Up to 1 million households 'on the edge' of mortgage default by September, analyst warns

Discussion in 'Four Corners' started by the_flight_of_the_magpie, Jul 11, 2018.

  1. Jimbo

    Jimbo Immortal

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    Pretty fly crib then

    Still, that's a fair whack of cash
     
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  2. butchmcdick

    butchmcdick Guest

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    It is for round here
     
  3. Surely

    Surely Moderator Staff Member

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    It may have its own hydroponics setup
     
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  4. Bandwagon

    Bandwagon Moderator Staff Member

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    Nah, round there it's more likely to be a plastic lined room, Hydro's a few clicks north of town.
     
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  5. Bandwagon

    Bandwagon Moderator Staff Member

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    Used to be, not so much anymore. Sure that's top end, but it's not unheard of.
     
  6. billygilmore

    billygilmore Juniors

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    I have a dumbass mate who’s done this, he worked out the maximum amount he could pay and went out and bought a house for that amount, asked him what the hell are you going to do when rates go up, and they will, and he’s like what do mean ?

    Real palm is face moment
     
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  7. Smack

    Smack First Grade

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    I didn't win powerball again, so it's smashed avo for the rest of the year.
     
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  8. Tommy Smith

    Tommy Smith Coach

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    Speaking from a regional perspective, I feel part of the problem is the obsession of young first home buyers with building a (bland) new home in a (bland) new suburb.

    Now don't get me wrong the prices are hardly ruinous in Townsville - when compared to the eye watering figures you quote in the major cities - but there's no way I'm spending 400-450k for such a build in the current market.

    If you get over the obsession of building a bland new home, then you can find some very nice old homes in central suburbs on bigger plots for 250-300k.

    The difference doesn't sound huge but that's probably, what, 10-15 years and a few hundred k less on mortgage repayments?

    But as it is there's almost a stigma to buying such a home for young people. All my friends wanted and got the new house that looks like all the others in the new suburb; replete with white walls, white tiles and grey carpets of course.
     
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  9. billygilmore

    billygilmore Juniors

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    Haha that is exactly what my mate did that I was talking about, now he’s already struggling with payments and never has any money to do anything
     
  10. Mong

    Mong Post Whore

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    I wouldn’t buy an old wooden house just as a personal preference. The house I’m in wasn’t brand new though when we got it but it’s a fairly new house.

    I have zero debt and these days with visa debit cards I find having a credit card redundant so don’t bother having one, it’s a great feeling to be debt free and not be like some of folk in the earlier examples.

    Will need to have some debt again in the future but am going to put that off as long as possible.
     
  11. butchmcdick

    butchmcdick Guest

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    You in the ville Thomas ?

    Gulliver represent motherf**ker !!!

    Some units I lived in as an 18 you near the airport (Dakota Units) are going for under 200 k
     
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  12. Tommy Smith

    Tommy Smith Coach

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    Not atm but I lived there for 17 years (and intend to move back fairly soon).

    I lived in Gulliver for a few years :D Tippett St.

    My mum and dad bought a house there back in 2002 for 120k. Very nice Qlder on a good sized block.

    f**k those were the days to be old enough to be a house buyer. It'd be worth at least 325k now easy as they sold it for 275k just 4 years later.

    We as the generation to follow have really copped a hot dicking in comparison when it comes to entering the housing market.
     
  13. Pete Cash

    Pete Cash Immortal

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    nah we are entitled and should keep voting for neo liberal economics
     
  14. t-ba

    t-ba Coach

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    Stop being a leaner you man bun wearing loser.
     
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  15. Tommy Smith

    Tommy Smith Coach

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    It could well be the great issue of our time in this country.

    It sounds like hyperbole but the amount of freedom that follows from owning a home outright when you're still young is enormous.

    The economic freedom. The happiness and quality of life.

    But as it is we're looking at future generations who will be enslaved to enormous mortgages into their 50s and 60s. That's just disastrous on so many levels.

    We're in danger of regressing to the serfdom era. "Working the farm" our entire lives to pay the wealthy landlord (in this case the bank).

    But yes, I should quit whinging and cease my avo addiction.
     
  16. butchmcdick

    butchmcdick Guest

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    Fulham Rd near the Mormon church reporting in

    I don't live there now but grew up there and moved back as an adult for a good while

    I remember when the air force sold all the houses across the road for 90k

    They are worth much more than that now
     
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  17. Surely

    Surely Moderator Staff Member

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    You may think that but I bought my first house in 89 just as Paul's recession was about to hit.

    Every spare cent I had went into the deposit interest rate was 13.5% if I recall correctly

    Paid 89k was a shitbox, did heaps of work to it and I mean heaps, floors, painting ,bathroom , kitchen undercover outdoor area.

    It didn't go up in value for the next decade. When I sold it for 40k more than I paid for it.

    It's hasn't always been roses.
     
  18. Danish

    Danish Referee

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    Don’t forget the absolutely necessary outdoor bbq, wetbar, and entertaining deck.... the one that every single house has that was going to be hosting parties every weekend but actually just sits there gathering dirt and bird shit in between oilings.


    It’s funny how people will scoff at the “dated” green bathroom and orange kitchen cabinetsin their grandparents house while happily installing a goddamned polished concrete floor in their living room
     
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  19. billygilmore

    billygilmore Juniors

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    Bloody hell, again exactly what my now broke mate has, minus the polished concrete, has these beautiful white tiles though that make you think you’ve stepped into the bathroom
     
  20. Danish

    Danish Referee

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    Haha those white tiles... no way they’ll go out of fashion

    So great for kids too!
     
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