Home owners angered by increases in interest rates

STRUGGLING home owners welcome Joe Hockey's idea to hold a forum on bank reform.

THE residents of western Sydney have welcomed opposition Treasury spokesman Joe Hockey's idea to hold a forum on bank reform in their area.

Mr Hockey yesterday challenged Wayne Swan and representatives from the big four banks to attend a public forum in western Sydney, where many residents are struggling to meet home mortgage repayments and want to express their anger and disgust at rising interest rates.

At just 24, Anthony Violi is already working overtime and cancelling holiday plans to cover his repayments, which eat about 85 per cent of his wage.

Rises in interest rates make him "angry" he said, and he would take advantage of a forum to tell the "greedy" banks just how "stressful" life was with a mortgage hanging over his head.

"The interest rate rises just make it even harder to live in general and this is a sacrifice I am making for the future that I hope will pay off," he said.

The majority of residents The Australian spoke to yesterday in new housing estate Nelsons Ridge felt they were struggling to meet their repayments.

Father of two Steve Thomson has to carefully consider each purchase and whether he can afford to take his daughters out to dinner.

He wants greater bank regulation and also to know how banks justify "unnecessary" interest rate rises.

Resident Bass Lal said most of the money he earned was used to pay off the mortgage and most weeks were a struggle.

"I'd like to know if they feel bad about taking so much of our money," he said.

Read more about struggling homeowners welcome bank reform forum at The Australian.