On 21 November 2017 CCLSWA Managing Solicitor Gemma Mitchell and solicitor Georgina Molloy presented a webinar as part of the Community Legal Centres Queensland’s webinar series. The presentation, titled Credit and debt issues arising from the end of the mining boom, examined the issues of mortgage stress affecting consumers in regions of Australia which have seen a dramatic downturn in property prices since the end of the end of the mining boom.
Western Australia’s Pilbara region has been particular hard hit with figures showing that property prices in Port Hedland and Karratha dropped 67% and 65% respectively since 2013. Prices in Newman dropped as much as 82% in the same period.
The national average for property sales making a loss is currently 11.1% while in regional Western Australia this number is as high as 29.4%.
The webinar examined a number of case studies analogous to the real issues faced by some of CCLSWA’s clients, such as repossession of investment properties, loss of family homes, and massive shortfall debts.
Lastly, Gemma and Georgina touched on the approach that the Financial Ombudsman takes to mortgagee sales, and other issues relating to mortgage stress, such as the potential pitfalls of accessing superannuation to pay off arrears.
The webinar was attended by practitioners and advocates from Western Australian and Queensland. You can watch a recording of the webinar below.
If you are experiencing mortgage stress, please call CCLSWA on (08) 9221 7066 for a free, confidential discussion. Our telephone advice line is open between 9am and 4pm Monday to Friday (except public holidays).