----- Original Message ----- From: linktech To: [email protected] Sent: Sunday, November 23, 2003 9:20 PM Subject: Property boom
Interesting times, a freind of mine who is a branch manager at a Commonwealth bank told me that they are being forced to give home loans to customers that 10 years ago would never had a look in.
He said that they are told that they have to compete with the other lenders and just get customers at all cost. The bank is writing loans to first home buyers between $200,000 and $300,000 to people that in his opinion just cant afford it, he also stated that the properties that they are buying are inflated by up to 50%.
He says that this will be the biggest housing price bust of all time. Bis shrapnel have stated that by 2007 Australia will be in a deep recession.
