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True story - when I was applying for the first PPoR loan we got knocked back for exactly that reason!! This was 1985. I was dumbfounded. I called my accountant and he made a couple of calls and we got the loan.

It's possible they would stagnate for a while, for sure. What is socialist about a more rigid and sensible loan criteria; designed to ensure the mortgagees don't over-commit themselves? :confused: It was how it was done for decades...in a free-enterprise economy.

I remember when I bought my first house (here we go; another "back in my day" yawn from an old b@stard) and was applying for a loan, the normal serviceability "model" was 80% P&I loan over 25 years, 20% cash deposit plus purchase costs from your own funds, and employment history (I think 6...

The difference is that the older folk can compare yesterday to today from actual experience. Younger folks can't. Here's one example of life then and now and I can give you hundreds if you want - and to quantify; I am not rich now; My son is 12. We have an automatic dishwasher, a front...

But, it was a catalogue my wife picked up when she was in the store. But yes; the old carrot. Still; it's a HD tv for not much. I priced 50" tv's in HN last year - $696 in the box...still cheaper than they were 5 years ago.

What a friggin' fool. Our wedding in 1994 was approx $11k for the wedding, the reception and 2 weeks honeymoon in Perth/W.A. And I paid for the whole thing myself. Partly because both of our parents were broke, but we also didn't want to have any of them try to use their "cash help" to take...

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA! I saw a HD 50" tv in the Aldi catalogue yesterday for $199. I will agree that the cost of things like Utilities has become expensive, but I cannot remember how much they used to cost as a percentage of my wage 30 years ago. I only know...

Yep; isn't it fantastic!! This has always been the case - even when I was saving for my first PPoR...of course; I wasn't aware of it all at that stage. Back when I was a teenager/early 20's, there was a series of ads for one of the Banks with the theme; "Equity-mate" where folks could use...

Those areas are not a very good indication of how values go for the majority of properties. When I was doing my PGA apptrenticeship between 1979-81, I used to drive down to the Mornington Peninsula from Ringwood to play the golf courses down that way on my day off. Most times, you could fire a...

Um, this: http://somersoft.com/forums/showthread.php?t=101945 As has been stated a million times here already; it's a matter of expectations, desired location, and lifestyle that they (the young ones) currently and/or have been leading.

But you are missing the point that old b@stards like me and others are making Redom; It was just as hard waaay back when I was a young bloke of 24 - as a FHB. It required extraordinary sacrifice - I worked daylight until dark 7 days a week in my first business, made a decent living from that...

Then, the market will correct it. If noone can afford to buy; house prices cannot rise. Or; the Gubbmint can simply stop any overseas purchasers - assuming the "filthy-rich Chines" are the culprits who keep forcing the price up - other than us greedy BB investors, or course. :rolleyes: Noone...

I can only use myself as an example, and I consider myself to be pretty much Mr.Average in terms of PAYE over the years. Yes, I had a number of years where I earned good dollars through my ProShop businesses, but none of the years were stellar by any stretch of the imagination. So here goes...

Yes, true; and well done to all those folks here in that category - I wish I had been one of them, instead of wandering in as a half-baked 40 something year old.. This site is not yer average human hang-out, for sure. I was more referring to them probably going to flame me for generally...

and in the 1970's, the average house was a 3x1 house. Many of those homes are now middle ring and have been extended with another living room and another bathroom, a DLUG. The 3x1 homes that were the FHB home of choice back in the '60's and '70's are virtually non-existent now, and not wanted...

When I bought my first property - my first PPoR, there was basically only P&I. I had not heard of 5% deposits, IO, low doc, etc.

Was watching the 6.00pm Nine news tonight, and the topic of the latest property boom (particularly Melbourne - yay!!) came on. Usual crosses to the various inner-city real estate agents talking it up, the low rates and those using equity to upgrade to a better/bigger house etc. (for once they...