Western Sydney Identified As Hotspot For Mortgage Stress
Struggling to pay
Western Sydney has been revealed as a hotspot for residents facing mortgage stress.
Consumer Group, CHOICE, has released the list of areas the most impacted. Bradbury, Casula, Preston and Campbelltown are some of the suburbs topping the list, with a high number of families experiencing anxiety and nervousness.
These are households where from fortnight-to-fortnight, people are spending more than they are earning. That means that they have to make difficult choices, like whether to put food on the table or keep up with repayments. If they can't maintain the juggling act, they risk losing their homes," said CHOICE CEO Alan Kirkland.
Significant parts of Sydney's West are at risk of losing their homes, with over 130,000 households suffering between New South Wales and Victoria.
It's sparked calls for the federal government to ditch a plan to repeal safe lending laws.