Mortgagee property sales happening already!!

[dubiousinfo]

Think you'll find as an International Carrier that statistic remains intact.

Which of course is highly relevant to Housing!!!!

Qantas had 7 fatal accidents between 1927 & 1953. At the time it flew routes to New Guinea & so was an international carrier.

What Qantas can claim is that it has never lost a jet aircraft to a crash (the fatal crashes were all non-jet). That is why they spent more than the cost of a replacement aircraft to fix up the 747 that overan the runway and crashed in Bangkok in 1999.

Sorry for the off topic.

 

[Milk Man]

Qantas had 7 fatal accidents between 1927 & 1953. At the time it flew routes to New Guinea & so was an international carrier.

What Qantas can claim is that it has never lost a jet aircraft to a crash (the fatal crashes were all non-jet). That is why they spent more than the cost of a replacement aircraft to fix up the 747 that overan the runway and crashed in Bangkok in 1999.

Sorry for the off topic.

PNG was part of Australia wasnt it?

 

[juddy]

You must be able to look after yourself Juddy. I wouldn't be comfortable without being accompanied by a platoon SAS commandos. LOL

I was certainly able to get a lot of my paperwork done during those times. I worked with some good folks back then before moving back to Perth.

 

[dubiousinfo]

PNG was part of Australia wasnt it?

What the hell, no one else is on topic.

You're right about New Guinea, it gained independance in 1975.

However, Qantas commenced regular flights to London in 1947, so it did have fatal accidents as an international carrier.

But in an effort to get back on topic.
It's worth noteing that any Sydney property investors who transferred from residential to Industrial around 3 years ago and from industrial to commercial around 6 months ago, would have made substantial profits, with more to come over the next 12 to 18 months.

 

[Mofra]

The stress on home owners isnt as great as it appears as the majority would have had to take out Mortgage insurance when buying property particularly IPs banks protected and so is the mortgagee---with the insurance company taking up the difference between whats owed and what price the property is sold for.
Its those who released equity from freehold or close to it homes and invested poorly that will be hit hardest.
Not a fault of the housing market!

Sorry to be a stickler, but Mortgage Insurance protects the lender, NOT the mortagor. If negative equity occured at the time of sale, MI covers the bank for losses, and the Insurer has the right to pursue the mortgagor for the difference in sale price to the principal + costs.

If that is a scary thought, you don't want to know about some of the mortgage products that could hit the Australian market shortly - the 105% lend (borrowing for the deposit & to cover stamp duties) isn't too far off, whilst in the US there are "negative amortisation" loans, where you pay less than the interst charged for a set period of time, in the hope that equity & wage rises compensate for the growth in principal. Have already read a few articles about some unlucky souls who have been faced with the triple whammy of redundancy, falling house prices and the end of the introductory N/A period doubling or tripling their repayments overnight.

 

[Judd]

What the hell, no one else is on topic.

You're right about New Guinea, it gained independance in 1975.

16th of September actually. Sorry but another of those useless facts which sticks in my brain.

Getting back to the topic, I would not be surprised to see more sales if reverse mortages or any other form of access to equity in their house was allowed for those who are retired. A lot have shown that they don't have any money skills whatsoever. So when some of this group decide to access equity in their home, mainly because they have not saved/invested enough during their working years to fund the type of retirement of the want - rather than need - they will probably display the same level of poor financial management displayed in the past.

There goes Gen Xs' inheritances as well as Gen Y's (cause grandma and grandpa ain't got nuttin left to leave anything to you in testimonial or discretionary trusts.)

 

[Smurf1976]

If that is a scary thought, you don't want to know about some of the mortgage products that could hit the Australian market shortly - the 105% lend (borrowing for the deposit & to cover stamp duties) isn't too far off

This might vary between states? 107% lend has been around in Tas for quite a while now. It hasn't stopped the boom from turning into what is politely referred to as a "buyers' market" however.

As for the "builder finance" now being offered, I can only wonder what valuation that is based on. I'm sure the emergence of this one has nothing whatosever to do with finding a way to prop up the builder's selling prices in a falling market...

 

[smcinc]

hi does anyone know of any websites with mortgagee repo properties ?