I have no pity for these...

I have no pity for these idiots....


http://www.theaustralian.com.au/news/nation/relief-from-mortgage-millstone/story-e6frg6nf-1226344189695

NICOLE Lord admits she and her husband Jason are "mortgaged to the max".

They struggle to pay off a combined $784,000 mortgage from the family home and an investment property, which they are desperately but unsuccessfully trying to offload in Perth's flat housing market.

Yesterday's 50-basis-point cut in official interest rates was a huge relief to them, to say the least.

The Lords, both 33, earn $80,000 each and have two small children, Tahlia, 6, and Giselle, 2.

Ms Lord, who works in business development, said it would give them some much-needed breathing space from their huge mortgage repayments, assuming the banks pass on most of the rate cut. "That's fantastic," she said shortly after the Reserve Bank made its announcement. "We could really do with that to pay off electricity bills, and general items like clothing for the kids.
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"Having a spare, potentially, $200 to $300 a month is going to make a huge difference to us. Just being able to perhaps do some social things with the kids, or saving some money. Or even getting ahead a little bit in the mortgage.

"Before, we've just been scraping by paying the bare minimum repayments. Being able to perhaps pay a little bit extra off. Not necessarily buying luxury items still, but just being able to be comfortable and not having to stress each time (about) where the mortgage repayments coming from."

The Lords bought a small three-bedroom, one-bathroom home in Balga six years ago for $135,000, but then decided they wanted to build their own, bigger house.

They put everything they could against the Balga home, now their investment property which has a mortgage of $304,000, while their new four-bedroom, two-bathroom house in the northern suburb of Tapping has $480,000 against it.

"We have the house we can't afford," Ms Lord said.

She went back to work early after the birth of Giselle to make the mortgage repayments; Jason, a boilermaker, wakes at 4am and travels across town to work, before returning at 6pm. "I wouldn't say we live week-to-week, but any savings we did have seem to have diminished quite quickly, with the cost of living going up," Ms Lord said.