A lot of homeowners in the US are doing it tough right now, but Australians aren’t having an easy time either....
Last week the Reserve Bank released its Financial Stability Review –a report that outlines what’s happening in our banks, businesses, and household budgets. It shows that in nearly every capital city this year, house values have been flat or falling. And lots of people are struggling with their mortgage.
Western Sydney is a real hot-spot; it’s home to the six worst regions in the country for homeowners falling behind in their repayments. Other regions that are battling include Wollongong and the Hunter Valley, Hume City in Melbourne, Bunbury (south of Perth), and the Wide Bay-Burnett area on Queensland’s South Coast.

And sadly, it seems a lot of these home owners were persuaded by over-enthusiastic mortgage lenders.

I want to hear from you about this....

• Are you struggling to meet your mortgage repayments?
• Have you overextended – and if so, why? Did the banks make it sound too easy? Or did you feel a pressure to "keep up with the Jones’s"?
• In hindsight, would you have been better not to take out a loan, stay at your parents place, or just rent a bit longer?

• Have you had to move back in with the in-laws?
• Have you had to down size, change jobs, take on more work?
• Have you wound back maybe some of your kids extra activities, or cancelled holidays, just to make the budget work?

• What have you had to do to cope with your mortgage?