your psychological problems won't allow you to see the obvious in the words "CBA: Consumer Lending Products: Terms and Conditions".
More abuse? It's obvious that the booklet describes various terms and conditions - nobody is denying this. But the booklet is not an NCCP Regulated Mortgage Contract.
It's similar to the way a dictionary describes lots of words, but not every word in the dictionary appears in every novel. To understand what a novel is about, you need to read the novel itself - you can't derive the meaning of a novel by reading a dictionary.
Back on topic here and I would say that its very likely this young couple in the op now has the vast majority of these properties falling in price and rent.
Leveraging to extremes into property in such a way can work very well when prices and or rents are rising, but can prove very devasting when they fall, more so when rents are also falling.
These types of articles makes one wonder just how many people are out there doing the exact same thing. In this case, one couple going bad could see twenty properties coming onto the market. To think about this further, we can see why the buying frenzy of late has been so strong, when five couples of this calibre can buy 100 properties in one year between them, the price rises are understandable. But when the market turns and people need to unload all this, you can see the possibilities here.
This booklet contains information to help you make an informed decision about the consumermortgage lending product(s) that best suit your needs, and to help you compare with others that you may be considering. The booklet also contains the terms which govern those products.
The booklet is organised in sections and should be read in conjunction with the separate brochure containing standard fees and charges for Home Loans, Investment Home Loans, Viridian Line of Credit, Equity Unlock Loan for Seniors and Mortgage Interest Saver Account.
Section 1 – Useful information
This section includes our credit guide and Information Statement under the National Credit Code. It also provides general information on the types of consumer mortgage lending products available through the Bank and significant features and benefits. It also tells you about Packages which offer benefits and savings.
Section 2 – Usual Terms and Conditions
This section tells you about the general and specific terms and conditions that apply to all consumer mortgage lending products.
Back to square one? OK, I think we'll just have to agree to disagree Golly.
I think you should also resign yourself yourself to the reality that your trolling net is full of holes these days. You need to find some new novel ways or find some new direction in life.
I think you should also resign yourself yourself to the reality that your trolling net is full of holes these days. You need to find some new novel ways or find some new direction in life.
Sure, if the troll is floundering around in its own net looking inadequate, I will point it out to you and give you a fleeting moment of titillation. Somehow, I think the thrill will not be as great as the disruption that the typical troll is seeking. In the digital world, trolls have become passe and people have learnt how to deal with them.
You seem to suffer the delusion that a bank is a charity.
Do you think they would hold any risk, they could otherwise pass onto a moron such as yourself?
I know you think they're your special friend, your partner in mutually assured wealth generation.
Lol.
This is a funny threat to read from start to now. Golly was so convinced early on of his convictions on contracts, then he changed track to talk about general information booklets, now it is simply abuse.
Shadow has posted an actual contract which supports Shadow's statements. We are still waiting for Golly to produce a NCCP contract that states default can be caused by a fall in the value of a property.
Post it and you win, unfortunately you will not be able to do this as none exist except in your own imagination. You don't even understand how mortgage insurance works, it protects the bank not the borrower and only covers the difference in the forced sale of a property and any outstanding loan shortfall that needs to be repaid. The borrower still gets the default against their name which results in the mortgage insurance being used.
Terry
25 Sep 2015, 12:43 PM
Sure, if the troll is floundering around in its own net looking inadequate, I will point it out to you and give you a fleeting moment of titillation. Somehow, I think the thrill will not be as great as the disruption that the typical troll is seeking. In the digital world, trolls have become passe and people have learnt how to deal with them.
The only trolls here are yourself and golly. You cannot produce any contracts that are regulated to support Golly's claims.
Shadow has, case closed. You got owned by Shadow....again.
This is a funny threat to read from start to now. Golly was so convinced early on of his convictions on contracts, then he changed track to talk about general information booklets, now it is simply abuse.
Shadow has posted an actual contract which supports Shadow's statements. We are still waiting for Golly to produce a NCCP contract that states default can be caused by a fall in the value of a property.
Post it and you win, unfortunately you will not be able to do this as none exist except in your own imagination. You don't even understand how mortgage insurance works, it protects the bank not the borrower and only covers the difference in the forced sale of a property and any outstanding loan shortfall that needs to be repaid. The borrower still gets the default against their name which results in the mortgage insurance being used. The only trolls here are yourself and golly. You cannot produce any contracts that are regulated to support Golly's claims.
Shadow has, case closed. You got owned by Shadow....again.
Poor form Shady, trotting out one of your socks for backing vocals.
Silly sock doesn't seem to understand that " Consumer mortgages" are by the very nature of being labeled " Consumer", covered by the National Consumer Credit Protection Act.
Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.
Forum Rules:
The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.
Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.
Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.
This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.
Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ
Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy