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FHB Strike: Australia's first home buyers - where have they gone?; Pull forward due to FHB grant changes will subdue FHB demand into 2014
Topic Started: 23 Aug 2013, 03:33 PM (8,188 Views)
themoops
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Half the gen ys are probably still just partying and not giving a fuck. It's all not very appealing to do so. Even if it housing was affordable you've got divorce laws which primarily benefit the female, a vermin fest of an immigration policy, and companies constantly stinging to fuck your job off to India so the CEO and shareholders can add their pay to their own!

You need a really solid relationship, two good incomes, ie ~$100k each, or else you're fucked!

Even then it would be very hard.
Edited by themoops, 23 Aug 2013, 04:49 PM.
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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Pig Iron
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Bogan scum

willy_nilly
23 Aug 2013, 04:41 PM
Most FHB would ask themselves the questions that banks should ask like, "Are you planning to start a family?" Apparently according to Peter, that would be sexist. That is BS as it is the duty of the bank to establish the eligibility of the applicants.
actually that would be illegal...
I am the love child of Tony Abbott and Pauline Hanson
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willy_nilly
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Pig Iron
23 Aug 2013, 04:54 PM
actually that would be illegal...
It is illegal not to ascertain whether the loan can be repaid or not. Complete BS not to ask.
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Trojan
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Pig Iron
23 Aug 2013, 04:54 PM
actually that would be illegal...
Yep ... just as it is illegal to ask a female job applicant whether they plan to get pregnant any time soon.
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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newjez
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23 Aug 2013, 04:39 PM
With comments like this, you miss the point that it's the first few years of a mortgage when interest rates matter the most. After a while, most people don't even notice if rates move up a bit, as they have paid down a chunk of principle by then, meaning a smaller proportion of the payments are interest anyway. Plus their income has usually risen as well.

The current environment is IMO a unique opportunity to get in and pay down a mortgage fast while interest rates are so low, and look to be staying this way for a couple of years at least. If in doubt, fixed term 3 year loans @ 4.8% now out there.
Bollocks to that - I was halfway through my mortgage when rates were hurting me in the mid 2000's. I felt it all right. When rates dropped off, I paid the mortgage off with ease. I think you'll find rates matter from start to finish.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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Slug
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After I received an email from my member Mr Alex Hawke, I sent him one back stating that if he wanted to get my vote, what was their plans for assisting Australian manufacturers and what were they going to do about making housing more affordable for FHB’s.

Here is a portion of the reply with ref to FHB’S

“In regard to housing affordability, the points you raise are valid ones. Additionally, the Federal Coalition is supportive of moves by the O’Farrell State Government to address housing affordability by;

* Redirecting government support towards encouraging increased construction and purchase of new housing

* Doubling the first home owners grant to $15,000

* Creating a $5,000 grant available to all purchasers of new homes

* Stamp duty concessions for first home buyers purchasing a brand new home or vacant land intended to be used as a site for a first home

* Capping these measures according to the value of the home, so that government money is clearly directed at increasing the supply of affordable housing

I hope this answers your questions. If Mr Hawke can be of any further assistance on this or any other matter, please do not hesitate to get in touch.”
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Admin
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This comment is from the APF Facebook Page
Quote:
 
When is the data being collected? At exchange of contract or settlement?

If at settlement based on actual loans being issues then the data is skewed.

FHBs have been buying hand over fist in NSW all off the plan property under $650,000.

As an ex project marketing executive I would sell 2-4 properties PER WEEK ranging in price from $450,000 -$650,000.

These were unconditional exchanges contracts which did not have lending approval.

When the projects complete in 18-24 months time you'll find an enormous swell of FHB new home obligations coming to the market
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miw
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23 Aug 2013, 04:12 PM
Translation: FHBs should stop acting like a bunch of chickens and chow down on some juicy debt (30-40% sourced from overseas), what are you scared of? Grow a pair!
It's a sad fact of life that eventually, at some stage or another, you do have to grow a pair and make a call one way or another. The alternative is to lose slowly over the long term.

Veritas
23 Aug 2013, 04:27 PM
Stretch any loan term out far enough and it will become affordable to the debtor.
.......so have you seen any 50-year or 100-year loan terms offered on the market?

newjez
23 Aug 2013, 05:21 PM
Bollocks to that - I was halfway through my mortgage when rates were hurting me in the mid 2000's. I felt it all right. When rates dropped off, I paid the mortgage off with ease. I think you'll find rates matter from start to finish.
Agreed. the rates in 2008 certainly caused me some pain and I had been paying off debt as fast as I could for about 6 years at that stage.

However, it was arguably no more painful at the time than it was at the start of the loan when interest rates were much lower but my income was also much lower and the debt quite a bit higher.

A good argument for taking on debt in your late 20s up to late 30s when your job-getting power is at its peak and your income is rising fastest. The rest of your life is the fastest-depreciating asset you own.
Edited by miw, 23 Aug 2013, 08:08 PM.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
AREPS™
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Admin
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Quote:
 
First home beyond reach

by: GREG BROWN
August 24, 2013 12:00AM

THE dream of buying a home for the first time is slipping away in NSW and Queensland. Buyer numbers plummeted 44 per cent in NSW in the year to June and hit an all-time low in Queensland.

In Western Australia, new buyers soared to 19,946 -- the second highest number on record, according to Australian Bureau of Statistics figures. It was the first time Western Australia has had more first-home buyers than NSW and Queensland, where state government grants programs were cut in 2011 and 2012, MacroPlan Dimasi chief economist Jason Anderson said.

In NSW, the stamp duty concession was removed in 2011 and the first-home buyer grant was limited to new dwellings a year ago.

While Queensland also cut grants, it reintroduced a principal place of residence concession, saving families up to $7175 on the cost of their home, and the grants and concessions offered for first-home buyers were the most generous of any state.

NSW Treasurer Mike Baird said the limiting of the grant to new homes had increased construction and housing supply.

"We make no apology for policy settings that have clearly boosted supply, as the statistics on housing approvals and construction in NSW illustrate," he said.

"We've taken every measure to get the housing sector, which is so vital to the NSW economy, moving again."

RAMS chief executive Melos Sulicich said investors competed for properties that first-home buyers would usually buy.

"A lot of properties a first-home buyer is looking to buy are also properties an investor would buy to rent out. So there's competition," he said.

NSW had record investment in the 2013 year of $34 billion in the property market, up 22 per cent from the previous year, as mature buyers and investors dominated the purchasing.

The number of first-home buyers in NSW fell from 29,590 in the 2012 year to 16,571 last financial year -- the lowest number since 1992 and two-thirds lower than the state's 2009 peak of 52,215. Queensland had the lowest number of first-time buyers on record, with 15,098 -- an 18 per cent reduction on 2012 and a 52 per cent decrease on its 2009 peak of 32,648. The two states brought the national home buyers figure down to 17 per cent of the market, which is the second lowest on record (equal with 2003 and 2005).

Read more: http://www.theaustralian.com.au/news/nation/first-home-beyond-reach/story-e6frg6nf-1226703132156
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Bardon
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I quite often insist that female applicants submit photos with their CV's to me, they don't have to, its entirely up to them if they do. And its entirely up to me what I do next with their application.
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