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Is there any more maligned group of people than Generation X and Y?; We've watched as house prices skyrocketed, meaning we can't afford to buy homes
Topic Started: 26 Apr 2012, 10:56 PM (7,322 Views)
miw
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peter fraser
27 Apr 2012, 07:27 PM
Prior to the globalisation of our banking sector during the Keating years, people would apply for home loans, but be refused. Not because they didn't have a deposit, not because they couldn't afford the repayments, but because the reserve ratios were so high banks had to ration credit. They did this by lending to their best customers first, or to members of familes who were wealthy enough to demand attention.







Dead right. And heaven help you if you were a woman applying for a loan prior to the 1980s.

I didn't get into those hurdles in terms of getting into a home, but as you say, just getting a bank to give you credit regardless of your creditworthiness was yet another headache.

Mind you, this problem has reared its head since the Keating reforms and the availability of credit still has its ups and downs.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
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peter fraser
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miw
27 Apr 2012, 08:25 PM
peter fraser
27 Apr 2012, 07:27 PM
Prior to the globalisation of our banking sector during the Keating years, people would apply for home loans, but be refused. Not because they didn't have a deposit, not because they couldn't afford the repayments, but because the reserve ratios were so high banks had to ration credit. They did this by lending to their best customers first, or to members of familes who were wealthy enough to demand attention.







Dead right. And heaven help you if you were a woman applying for a loan prior to the 1980s.

I didn't get into those hurdles in terms of getting into a home, but as you say, just getting a bank to give you credit regardless of your creditworthiness was yet another headache.

Mind you, this problem has reared its head since the Keating reforms and the availability of credit still has its ups and downs.
Until the government brought in the equal equality legislation, women were second class borrowers only able to get short term loans to buy a car, or if they were long term "spinsters" (yes that is what they were referred to as) past child bearing age, or on the ugly side, only then would they get home loans, and if they were married, their incomes were not taken into account in calculating servicability.

Oh for the good old days they all cry.

Edited by peter fraser, 27 Apr 2012, 08:59 PM.
Any expressed market opinion is my own and is not to be taken as financial advice
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themoops
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peter fraser
27 Apr 2012, 08:35 PM
Until the government brought in the equal equality legislation, women were second class borrowers only able to get short term loans to buy a car, or if they were long term "spinsters" (yes that is what they were referred to as) past child bearing age, or on the ugly side, only then would they get home loans, and if they were married, their incomes were not taken into account in calculating servicability.

Oh for the good old days they all cry.
Yeah it was horrible. My parents bought a house at 3 times or less of their income.

It was about the equivalent of about $200k in today's money. Now you'd have to pay about $800-$900k for it.

There was a lot less spinsters, because women weren't so full up on bogan feminism. They actually had respect for real work instead of status regardless of how it was attained like they do now.
stinkbug omosessuale


Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments.
Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck!
See here
Property will be 50-70% off by 2016.
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peter fraser
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themoops
27 Apr 2012, 09:16 PM
peter fraser
27 Apr 2012, 08:35 PM
Until the government brought in the equal equality legislation, women were second class borrowers only able to get short term loans to buy a car, or if they were long term "spinsters" (yes that is what they were referred to as) past child bearing age, or on the ugly side, only then would they get home loans, and if they were married, their incomes were not taken into account in calculating servicability.

Oh for the good old days they all cry.
Yeah it was horrible. My parents bought a house at 3 times or less of their income.

It was about the equivalent of about $200k in today's money. Now you'd have to pay about $800-$900k for it.

There was a lot less spinsters, because women weren't so full up on bogan feminism. They actually had respect for real work instead of status regardless of how it was attained like they do now.
So do you think that they shouldn't have bought that home?

What would you have done instead?

Any expressed market opinion is my own and is not to be taken as financial advice
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themoops
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peter fraser
27 Apr 2012, 09:23 PM
So do you think that they shouldn't have bought that home?

What would you have done instead?
Idiot.

You are saying it was shit, I am saying it was way better.

stinkbug omosessuale


Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments.
Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck!
See here
Property will be 50-70% off by 2016.
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peter fraser
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themoops
27 Apr 2012, 09:31 PM
peter fraser
27 Apr 2012, 09:23 PM
So do you think that they shouldn't have bought that home?

What would you have done instead?
Idiot.

You are saying it was shit, I am saying it was way better.

I only asked you a simple question.

Was it a hard question?

Any expressed market opinion is my own and is not to be taken as financial advice
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nipa hut
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themoops
27 Apr 2012, 01:52 PM
I didn't say it was unreasonable. But it's not like you can go prancing about changing careers like a kid in a candy store like you suggested.
It's not easy, but you have to be able to do it (i.e. make the hard choices involved to just get it done), if you get forced to do so--or offered a compelling opportunity to do so.

I've personally gone through 3 careers (entire changes of industry) within a 4-year period recently, watching my income bounce from high to low deciles and back again in short order. That journey wasn't entirely voluntary or "fair", and it certainly wasn't easy, simple or certain, but if I'd stopped to wallow in that, I would have been sunk.

The generic advice that I'd offer anyone following the same path, voluntarily or otherwise, is that "career paths" through any industry are usually organised around young grads and the slowish progression of roles required to teach them the ropes (and keep them cheap while they do so). If you have already gone through those hoops, and deserve to progress faster, you'll have to force the issue by demonstrably standing out: through raw ability (standardised testing), superior results, and/or aggressive networking.

The expectation of having a job in one company, or one career, is an now-illusory artifact of previous generations. Hell, it was already considered pretty doubtful by some forward-looking teachers I listened to, as I graduated from uni. Today's workforce--young or old, exec or grunt--has to *expect* to regularly shift with the changing fortunes available within the labour market. I teach my children that, with my own experience as example #1.

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themoops
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peter fraser
27 Apr 2012, 09:35 PM
I only asked you a simple question.

Was it a hard question?
It was a fucken retarded question. Purely designed to convolute the argument.

Of course they should have bought the house.
stinkbug omosessuale


Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments.
Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck!
See here
Property will be 50-70% off by 2016.
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themoops
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nipa hut
27 Apr 2012, 09:56 PM
I've personally gone through 3 careers (entire changes of industry) within a 4-year period recently,
I'd like to know what you've done. I can't imagine the careers to be particularly different. Like maybe you went from programming to admin to IT sales.

If you're talking decently paid jobs then it's not possible to chop and change too much without putting in the 3-4 years of hard yards before each change.
stinkbug omosessuale


Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments.
Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck!
See here
Property will be 50-70% off by 2016.
Profile "REPLY WITH QUOTE" Go to top
 
peter fraser
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themoops
27 Apr 2012, 10:02 PM
peter fraser
27 Apr 2012, 09:35 PM
I only asked you a simple question.

Was it a hard question?
It was a fucken retarded question. Purely designed to convolute the argument.

Of course they should have bought the house.
The point is that you and almost everyone, regardless of generation, would have done the same thing, so with that in mind, what did they do wrong?

Any expressed market opinion is my own and is not to be taken as financial advice
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