Wallsend has been identified in a report placing it in the top ten suburbs across NSW experiencing mortgage stress.
The number of households in stress - defined as when net income does not cover ongoing costs - is currently sitting at 996,000 households in the country and is expected to reach 1 million by Christmas.
Of those, 38,000 households are located in the Hunter, according to the Digital Finance Analytics group.
In our region, Wallsend families were deemed to be struggling the most, with 5906 households, or 53.1% living in the 2297 postcode experiencing mortgage stress.
They were followed by Rutherford, Edgeworth and Woodberry.
Wallsend MP Sonia Hornery is calling on the NSW Government to do more to reduce cost of living pressures.
"We need to address this problem, and we need to address it by the state government putting pressure on utility firms, working with the federal government about the cost of fuel, and lowering those prices so people can remain in Wallsend with mortgages," Ms Hornery said.
"Without government intervention, we'll see more and more people relying on charity to get by."
Shadow Treasurer Ryan Park has written to the Australian Banking Association demanding members take a sympathetic view of the stress individuals may be under.
He's urging anyone under financial pressure to make an appointment with their bank to discuss what options are available before it's too late.
The report comes as Sydney law firm Slater and Gordon prepare to launch the nation's biggest ever class action against the Big Four banks, representing as many as 1 in 3 Australian workers who've invested their super as cash but have seen it funnelled into parent companies not offering the best interest rates available.
It's estimated a win in the class action would cost the financial institutions a collective $1 billion.
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| Image: Bendigo Advertiser. |
