re: another thread on ppl that missed the property I can tell...

re: another thread on ppl that missed the property I can tell you that with the proliferation of finance/mortgage brokers in the industry, the facts as presented to banks and the reality are vastly different.
Cant service the housing loan you are after, no problem just leave out that personal loan commitment...
Wife is only casual no problem part time permanent will get us through.
Want to borrow 95% of purchase price no worries mortgage insurance will cover that and yes you can pay the premium on your credit card.
I have not even started to talk about the explosion in home equity loan lending where if rates are 10% then HEL lending would be 1-2% higher and of course they can be paid on the old interest only plan.Or there is the handy dany no repayment plan where you draw more and effectivly capitalise the interest.
In the industry you see it all.
And heres the latest one going around get your home revalued now while we are at a market peak and maximise your borrowing power going forward then hey wait another year or two and yes you have......... wait for it minus equity.
Then you have to sell but gee your neighbour and a few others around are in the same boat...then the real estate agent gives you the old you will have to drop your price to meet the market line...........
10% interest rates and its yibbider yibbider for many my friend from an industry insider.
Sorry one caveat that may/will mask this for 2-3 years.... fixed interest rates... many have locked in but over the above time frame they will be flushed out.

Fitzman