Australian sub prime mortgage market. | Page 99 | FerrariChat

Australian sub prime mortgage market.

Discussion in 'Australia' started by Arvin Grajau, Aug 11, 2007.

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  1. jeffQV

    jeffQV F1 Rookie

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    It always is! Here its the Banks fault for NOT lending, total paralysis prevades, not healthy at all :(
     
  2. jeffQV

    jeffQV F1 Rookie

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    It always is! Here its the Banks fault for NOT lending, total paralysis pervades, not healthy at all :(
     
  3. kerrari

    kerrari Two Time F1 World Champ

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    Seems to me we're back to the good old days when the banks would lend to anyone as long as they didn't really need to borrow.
     
  4. jeffQV

    jeffQV F1 Rookie

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    Thats probably as good a description as we'll ever have!
     
  5. beama

    beama F1 Rookie

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    Karen, I think that you are oversimplifying it. Whilst I have empathy for people needing to borrow in this economic climate, I also think that if I were a banker, I wouldn’t lend to someone who didn’t have suitable security or the obvious means of repaying the loan.

    The solution ………… pump and save!

    By the way, how’s the stash under the bed going? :)
     
  6. GTRMagic

    GTRMagic Formula 3

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    Hey Mr Dee Jay....
    More outages

    This bloke spruiked Storm Financial on his daily radio show for months, if not years..... turns out he got ruined too...
     
  7. scud

    scud F1 World Champ

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    rolled a bill last week at 4.75%, crazy cheap and more to come

    *licking lips*
     
  8. beama

    beama F1 Rookie

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    My eldest 2 kids who are working have recently been offered a higher limit on their credit card.
     
  9. Aircon

    Aircon Ten Time F1 World Champ BANNED

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    i'm just glad i don't have the need for one.
     
  10. beama

    beama F1 Rookie

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    You must have a lot of pump and save coupons.:)
     
  11. kerrari

    kerrari Two Time F1 World Champ

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    Wasn't sure what you meant by 'pump and save' LOL! Don't worry, I'm keeping an eye under the valance for any creeping reds...
    With all the wailing about how things have seized up due to lack of credit, I think we've lost sight that too much credit is what caused this problem and the cold hard truth is that many who are now finding it hard to get money, in truth probably shouldn't be getting it. I haven't heard of a single instance where any real, viable business has been brought down by an inability to borrow. It's a bit like a few years back when farmers were complaining they were pushed to the wall by the banks - fact was, their farms weren't viable.
     
  12. 360C

    360C F1 World Champ Lifetime Rossa Owner

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    It's happening now.
     
  13. Horse

    Horse Three Time F1 World Champ Owner Silver Subscribed

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    It sure is.
     
  14. dirtdog

    dirtdog Karting

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    [ It's a bit like a few years back when farmers were complaining they were pushed to the wall by the banks - fact was, their farms weren't viable.[/QUOTE]

    Not as simple as that....if you really want to know I can explain but only if you have an open mind, ie don't have some personal idealist issue to push.
     
  15. b27

    b27 F1 World Champ

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    we don't do that on F-Chat......
     
  16. jeffQV

    jeffQV F1 Rookie

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    Have to say I am amazed that anyone who is either in business or has a modicom of sense can truly believe that there isn't a BIG problem for businesses in borrowing funds. Mortgages are another matter, thats bad enough, but with the tightening criteria affecting 1000's of businesses, it can only lead to job cuts and bankruptcy for many; which is a crying shame because this whole mess is totally man made. The only way a country can get out of this is to produce and export.
     
  17. j15

    j15 F1 Rookie

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    you mean start a war? :)
     
  18. PAP 348

    PAP 348 Ten Time F1 World Champ Lifetime Rossa Owner

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    I also get offers all the time to go from $5K to $10K. Not interested thankyou. :):)

    My brother actually cut his back from $10K to $5K last week. Getting a little paranoid about job losses in the Mining biz I think. :eek::eek:
     
  19. jeffQV

    jeffQV F1 Rookie

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    mmmmmm I think thats 'bin' tried hasn't it :)
     
  20. kerrari

    kerrari Two Time F1 World Champ

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    Not as simple as that....if you really want to know I can explain but only if you have an open mind, ie don't have some personal idealist issue to push.[/QUOTE]

    No, you're right, nothing is ever as simple as one sentence - I should have said "some", and no doubt there were some that were badly treated.
     
  21. kerrari

    kerrari Two Time F1 World Champ

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    OK, well maybe you guys can point me in the right direction. I can only go on the business people and bankers I know personally and while there are lots of problems with drop off in demand etc, I can't think of an example where a lack of further borrowing is the core problem.

    And jeffQV you're quite right that the problem is based in our lack of real production end export (excluding what's dug up).
     
    Last edited: Jan 31, 2009
  22. mhh

    mhh F1 Veteran

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    I don't need more funds than I've got but my bank (NAB) tells me they are looking closely at all new deals and huge equity is required for any projects with any risk (and in this market that means ALL deals). Anyone who did a deal 6 months ago agreeing to buy something on the basis that they would worry about the funding later could be in trouble now. And that would be a significant number of businesses. Many a bank that says "no worries mate" when asked about funding really mean "no worries mate, unless your P&L or balance sheet stop looking good or something really drastic happens in the economy".
     
  23. b27

    b27 F1 World Champ

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    Last edited by a moderator: Sep 7, 2017
  24. scud

    scud F1 World Champ

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    i begged the NAB to take some funding away from westpac in 07, gave them all the info, but they wouldn't match the rate, i couldn't believe it.
     
  25. jeffQV

    jeffQV F1 Rookie

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    Priceless :)
     

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