Australian sub prime mortgage market.

Oh yeah, sounds like a plan, interest only on your primary residence, with a > 80% LVR.

May as well rent.


M

 

LOL It's a bloody townhouse with a common wall!
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Good to know.

 

East Brighton border, off South Rd. Tiny land.

 

A month is 4.333 -> $5,200/month.

 

Lol!! Well, that certainly looks very nice inside!

Its all location I guess!

 

Bob the Builder

 

Yeah, you start thinking differently when you have kids. I can leave any of my cars out in the street, unlocked overnight and noone would touch them. The kids on the street leave their bikes on the nature strip over night and they are still there in the morning.
I bought an iPod docking station with a big woofer, etc but the thing wasn't compatible. Brand new, I put it on the nature strip out the front. 5 days later noone took it, so I had to take it to the Salvos.

 

mood swings ?

maybe you need HRT

 

Yes, I did notice that, and I actually worked it out with $5220 pm, but wrote $4800 pm, so the principal remains unchanged.
Sadly with $4800pm it's only $514.5K

BTW The townhouse looks nice

M

 

Thats great to hear! Would love to live in a neighbourhood like that. Sounds very friendly.

VERY different to here!! If it aint locked up, its gone by the next day.

Even if it IS locked up, they will still find a way to steal it.

Lol!! Serious!! Thats funny!

 

Ive only got 2 properties left after cashing out etc, and i dropped the price on 1 of them from $1m to $700k, same deal, no interest at all.

so will keep it, with interest rates so low its positively geared.

its just sad to see so much money dissapear, and the only reason i didnt sell it early last year was because i stupidly chose a bad agent, but lesson learnt.

 

well now i know where to appropriate some bikes to sell for some $$$ LOL

 

Hold onto it mate, imagine what it will be worth next property swing!

 

yeah giving it 1 last crack this weekend, if not then will hold.

i just want to free up what cash i can because i expect it will drop some more, and id rather have cash to buy myself a new house here on the GC rather than an IP on the other side of the country where i hope to never have to live ever again.

 

Fair enough mate. Good luck with the sale.

 

The banks can't do that can they? I thought they had to liquidate the asset as quickly as possible in order to pay the former owner (that they just booted out) their monies owed - providing there is any. I would have thought most people would have enough equity in their own home to get some money back???

 

But once they do all that, and then they boot you out, don't they have to liquidate the property as quickly as possible? Let's say it's worth $1m and you have $300k equity and $700k debt. You can't make the repayments on the $700k so they boot you out eventually. They then sell in a depressed market for $850k. They get $700k and you get the balance of $150k.

They surely can't just wait around for the market to pickup while the former owner is living in a cardboard box because he can't get his hands on his $150k? Can they?

 

As a C'wealth bank manager once said to me "We can do what ever we want. Have a lot more money and lawyers than you"

I won but only by playing smart and getting his nuts in a squeeze by an even bigger shark, the ATO.