dadpad wrote:8.5% is nothing on the 17% I paying in the 80's whilst watching my $80,000 mortgage get bigger each month.
The excesses of first home buyers who want huge 5 bed homes with all mod cons need to be curbed. Those having to sell their homes did not do their homework and buy within their ability to pay.
Not a lot of sympathy
I'm exactly not a great fan of the ugly jumbo "mansions" cluttering up the suburbs (nor do I think they're a great idea for first home buyers) either, but ....
I think it's unreasonable for the banks to bump up their interest rates beyond the reserve bank's recommendations to compensate for the banks' own investment losses. Why shouldn't the shareholders wear the consequences of bad investments? Why don't the banks' CEOs & the investment gurus take a cut in pay as a consequence of bad investments? (I'd like to see that! :wink: ) Banks' customers had no say in where the money was invested but now it appears they must wear the consequences.
Bring back a
peoples' bank, owned & operated in the interests of the Australian people, I say! (Can you imagine the outrage about "government interference into the market place" by the big banks if such a thing actually occurred?
) Now
that would introduce a bit of
real competition! I'd be in there in a flash!
Bring back the
State Savings Bank of Victoria, or a
real Commonwealth Bank!
Yeah! :wink:
Dadpad, the 80s were quite a different kettle of fish to the noughties ... For starters, there was a damn sight more
job security for home buyers. I can't imagine what it's like for our increasingly contracted & casualized workers to attempt to buy a home these days. Have you checked out the prices of renting lately? I don't know how it's possible for young people to pay such rent (even for the most modest of places) & get a home deposit together at the same time.
... add to that inflation & the extremely high cost of living (especially for basics like food), petrol prices, the impact of the GST, etc, etc ..... poor people are really struggling right now. And not all of them are throwing away their limited $$$ on plasma screens & home entertainment units ....