Data by the Sheriff’s Office of Victoria shows that about one home per day is being repossessed. From July 2009 to March 2010, it has been tallied that around 250 properties have been taken by the state while 1,388 repossession writs were files in the Supreme Court. This shows that rising home loan rates are heavily affecting families of low income for they struggle with mortgage repayments.
Financial and Consumer Rights Council Chief Executive Officer Richard Foster said that those who are experiencing the effects of the rate hikes are not the holiday home owners and investors but those families who work hard in order to pay off their loan regularly. Because of which, those who are feeling the crunch might refinance to more affordable home loans.