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14-02-2023, 04:32 PM | #2401 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,918
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Lots of focus on housing loans. Curious to know how business loans are structured? Do these rate rises hit business loans with the same effect?
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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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15-02-2023, 08:56 AM | #2402 | |||
FF.Com.Au Hardcore
Join Date: Apr 2009
Posts: 781
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Quote:
RBA increases do not cause alteration to fixed rate loans, but you would expect that the fixed rate the bank advertises would increase after an RBA rate rise on any new business loan arranged - and stay at that rate for the duration of the loan even if the RBA were to drop the prime rate in the future. Does this help? Cheers
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15-02-2023, 09:09 PM | #2403 | ||
Ford screwed the Falcon
Join Date: Sep 2013
Posts: 7,224
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Remember what the RBA said in late 2021? These guys are totally clueless!
https://www.abc.net.au/news/2021-11-...-2024/13634124
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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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15-02-2023, 10:38 PM | #2404 | ||
T3/Sprint8
Join Date: Jan 2005
Location: Australia
Posts: 16,552
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Labour/Greens fav ABC article haha
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Tickfords T3/TS50 '02 Sprint8 manual Sept 24 '16 Daily Macan GTS "Don't believe everything you read on the internet. Abraham Lincoln" |
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16-02-2023, 09:29 AM | #2405 | |||
The 'Stihl' Man
Join Date: Jan 2005
Location: TAS
Posts: 27,585
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Quote:
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16-02-2023, 09:46 AM | #2406 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,070
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Agree. My area is what I would call upper working class, but not necessarily affluent. Lately, I've noticed just how many have new Mercs, Teslas, BMWs in their driveways. Not exactly the traditional socioeconomic area for it. People have clearly taken advantage of low rates and equity growth to load up their mortgage, and are now crying poor when both of those things went the opposite way.
Those people, I dont feel sorry for. |
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16-02-2023, 09:46 AM | #2407 | |||
Donating Member
Join Date: Mar 2007
Location: Heading thru Hell (Corner)
Posts: 8,307
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Quote:
If you think they should have done better, Syndrome, why don't you give us a prediction for two years time and we'll come back and critique how well you've done?
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Labels are for jars, not for people. Life is a journey, not a destination. ~~~~~~~~~~~~~~ Daily: 2013 FGII EcoLPi in Winter White Play: 2015 FG X XR8 in Emperor Show' N Shine thread Gone, but not forgotten: 2015 SZII petrol Titanium Territory in Emperor |
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16-02-2023, 10:10 AM | #2408 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,918
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I think the point is, the bloke being paid $1m a year to do a job, shouldn't have made a prediction / assurance 3 years out, when he knew full well he didn't know what next month would bring.
Imagine being paid $1m to do a job, get it so wrong, and have no consequences. And does this pass the pub test? https://thenewdaily.com.au/news/poli...rates-meeting/ https://www.afr.com/policy/economy/l...0230210-p5cjko
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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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16-02-2023, 10:10 AM | #2409 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,361
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I think some of this popular agitation is an extension of overseas-derived movements that call for single political figureheads to have the absolute last say on all matters of state and country.
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16-02-2023, 10:23 AM | #2410 | ||||
Donating Member
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Quote:
Nothing but a media beat up, IMHO. It'd be like relying on the BoM to predict the weather a few days out and then crying fowl when they got it wrong. That's why it's called a forecast. Quote:
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16-02-2023, 10:29 AM | #2411 | |||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,918
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Quote:
Otherwise we could just get some graduate economist, pay him $100k, and he can just calculate rates based on inflation.
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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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16-02-2023, 10:36 AM | #2412 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,361
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How much does that Pommy sop at the helm of our BOM take home? The ‘kwit who was more interested in re-branding through the middle of a natural disaster.
I have complete confidence in Mr Lowe respective to discharge of his responsibilities in this position. |
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16-02-2023, 10:37 AM | #2413 | |||
Donating Member
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Quote:
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Labels are for jars, not for people. Life is a journey, not a destination. ~~~~~~~~~~~~~~ Daily: 2013 FGII EcoLPi in Winter White Play: 2015 FG X XR8 in Emperor Show' N Shine thread Gone, but not forgotten: 2015 SZII petrol Titanium Territory in Emperor |
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16-02-2023, 10:40 AM | #2414 | |||
The 'Stihl' Man
Join Date: Jan 2005
Location: TAS
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Quote:
Know your budget, work with a contingency and dont blame others.
