Guest Aldo Posted April 14, 2010 Share Posted April 14, 2010 That would be me then, i would have no problem buying a reposession, surley thats the name of the property game, buy when prices are low and sell when they are high. my gripe is with the people on here that seem to revel in the fact that people may have their home repossessed. Comments like "don,t call them unfortunate but silly." and labeling people as "fools' for wanting to buy their own homes is IMO smug and snobbish. Link to comment Share on other sites More sharing options...
kernow43 Posted April 14, 2010 Author Share Posted April 14, 2010 my gripe is with the people on here that seem to revel in the fact that people may have their home repossessed. Comments like "don,t call them unfortunate but silly." and labeling people as "fools' for wanting to buy their own homes is IMO smug and snobbish. Yes Aldo I said that so you can mention my name. 1. I don't revel. 2. Yes I call people who want a swimming pool ,theatre etc instead of a basic house, then get a 100% and in some cases 105% mortgage, based on two incomes, then the wife gets pregnant, something may happen to his job, and they are in trouble, big trouble. Sorry they are not silly, just damn plain stupid! Anyone sensible would not be put in this situation. Too many people live & want to live beyond their means. Link to comment Share on other sites More sharing options...
Guest Posted April 14, 2010 Share Posted April 14, 2010 In days of old 3-3.5x salary was the ceiling on what the banks were prepared to lend as a mortgage. Even to borrow $500k (how many sub $500k houses are there left in Sydney, Perth or Melbourne?) would have required a $50k deposit and a $150k income. So everyone earning less than $150k and living in a $500k house is living beyond their means? Link to comment Share on other sites More sharing options...
Guest Aldo Posted April 14, 2010 Share Posted April 14, 2010 then the wife gets pregnant, something may happen to his job, and they are in trouble, big trouble. Sorry they are not silly, just damn plain stupid!Anyone sensible would not be put in this situation. millions of people have been miss sold mortgages and are/have been victims of hard sell tactics, this doesn't make them stupid IMO, more victims. Link to comment Share on other sites More sharing options...
kernow43 Posted April 14, 2010 Author Share Posted April 14, 2010 millions of people have been miss sold mortgages and are/have been victims of hard sell tactics, this doesn't make them stupid imo, more victims. buyer beware Link to comment Share on other sites More sharing options...
kernow43 Posted April 14, 2010 Author Share Posted April 14, 2010 In days of old 3-3.5x salary was the ceiling on what the banks were prepared to lend as a mortgage. Even to borrow $500k (how many sub $500k houses are there left in Sydney, Perth or Melbourne?) would have required a $50k deposit and a $150k income. So everyone earning less than $150k and living in a $500k house is living beyond their means? My sentiments exactly, in one way it is the Banks are to blame for lending the money. I am darn sure if this was the case and banks more strict as in the early years we wouldn't have house prices like we have now. Link to comment Share on other sites More sharing options...
Guest chris955 Posted April 14, 2010 Share Posted April 14, 2010 Exactly. Now the banks are lending in excess of 7 times salary which is just mind boggling. In days of old 3-3.5x salary was the ceiling on what the banks were prepared to lend as a mortgage. Even to borrow $500k (how many sub $500k houses are there left in Sydney, Perth or Melbourne?) would have required a $50k deposit and a $150k income. So everyone earning less than $150k and living in a $500k house is living beyond their means? Link to comment Share on other sites More sharing options...
fleabo Posted April 14, 2010 Share Posted April 14, 2010 Exactly. Now the banks are lending in excess of 7 times salary which is just mind boggling. I don't get the maths. At x7 you are using ~80% of your take home to service your mortgage at today's rates? :confused: Link to comment Share on other sites More sharing options...
Guest Aldo Posted April 14, 2010 Share Posted April 14, 2010 buyer beware why did you make that big and blue? Link to comment Share on other sites More sharing options...
kernow43 Posted April 14, 2010 Author Share Posted April 14, 2010 why did you make that big and blue? caveat emptor Is that size and colour alright for you:yes: Link to comment Share on other sites More sharing options...
Guest Aldo Posted April 15, 2010 Share Posted April 15, 2010 caveat emptorIs that size and colour alright for you:yes: KNOBHEAD no one in-particular, just felt like writing in big purple letters and that word sprang to mind Link to comment Share on other sites More sharing options...
Mongrel Posted April 15, 2010 Share Posted April 15, 2010 buyer beware Smug conceited bastard Link to comment Share on other sites More sharing options...
kernow43 Posted April 15, 2010 Author Share Posted April 15, 2010 KNOBHEADno one in-particular, just felt like writing in big purple letters and that word sprang to mind :biglaugh::biglaugh: Link to comment Share on other sites More sharing options...
kernow43 Posted April 15, 2010 Author Share Posted April 15, 2010 Smug conceited bastard It takes one to know one:biglaugh: Link to comment Share on other sites More sharing options...
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