Non Footy Chat Thread II

[hindy111]

“When Bill died in 1950, the Hotel’s Licence transferred to his wife Molly. With Molly’s death in 1968 it passed to her son-in-law, John ‘Jack’ Cronin – Cronin’s Hotel. After Jack’s passing in 1997 it was handed on to his son Mick who holds the current Licence.”

https://www.kiama.nsw.gov.au/library/explore-kiama/local-history-articles/gerringong-hotels

So Mick owns the pub now

 

[hindy111]

Ah. The one owned by unions. Colour me shocked...

When I worked on the Bridge there was a job needed to shut site power.
The 3 x sparkies agreed to come in on the Rdo after the public holidays to do so it wouldnt effect 70 other workers.
And we where all happy to do some untill the union stepped in and stopped it. So the job had to be done while the 70 workers stood around for 10hrs without being able to do barely anything.
This was a government job and an example of about 30 grand flushed down the toilet cause of unions.
I couldn't understand the logic

 

[Hollywood Jesus]

Well if you fall behind in your regular repayments the bank is entitled to dip into your re-draw facility. Read the fine print.

If you want to avoid it, empty your redraw account and transfer it to an account with another bank. FMD it's not rocket surgery.

These customers did not fall behind. However...it's more than just what you posted - the bank is entitled to all of your money at any time as it is not actually your money. You give the bank a loan when you deposit and you are considered an unsecured creditor. As you say, it's in the fine print.

As for your second point, you are correct but...there's nothing to stop your deposit account bank doing the same thing when they feel pressure, as per my previous paragraph.

 

[Gronk]

These customers did not fall behind. However...it's more than just what you posted - the bank is entitled to all of your money at any time as it is not actually your money. You give the bank a loan when you deposit and you are considered an unsecured creditor. As you say, it's in the fine print.

As for your second point, you are correct but...there's nothing to stop your deposit account bank doing the same thing when they feel pressure, as per my previous paragraph.

There are two types of home loans here. As I understand it, there are a small group of people who hold legacy facilities with ME Bank where their home loans are essentially an interest only line of credit.

This is different to an off-set account which sits beside the P & I home loan account and the interest that could have been earned on savings is "off-set" on the interest charged on the mortgage debt.

I used to have such a facility with St George and it was called a Portfolio Loan. So you would essentially pour all of your cash into the home loan account and you would get charged interest on the debt only. St George tweaked how these loans loans worked through pressure from APRA as it was viewed that loans were never being repaid and national household debt floundering. First they said that you must deposit at least the loan repayment amount into the account each month, irrespective of how much you are in credit. Then STG stopped offering the product in that format.

I think this is where these small group of ME Bank customers are being tripped up. They have not been paying regular payments into the account as they erroneously thought that being "ahead" of the loan meant that you did not have to make regular repayments.

So again, I think that the reports are not being entirely transparent with what has occured. I suggest to you that the customers have been "behind" in their loans as they have not made regular contributions to the home loan account.

APRA have turned the knob on household debt and are trying to squeeze out these types of interest only facilities.

 

[Joshuatheeel]

So Mick owns the pub now

yep

 

[hindy111]

These customers did not fall behind. However...it's more than just what you posted - the bank is entitled to all of your money at any time as it is not actually your money. You give the bank a loan when you deposit and you are considered an unsecured creditor. As you say, it's in the fine print.

As for your second point, you are correct but...there's nothing to stop your deposit account bank doing the same thing when they feel pressure, as per my previous paragraph.

What do you suggest?
Pay cash for your house?

 

[Gronk]

It's just a monkey, riding a motorbike, abducting a child.

 

[Hollywood Jesus]

There are two types of home loans here. As I understand it, there are a small group of people who hold legacy facilities with ME Bank where their home loans are essentially an interest only line of credit.

This is different to an off-set account which sits beside the P & I home loan account and the interest that could have been earned on savings is "off-set" on the interest charged on the mortgage debt.

I used to have such a facility with St George and it was called a Portfolio Loan. So you would essentially pour all of your cash into the home loan account and you would get charged interest on the debt only. St George tweaked how these loans loans worked through pressure from APRA as it was viewed that loans were never being repaid and national household debt floundering. First they said that you must deposit at least the loan repayment amount into the account each month, irrespective of how much you are in credit. Then STG stopped offering the product in that format.

