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Will banks jack up rates for owner occupiers?
Topic Started: 1 Aug 2015, 03:03 PM (3,619 Views)
Count du Monet
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"jack up" is a big word for a minor adjustment. Bank lending runs on the policies of various entities, this could simply be an adjustment concerned with risk weighting.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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Rastus2
1 Aug 2015, 04:19 PM
ah yes, the good old days... remember the french revolution ?
Yes.

It resulted in Napoleon coming to power and leading them up the garden path and invading Russia after which they straggled back home then settled on taking over a few bits of Africa plus Vietnam in Asia none of which ever amounted to much for them long term either.


With WWI and WWII popping up in the interim for them as well. (Plus a few other squabbles along the way I'd guess, but not being a big student of History, definitely don't know for sure.)


But anyway, a couple of centuries of intermittent 'fun' times for all Frenchmen went by and elapsed.


Which have led to them being What???


C'est la vie. And better times ahead. For them and for us.


Maybe ... And maybe not ... :)


PS: Marie Antoinette would like to add "I hope ya don't choke on ya cake ya bastard!" :re:


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zaph
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1 Aug 2015, 11:36 PM
It resulted in Napoleon coming to power
Give BP a call. He knows all about the transmutation- Napoleonic wars.
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Will
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zaph
1 Aug 2015, 07:07 PM
Today's Courier Fail had an article about rents going up due to investor IRs going up. Investors only put up rents when their costs go up??
Yes, this tabloid paper doesn't seem to have the slightest hint of how a market works. The average investor always (as with any other vendor or merchant) always tries to push the prices as much as the market will bear.
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Count du Monet
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1 Aug 2015, 11:36 PM
Yes.

It resulted in Napoleon coming to power and leading them up the garden path and invading Russia after which they straggled back home then settled on taking over a few bits of Africa plus Vietnam in Asia none of which ever amounted to much for them long term either.



Napoleon was a British Agent. While the continent was embroiled in the conflict Britain lifted control of the world's trade routes and completed its conquest of India. Both times Napoleon gave himself up to the British, who secretly pinned medals on him. Britain emerged as the world's superpower at the end of the war. Where as from the Peace of peace of Westphalia France had been the world's leading power and culture. Unfortunately thanks to the latter most of world now drives on what has been scientifically proven to be wrong side of the road. Fortunately the 10 day week fell through.

Quote:
 
Safety aspects


Research in 1969 by J. J. Leeming showed that countries driving on the left have a lower collision rate than countries driving on the right, although he acknowledged that the sample of left-hand rule countries he had to work with was small, and he was very careful not to claim that his results proved that the differences were due to the rule of the road.[33] It has been suggested that this is partly because humans are more commonly right-eye dominant than left-eye dominant.[34][35][36] In left-hand traffic, the predominantly better-performing right eye is used to monitor oncoming traffic and the driver's wing mirror (side mirror). In right-hand traffic, oncoming traffic and the driver's wing mirror are handled by the predominantly weaker left eye. In addition, it has been argued that left-sided driving is safer for elderly people given the likelihood of their having visual attention deficits on the left side and the need at intersections to watch out for vehicles approaching on the nearside lane.[37] Furthermore, in an RHD car with manual transmission, the driver has the right hand, which for most people is dominant, on the steering wheel at all times and uses the left hand (and left foot) to change gears and operate most other controls.

Cyclists, motorcyclists and horse riders typically mount from the left-hand side, with motorcycle side stands almost always located on the left. This places them on the kerb when driving on the left.

The largest safety issue is the coexistence of the two systems; visitors accustomed to one system might not act or react properly when visiting a region where the other system is used. For example, a pedestrian might look the wrong way before crossing a street.


Edited by Count du Monet, 2 Aug 2015, 04:09 AM.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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Trollie
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Anyone else notice since gold has taken a massive hit the count has been forced out of hiding?
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Shadow
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Evil Mouzealot Specufestor

ThePauk
1 Aug 2015, 08:00 PM
Yep, all NAB clients and good to see you acknowledged that owner occupiers with IO loans and lines of credit got a wack up.
Yeah, it puts rates for some people back to where they were three months ago when house prices were booming.

Still very low rates though. Still in the 4.x range. Still a lot lower then the 9-10% mortgage rates we were all paying in 2008.

At the end of the day, any rate with a 4 or 5 in front of it is the lowest we've seen for generations (although not inconsistent with the 100+ years up to the 1970s.)

At this stage it doesn't make much difference. 0.27% on $1M of debt is $50 per week (less after tax deductions).

What does that matter when the value of your property is rising by $4000+ a week?
Edited by Shadow, 2 Aug 2015, 11:41 AM.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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tomfrh
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foxbat
1 Aug 2015, 09:24 PM
You just can't make this shit up.

Peter
Why do you say that?
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Kiwi
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5.95% and no tax deduction on the owner occupiers.
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kelvin
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Shadow
2 Aug 2015, 11:38 AM
Yeah, it puts rates for some people back to where they were three months ago when house prices were booming.

Still very low rates though. Still in the 4.x range. Still a lot lower then the 9-10% mortgage rates we were all paying in 2008.

At the end of the day, any rate with a 4 or 5 in front of it is the lowest we've seen for generations (although not inconsistent with the 100+ years up to the 1970s.)

At this stage it doesn't make much difference. 0.27% on $1M of debt is $50 per week (less after tax deductions).

What does that matter when the value of your property is rising by $4000+ a week?
Agree, Westpac's SVR with the default 0.7% discount is 4.78%, and it's easy to get a 1% discount if you've more than half a mil debt, so that's 4.48%

Nobody pays the SVR so if you're an owner occupier with the major banks you're paying about 4.5% vs 4.75% for investors.

Other lenders are down around 3.9% http://www.canstar.com.au/home-loans/compare-first-home-buyer-home-loans/?postcode=NSW&purpose=-first-home-buyer&amount=350000

Very low rates however you look at it!
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