Legal Aid WA urges Broome residents to reach out for mortgage help
Broome residents suffering from mortgage stress are being urged to reach out to Legal Aid WA for help as interest rates continue to rise.
With interest rates rising 12 times since May last year and a further increase predicted in August, Broome residents spending more than 30 per cent of their total pre-tax income on mortgage repayments are urged to access Legal Aid WA’s mortgage hardship service.
“The unique circumstances of the COVID-19 pandemic and historically low interest rates in the pre-COVID period made home ownership a possibility for more Western Australians,” Legal Aid WA director of civil law Gemma Mitchel said.
“The interest rate environment has changed dramatically since then, and those homebuyers will face a dramatic increase in mortgage repayments as they come to the end of fixed-term rate periods.”
Ms Mitchell said the mortgage hardship service provides people with information on their rights, obligations, and legal options.
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“We can provide free legal advice on mortgage hardship, credit law matters, and debts such as strata title fees or council rates,” she said.
Broome residents are urged to visit the Legal Aid WA’s Broome regional office to take advantage of the service.
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