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The labor party is calling for amendments to the Property Law Act to protect the assets of people who default on mortgage repayments.
The opposition spokeswoman for Lands, Sally Talbot, said the number of applications for home repossessions due to loan defaults had doubled in the past financial year.
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“Amending the Act would ensure homeowners were not short-changed by lenders who aimed to recover debts only in mortgagee fire sales, rather than seek the true property value,” Ms Talbot said.
"Homeowners are finding themselves thousands of dollars out of pocket when the lender steps in and sells the property for less than its market value.”
