In 2009 more than 30,000 homes in Australia will be repossessed or foreclosed and almost half a million Australians plunged into severe mortgage stress by the end of the year, according to a new industry report.
Repossession Across Australia
Repossession occurs when you can no longer meet your mortgage repayments on your home loan and your bank or lender takes over your home and sells it in what is called a mortgagee sale. In an optimistic property market, this might well leave you with some money, but in a weak market, there’s a chance you will walk away with nothing.
One third of the expected repossessions will be first time home buyers who purchased their property in the last 12 months, the monthly Fujitsu Mortgage Stress report predicts.
