Hi all, if the rates hit bottom low within a year or two, can there be a situation where people with fixed rates also benefit from the rates cuts? I know that usualyl when you are fixed, you are fixed until the period ends. But since there are millions of people in Australia with fixed home loan rates, can anyone intervene and force banks to lower the fixed rates as well or am I stuck with it?
Rates cut
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I don't mean to sound mean, but you don't see the banks seeking to break their fixed term agreements on those customers who fixed at 6% when interest rates were at their peak do you???
Just remember it's a 2 way street, if the government or someone steps in in the case you detail, then it's only fair that the banks do the reverse next time rates are high. Just my 2c worth.
If I were you I'd work out what the costs to exit your fixed loan, and then decide how low rates have to go for it to be worth your while.
Cheers
Buddybee
Just remember it's a 2 way street, if the government or someone steps in in the case you detail, then it's only fair that the banks do the reverse next time rates are high. Just my 2c worth.
If I were you I'd work out what the costs to exit your fixed loan, and then decide how low rates have to go for it to be worth your while.
Cheers
Buddybee
Agree - a contract's a contract!
Sorry if I sound heartless, but I neither expected nor received sympathy when I stayed variable and rates peaked at 11.32% on my >$1M mortgage... I'm feeling much better about my decision now, though!
Oh well, I thought so. The K Rudd government will not get any more money from me to fix their economyAs Im stuck at 8.49% for the next 2 and a half years.
Cash in hand ... thank you
I think anyone with a rate under 10 is doing alright!
Yeah I read some guy fixed his loan at 9% for 10 years! LOL
I think you'll find that banks do actually change their tune...I recently had a friend selling his property because he fixed his rate for 4 years at 6.5% and twelve months later one nasty little bank which shall remain nameless raised the rate and used a loophole to demand 9.49% which the friend has been fighting in court since.
Touble is at the end of the day the ban woops I mean bank has more money to fight in court than the little guy...
Touble is at the end of the day the ban woops I mean bank has more money to fight in court than the little guy...
anyone under 10%? i'm just a pip over 7% LoDoc - MAV with CBA.
Right... and how else did I get the actual loan then? With cash in hand advance?
I am not sure if you know this but you can have many ways of getting paid, on paper and off. Maybe you just play the proper game and pay the tax you are meant to!
And who pays the "right" amount of tax these days? lol
Same here BC - 7.02% with CBA.
Looking forward to next week. More instant wealth - thanks RBA.
My MB, who is ex-CBA reckons the time to think about fixing is around the middle of '09.
Personally, I think even if you fix in the next coupla months and they drop a bit more (fixed rates) you're still doing pretty well.
I'll be looking at it around Feb, March I reckon.
Right... and how else did I get the actual loan then? With cash in hand advance?
Well I think those days are over. Good luck with it all. And good luck when you get caught out by the ATO i'm sure the fine and the penalty interest will really make it worth it.
And I'm sure you will find someone else to blame for your own choices.
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I wasn't going to say it quite as bluntly as letiha, but I can only say that many are paying MORE than their fair share of tax, at least partly due to people that rip off the system by working for cash. I'm not sure why people think it's socially acceptable to share that they participate in such conspiracies; it's a fraud on your fellow citizens.
Why would one think that telling people that you've defrauded them would make them sympathetic to you?
I'm not sure why people think it's socially acceptable to share that they participate in such conspiracies; it's a fraud on your fellow citizens. Why would one think that telling people that you've defrauded them would make them sympathetic to you?
And how will ATO ever know how cash moves if it's never visible in the bank account or through large purchases (cars, homes & etc)?
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I wasn't going to say it quite as bluntly as letiha, but I can only say that many are paying MORE than their fair share of tax, at least partly due to people that rip off the system by working for cash.
Why would one think that telling people that you've defrauded them would make them sympathetic to you?
Firstly, I probably pay MORE in tax than some middle class people. So please don't tell me that I don't pay taxes.
Secondly, I have never claimed I "work" for cash... all I hinted towards that if the banks don't pass on the cuts due to some contract, then there are other options to explore, cash in hand being one of those options.
In case you did not know, there many ways to make cash in hand (legally) just by owning assets.
Well indulge me on how you can make cash in hand legally through owning assests.
At the end of the day if you have properties that you are claiming tax decutions for and the amount of the associated costs which are declared in your tax returns is significantly less than your declared income they are going to start looking to see how you are servicing your debt.
Take some resaponsibility for fixing your rates when you did, I'm sure you paid a whole lot of interest than I did when my variable rates were 9% + as I am now saving money on variable rates as the interest rates come down. You can't have the best of both worlds. Your just a big case of sour grapes.
Wow you are very bitter...
I'm not going to reveal my money making ways online to strangers.
Cheers for the tips though.
hey woooohhhh
maybe this thread should be closed or something. Theres no need for personal attacks on others.
maybe this thread should be closed or something. Theres no need for personal attacks on others.
