As the unemployment rate in Australia continues to rise, up to 1 in 16 homeowners are defaulting on their home loans. Of the top 20 postcodes where mortgages are more than one month in arrears, 19 postcodes are in NSW, data obtained by The Daily Telegraph reveals.
An analysis by the UWS’s Urban Research Centre has found that areas along the M4, Windsor Rd and Canterbury Rd, as well as the Central Coast, are feeling the impact of the alarming recession. The hardest hit is the area around Fairfield and Liverpool, where the latest figures show that the unemployment rate has jumped to 10.5% (the highest it has been since 2001).
The top areas in NSW for defaulting on home loans is Nelson Bay, followed by Raymond Terrace, Katoomba, Greenacre, Guilford, Fairfield, Cessnock and St Marys.
Home Loan Default Prevention
If you are having trouble making your home loan repayments you should contact your lender immediately. Borrowers don’t often realise that there are a number of ways that a lender can assist them, if they are experiencing difficulty.
If you feel as though you are running out of options, there are better solutions that you can explore before having to think of the unimaginable step of filing for bankruptcy.
To prevent your stress levels from rising any higher, you should talk with a financial company today to learn about the options that are available to you. You may be able to consolidate your debts or refinance your home loan.
To find out more about your home loan and debt options, call the Australian Lending Centre today on 1300 138 188 and speak with one of our experienced consultants.