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Just wanted to remind people that the new lending law comes in to affect on 1st July. Not only will banks/mortgage lenders be watching what comes in to your bank, they will also be watching what goes out, and withdrawing large amounts on a regular basis, getting pregnant etc are likely to make you uncreditworthy. Oh and if you enjoy going to the pokies be warned Big Brother is watching you.:chatterbox: To be honest I am not sure if it is a good thing or bad thing, my initial response was that it was way out of order, however, I do understand that there are families out there who do take on too much debt and are putting themselves at risk of loosing their home. Here is an article that was in the paper a few weeks ago. Big Brother banks watching our lives | News.com.au
Bank lending rates rise again !! ... The R.B.A ( Reserve bank of Australia ) has just made history in announcing a rise in the Bank lending rates during a Federal Election campaign . A rise of .25% was announced , which will no doubt be passed on without delay to lenders . This rise will require the average Australian mortgage of $300K a payment of approx $2400 / Mnth to service . :arghh: