Even after holding for 2 years if they sell now looks like they will still take a bath, fingers crossed for them they can get out soon or they will probably lsoe everything if rates keep rising etc, shame...looks like they were suckered into buying overhyped property by the usual spruikers
QUOTE THEY are losing their home - and at times they've lost their sense of self worth. But when it all gets too hard and they feel like depression might take hold, Jason and Paula Smith admit it's their blue-eyed boy Lucas who makes the difference - not interest rates.
"He's the only thing that keeps us going,'' Mrs Smith says.
"I was afraid we would suffer depression from all this. It's hard. You feel helpless, like you've lost everything.
"But how can you not help but cheer up when you look into those eyes and see him smile, see him so happy.''
He can just say "Dad-a'' and point and smile at the "car'', but at only 22-months those few words are more powerful than any relief the Reserve Bank could dish out by keeping interest rates on hold.
No short reprieve by RBA Governor Glenn Stevens, or even an unlikely cut in coming months, can turn the tide of loss the Smith family have already fallen into.
Like thousands more residents across Sydney are finding out, it's too late.
Their Blairmount home, north of Campbelltown, has already been placed on the market for just a little more than the $360,000 they paid in 2006.
They'd be happy to break even.
When they moved in with Mr Smith's parents under a 50 per cent split of the $300,000 mortgage, the new father felt he was able to provide what he never had when he was a child moving from town to town in England - a stable family home.
But it wasn't long before interest rates began the upward climb and the Smith family began their downward spiral. The delivery driver's hours were cut from six 12-hour days on an award to as little as three days on an individual contract.
When it became clear they couldn't keep up the payments, they tried selling for the first time in September last year but received just one offer below the "breaking even'' mark, forcing them to take it off the market.
When Mr Smith's sister said she could move in and take over their half of the mortgage, the family moved in with Mrs Smith's parents at Ruse, on the other side of Campbelltown.
"To tell you the truth I felt quite shameful not being able to provide a roof over my family's head,'' he said.
"That home was our dream. I wanted to give Lucas something I never had.''
The few mortgage free months have at least given them some time to save for a bond on a rental home they plan to move into at Warragamba.
But Mr Smith's sister will soon move interstate with her partner, meaning Mr and Mrs Smith will have to take up their half of the mortgage again until the property is sold.
They don't like to dwell on how long they can keep paying the mortgage before losing their bond and what little savings they have left.
"We have each other, that's enough,'' Mrs Smith said.
