100% FALSE!!!!
"only a small percentage of loans were lent out over last 5 years"
Over the last 5 years the Australian banks have ABSOLUTEY binged on the property bubble. Their total loan book is now 60% mortgages. A world record high!
"most will hang on and keep paying rather than want to move and not get a bank loan ever again if they default"
The choice wont be theirs to make! It will be the banks once the homeowner is delinquent.
Homeowners that now have IO loans turning over to I&RP, might not be able to afford the repayment increases. They wont be able to hang on.
What about investors!?! 30% of mortgages are investors. They can and will sell if they have to. Investors wont 'hang on' to a asset that is negative cash flow, declining value & soon to be removed tax incentives.
Go ahead, spew more baseless claims. I enjoy shooting them down
Housing Crash 2019??, page-187
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