We knew that it was bad but certainly not this bad. Despite excessively low interest rates, Australians have bit off more than they can chew. We are now seeing the breaking point for many who took on way too much debt and now can’t afford to pay it off. This is going to end very badly as people learn the consequences of their actions.
Mortgage refinance rejection spike exposes number of Australians in debt distress - ABC News (Australian Broadcasting Corporation)
http://www.abc.net.au/news/2018-08-29/mortgage-mirage-exposes-number-of-australians-in-debt-distress/10175248
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Mortgage refinance rejection spike exposes number of Australians in debt distress - ABC News (Australian Broadcasting Corporation)
http://www.abc.net.au/news/2018-08-29/mortgage-mirage-exposes-number-of-australians-in-debt-distress/10175248
Young Australians hit by falling wages, surging house prices as wealth gap widens: HILDA report - ABC News (Australian Broadcasting Corporation)
http://www.abc.net.au/news/2017-08-02/hilda-household-survey-showcases-battle-between-young-and-old/8764406
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World's priciest home market pushes millennials beyond the law - BNN Bloomberg
https://www.bnnbloomberg.ca/world-s-priciest-home-market-pushes-millennials-beyond-the-law-1.1128822
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I suspect the problem is partly due to a commission base compensation structure and ability to package and offload don't really get all parties's interest in line.
If the broker/agent get no commission but rather a stream of small payment off the mortgage payment which stops if the mortgage defaults it may make it work better?
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Two more banks raised their mortgage rates earlier today. Most home loans in Australia have variable rates. You pay a high premium for a fixed rate loan and the maximum is usually only 5 years. The progression of tighter lending standards, no refinance options, rising interest rates, it is so blatant it looks deliberate, scratch another western style democracy.
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This is horrible as it is basically a 10 year delay/repeat of the 2008 gfc but in a country that has no real bankruptcy protections.
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Sheeple living in shoeboxes . LOL HILARIOUS 😆Basically just a locker to put stuff in . LOL 😂 Thats a great analogy . And I don’t know if you’ve heard , but the automobile manufacturers in their desperation are giving 80 month financing and are looking at 120 month financing ⁉️This is utterly ridiculous because most cars can’t last more then 24 months without major repairs needed . But the sheeple keep sleeping .
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