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Cost of Living Pressures Causing Mortgage Stress

Media Releases

State Member for Wallsend, Ms Sonia Hornery MP, has called on the State Government to do more to reduce cost of living pressures after a report revealed Wallsend is one of the top ten suburbs across NSW experiencing mortgage stress.

The report shows that 5906 households are experiencing mortgage stress in the 2287 postcode, a total of 53.1%.

Continual rising living costs such as child care, fuel, energy bills, transport and grocery bills are adding pressure to homeowners.

Ms Hornery is calling on the Government to do more to ease these pressures as the number of households in mortgage stress state wide approaches one million households.

Quotes attributable to Member for Wallsend, Sonia Hornery

“The Government simply must do more to ease the cost of living pressures people in the community are facing.”

“These figures are staggering, more than half the people in the 2287 postcode are in mortgage stress.”

“The report predicts that state wide one million households will be in mortgage stress by Christmas, or even quicker if the banks continue to push up interest rates.”

“Families continue to struggle with increasing costs for child care, fuel, energy, transport and groceries. Wage growth has stagnated and this is adding increased pressure for homeowners.”

“We must make easing these pressures a priority. Families shouldn’t have to choose between buying the essentials and paying the mortgage.”

“Living in the western suburbs means it costs more to get to work, whether you take the car or you take public transport, it simply costs more to earn a wage.”

“Without Government intervention, we will see more and more people rely on charity to help out.”

“The Government should focus on relieving this pressure instead of building new stadiums in Sydney.”