 Home reposession numbers fall
Lower interest rates are saving houses as home repossession numbers fall dramatically. In Sydney's west the number of homes being repossessed have fallen by almost two thirds in the past few months.
In Bankstown, where repossessions were at the highest in the capitol, numbers fell from 60 in August to just 20 last month, according to figures from the sheriff's office.
"This is a massive turnaround," Blaxland MP Jason Clare said.
"Last year the sheriffs were flat out repossessing homes. This year real estate agents are flat out meeting the demand from first home buyers.
"Interest rate cuts and the doubling of the first-home buyer grant have really helped."
Also, many homeowners who were facing repossession have managed to work out an arrangement with their bank since the rate cuts came into effect.
Aussie Home Loans' John Symond says that homeowners who keep their job will be finding it much easier to repay their debt now that rates have fallen. Along with rate cuts, petrol prices have fallen in recent months making it easier now to repay dent than in October or November.
Home loan rates have fallen almost in line with the Reserve Bank cutting official rates, with most home loan rates falling nearly 4 per cent since September. This is savings many homeowners hundreds of dollars per month in interest payments.
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