home reposessions

Bankstown Coal Mine for Nation’s Housing Stress

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”. […]

By |May 12th, 2011|Categories: Debt Consolidation|Tags: , |Comments Off on Bankstown Coal Mine for Nation’s Housing Stress

Home Reposession

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.” […]

By |May 12th, 2011|Categories: Home Loans|Tags: |Comments Off on Home Reposession