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Bank repossessions in australia

Top mortgage repossessions headlines
No large scale defaults predicted

May 11 09 1:28 PM EST

One of Australia's biggest mortgage insurers is confident that despite expected interest rate hikes and rising unemployment, we will not see large sca...
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Help for homeowners in financial hardship

Apr 29 09 11:07 AM EST

Households with mortgages of more than $500,000 will soon be able to legally request changes to their credit contract.
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A Bank repossession is basically what it says on the tin where the bank has gone through the whole repossession process which includes hefty costs that are then added to the price of the property and nearly all Spanish banks are looking receive 100% of the total debt. With a distressed sale this happens before the bank goes to repossession and again by its very nature the owner needs to sell quickly with the main reason he needs to get the equity out of the house before the bank repossesses the property or the Owner desperately needs the money for another reason.  However the most acute distressed sales happen where the Owner has three months or less before the bank repossesses their property” explained Nick Stuart Managing Director of Spanish Hot Properties.

Mortgage stress could rise

Apr 24 09 1:08 PM EST

By the end of the year it is estimated that one in six households will be in mortgage stress.
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Australia: mortgage defaults increasing

A recent survey of Australian banks has shown that mortgage defaults and home repossessions have been rising recently, prompting a number of relief measures. However, the country's major banks have reported that many borrowers are taking advantage of recent rate cuts by paying more than required on their mortgages, thus limiting the effect of introduced stimulus packages

Despite interest rate cuts, home loan defaults are on the rise.

The global economic crisis continues to negatively affect the Australian economy, with unemployment expected to keep rising in 2009. A survey has shown that, against this backdrop, mortgage defaults and home repossessions have been rising recently, albeit from historically very low levels. One of the major banks in the country, St.George, has revealed that its home repossessions rose to 132 in March. During the long property price boom, the bank's repossession numbers hovered at around 80 per month. The other large Australian banks have had similar experiences.

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