There was an opportunity to sledge you and I took it. That's how this forum works. But seriously. That attitude reeks of entrenched corruption. Fraud isn't the new normal. If you accept it as acceptable, you're halfway to the Philippines. Isn't "don't be naive" what the bad guy says with a sneer in the movie to the hero as he attempts false equivalency?
There was an opportunity to sledge you and I took it. That's how this forum works. But seriously. That attitude reeks of entrenched corruption. Fraud isn't the new normal. If you accept it as acceptable, you're halfway to the Philippines. Isn't "don't be naive" what the bad guy says with a sneer in the movie to the hero as he attempts false equivalency?
honestly your posts are dribble.
Take risks - if you win you will become wealthy, if you lose you will become wise
There was an opportunity to sledge you and I took it. That's how this forum works. But seriously. That attitude reeks of entrenched corruption. Fraud isn't the new normal. If you accept it as acceptable, you're halfway to the Philippines. Isn't "don't be naive" what the bad guy says with a sneer in the movie to the hero as he attempts false equivalency?
Sometimes banks get income wrong in the opposite way.
I work for a PBI(charity). We receive ~$16k pa salary sacrificed wages to be paid in rent, mortgage payments etc. So a $76k wage comes with a taxable income of 60k. Staff applying for loans regularly have to explain, explain and explain that they earn 76k, no 60. Then the bank stuffs up any HECS debt repayments due.
Yes that can be an issue. A letter from their employer stating that the salary sacrificing is voluntary and can be cancelled usually does the trick. If they could arrange that before they see their bank it will save some explaining.
HELP and HECS are on the payslips so they should get that right.
Take risks - if you win you will become wealthy, if you lose you will become wise
It's a philosophical debate. Technically you say the correct thing, but I'm sure you can see how it can be considered the bank's asset given that it is their money being used to buy it. Would the bank lend the money if they weren't able to force possession of the asset? If they can force possession of it, then whose asset is it really?
No it cannot be considered the banks asset. If you default on your loan and they repossess and sell your property, which you paid a 20% deposit on say, and it sells for 20% more than it was purchased for, who gets the 20% deposit and the 20% capital gain part? The bank? Or you? Whoever gets to keep that extra money is the owner of the asset, full stop - and obviously that is not the bank.
The loan itself is the banks asset, not the property.
For Aussie property bears, "denial", is not just a long river in North Africa.....
The loan itself is the banks asset, not the property.
That is the technical truth.
There is a philosophical truth though.
In your example it could be taken that the debtor and the bank each have a share in the asset.
I was thinking about it more in the context of new loans where people are having to actually borrow maybe 100% or more when you consider mortgage insurance and stamp duty. I personally wouldn't see that as an asset if I had just sunk 110% of someone elses money into it.
I'm not going to say you're wrong. But if you refuse to see the other side of the coin so be it. It's like one of those images that can be seen as two different objects depending on how you choose to perceive it.
In your example it could be taken that the debtor and the bank each have a share in the asset.
I was thinking about it more in the context of new loans where people are having to actually borrow maybe 100% or more when you consider mortgage insurance and stamp duty. I personally wouldn't see that as an asset if I had just sunk 110% of someone elses money into it.
I'm not going to say you're wrong. But if you refuse to see the other side of the coin so be it. It's like one of those images that can be seen as two different objects depending on how you choose to perceive it.
Not wanting to butt in, but you can't get a 100% loan from a bank - 95% is the most you can get these days, from a bank. That still means an investment of between 10% to 15% though.
In your example it could be taken that the debtor and the bank each have a share in the asset.
I was thinking about it more in the context of new loans where people are having to actually borrow maybe 100% or more when you consider mortgage insurance and stamp duty. I personally wouldn't see that as an asset if I had just sunk 110% of someone elses money into it.
I'm not going to say you're wrong. But if you refuse to see the other side of the coin so be it. It's like one of those images that can be seen as two different objects depending on how you choose to perceive it.
It's your asset mate.
'N your equity in it is your wealth I reckons.
So if ya equity is negative (for wotever reason/s) then ya wealth is negative (on that asset at tha time), and
If ya equity is positive (for wotever reason/s) then ya wealth is positive (on that asset at tha time).
Tho things can change over time as I reckons we all know.
Hmmm - 'N I also reckons some of youse dudes just could very genuinely benefit from attempting ta get ya heads around tha concept of wot a 'material matter' might be - Tho don't ask me; Coz I'm no expert in it ... But reckons it just might be handy for ya anyways.
Not wanting to butt in, but you can't get a 100% loan from a bank - 95% is the most you can get these days, from a bank. That still means an investment of between 10% to 15% though.
I was talking about as a % of the value of the property. Are you saying that when all costs are thrown in that banks don't end up lending 100% or more of the value of the property?
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