chewy,
this is not the USA! you can't walk away from your morgage here - your debt will follow you all your life until its paid in Aus. We also have a dramatically different supply and demand situation. People simply wont sell there properties here for 40% less than they bought them for (apart from a desperate few).
Perhaps the American system is preferable, walk away and start again, at a realistic price.
Here we will have bankruptcies and people who will never be able to renter the market, there for a bigger drop in house
prices?
chewy,this is not the USA! you can't walk away from your morgage...
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