Ive said it before and I will say it again but the similarities...

Ive said it before and I will say it again but the similarities between what we are seeing now in Australia and the UK market in the run up to the GFC is startling. 41 % (forty one!) of all mortgages approved in 2015 were interest only?! So this is a person with a big enough deposit/existing equity to buy but chooses not to with a view of equity increase. If people are stretching the limit at these low rates on housing credit then what will happen when rates get really spicy?

It blows me away, how this debacle continues to escalate with the government and big banks seemingly willing the public toward the largest debt mountain ever.

I'm going to keep on saving my little pot of cash and keep well out of the property market for some time to come.