homeowners selling at big losses over rates an, page-21

"The bank lent us more money based on valuations of close to $1 million"

"They lent us more money??"....no, the bank didnt lend u more money......u applied for the extra money which was approved and drawn down to you.

She is struggling not because of higher interest rates but because she borrowed money to buy shares after spending 300k and gaining $150k equity on the property.


She mentions her rates went from 5% to nearly 10%.

Well if she was anywhere near 10% then she needs to sack her broker or herself as well.

The fact she was lent money to buy shares tells me she was probably with a mainstream bank.

So how the hell was she on anywhere near 10% rates.

To service a debt of 800k she must have been on good money, which tells me she should be on a propack rate at worst which is nowhere near 10% or even 9% for that matter.

I suggest she go rent or study a little more before making stupid decisions.

I love how she and others blame banks/rates/share purchasers/blah blah blah but rarely themselves.

If i lose money I blame myself and more importantly I try to learn something from it.

I have little pity for stupidity.

She could have spent the 300k on renovations and sold but no she got greedy.


Swings and roundabouts....lose some...win some.....the banks money is the vehicle to wealth creation.....not the problem....the problem is what u do with it.