a bit of reflection from the us experience, page-5

"Margin lending for leverage isn't a roof over your head when stocks or other markets crash"

There's the illusion right there.

if you are leveraged into metro property, you are probably very highly leveraged in nominal terms. Much higher in dollars than you would be in stocks (because it is promoted as relatively very secure).

But you could easily lose that roof over your head, and be left owing the residual to the banks - which would leave you in a worse situation than those in the US.

No doubt the govt would come to the fore by jacking up revenue to aid the morgagees. If this was to become reality - I see civil turmoil. A fight between the savers and the debtors.