Mattblack wrote:Brett wrote:bowl wrote::a_goodjob:rb85 wrote:http://mobile.abc.net.au/news/2018-07-11/up-to-1-million-households-may-go-into-mortgage-default-by-sept/9976268
Talk about people over committed on their loans.
So who's fault is it, banks for lending the money or people streching to themself to much on a loan.
It’s not like the old days where people save up for things.
The amount of younger people that are in debt and have financed everything they own(well technically the bank owns) is absolutely absurd.
We have 18 and 19yr olds driving round in 60 and 70 thousand dollar cars, with jet skis or boats in tow. Which have also been heavily financed.
It’s been to easy for ppl to get loans for way to long, I’m certainly not going to bail my kids out if they over commit, which I hope they don’t, but you never know.
Totally agree. A lot of people have been refinancing their mortgages as the property value goes up as well...fine if you are adding value to the property, but most do it to buy a new car or go on holidays. Trade wars, inflation, low wage growth, rising interest rates....batten down the hatches, it's going to be a rough ride!
Never refinanced ...
Looking at buying block of land /investment property for my kids.....as prices could be any in 15 years time.
In any generation there certain amount people who want it now n over borrow.
Lately people can't save as quick as prices go up....