if you thought real estate was slow this year....maybe you are not aware of what really is causing that problem.... I was not aware of the new bank ruiles....were you ??? this policy must be having a dramatic affect on the market......
*****apparently the biggest problem since the start of this year has been the banks, they are not lending to anyone over 35 and 40...there are new rules that have been misinterpreted by the banks... if you are under 35 you can take out a 25 year home loan...over 35-4040 they reckon you cannot ...repay the loan by the time you retire at 65....
extract only.... ASIC commissioner Peter Boxall said some lenders were "adopting an unnecessarily restrictive approach to meeting the responsible lending requirements."
****** .."We are concerned by reports of older borrowers whose employment will reduce, or cease, before the end of the loan term, being refused loans," he said.
"The new responsible lending requirements in the National Credit Act are an important protection for consumers, but they should not be an inflexible barrier to credit for any segment of the population, and should not prevent consumers obtaining credit that they can reasonably afford."
Some people in their forties and fifties have had 25-year mortgage applications rejected because they will retire before the loan term is finished.
Re/MAX Real Estate agent Geoff Baldwin said it was a discriminatory practice.
*****this is even scarier....for people over 35, there will be no loan... Loan seekers over 35 in for a shock http://www.couriermail.com.au/ipad/loan-seekers-over-35-in-for-a-shock/story-fn6ck2gb-1226000722052
ps houses in that location selling for 230-290....and returning 60,000 pa.....you have to be joking...what a whopper return....in excess of 25%.... and its too much trouble ????
plus the fact with the state councils stopping new homes being built near the foreshore in the future...due to the GW scaremongering rubbish of seas rising.... so even if you could afford to buy back in the future, you will not get the sea views... why are houses so cheap in that location....???
