Consumer watchdog publishes advice pages for mortgage stressed home owners
THE AUSTRALIAN COMPETITION AND CONSUMER COMMISSION has yesterday opened an advice page on its website to assist home owners experiencing difficulty meeting mortgage repayments.
The ACCC chairman, Mr Graeme Samuel, said that the consumer watchdog is aware of the increased pressure on families resulting with higher mortgage commitments who may be defaulting in their repayments.
There are reports, according to the ACCC chairman, that some businesses may be employing unscrupulous practices to take advantage of this situation.
Mr Samuel said the purpose of the new section, “Managing your mortgage” is to provide some practical steps that homeowners may take if they are experiencing financial difficulties.
Before homeowners consider selling their home, the ACCC chairman said that homeowners should first consider the following tips:
(a) seeking independent advice from a financial counsellor, community legal centre or legal aid office to identify possible courses of action
(b) talking to the lender as soon as a problem is identified to discuss options
(c) checking all the terms and conditions of new loans before deciding to refinance, and
(d) if a sale is necessary, arrange a number of valuations to get the best deal.
The new section is located on the For Consumers pages at the ACCC website located at www.accc.gov.au
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