It is becoming increasingly apparent that home repossessions are at an all time high. The centre of this mortgage crisis, fuelled by interest rates and rising living costs, is hitting hardest in the Bankstown area of NSW.
The Federal MP for the area, Jason Clare, is drawing attention to the increasing problem. Within Bankstown, over 600 families have had their homes repossessed in the last two years. As he asserted recently “The terrifying information we’re getting from the Sheriff’s Office is that repossessions have doubled in the last six months and instead of repossessing five houses a week, they’re now repossessing three houses a day”.
Mortgage Repayments
This is frightening news for families nationwide struggling with their mortgage repayments, living in fear of yet another interest rate hike. The danger of having property impounded is becoming a more brutal reality for many. Additionally, with rental accommodation vacancies at only 1% in the area, it means rental costs are continuing to sky rocket.
If you are living in fear of repossession, and the sheriff is knocking on your door, don’t leave it any longer. Call ALC now and we can help you consolidate your debts. Call 1300 138 188, and let Australian Lending Centre assist you in working towards a brighter financial future.
