#Mortgages #Housing #HeiseSays
Are you prepared for repayment shock?
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So what happens when the riots start
Some ghostowns pay people to go and live there and revive the economy.
If people want McMansions on crappy estates that have ruined prime agri land – then f**k them and their repayment stress! I hope the interest rate doubles.
the same old banking scam repeating itself, that has been going on for decades, how the elite steal all the wealth, from the fools that discount history.
Philip Lowe assured mortgage holders of no rate rises till 2024. Most people went out and borrowed to the hilt at the cheap rate after hearing this " Mirror Ball " announcement. Mr Lowe must take full responsibility for his costly mistake 😜
Blind man could see rates to rise next 18 months hard yards cost trades people per hour ridiculous adjustment times is here
I'm hoping for another rate increase this Tuesday.
The frightening part, is 5.39% bank rate is not even especially high.
That's quite a bit less money in their pockets.
Maybe now my term deposits will see a 0.001% interest increase 😂
My parents recently sold their home. The young couple that bought it over payed by about 100K more than even the highest offer which was already crazy high for what it was. Poor buggers borrowed 750K on a 950K house. I feel bad for them.
I think you are wrong on one point: increase in interest rates does impact the inflation in general economy due to: 1. Consumer loans are impacted too. 2 . Higher mortage repayments suck out money from the rest of the economy – reducing demand for goods and services. Unfortunately, that creates a downward pressure on the economic growth ( GDP) too. Creating a risk of a recession.
We need property to fall by 20% or more.
Really tight rental markets and high housing prices, are contributing to more traffic on our roads, and highly restricted labour mobility.
Heise doing the hard work updating the chart!
I've seen heaps of articles in the FIN review, calling for more migration.
Interest rates went to 18 per cent in the late 80 s. If U hadn't paid it off U lost it.
Janet yellen was surprised by inflation
I might not have a job in Sicktoria but my house is paid off, i pay no tax and I dont need petrol, its all good. 😊😊😊
Redraw and go buy a new car $20000 overpriced. It'll be fine
Because the floods destroyed food crops in nsw , food prices are up and of course that “inflation” means the reserve bank punishes citizens with further interest rises so as to get the food price to fall.
If only homeowners could undo the impact of the floods, perhaps they could magic up some new food supplies ????
good.
I think the worldwide economy is on the precipice…saying that I understand why young people want to jump into property as they think they will never get on the ladder…i made the same mistake in the uk in 1989 (spent 2yrs every night & every weekend working on it doing it up spent £20k & all that time) Sold it for what i bought the wreck for..was a lovely place…if your young you can rebuild your life…if your middle aged & have a big mortgage..personally I’d be getting out sharpish !
Our fiat monetary system is basically a Ponzi scheme which cannot be reigned in without crashing the system, I suspect they’ll not let that happen.
Looks like you also Re started the loan term . Ouch 🤕
I ain't got my shit together…..😛
The only unexpected bit was how long it took, I’ve being positioning my finances since 2018! :-/
hi guys , i have a question and just wanted to get a feel for what most of you think. i own my own home in the south west Sydney area, 1000m2 land 500m2 home with all the trimmings, 3 different real estate agents put the price range at 2.5M. i am in the building game and see that build time have blown out to 2.5 years and longer. people looking to build would just want to buy an existing house there for increases demand on existing dwelings that would be a driving factor right ? subcontractors costs are up material costs are up, land mite be used as an inflation hedge so it to will increase in value. So here is the question, will house prices increase in the next 6-9 months ? please explain your answer
It should be manditory for every new construction to be having solar installed. Be it residential or commercial or industrial. And it should also be increasingly retrospective to existing structures. You then have people making money on electricity and actually having diminished electricity bills or no such bills whatsoever and be actually making money with solar dividend cheques. That beats the daylights out of preserving power stations and the jobs therewith associated with that.
5.5% interest rate is well below average for the last 20 years, which is around 7.5%. Reduce spending wherever possible and pay down debt ….. is about as much as most folk can do as most won't have a lazy $13,000 (minimum) laying around in their bank accounts earning close to nothing and waiting for a rainy day to "prepare" for large interest rate rises.
And that is just the interest, some people actually pay the principle as well.
Interesting times ahead
Have you noticed whether having a mortgage or whether you are a renter, both sides getting hammered
unexpected inflation…. wasnt shocked new it was coming.
GFC 2.0 here we come.
Anyone that believes the government deserves everything they get !!.
I have a feeling that the government will start printing to stop the interest rates from going too high but this will cause more inflation and crash the economy , the country will be screwed under Labour anyway !!.
No shock, we're stuffed.
Death man's pledge – mortgage
It's embarrassing to say "unexpected". It was hubris, do we expect anthing else these days; they're 'masters of the universe' or something like that in their own minds… One quick point which doesn't get mentioned much, those increased repayments (using the $1100 per month from your excel), keep in mind that is 'after tax' for most people, which means $275 extra 'take home' per week. Rising energy costs, rising fuel costs, rising everything made in Australia costs due to increasing energy costs. etc. etc. We would be wanting to hope peoples' same jobs can provide that sort of payrise each week. Ultimately the question is going to be this, and becuase it's not the next crash/correction that will be lasting, it will be the monetray/fiscal response from authorities (maybe the 'home-keeper' stimy payments), where people not even born yet will be saddled with massive debt piles which they are unlikely to benefit from. I remember when it was a thing for each generation to pay it's own way and leave it better for the next ones. What a complete shit mess…
Oh my god mums and dads. 🥲so terrible for the em.
And here I am looking at spending $80-90k on a pool to keep the minister for war & finance happy 😳
I just can't believe went to a deli to get bottle of water it was so busy waiting for ages and could not believe how much people were spending on lunch one trade 3 drinks for the afternoon burger and chips plus chocolate 28 dollars shocked
Housing market is a ponzi scheme! Suck everyone in with low interest rates and first home buyers grant then stuff em over with high interest rates.
M.Friedman stated: “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.