Ah Passive. Seems you've got yourself a new category...

Ah Passive. Seems you've got yourself a new category (Sub-Honest?) to help you deny its existence.
Fine, but either way these loans sure aint 'Prime', and clear evidence that we too have extremely dubious lending practices.
In any case, as with the US, even those who did have deposits to put down (10% or less) are all now underwater on their purchases (assuming they bought since early 2010 incl transactional costs), and for those in the problem areas (Melbourne, Sunshine & Gold Coast etc) price declines & transaction costs have wiped out deposits of 20% or more.
Obviously those losses are even greater in real terms.
Shoot the messenger or question the percentages if you must, but the bust is already happening - whether you like it or not.