Anthony Roberts MP, Member for Lane Cove, condemned the NSW Labor Government for voting down legislation, which would ensure struggling homeowners receive market price for their homes if the bank or financier sells them up.

The legislation, introduced by Nationals frontbencher Don Page last year is designed to protect homeowners’ equity when they are sold up by financiers by ensuring the property is not sold at less than market price.

“At a time when the Reserve Bank says 40,000 homeowners are under serious mortgage stress, it is unbelievable the State Labor Government would vote against this legislation, especially when they supported identical legislation a few years ago,” Mr Roberts said.

“State Labor has betrayed homeowners at a time when they desperately need protection,” said Mr Roberts.

“In NSW the temptation for financiers is to sell assets to ensure their own debt is covered with little regard for the remaining equity held by the borrower.”

“By ensuring properties are sold at market price the legislation protects the borrowers equity,” Mr Roberts said.

“Currently in NSW homeowners’ equity can be sacrificed.  This legislation would have changed that.

“Queensland and the Northern Territory have legislation similar to that introduced on behalf of the Coalition.

“It is disgraceful that Labor has abandoned struggling homeowners.

“The Government just wants to re-badge this legislation and re-introduce it down the track,” Mr Roberts said.

“The NSW Labor Government cares more about spinning the issue to suit themselves than they do about struggling homeowners,” Mr Roberts said.