Firstly, don’t worry, you’re not alone. Although Australia has not been hit as hard as the United States by the high rate of mortgage arrears, statistics show that many Australian families are experiencing difficulty in meeting mortgage repayments. In fact, the number of people behind on their mortgage has doubled in Australia in the past three years, with New South Wales being the state hardest hit by mortgage arrears.
Possible contributing factors to this rise in mortgage arrears include looser restrictions on credit application policies, the ability to borrow more based on your income and equity, and higher acceptable Loan to Value Ratios (LVRs).
If you need help when behind on your mortgage payment, please contact us for more advice, or apply for a loan through Bad credit Loans.
Contact Us if you are looking for Help when Behind on Mortgage Payment or Simply Apply for a Loan now.
