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clock Created with Sketch. 07/03/23
18:02
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Originally posted by Esmer:
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Today, interest rates rose by another token 0.25%. It's not going to kill inflation because inflation is still more than double the interest rate. "Oh it really hurts. Our house is only worth a few million dollars and now we have to pay more interest on the loan we took out to buy it, and it has only gone up in value by $500,000 since we bought it. We don't know what we are going to do. Property experts say it could be worth another 20% in three years time, but how are we going to get through the next three years? We can't sell it now because we wouldn't get much interest on all the profit we would make. Who in their right mind would sell now with inflation at nearly 8%? The government ought to bail us out with subsidies, or force interest rates lower. It's just not fair, why do savers have to get any interest anyway? If savers have got any money at all then they have got more money than us."
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Interesting and entertaining perspective you’ve shared here. I’m not so sure though that the Aussies struggling the most currently are greedy owners of multi million dollar properties. Rather, they are families, probably of lower socioeconomic means, that were lured by the relaxed lending parameters, to realise their dream of home ownership.
(20min delay)