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#1831 | |||
If it ain't broke........
![]() Join Date: Dec 2007
Location: Sunshine Coast Qld
Posts: 18,530
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#1832 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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3% base rate probably means 4 to 5% for consumer. Oh well, back to negative gearing.
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#1833 | ||
FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,374
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Well if it was not this month, it was certain in June. They also went with 0.25 instead of predicted 0.15.
I'm prepared though because I've been paying way more then minimum payment for ages and have been putting the rates cuts back in as extra repayments and then some on top. Last edited by MITCHAY; 03-05-2022 at 08:43 PM. |
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#1834 | ||
FF.Com.Au Hardcore
Join Date: Jul 2010
Location: NSW
Posts: 4,324
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Finally! Just a few more months until this bubble bursts. It''s been ready to burst every few years for the past 30 years.
The prices will probably decrease a little for a year or so then they will just go up again. Yeah I'll go with that. |
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#1835 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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I think there will be lots of defaults and fire sales where the vendor will come out breaking even or losing just a little. Reading an article regarding the rate decision... "RBA’s shock move" and "Australia reacts to bombshell move" and "Rate hikes ‘not going to stop’" Nothing shocking or bombshellish about today's decision... It's been predicted and pondered for months. As has been the fact many more rate rises are on the way. I do feel sorry for people that may come out second best when things go belly up however if they are young they will recover and hopefully learn from this. Watching bidding going 20-30% over reserves, buying dumps for huge premiums, applying for dodgy loans etc... Hope they don't think the government will bail them out. We are broke enough as it is.
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#1836 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
Then 3 more after that till December. Just got another email of another price drop for a property on my watchlist. At least I may get a little more than the 1% I'm averaging with my savings.
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#1837 | |||
BANNED
Join Date: Jul 2012
Posts: 2,886
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Quote:
Just sit back and wait a while...if 0.25% gets this rection, 0.5% will be a laugh a minute....and 1.00000%? Heaven forbid...
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#1838 | |||
PURSUIT 250
![]() Join Date: Mar 2009
Location: sydney
Posts: 5,775
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Quote:
1.75%. What was you rate before the drop. That’s a massive discount |
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#1839 | ||||
FF.Com.Au Hardcore
Join Date: Nov 2005
Posts: 996
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Quote:
Article in the ABC web site had this interesting titbit; Quote:
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#1840 | |||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,045
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Quote:
Apples and oranges. I'll take early 90s any day. |
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#1841 | ||||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Quote:
45 months buffer, is that in actual extra repayments? Or are they taking the balance of offset accounts as the "buffer"?
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#1842 | ||
FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,374
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I take the buffer to mean the amount of minimum payments in cash and/or redraw. Total / monthly minimum monthly payments = months buffer. Not sure if this is correct though.
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#1843 | ||
FF.Com.Au Hardcore
Join Date: Sep 2014
Location: A.C.T
Posts: 1,569
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They need to go up.People bought homes when money was cheap to purchase, a lot way over committed, thinking rates would not go up until 2024-25.You need to factor in @ least 2% above what you are paying. A lot of people are going to be in a real world of pain in the coming twelve months.People who have fixed their rates will @ least have breathing space, but once these come to an end, it is going to get very interesting.Prices of homes will not ‘crash’, more like they will plateau.Interesting times ahead.
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#1844 | |||
Experienced Member
Join Date: Sep 2006
Location: Australasia
Posts: 7,537
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Quote:
Cheers |
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#1845 | ||
FF.Com.Au Hardcore
Join Date: Jun 2013
Location: Adelaide
Posts: 1,601
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It was 4.05%the last time I refinanced was 6 years ago, and I set it and forgot it.
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#1846 | |||
FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,374
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Quote:
![]() Every time I have asked for it, I have got the new business rate except once (last time) though a small discount. My old broker can't take my business unless I increase my loan or change lenders and well I may just do that depending on what happens. I'm at 2.52 and now you're better than me but lost a bit during that time so not so surprised they dropped it by 1.75% because they know you can do better. |
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#1847 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
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#1848 | ||
Experienced Member
Join Date: Sep 2006
Location: Australasia
Posts: 7,537
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#1849 | ||
FF.Com.Au Hardcore
Join Date: Sep 2014
Location: A.C.T
Posts: 1,569
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Absolutely, people who have purchased cheap money, will be now complaining how tough it is going to get.I can well remember when it was around 17%.All I can say, is welcome to the real world.A lot do not know what it is to do it tough.It’s going to be a rough ride for many.
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#1850 | ||
FF.Com.Au Hardcore
Join Date: Sep 2014
Location: A.C.T
Posts: 1,569
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In a lot of East European countries, kitchens actually are not included in new dwellings.That is the new owners responsibility.
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#1851 | ||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,645
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Certainly interesting times indeed for those who went all in.
