Truly dystopian.
A 35 year mortgage.
Let that sink in.
When I bought my first unit, the max length was 25 years.
A 40% increase in duration in a couple of decades.
And a huge additional interest burden.
Exhibit #3522 in 'Housing policy in Australia is broken'
#ausbiz
A 35 year mortgage.
Let that sink in.
When I bought my first unit, the max length was 25 years.
A 40% increase in duration in a couple of decades.
And a huge additional interest burden.
Exhibit #3522 in 'Housing policy in Australia is broken'
#ausbiz
https://twitter.com/swrighteconomy/status/1622731507805876224
Making housing *more affordable* by adding 5 years and $115k in repayments would do Orwell proud.
So you can:
- Raid Super
- Extend your mortgage
- Get money from the government (which pushes prices up)
- Let the government own some of your house
That, apparently, is 'policy'.
So you can:
- Raid Super
- Extend your mortgage
- Get money from the government (which pushes prices up)
- Let the government own some of your house
That, apparently, is 'policy'.
Once upon a time, 'rent money is dead money' was defensible: if you borrowed to buy a house, you'd eventually own it.
But imagine a 35yo taking out a 35 year mortgage?
Even if they never moved or refinanced, they'd retire with mortgage debt.
Bloody hell...
#auspol #ausbiz
But imagine a 35yo taking out a 35 year mortgage?
Even if they never moved or refinanced, they'd retire with mortgage debt.
Bloody hell...
#auspol #ausbiz
(and yes, I know the maths means rent money isn't necessarily dead money, and you could be better off, overall, renting and investing. That's a different discussion though.)
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