9.09%
Figures are based on accounts which are one month in arrears including hardship accounts but excluding MIP’s.
(3)
The report shows the number of households affected by repossession.
Month
Number of loans
January 2020
13
February 2020
19
March 2020
8
April 2020
8
May 2020
10
June 2020
3
(4)
Financial Year
Interest earned $000
January 2020
$18,731
February 2020
$17,671
March 2020
$18,814
April 2020
$17,680
May 2020
$18,422
June 2020
$17,942
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