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”.
