Quote:
Originally Posted by danzvtil
My god, all I’ve heard reported all day is the poor saps who will be RUINED by this increase and the govt needs to do something about it, if you can’t afford this increase, then you’re in for a crap couple of years.
Incidentally my home loan provider (credit union) called me 2 weeks ago for a loan heath check, and offered straight up to drop my rate by 1.75% to offer a buffer, they are anticipating 5 rises in the next couple of years.
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I think crap is an understatement... I would hate to know what the average mortgage in Sydney or Melbourne is?
I think there will be lots of defaults and fire sales where the vendor will come out breaking even or losing just a little.
Reading an article regarding the rate decision...
"RBA’s shock move" and "Australia reacts to bombshell move" and "Rate hikes ‘not going to stop’"
Nothing shocking or bombshellish about today's decision... It's been predicted and pondered for months.
As has been the fact many more rate rises are on the way.
I do feel sorry for people that may come out second best when things go belly up however if they are young they will recover and hopefully learn from this.
Watching bidding going 20-30% over reserves, buying dumps for huge premiums, applying for dodgy loans etc... Hope they don't think the government will bail them out. We are broke enough as it is.