A friend who once worked as a real estate valuer for the Macquarie Bank was surprised how many people would want to borrow money against their homes, not to reinvest but to spend on holidays and luxury items when they already had a huge mortgage on their homes. This was just before the credit crunch here. It never ceased to amaze her how clueless these people, mostly professional, were about finances. And one would think that the Banks would know better to refuse such loans.
All these people now would be finding themselves in financial difficulties and the Maq. Bank don't give these kind of loans out anymore...too late for them.
