More mortgage holders facing high interest rates and living costs are ending up under extreme stress and unable to afford repayments
More than 1,100 filings were made for home repossessions in NSW in the first eight months of 2024, putting the state on track to record well over 1,600 this year.More than 1,100 filings were made for home repossessions in NSW in the first eight months of 2024, putting the state on track to record well over 1,600 this year.Grace Joseph, a financial counsellor in Sydney’s outer suburbs, has noticed a new and concerning thread tying struggling homeowners together: they can’t sleep.
“They haven’t been able to cope with that, especially alongside the significant rise in the cost of food, transport and medicine,” she says. If repayments still prove too onerous, a homeowner will usually sell rather than wait for a court-ordered repossession. “When you’re struggling financially, a roof over your head comes first, even if it means skipping bills or other important expenses,” he says.
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