Cities like Penrith, Campbelltown and other western Sydney suburbs have some of the most beautiful family homes in Australia but surprisingly, Mortgage Stress has been quietly climbing for some time now even though the growth rate of the cities are reportedly still sky high.
In recent times, there has been a steady and alarming rise in the home loan debt cases in the area. Especially over the last five years as homeowners are finding it difficult to repay the mortgage to their banks on time.
It has been observed that in the last decade people have invested heavily in houses, and the banks have readily offered loans. However, due to high rate of unemployment and the rising cost of living, there are today a number of people facing immediate home repossession by the lenders. Jobs have become very competitive and keeping a job has become very difficult.
The people facing Mortgage Stress and potential Home Repossession experience high levels of financial stress due to the home loan repayments and rising cost of living.
Banks have previously approved big amount of loans but now the problem has arisen for the repayment of those big loans. Many families are stuck with huge debts and most of them live each day under the threat of repossession of their family home.
When your income is not enough to account for the home loan repayments and the high day to day expenditures, you are under home loan stress.
This kind of a stress is the most difficult to manage as shelter is the most basic requirement for living, and you are at the risk of losing it. It is difficult to stay in a house that is difficult to manage financially, and is under threat of repossession. In such times, the best measure you can take is consulting a repossession adviser in the area.
If someone you know is about to lose their family home due to repossession – get them to contact Property Solutions for Australia on 02 8006 0420 before it’s too late.