A slight uptick in arrears has been dismissed, with overall delinquencies sitting far below their past peaks.
Fitch Ratings' Dinkum Report has revealed an increase in borrowers 30-59 days behind on their mortgage, up to 1.46% in the fourth quarter of 2012 compared to 1.36% in the third quarter. But the ratings agency said the rise was "not a concern".
"The increase is a return to average, as Q312 levels have been far below the average since 2007 of 1.44%," the agency said.
Fitch said delinquency rates in Australia remain low compare to other countries. The agency said it expected arrears to remain stable in the coming quarter, with an increase due to holiday spending to be partially offset by December's rate cut.
The agency has also pointed out a decline in 90+ day arrears, which have fallen to their lowest level since December 2010.