We are also seeing ongoing duress in non-bank lenders\' home loan portfolios as 30+ days arrears continue to rise strikingly. This will likely persist because Aussie borrowers have only seen about ~273bps of the 400bps of RBA rate hikes thus far due to 1/ fixed-rate loans that have not yet rolled over to floating-rate and 2/ the fact that banks have not passed on more than >50bps of RBA hikes to variable rate loans simply due to intense competition in the lending market. The first chart below shows 30+ days delinquencies on all home loans securitised by both non-bank lenders (blue line) as compared with banks (green line).  
Observe that non-banks write much riskier loans than banks and are suffering significantly higher arrears. In the second chart we only compare non-bank \"prime loans\" with banks\' \"prime\" home loans. During the good times, the non-banks\' prime arrears rates look similar to the banks\' prime rates. But during difficult periods, such as right now, there is a huge structural break in arrears with non-bank delinquencies spiking up way above bank arrears. 
This demonstrates that even when non-banks claim they are writing prime loans of similar quality to the banks, the truth is they are still lending to much riskier borrowers (ie, folks tend to like to pretend non-bank resi lenders are as prudent as banks, which is just not true). It also reflects the fact non-banks are unregulated whereas the banks are subject to intense APRA supervision that ultimately makes them much more conservative lenders.
Readers may recall that you can only get these insights using Coolabah\'s hedonic compositional-adjustment technology for RMBS arrears analysis.

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