From our perspective, we are so glad that we've decided to first build in the metro area and to a tight budget as the buy in outlay has been much less meaning there is plenty of room in our disposable income for interest rate rises in the near future. Had we gone ahead with our initial intention to move out of the metropolitan area and spent 2x as much on a forever home in a country town we'd be very nervous about where that would leave us. As I've mentioned before, our Daughter and us are building a couple of townhouses in the same development that our Son built in 2 years ago, they are entry level homes. Our Son paid $223k 2 years ago, since then due to demand and materials costs thats pushed out to $263k for ours of same design with slightly better specs. With what we've saved by buying entry level we've been able to tick all the upgrade boxes on things like ducted refrigerated AC, upgraded kitchen appliances and materials, better lighting and other fittings throughout that will set it apart from all the others around us. We we're informed last month that the final stage has been released and has seen another significant jump in price so combined with Adelaide's continued bucking of the recent downturn trend found in the Eastern cities, we've already gained a significant % in value before the foundations have set. As we went through Homestart in the end due to my Wife's Workcover situation we wont be subject to rate rises initially as Homestart already have a higher rate and simply adjust loan life to compensate so they dont miss out, with that in mind we decided to go variable, live in it for 1 to 2 years and then refinance with a big lender as we'll have a reasonable level of equity in it and the shift from Homestart repayments to bank will actually see a savings regardless of rates at the time. As it is we'll be saving $100pw to go from a rental to a purchase after factoring in building insurance and land rates and all we'll be losing is 2 bedrooms we dont need anymore and a garden that I wont need to maintain. Our long term plans have taken a complete 180, instead of viewing our current build as one day soon being an investment rental, we've decided to use it as our metropolitan base for work commitments Monday to Friday and then in a couple of years we'll build or buy in a well serviced country region where our parents will live and pay the mortgage and be somewhere we can head off to on the weekends to escape the rat race and they are fully onboard and excited at the prospect. Best of both worlds. |
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#1852 | ||
Ford screwed the Falcon
Join Date: Sep 2013
Posts: 7,061
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Cheap credit causing asset bubbles have historically NEVER caused any economic problems.
/end sarc
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Falcon: 1960 - 2016 My cars Current ride 2016 FG X XR6 - 6 speed manual Previous rides 2009 FG XR6 - 6 speed auto 2006 BF MkII XT ESP - 6 speed auto 2003 BA XT V8 - 5 speed manual 1999 AU Forte - 5 speed manual 1997 EL Fairmont - 4 speed auto 1990 EAII Fairmont Ghia - 4 speed auto |
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#1853 | |||
Experienced Member
Join Date: Sep 2006
Location: Australasia
Posts: 7,537
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Quote:
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#1854 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
They explained that their old unit had a different layout and that it was the best they could do when they moved. They were shocked to discover that we down under don't take our kitchens with us when we move ![]()
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#1855 | |||
BANNED
Join Date: Jul 2012
Posts: 2,886
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Quote:
All I see is millenials gutting the kitchens in the houses they buy. Just look at how many perfectly good second hand kitchens are for sale on gumtree and farcebook. They do bathrooms as well....it really is rife consumerism.
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#1856 | |||
FF.Com.Au Hardcore
Join Date: Nov 2009
Location: Perth
Posts: 1,661
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Quote:
These days job less steady, rates can only go up and houses overpriced. Can only get worse. But back then could only get better. Clowns have been running the economy over the past decade. Printing money, borrowing like mad because forced historic low interest rates, throwing money around etc. Interest shouldn't have been so low, it's propped up the housing bubble, reckless gov spending and inflation has come to bite us all. It's like the ponzi scheme is unravelling, those that bought in late are going to suffer, but they were sold lies based on a gov wanting the construction industry busy and their house prices to never fall. There's been difficult decisions made in the past, no one likes GST or restructuring, so we didn't like howard's high interest rates, keatings refroms/reccession or howards gst, but they had to happen. Recently though it's all 3 year terms with most of it pandering and campaigning for re-election and not wanting to make hard decisions for the future (besides nuke subs) Last edited by oldel; 09-05-2022 at 12:59 AM. |
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#1857 | |||
FF.Com.Au Hardcore
Join Date: Sep 2014
Location: A.C.T
Posts: 1,569
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Quote:
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#1858 | ||
FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,374
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AMP took some time but they have now upped the rates.
So looks like no increase for me which is good when I was already paying more anyway but I now paying -0.02 discount by default. To clarify the cheapest variable rate is 2.54 and I'm already on 2.52. Since it has already been passed on, gonna try get a discount again ![]() Last edited by MITCHAY; 13-05-2022 at 09:45 PM. |
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#1859 | ||
FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,374
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I spoke too soon, the ****s upped my rate to 2.77. I'm sending a furious email to my broker soon
![]() Last edited by MITCHAY; 20-05-2022 at 11:37 PM. |
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#1860 | |||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Quote:
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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