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16-02-2023, 10:43 AM | #2415 | |||
The 'Stihl' Man
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Quote:
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16-02-2023, 10:46 AM | #2416 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,918
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I'd like to have some of you as my boss.
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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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16-02-2023, 01:21 PM | #2417 | |||
T3/Sprint8
Join Date: Jan 2005
Location: Australia
Posts: 16,552
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Quote:
Live to your means - even in the best of times for you never know whats around the corner. A splurge now and then or leap is okay as long as you have enough to back yourself up, not over do it whereas so so many have like b0son posted. I grew up in a pretty good area but my parents could only afford being on the cheap side of it. It was good grounding, whereas you see people with new cars,fancy large homes with blinds down. Stories came out people like them were so hocked up hardly own anything as long as it looks as if they did. The cycle still occurs today. We've lived frugal, not OTT but have everything we need and more, own the lot and mortgage is zack. Who's more worried about every single cent and where it goes and the economy. Live long and prosper my friends
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Tickfords T3/TS50 '02 Sprint8 manual Sept 24 '16 Daily Macan GTS "Don't believe everything you read on the internet. Abraham Lincoln" |
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16-02-2023, 01:59 PM | #2418 | |||
FF.Com.Au Hardcore
Join Date: Sep 2014
Location: A.C.T
Posts: 1,606
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Quote:
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16-02-2023, 02:31 PM | #2419 | |||
FF.Com.Au Hardcore
Join Date: Oct 2014
Location: Newcastle
Posts: 1,790
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Quote:
When interest rates were super low, a colleague who is very senior and a recognised "leader" was talking to me during negotiations, and he was laughing about a junior colleague who wanted to buy into chambers did not have the $$$. He laughed and said its simple, get a loan with money so cheap. Another colleague was going to take out a loan for a turbo Bentley- because its free money as there is bugger all interest nowadays. Anyway covid hit, and a lot of people in my game have suffered. Last year for me was very quiet- felt like I was on the way to early retirement. Thing is- like FTE 217, I own everything outright, owe nothing, and only have to pay minimal rent for business etc. So I was able to ride out the 1 year trough. I think about that junior colleague taking out and being liable of the business loan, and having her work drop out for 2 years, probably while having to rent and or meet a housing mortgage, or Mr Bentley guy (but he is older and has assets behind him). A lack of wisdom seems to escape all walks of life.....
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16-02-2023, 02:39 PM | #2420 | |||
Moderator
Join Date: Jan 2014
Location: Melbourne
Posts: 7,940
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Quote:
Always, always put something aside for a rainy day if you can. That rainy day is sure to come if you live long enough... It's not a matter of "if", but just a case of "when". 3 weeks ago, I fell off my roof cleaning my gutters, as one of the ladder legs buckled and gave way. I fell and landed on my back hitting the hard concrete path below, injured my shoulder and broke my arm. (Could have been much worse, so I am thankful). Cannot drive and off work for 6 - 12 weeks. No sick leave being self-employed, no income. My rainy day had come, but fortunately, I had put enough away to see myself comfortably through financially. |
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16-02-2023, 02:47 PM | #2421 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,361
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Wishing you a full and timely recovery!
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16-02-2023, 03:42 PM | #2422 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
I think he only had 1 rent increase the whole time. The second chap is much the same. Finished a 1yr term a few months ago and agent asked if I wanted a raise? I said no, just sign him up for whatever he is paying previously. It's not all about the money, I've learnt that through experience just with life in general. I treat my tenants exceedingly well (and I've had many).
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___________________________ I've been around the world a couple of times or maybe more....... |
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16-02-2023, 03:57 PM | #2423 | ||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Finally!
Inspected Tuesday evening. Offered a price they accepted Wednesday, nutted out a few revisions to the contract and paid the holding deposit. Paid the 10% today after everything checked out. Couldn't be happier Funny how things turn out - it was at auction last weekend and no one bid. I couldn't go as daughter had her first Saturday soccer match and I wasn't missing it for anything. Finally got my weekends back.
