Thank you, Col.

I'll have to think about what you're saying for a while.

I feel I'm kind of dramatic (and maybe not all that rational) about this issue because I find a secure home very important especially for families with school-aged children, but I just wish there was an alternative solution for people who are unfortunate enough to fall ill or lose their job than having to sell their home or default on the payments.

I'm not sure how soon most lenders will take possession of a property after the mortgagee defaults- I have heard some will allow only 3 months, which is not a lot of time to get back on your feet.

I can't help finding it heart-breaking to know that families with good intentions will lose everything that provides them with security, probably to investors who already have their own home.
They can't always help their circumstances and their misfortune might be only temporary, yet they will lose all their potential equity.
Don't get me wrong- I have nothing against investing in property perse, I just don't like the though that some will profit from others' misfortunes.

Renting in Australia does not provide people with the same security as home ownership especially when they need such place when they have school-aged children.

Anyway, I will let this issue go for now and give it more thought.

Happy New Year to everyone.

Hi C... I was retrenched when I was 17 years of Age.

I have not been retrenched since but have left plenty of jobs because I either tired of them or did not like the setup/management. So you can maybe understand how contracting has suited me over the past 20 years more than a permanent role.

To be honest clinging to a job is not a healthy thing, it can become the source of serious resentments (golden handcuffs etc) and I have regularly met people who would have been better moving on than suffering in a role which they hated (many names coming to mind).

"I just don't like the though that some will profit from others' misfortunes."

Like I said, the misfortune hit well before the mortgagee auction options present.

"Renting in Australia does not provide people with the same security as home ownership especially when they need such place when they have school-aged children."

But if buying is not possible, due to any reason or desire, renting is less an option more a fact of life.

The other thing is many peoples plans are disrupted and they lose their house. I did when I divorced. I had to restart from scratch, I rented for 3 years before buying again in 1996. I see myself as nothing exceptional.

If you want anything hard enough, you can work out how to achieve it.