By: unclefatso01
6/11/2009
4:06 pm Yahoo! Profile:
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I would rather have seen the Fed Govt do a deal with people who were struggling with thier home loans to help them and then collect extra tax than blow a load of dough the way it has.
It was always plain to most that the Chinese governments stimulus would create a need for more resources such as Iron Ore from here and that our economy would not suffer as badly as others. |
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By: andreihicks
6/11/2009
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"No such thing as personal responsibility according to some in here.
Who knows, maybe I'm just lucky but I've never had anyone hold a gun to my head forcing me to sign a contract."
EXACTLY.
Some people have taken out loans they can't service, can't afford the repayments and also have maxed out credit accounts.
Who is responsible?
Well the people giving the credit of course.
Didn't you know people don't have the ability of self-control? |
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By: imcrookonit
6/11/2009
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| Yes andre, you are quite right. Some people don't have the ability of self control. |
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By: imcrookonit
6/11/2009
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| Also some of these lending institutions, don't have many moral values. |
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By: thats_painful_kane
6/11/2009
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If you over payed and can't repay...repossess away...i have no sympathy for these people who over extend themselves and get themselves into debt...owning a home is not the be all and end all of life...
Keeping up with the Jones' is long gone...well...in normal peoples lives... |
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By: andreihicks
6/11/2009
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Yes I agree.
However if you have personal responsibility then you wouldn't even know these people.
There are also loan sharks out there on street corners. You can find them if you want $200k to buy a Porsche as well. |
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By: bogarde73
6/11/2009
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| The fact is the imcrooks of the world want a nanny state for their own reasons, not for the benefit of anybody else. |
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By: imcrookonit
6/11/2009
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| bograde73, the fact is that no matter what you say, or I say, there are people that are going to lose their houses. The fact is that there are people in terrible debt, and some people will suffer a lot of hardship, because of the mess they are in. |
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By: andreihicks
6/11/2009
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If people are in debt - then it is their own fault.
I am not in terrible debt yet I have bought a house.
How come?
Well because I saw houses on the market for $15m and realised that it was out of my price range and borrowed within my limits.
So hard eh? |
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By: ol_whal
6/11/2009
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| Haven't we been forecasting this for years, and it's only going to get worse as interest rates come back up. |
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By: ol_whal
6/11/2009
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By: imcrookonit
The fact is that there are people in terrible debt, and some people will suffer a lot of hardship, because of the mess they are in.
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I agree, some of these people have invested elsewhere as well and have lost the lot, look at Storm Financial for instance. |
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By: andreihicks
6/11/2009
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Investing is not risk free.
Never has been and never should be. |
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By: andreihicks
6/11/2009
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| Somebody point me to the investor that was FORCED to take out a mortgage and did not enter into it of their own free will because they have a legal case. |
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By: ol_whal
6/11/2009
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By: andreihicks
Somebody point me to the investor that was FORCED to take out a mortgage and did not enter into it of their own free will because they have a legal case.
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True Dude
Have you been following the Storm Financial woes???
Interesting goings on there, well worth following. The CBA is dodging what could be classed as predatory lending by apologising for their actions and coming to undisclosed settlements to some clients they lent money to through Storm. |
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By: longweekend58
6/11/2009
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<If people are in debt - then it is their own fault.
I am not in terrible debt yet I have bought a house.
How come?
Well because I saw houses on the market for $15m and realised that it was out of my price range and borrowed within my limits.
So hard eh?>
and what if you lost your job and was unable to find another one? do you think you'd still have a house in a years time? There are people in that situation. Not everyone manages badly. It is just that circumstances come about that you cant prepare for. You would lose your house just as quickly as these people. |
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By: andreihicks
6/11/2009
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True but if you invested wisely you can always sell the house.
Plus a lot of people get redundancy.
