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waldo1

1,852 Posts.

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27/11/14

23:40

Post #: 14368495
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Originally posted by pisces ↑

It's not harder at all . I remember my first home loan for 50000 bucks . I thought I've got no hope of ever paying that off ,it was a monumental step to take . If I remember correctly interest rates were over 10% . My wife wasn't working , once she had kids it was going to be terribly difficult to get work.

It's not harder at all now ,people just think it is.

It was just as difficult then ,well let's face it it was more difficult . Getting a loan off the bank was a big deal .There was no redraw facility or anything like that. You needed at least 30% down

Similarly in this country we seem to think that it's some god given right or expectation to own a home . That's certainly not the case in Europe . Who knows where the property market's headed anyway.

If it's too hard for kids to buy a home now either get over it and rent ,or get off their backsides and work their clacker off until they can,or lower their expectations as to what they want ,or all three.

Don't see a problem here myself except an overheated market which you have the choice of either participating or not . Personally I believe patience might be recommended

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The true measure of affordability is how long it takes the (say) ordinary man to buy something.

Saying it was expensive ' back in the day when IR were 10% + etc is not valid.

The truth of the matter is that for a young Australian to buy and own a home today, the mortgage is a greater % of their wage than it has ever been and house pricesto Avg weekly earnings has blown out.

( this is before the equity redraw to buy the commodore etc)
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