This report examines the experience of mortgage distress in Western Sydney and mortgage holders' coping strategies.
While not claiming to be a representative sample of mortgagors in distress, the report reveals much about the circumstances contributing to mortgage distress and its considerable impacts on the lives of those affected.
Mortgage distress is affecting a growing number of Australian households. Distress ranges from arrears in mortgage payments to defaults, foreclosures and repossessions. The impacts of mortgage distress are complex and include issues relating to the ongoing financial viability of the affected households, wider neighbourhood effects, and a range of psychological and social impacts. In recent years, mortgage stress has had a consistently higher prevalence in certain parts of Western Sydney than in any other region across Australia.
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