I was made redundant and used most of it buy the mortgage out. |
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By: longweekend58
6/11/2009
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<Plus a lot of people get redundancy.>
most peoples redundancy - assuming they even get it - woudlnt even go close to paying the mortgage out.
you cant blame everyone facing debt crises on their own failures. crap happens and you cant always plan for it. People dont expect to be unemployed for a year or more - but it happens, often. |
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By: andreihicks
6/11/2009
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True - you have to be prepared for adverse factors.
But its about responding to the crisis.
Take a look at friends of my dad, fired by the Hawke Government in the pilot's dispute and were forced to come out to other countries to get a job. |
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By: codswal
7/11/2009
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| doesnt anyone think the $21000 extra first home buyers.. was an insentive for people to get in over their heads??? it was talked about constantly.. then flagged it was coming to an end....get in NOW... all to keep a phoney economy going.and making figures look good....[for a while] |
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By: imcrookonit
7/11/2009
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| Does anyone think the baby bonus was an incentive for people to have more kids, that they could not really afford?. |
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By: ddrcn@y7mail.com
7/11/2009
10:48 am Yahoo! Profile:
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doesnt anyone think the $21000 extra first home buyers is a con?
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I can hear Rudd and Swan saying:
$21000 FHOG is a free gift and made to stimulate the economy and to assist First home Buyers into the Real estate market.
Great spin from the spinmasters
However lets forget the spin and get to the real world.
Without FHOG I have, say $80,000.The lending process might call that 20% and subject to my income lend me 80%.
The loan is $320,000 and I can afford to pay $400,000 for a house.
With FHOG I have, say $101,000 (80000+21000) which the lending process might call 20% and subject to my income, lend me 80%
the loan is $404,000 and I can "afford" to pay $504,000.
The $21,000 gift has inflated the price of the house by $104,000.
Who has the Government benefitted?
The spin says the First Home Buyer who receives a $21,000 gift.
The reality is:
1. the property seller who gets a $104,000 increase in income. AND last but not least
2.The Government which receives tax on $104,000, which omitting scams would be $30,000 on a corporate basis.
Therefore, First Home owner is down - $104,000
Property seller is up + $74,000
Government is up + $30,000
The Pollies have made 50% profit on our money by giving it away.
We are too stupid to ask the likes of Howard, Costello, Rudd and Swan to explain because we are greedy and are "getting" $21,000 for free.
Rudd and Swan when in opposition were too ignorant or too politically sensitive to ask Howard and Costello to explain.
Rudd and Swan are now dishonest enough to continue the con. |
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By: codswal
7/11/2009
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Does anyone think the baby bonus was an incentive for people to have more kids, that they could not really afford?.
xxxx
in todays news a couple with 13 children are expecting No 14...now unless hes a bank robber I find it extremely hard to believe any one pay pkt family can keep their head above water without help....I expect their family allowance would be huge...all at the tax payers expense and the baby bonus I am sure they dont knock that back...neither would I. yes I do believe the baby bonus would encourage the less fortunate to multiply. does that answer your question.unless you have figures that prove differently. I have no doubt in my mind at all.and the same with first home buyers.. people get sucked in by the sweet talk..it isnt reality crook.. I cant think of much worse than losing your home all because it all looked so easy on paper. |
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By: ddrcn@y7mail.com
7/11/2009
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The house I refer to in my earlier post is, of course the same house.
It takes the real estate agents as long to do their sums as it took me. |
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By: thelastnail1
7/11/2009
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By: imcrookonit
Does anyone think the baby bonus was an incentive for people to have more kids, that they could not really afford?.
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Yes 5 grand is one months wages for a lot of people so is this 5 grand supposed to be used to bring up a child until the age of 18 ?? That's what the polies want you to believe :(
To people from Sudan, 5 grand is like a division 1 lottery win so they are popping them out like a factory and then burdening society with their ferrel kids because how on earth are they going to pay to educate these kids later on ? Just go down to Dandenong on a market day and you can see what the baby bonus has done :(
F.cken stupid idea adopted by both sides or politics :( |
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