NSW suffers worst in home loan payment crisis

Tuesday 28 April 2009

Article by Mozo

Postcodes in New South Wales dominate a new table showing the areas of the country where the highest numbers of residents are in arrears on their home loan payments.

The data, seen by the Daily Telegraph, shows that of the top 20 home loan trouble spots, 19 are in NSW.

Figures were compiled by the University of Western Sydney with funding from the Reserve Bank of Australia.

Other key findings showed that the number of people unemployed in some parts of Sydney has more than doubled in a year.

Findings from the Urban Research Centre showed that the areas of Fairfield and Liverpool are hardest hit by unemployment, with the jobless rate there hitting 10.5 per cent.

Prime minister Kevin Rudd has this week unveiled plans to give people legal aid to fight their case against their home loan provider if they fall into difficulty making payments.

The assistance will be made available to all Australians with a home loan up to the value of $500,000.

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