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2% Deposit Home Loans Return

#mortgages #homeloans #heisesays
Looks like another state government wants to juice up their housing market with 2% home loan deposits.

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  1. homestart is the SA Government finance company its a very expense way to buy a house. Most people that use homestart refinance because of the way the loans work. they start with a very low repayment but the repayment increases with CPI so it can get very expense very quickly

  2. When your in a hole and want to get out, just stop digging!!! Blow off phase old mate, the last shot in the locker for Governments, bring on the pain only way to fix the problem. It seems that various Governments are actually working for the banks, not the people!!

  3. Wow… things are getting desprate in the housing market, bit of a worry.

    Maybe things are way worse then I thought.

    Hopefully govenment will borrow more money to bail people out.

  4. House prices in SA are still going up in spite of what's happening in other states but for how long is anyone's guess.
    I was speaking to someone whose family has rentals and the rents shocked me with people lined up to take them when vacant.
    I guess you have the option of watching rents go up and your chance of buying never happening or doing your sums carefully and working your bums off in the early years to try and build up some equity with a scheme like this.

  5. Check in with this couple in 2 years That’s great but it won’t get built for 3 years 😂 who on a low income can buy anything wtf they are setting people up for failure bankruptcy and massive debt.

  6. Housing in Australia is the foundation for our ponzi economy:
    •falling house prices = government loses next election
    •housing is a huge part of banks "capital"
    •the "wealth effect" of rising house prices powers discretionary spending
    •equity in rising house prices powers investment in housing, employing trades
    •rates and land tax funds government boondoggles
    •the finance industry is built on rising house prices
    But, how much juice is left in this well flogged horse?

  7. NSW government back when interest rates were 17% were offering home loans at 6% for first home buyers, the catch was it would go up with the CPI which was around 6% at the time. Needless to say the scheme collapsed quickly.

  8. In my opinion Hang on buying a house for 6 months , and pick up a housing collapse bargin . Where about 44 days away from China Collapsing , then the world will follow suit . Bargains are just around the corner

  9. this will solve absolutely nothing. If you cant save more than a 2% deposit for your first home, how the hell are you going to pay it off in your life time! especially with interest rates going up for at least the next 6 months.

  10. We going negative interest rates, and government to pay few percentage of mortgages same as Europe.

    We are screwed for future. Really fear what quality of jobs we will have in country in future .

    May be all aged care , hospital related .

    Rest all in mines and warehouses ALL ROBOTS

    And China pulling plug on us by reducing our resources purchases going to cause us serious problems in future.

    Plus I don't think we for generations going to manufacture anything.
    What manufacturing ??
    We don't manufacture anything.

  11. 'At least it's not 1%'. I disagree. If they are doing 2% deposit and it's 8k but stamp duty is like 20k then it's actually negative equity because the deposit is less than the taxes and price of the house.

    Essentially all people on those 2% loans will default or a very high number, say 80%. So essentially the government is just setting people up to fail and/or redirecting the little wealth that the low-middle class has and giving it to the rich. While you can say people should know better, the question really should be should the people know better? Money gives access to advice while the poor have no ability to do so without it being excessively costly to them. The low-middle class are essentially debt slaves like the Bible says in proverbs 22:7.

    I also regret typing this post out because it's just easier to laugh at all this craziness and not be serious.

  12. Australia two trick economy homes & holes the recent super low interest rates have at the lower end of the market made it cheaper to buy than to rent and that's not normal buying a house is a big deal and a long term goal, people compare Mortgage repayments directly against rents forgetting rates, insurance and maintenance about $5K per annum. About 10 years ago the state housing commission offered long term tenants the opportunity to buy older properties giving them seven years rent back as a deposit most failed in three years and a few did well.

  13. Another scheme that drives up the price of homes and increases inequality. And now the less educated are substantially disadvantaged because it has become even harder for them to compete in a market that is being pumped up by the government.

  14. I don't think there is an issue with the supply of housing. in my street alone there are 3 houses that are vacant. been purchased and not being rented. the way i see it is its the people buying investment properties that are driving up the market costs. if they introduced a rule that said that people are only allowed to own 1 house at any one time that would make housing within reach of everyone. one of the things i get really sick of however is people who own their homes outright and have large portfolio of rental properties sitting back looking down their nose at people who have just bought at record high prices largely due to greed of people who have multiple properties they bought for 30k saying we shouldn't be complaining and go back to rental.

  15. Its all a trap. Then watch daddy come and be the 'saviour'.
    Eliminate/reduce debt, cut up credit cards, get money out of the bank, diversify wealth, stock up on food staples etc

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