You are forgetting that those of us with equity still had to save and scrimp to get our "first" property. It was not easy for us either.
Yup, I did that, I saved since working through high school. I finally bought at the end of a boom in mid 2005 Sydney and the value of my first property went nowhere for 3 years and interest rates weren't so low. My sister had bought a few years earlier and had seen the value of her place just about double in a few short years. I was not in a position to buy when she first bought though. Anyway, I did finally get into the market, I'd be making my repayments and month after month, it seemed that the principal was not going down at all (�� I bought as PPOR)... we decided to move to a bigger place, kept the first place as an IP, suddenly a boom hit, I had equity, then wow. Deposits for after the 2nd IP comes much easier. Equity is very good now. Now it just comes down to lender serviceability calculators for me.
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