Borrowers raid superannuation to make payments

by Caroline Dann20 Aug 2012

Borrowers have taken out a record-high $100m worth of super funds to make mortgage repayments, according to research published by The Sun Herald.

The paper reported 6,500 households were given emergency access to their super funds to prevent foreclosure.
Welfare groups are concerned the figures show a large number of home owners are unable to meet payments, which could see a spate of repossessions in the coming months.
Earlier this year, WA reported a record-high repossession rate, which some brokers attributed to a prevalence of low doc lending in the pre -GFC era.

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