cba just offered me $1 million

I just called CBA to ask them what is the maximum they would lend me (not including my partner’s income). As my only income is my 9 to 5 job and I already have $300k in debt I was very surprised when they said they would lend me an additional $870k for investment properties or $570k if I want to buy my own house!

This would put me in about $1 million worth of total debt with CBA - ten times my income. Now personally borrowing that money does not interest me at the moment, particularly because on my own calculations I could not afford it. But I am sure many others in my situation would be leveraging up as much as they can (like my mate I previously posted about).

Such easy access to debt really explains how such high prices in Australia are sustained. I think as long as CBA is handing out money like there is no tomorrow property prices are going to hold up. But if the credit line ever dries up, house prices are going to plummet.