Will 30,000 Australian homes be repossessed by Christmas 2009?

For over 100,000 Australian's the dream of homeownership could turn sour as sources expect that 30,000 homes will be repossessed or mortgages foreclosed on as almost half a million Australians are plunged into severe mortgage stress by the end of the year.
Are you suffering Mortgage Stress?
And around a third of the expected repossessions will be first time home buyers who bought in the last 12 months, the Mortgage Stress report predicts.
According to News.com.au the report estimates that 30,741 homes will be repossessed or subject to foreclosure - where a lender takes control of a mortgaged property and holds a forced sale - and 497,168 homeowners will be in “severe mortgage stress” by December.
These forecasts are based on the unemployment rate rising 7.5 per cent by the end of the year. [Some people are saying 9% by 2010 could be the reality if the recession deepens].
The Federal Government predicts the unemployment rate will rise to 7 per cent by mid-2010, meaning an extra 300,000 jobless.
Government Subsidies and lower interest rates have helped.The Fujitsu Mortgage Stress report takes into account the decline in the number of home owners facing potential sale or foreclosures from 164,590 homes in February to 96,532 in March due to Federal Government handouts and lower interest rates.
If you lose your job, apply for benefits the same day!
Our advice is that home owners should seek financial assistance early if they feared trouble ahead, and to let creditors and bankers know that you cannot meet your commitments as soon as you know..
Also if the worst happens and lose your job, then apply for benefits on the same day of termination and make sure that you have all the necessay paperwork with you when you go to Centrelink. This will get your benefits in your bank account as soon as possible.
If your mortgage is too great a burden move quickly to effect a sale.
Should you need to sell your home, don't wait for the eviction notice. Move quickly to have your on the market for the longest time possible to get the best possible offer. Waiting for something to turn up may be the worst option and will damage your credit.
Weigh things up. How much cash do you have on hand? How long will you be out of work? Will your home be worth more of less in 12 months from now?
Doing these things will give you certainty of mind and free you to look for work in a more determined frame of mind.