Society & Culture Things in life you just don't understand - Part 5

[Evolved1]

There's a woman on the news with a $1.5M house loan complaining about how much they will have to pay if interest rates go up as if we are supposed to feel sorry for them.

Buying property at all time high prices while interest rates are at record lows. What could go wrong?

 

[Kram]

Buying property at all time high prices while interest rates are at record lows. What could go wrong?

A favourite was one of the resident nitwits saying that you have to feel sorry for them because the RBA suggested they wouldn't be raising rates for a couple more years.

 

[the_interloper]

A favourite was one of the resident nitwits saying that you have to feel sorry for them because the RBA suggested they wouldn't be raising rates for a couple more years.

They should have voted for Clive Palmer, he guaranteed 3% for a few years I think, he'd have gotten us all out of this s**t!

 

[JackOutback]

can always move further away from the city

And if your work requires you to be in the city? Commute for two hours a day and also be miserable?

Look, some people have over borrowed but let’s not pretend houses everywhere are super affordable and people are just splurging on extras.

 

[Scotland]

I just did an online 'how much can I borrow?' thing based on what I was earning, estimated expenses etc. from when I got my first home loan years ago and it came about the same from what i remember, though at that time borrowing rates were about 2% higher. That was post GFC when the market was cooked from interest only and low/no deposit loans. I've done a few refinances over the years and they go up and down in terms of how stringent the banks are.

People have been really sucked in by record low interest rates. In my home loan lifetime I started out around 5%, got as high as 7% then got as low as 2%. 5% to 7% is the same amount of extra money as 2% to 4%, but 2% to 4% is double. If you are stretched with your repayments when the cash rate isn't even 1%... yikes.

 

[akkaps]

Went to get a lamb HSP from the local shop for the first time in ages, and they said the lamb gyro had beef in it. Bring Hindu, I don’t eat beef, so went elsewhere
But since when does lamb gyro have beef in it ? Ridiculous

 

[ChampRevesby]

A favourite was one of the resident nitwits saying that you have to feel sorry for them because the RBA suggested they wouldn't be raising rates for a couple more years.

There is a large cohort that saved heavily over 2 years of restrictions (from the RBA's own report), took out loans for an investment (to hedge against the inevitable inflation) and dumped a large proportion of those saving into an offset account, so even an increase of a few percentage points, plus increase rents wont see much change their repayments (in fact might actually be ahead otherwise). Its those that live pay check to paycheck, as always, get sucked in, borrow beyond their means and eventually get crushed.

 

[FRUMPY]

amazes me that people who get a loan for 20-30 years dont actually think or learn what exactly they are doing and work out what they can afford - they just let the bank tell them know what they can borrow and then buy upto that amount....

i mean its a 20-30 year commitment and they put next to zero work into working out what they can realistically afford and still live a life of some sort.

 

[FRUMPY]

Went to get a lamb HSP from the local shop for the first time in ages, and they said the lamb gyro had beef in it. Bring Hindu, I don’t eat beef, so went elsewhere
But since when does lamb gyro have beef in it ? Ridiculous

sounds good - i always presume its got heaps of weird s**t in it - still tastes good

are you starting to wonder how much beef you've eaten over the years?

 

[Gralin]

amazes me that people who get a loan for 20-30 years dont actually think or learn what exactly they are doing and work out what they can afford - they just let the bank tell them know what they can borrow and then buy upto that amount....

i mean its a 20-30 year commitment and they put next to zero work into working out what they can realistically afford and still live a life of some sort.

Financial literacy isn't great here. Which isn't really surprising considering it's not part of the curriculum

 

[Off The Couch]

Financial literacy isn't great here. Which isn't really surprising considering it's not part of the curriculum

Imagine giving advice to kids whose family are barely earning enough to survive or to some kid at a school where the fees alone are the annual income of some.

Maybe the onus needs to be put back on lenders and governments. Legislate change with MASSIVE fines
Week before my kid turned 18 they had letters from the bank with offers of loans and credit cards. Pay day lenders, cash converters etc. should be shut down - thieves who prey on the vulnerable.

 

[Gralin]

Imagine giving advice to kids whose family are barely earning enough to survive or to some kid at a school where the fees alone are the annual income of some.

Maybe the onus needs to be put back on lenders and governments. Legislate change with MASSIVE fines
Week before my kid turned 18 they had letters from the bank with offers of loans and credit cards. Pay day lenders, cash converters etc. should be shut down - thieves who prey on the vulnerable.

Afterpay ,zip pay etc

Wherever there is no regulations a new leech appears

 

[Kram]

Predatory lending at the lowest level to battlers or kids is pretty awful. But anyone that is university educated with a well paying job should be able to work out the potential pitfalls of being over-leveraged with gigantic loan and take personal responsibility for dumb decisions.

 

[Kram]

When the arse finally falls out of cryptocurrencies for good it's going to be some sight, scary how often you see now in the sentence as 'investment'.

 

[Off The Couch]

Golf spectators

It’s hard to imagine anything less boring
Except maybe synchronised swimming

 

[FRUMPY]

When the arse finally falls out of cryptocurrencies for good it's going to be some sight, scary how often you see now in the sentence as 'investment'.

Money to be made right now, especially on short term, could make 5% every 3 or 4 days

Sent from my CPH2005 using Tapatalk

 

[Evolved1]

When the arse finally falls out of cryptocurrencies for good it's going to be some sight, scary how often you see now in the sentence as 'investment'.

Bitcoin already dropped 75% from the all time high (69k to 17.5k). After the previous bull run it dropped 84% (19.5k to 3k).

Even if crypto drops further, that's not atypical for the asset class.

You're basically saying 'this time is different' if you think crypto will die for good in the near future. Dollar cost averaging into bitcoin has historically been a profitable strategy to utilise during bear markets for those who have longer investment timeframes in mind, and I see no reason why that doesn't fit any standard definition of investing.

 

[Billy ray]

Golf spectators

It’s hard to imagine anything less boring
Except maybe synchronised swimming

Rugba league?

 

[Cuzz09]

Depends if it’s Sydney… you need a million to live close-ish to city and $500,000 would buy you a big standard unit, I imagine. Certainly wouldn’t be living like a queen.

I meant as in have heaps of extra cash not the location or style of place where she lives.

On SM-G925I using BigFooty.com mobile app

 

[Cuzz09]

Golf spectators

It’s hard to imagine anything less boring
Except maybe synchronised swimming

At the very worst you are enjoying fresh air and sunshine and a stroll so its not the worst thing to do.

On SM-G925I using BigFooty.com mobile app

 

[Gough]

If I cheated real hard at golf I could occasionally break one hundred.

 

[FredLeDeux]

If I cheated real hard at golf I could occasionally break one hundred.

How did you go on the second nine?

 

[IKE TURNER]

They were imaginary made up women,no imaginary feelings were hurt in this boring game, actually they were not even imaginary women they were numbers, and to have a woman of a particular religion who was the diversity and inclusion officer criticise them was bizarre

 

[phantom13]

… wut

 

[raskolnikov]

Rugba league?

The State of Origin is probably the most watchable sporting event in the country.