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Struggling homeowners facing foreclosure in New South Wales could have their home prices guaranteed under proposed new laws which will force lenders to ensure market value for repossessed homes.
The new bill, similar to one rejected last year, was proposed to the New South Wales government last night, The Daily Telegraph reported today.
Lands minister Tony Kelly said repossessed properties were often sold for well below market value leaving homeowners with “nothing”.
"The Rees government is determined to do everything [it] can to help working families cope with the difficult situations brought about by the current financial crisis," he said.
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