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Thanks RM, that was the answer I was looking for. Obviousloy there will be similar legislation on each state and the original legislative process may well have been triggered at the time by the case mentioned by Tom1000000. Thank you to everyone who replied to help clarify this for me.

yes, that drives the actual foreclosures but I wonder whether the decision NOT to foreclose for the $$ owning but to go for the best market prices are the banks decision or is there some protective legislation in place...in other workds, is there something making the banks in Oz "play nice"...

hehe, I hope those deleted comments weren't 'taking the p*$$" I'm 53, very cranky and very surprised at some of the stuff that goes on here on this board. :):):):):)

Yes, thats what I thought the situation was here. One question remains, is it "bank policy" to get the best price for the person having to sellhere in Australia or is there legislation in place to ensure that banks dont just sell to recover the debt only. I even wonder what drives this whole...

If you are looking for the sort of incredible foreclosure sales bargains they have in the USA, that doesn't happen here. I'm not sure exactly of the legal reason but Australian banks are not permitted to sell for the debt owning. If anyone knows the reason, I'd be happy to hear it as I've...