Home Reposession Increase
Based on Home Reposession figures from the Supreme Court, a recent ABC Four Corners investigation found around 10,000 Australians are losing their homes every year.
With factors such as rate rises in mortgage repayments, it is of no surprise that more Australians are struggling with debt. As Treasurer Wayne Swan discerned “there are a lot of people out there under tremendous financial pressure as a result of interest rate rises, who when they originally entered into the loan were looking pretty good when it came to meeting the repayments and discharging their responsibilities.”
This is backed by University of Western Sydney Economic and Finance Professor Steve Keen’s paper Deeper in Debt which asserted “(Australia) has six times as much debt as compared to income as we did back in the 1960s”. These alarming statistics are forcing more and more Australian households to consider refinancing options to alleviate their increasing debt stresses and decrease home reposession.
If you are struggling with your current mortgage repayments, don’t let it get out of control. Call us on 1300 138 188, we can help.