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___________________________ I've been around the world a couple of times or maybe more....... |
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16-02-2023, 04:08 PM | #2424 | |||
T3/Sprint8
Join Date: Jan 2005
Location: Australia
Posts: 16,552
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Quote:
I mentioned what prydey quoted falbbergasted me but I guess his perogative but maybe seeing it from a Agents perpective or large corporates I don't know. A private owner is whole different ball game going to rental market and its not about greed that I took offense to. Due to hard work, sacrifice and having to make use of equity or finances that need to work for you due to taxation implecations or leveraging or whatever else. I recall we hadn't lifted rental in one property for 10yrs or more. Plus no waiting for anything that needs a repair or upgrade due to age. We've encouraged our renters don't be afraid to ask or question anything that concerns you, the worst you could hear is no but 9times out of 10 never got to no we just did it looking ahead. No pain no gain. The other point is when you have a good tenant you look after them. Long term its a win win ! I won't bother going into the ones that have abused the privilidge for it hasn't been many but for the life of me if you don't respect where you live rental or not you got a real problem. I tell you who are the ogarlord types, for the life of me I just don't a small biz owner going into companies like Westfields, now thats a whole diff ball game and you've signed in getting fleeced.
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Tickfords T3/TS50 '02 Sprint8 manual Sept 24 '16 Daily Macan GTS "Don't believe everything you read on the internet. Abraham Lincoln" |
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16-02-2023, 04:10 PM | #2425 | |||
T3/Sprint8
Join Date: Jan 2005
Location: Australia
Posts: 16,552
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Quote:
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Tickfords T3/TS50 '02 Sprint8 manual Sept 24 '16 Daily Macan GTS "Don't believe everything you read on the internet. Abraham Lincoln" |
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16-02-2023, 04:42 PM | #2426 | |||
Rob
Join Date: Sep 2006
Location: Woodcroft S.A.
Posts: 21,658
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Quote:
Investors are driving up house prices. That is an indisputable fact. First home buyers are being denied the opportunity to purchase due to investors. Also fact. It's like being a private buyer at a vehicle auction house. Dealers snap up all the good buys and push the price of everything up. Private buyer pays more even on the stuff dealers don't want. Now obviously there is a need for rental properties as well, I don't deny that, and those that do the right thing by the tenants, all praise to you however let's not kid ourselves that the primary purpose of most is to look out for number 1. Now the economy is in need of some desperate correction hence the interest rate rises. Who hurts the most from this? Those with little equity or asset. Generally first home buyers. It's kind of ironic though when people get all up in arms when investors are from overseas. This is not a personal attack on anyone though. It's just a difference of opinion.
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UA2 TREND 4WD BI TURBO |
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16-02-2023, 05:03 PM | #2427 | ||
T3/Sprint8
Join Date: Jan 2005
Location: Australia
Posts: 16,552
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yer ditto mate, consider it good luck could have been way worse so speedy recovery G F.
Sheer coincidence about falling off the roof the house we are living in today we bought 6yrs ago was a rental and the poor lady who lived here fell off the roof as well cleaning the gutters and suffered brain damage.
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Tickfords T3/TS50 '02 Sprint8 manual Sept 24 '16 Daily Macan GTS "Don't believe everything you read on the internet. Abraham Lincoln" |
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16-02-2023, 05:12 PM | #2428 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,361
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16-02-2023, 05:52 PM | #2429 | ||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Small but very livable house on a huge block of land with good future prospects in what many may say is a cheaper part of Sydney.
Ticks 9/10 boxes. Good enough for me.
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___________________________ I've been around the world a couple of times or maybe more....... |
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16-02-2023, 08:55 PM | #2430 | |||
T3/Sprint8
Join Date: Jan 2005
Location: Australia
Posts: 16,552
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Quote:
Its like being at an auction 30yrs ago or going back and forth with the conniving Agent that you find out its a developer or large owner builder or the next coming a asian, the OS investor started long long before these recent times, I was effected at the start of it. Also fact. Yep the car auctions have been just as you describe for 30+yrs and more. Nothing new there as well, infact worse con job than RE, the backhand deals made was just sheer arrogance between dealers let alone those friends of friends not what you know who you know. Sound familiar, fact. Who hurts the most whenever there's a shift/down turn or crisis, exactely where you mention, the cycle of life I'm afraid and where I have been once upon a time. and there in lies looking after No1 has been going on from the beginning of man, need to mention women today as well. I agree your entitled to your opinion.
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Tickfords T3/TS50 '02 Sprint8 manual Sept 24 '16 Daily Macan GTS "Don't believe everything you read on the internet. Abraham Lincoln" |
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