Free help for struggling mortgagees

A FREE service dedicated to helping homeowners stay in control of their finances has been expanded statewide after a successful pilot in Melbourne’s western suburbs.

Initially funded as part of a $31.1 million State Government investment in the legal assistance sector in the Victorian Budget 2021/22, Mortgage Stress Victoria’s team of financial counsellors, lawyers and social workers help homeowners by negotiating affordable repayments and protecting their legal rights, as well as offering emotional support.

Since 2022, the organisation has helped prevent home repossession in over 190 cases, with around one-third of its clients being victim-survivors of family violence.

A client from Tullamarine, for example, faced mortgage stress after falling ill and becoming unemployed. With support from MSV, they were able to keep their home.

MSV’s financial counselling team helped them manage their mortgage, while its social work team provided support, emergency relief referrals and help to retrain and rebuild their future.

Victorians can access support if they live in their mortgaged primary residence, own only one property and have a household income of $75,000 or less, or are affected by family violence.

Attorney-General Jaclyn Symes said the service offers more than just financial advice, it’s a lifeline for people’s wellbeing, their futures and peace of mind.

“A house is more than a roof over someone’s head – it’s their home,” she said.

“Through Mortgage Stress Victoria, we are supporting more vulnerable (people) to stay in their homes.”

For further information, call 1800 572 292 or visit the MSV website.