@poyndexter yes back in the late 80's early 90's. Parents had a commercial loan (owned a motel in Hervey Bay) and their interest rate was 22.5% at the height. When they left Darwin in 1987 after selling everything up their next adventure was to run a motel. Within 2 yrs and skyrocketing interest rates many sleepless nights where had. Thinking all these years and everything is about to go down the drain.
Well funny you mention retirees, cause it was them that saved them and soldiered on through those times. All the yearly caravaners and nomads from Vic and NSW instead of taking the caravan and going into the parks they decided to upgrade and use motels and bed and breakfast's etc.. as they had the money from the great savings interest rates. Motel (10units) was booked out solidly for 19months straight. Even at times rented out an old caravan that was on site.
@Hello2U yeah accounts like these...https://www.westpac.com.au/personal-banking/bank-accounts/savings-accounts/spend-save-ntb/ Up to 3% only available to 18-29yr olds.
Re: Plenti Ah OK then. So not backed by the 250K government scheme thingy? I doubt Miss R will be in for that!
