One home is being repossessed every day in Victoria

Friday 07 May 2010

Article by Mozo

An average of one home per day is being repossessed in Victoria at present, new figures show.

Data released by the Victorian Sheriff’s Office show that between last July and the end of March 2010, about 250 properties have been seized in the state while repossession writs filed in the Supreme Court for the same period came to 1,388.

It suggests that Australia’s rapidly rising home loan rates have taken their toll on low income families as many struggle to make mortgage repayments.

Commenting on the figures, Richard Foster, chief executive officer of the Financial and Consumer Rights Council, told the Herald Sun: "The anecdotal evidence is that those people now experiencing problems repaying the mortgage are not holiday home owners or investors, but mums and dads – Kevin Rudd’s working families – that are feeling the pinch."

Australians struggling with mounting debt problems may be inclined to compare home loans in search of more affordable deals. This week, an exclusive study by financial services firm Fujitsu, which was seen by the Daily Telegraph, showed that mortgage stress is now affecting nearly 40 per cent of the 270,000 people who have entered the property market since June 2008.

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