I think this is where these small group of ME Bank customers are being tripped up. They have not been paying regular payments into the account as they erroneously thought that being "ahead" of the loan meant that you did not have to make regular repayments.

So again, I think that the reports are not being entirely transparent with what has occured. I suggest to you that the customers have been "behind" in their loans as they have not made regular contributions to the home loan account.

APRA have turned the knob on household debt and are trying to squeeze out these types of interest only facilities.

OK, that seems fair enough, in theory. The question now is whether this happened with ME.

If anyone finds anything, please come back here and share it.

What do you suggest?
Pay cash for your house?

I suggest that if things go bad for the banks then we're f**ked.

 

[Gronk]

OK, that seems fair enough, in theory. The question now is whether this happened with ME.

If anyone finds anything, please come back here and share it.

I suggest that if things go bad for the banks then we're f**ked.

The Fin Review have written about it and it's exactly what I said. You need to pay off the home loan. If you have a 15 year term, then the balance needs to reduce incrementally as per the amortized repayment schedule.

Legacy redraw home loans
The situation has arisen in legacy redraw home loans written more than five years ago, the spokesman said. "By not reducing the available redraw amount over time, customers could overuse the redraw to a point where they could fall behind their original repayment schedule," the spokesman said.

"No money has been removed from customer accounts. The adjustment made is to the amount available for redraw."

https://www.afr.com/companies/finan...-difference-in-me-bank-fiasco-20200503-p54pd4

 

[Soren Lorenson]

It's just a monkey, riding a motorbike, abducting a child.

W. T. F.

 

[strider]

It's just a monkey, riding a motorbike, abducting a child.

The monkey had a rope on it and someone was pulling the rope

But still WTF?

 

[I'm a loser baby...]

The riding the bike thing is the most interesting bit. I didn't see a lot of steering.

 

[strider]

Im unsure if its something sinister or just mucking around

 

[Gronk]

The “kid” has a receding hairline and his real name is Jason.

 

[Poupou Escobar]

*Toby

 

[Gary Gutful]

So Mick owns the pub now

*Mik

 

[Avenger]

So my car lease is up and I call Audi for a quote on a Q5 TFSI Sport petrol turbo and they give me this ridiculous quote. Well over $90k.

I speak nicely but in my own unique way and tell them that it’s too much and I’m happy to get the VW Tiguan R Line. They come back and basically say it’s the recommended retail suckers quote and offer me the car for $69k drive away. I’m going there tomorrow and offering $65k take it or leave it.

Anyone had these cars? They have a deal with 5 years manufacturers warranty and 5 years free servicing until June 30. I’m covered but still wouldn’t mind a bit of reliability. I reckon it’s an appropriate wankers car that will suit my personality.

 

[Gronk]

So my car lease is up and I call Audi for a quote on a Q5 TFSI Sport petrol turbo and they give me this ridiculous quote. Well over $90k.

I speak nicely but in my own unique way and tell them that it’s too much and I’m happy to get the VW Tiguan R Line. They come back and basically say it’s the recommended retail suckers quote and offer me the car for $69k drive away. I’m going there tomorrow and offering $65k take it or leave it.

Anyone had these cars? They have a deal with 5 years manufacturers warranty and 5 years free servicing until June 30. I’m covered but still wouldn’t mind a bit of reliability. I reckon it’s an appropriate wankers car that will suit my personality.

I was in at Sandersons Mercedes on Monday and they were almost begging me to upgrade.

You can't go wrong with german cars.

 

[Avenger]

I was in at Sandersons Mercedes on Monday and they were almost begging me to upgrade.

You can't go wrong with german cars.

Of course you can. I’ve heard plenty of horror stories. However I agree that nothing compares to the design and ride of a German vehicle. Maybe Lexus but I find the current shape very ugly.

 

[Incorrect]

Of course you can. I’ve heard plenty of horror stories. However I agree that nothing compares to the design and ride of a German vehicle. Maybe Lexus but I find the current shape very ugly.

My old man had a Tiguan, one of the first models released in Australia.... It was a piece of junk. I know a guy who bought an Amorok and couldn't get rid of it fast enough when the lease was up, he said he'd never go near another VW... Just unlucky probably but it does leave a bad taste when it happens to you...