FMG 2.02% $25.70 fortescue ltd

Carlos, Most renters should not be property owners unless they...

  1. 3,510 Posts.
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    Carlos,

    Most renters should not be property owners unless they have a good deposit and borrow no more than 80,00% as well as having a secure job, if a couple a backup plan if missus leaves the workforce, can they afford child care fees etc, and don't max out on Harvey Norman 4 years interest free loans amassing debt as well aling with multiple credit cards

    Banks are up to their old tricks with rates now low lending at 95.00% with mortgage insurance as a low or no doc loan is back in fashion

    Giving them a credit card to boot as well as the interest only option for 5 years, making initial payments affordable, when principal payments kick in add another 20-30% monthly payment requirements

    As a renter no council rates, insurance, water rates to pay.

    What will happen when, which will happen during the 30 year loan term rates go back up??

    Basically, a first time homebuyer needs to be sensible and not get carried away that's it's cheaper to buy than rent, in a lot of cases it is not.

    In the good old days, pre credit cards & 4 year interest fee loans ( really 20.00% interest) our parents needed a solid deposit (25,00%) and a track record of savings

    The new generation want it now at any cost, apart from the home loan, plasma TVs, German appliances, holidays etc all on credit and borrowing nearly 100.00% on a home loan, just does not work.
 
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