By Alesha Capone
More than 14,000 Wyndham households are experiencing mortgage stress, according to figures from a research and consulting firm.
Statistics from Digital Finance Analytics, released in April, showed the top 10 postcodes in the state experiencing mortgage stress, which is defined as households where people spend more than they earn every fortnight, and have to face choices such as whether to pay the mortgage or put food on the table.
The 3805 postcode, which includes Fountain Gate and Narre Warren, topped the state with 8919 households in mortgage stress.
The 3029 postcode (Hoppers Crossing, Tarneit, Truganina) placed third on the list with 7972 households experiencing mortgage stress.
Within the 3030 postcode (Werribee, Werribee South, Point Cook, Derrimut), there are 6399 cases of mortgage stress, which placed the area sixth on the list.
Consumer group CHOICE released the postcode data last month, amid concerns about the federal government’s plans to repeal safe lending laws.
CHOICE chief executive Alan Kirkland said the laws were put in place “to avoid the huge damage to families and communities caused by mortgage stress – by making banks take care to avoid giving people loans they won’t be able to afford to repay”.
“If the government gets away with its plan to axe safe lending laws people who are desperate to get into a rising housing market will be at risk of overexposure and people who need to refinance won’t be adequately protected,” Mr Kirkland said.
Over 39,000 Australians and 125 organisations have signed an open letter calling on the government to save safe lending laws: choice.com.au/safelending
