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Young couple reinvent the Japanese Property Strategy; At 24.5 years of age they "own" 22 properties, 19 acquired this year!
Topic Started: 20 Sep 2015, 11:14 AM (15,173 Views)
Shadow
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Evil Mouzealot Specufestor

Ex BP Golly
22 Sep 2015, 08:19 PM
Precisely. Your words are extremely confused.

Perhaps you are starting to stabilise.
So you still haven't found a contract containing the clause. OK then, carry on.
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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Ex BP Golly
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Shadow
22 Sep 2015, 08:22 PM
So you still haven't found a contract containing the clause. OK then, carry on.
Zzzzzzz
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Shadow
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Evil Mouzealot Specufestor

Ex BP Golly
22 Sep 2015, 08:24 PM
Zzzzzzz
You've still got nothing.
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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Ex BP Golly
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Shadow
22 Sep 2015, 08:26 PM
You've still got nothing.
Show me where the NCCP Act specifically covers protections against negative equity.

Talking to your own sock Mike doesn't wash.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Chris
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Shadow
22 Sep 2015, 06:06 PM
You've got nothing.
Apart from the treasury letter where is specifically mentions IO loans as susceptible to repossession if it is higher than the asset value and the borrower is unable to pay on a margin call.

How many IO investment loans have been written since 2012?

Typical grey man style it looks as though you are hanging your hat on the idea that PPOR's may be extremely difficult to repossess, I think you are aware investment properties would be sitting ducks. Typical stuff from you, you omit certain details in order to win an arguemrnt and hope to fuck no one is really paying that much attention.
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zaph
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Shadow
22 Sep 2015, 08:16 PM
Sorry, I can't make any sense of that. Are you saying you've finally discovered an NCCP regulated contract containing the clause? If so, can you post it up?
You shouldn't alter a quote, as much as you don't like it.

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Shadow
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Evil Mouzealot Specufestor

Ex BP Golly
22 Sep 2015, 08:32 PM
Show me where the NCCP Act specifically covers protections against negative equity.
I already explained to Chris that the NCCP Act doesn't define negative equity as a default.

The NCCP Act doesn't specifically cover protection against giant turnips or polka-dot wall painting either, but those things still don't constitute a default.

Quote:
 
Talking to your own sock Mike doesn't wash.
???



Chris
22 Sep 2015, 08:33 PM
Apart from the treasury letter where is specifically mentions IO loans as susceptible to repossession if it is higher than the asset value and the borrower is unable to pay on a margin call.
It doesn't say anything like that.

Quote:
 
investment properties would be sitting ducks
The NCCP Act covers all residential property, including IPs.



zaph
22 Sep 2015, 08:50 PM
You should alter quotes as much as you like.
I agree, but only if done in an obvious or humorous way (i.e. parody/satire). It's not good to do it in a deliberately misleading way.
Edited by Shadow, 22 Sep 2015, 09:06 PM.
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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herbie
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Shadow
22 Sep 2015, 08:59 PM
I agree, but only if done in an obvious or humorous way (i.e. parody/satire). It's not good to do it in a deliberately misleading way.
We'll make an effing Aussie of you yet Shady ya arrogant Proddy basket potatoe munching fleeing Paddy - :)

Cue: Jokes about the removal of portions of human brains 'n the National outcomes thereof ... :D
Edited by herbie, 22 Sep 2015, 09:22 PM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Ex BP Golly
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Shadow
22 Sep 2015, 08:59 PM
I already explained to Chris that the NCCP Act doesn't define negative equity as a default.

The NCCP Act doesn't specifically cover protection against giant turnips or polka-dot wall painting either, but those things still don't constitute a default.





The NCCP Act covers all residential property, including IPs.



I have shown you the letter from Treasury, and you have ignored it.

Fine.

You ask for the clause in an NCCP governed consumer mortgage.

Fine, here is the Contract provisions from the Commonwealth Bank.

Enjoy!:


Commonwealth Bank document titled " Consumer Mortgage Lending Products: Terms and conditions: Effective 5 September 2015 accessed today at:-

https://www.commbank.com.au/personal/apply-online/download-printed-forms/utc-home-loan.pdf

Special note- at p.3 it stipulates that this document forms part of the Contract with CBA, thus:"this credit guide applies if we may enter into a credit Contact with you regulated by the National Consumer Credit Protection Act."

In Section 2 titled "General Terms and Conditions That Apply To All Loans" at p.14 of 39 is the clause I have been talking about which is:

Begin quote:

"Section 9 Default.
Note: this clause does not apply to Equity Unlock Loan for seniors.

Section 9.1 When you could be in default; you are in default under the Contract if any of the following conditions (a) - (h) apply......

9.1 (c) Value of title unsatisfactory. We are not reasonably satisfied with the value of, or the title to the security property or the security over it will be adequate security for the loan in accordance with our usual prudent credit standards;"

End quote.

Time to put on your best tin foil hat Shadow.






Edited by Ex BP Golly, 22 Sep 2015, 10:23 PM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Shadow
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Evil Mouzealot Specufestor

Ex BP Golly
22 Sep 2015, 10:05 PM
You ask for the clause in an NCCP governed consumer mortgage.

Fine, here is the Contract provisions from the Commonwealth Bank.
That's not an NCCP Regulated Mortgage Contract.

It's an information booklet listing a broad range of terms and conditions, some of which apply to regulated contracts, and some to unregulated contracts.

'About this booklet
This booklet contains information to help you make an informed decision about the consumer mortgage lending products that best suit your needs...
If your loan is regulated by the National Credit Code please read the Information Statement - Part F in Section 1'


Part F goes on to explain that the specific terms and conditions that apply to the borrower are the ones included in the actual contract.

The info booklet is not a contract.
Edited by Shadow, 22 Sep 2015, 10:46 PM.
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.
Profile "REPLY WITH QUOTE" Go to top
 
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