was a discussion on this and the usual seek advice before signing or going guarantor
How many old peole or parents fall for this?
did anyone catch it all, I was too busy on here! LOL
” a blind man may see what a sighted man may not”
” a blind man may see what a sighted man may not”
Hi Elves,
saw it and all, and have seen it on the CBA site, but its nothing new, just media talk… scaring the elderly and the parents who are trying to help their kids…
if a proper due dilligence is done before hand, helping and guarantoring your kids… shouldnt be such a big problem….
… though they are making out this to be a huge risk….
Cheers,
sisbloody media, ay pisces? [wink]
>>bloody media, ay pisces? <<
Well I haven’t seen the program but, yes, sure looks like it. Looking at things from one perspective only.
Don’t tell me that there aren’t any good points in the scheme so where is the balanced view ?
What channel did you say the story was on, Richmond ? [wink]
Pisces
Channel 7 Pisces.
Richmond works for the other one [jerry] so he is off scott free today.
‘Eat rich food, barbeque a yuppie’ [greedy]
I wasnt too happy with what i saw to be honest, with the way things are going, CBA is making it way too easy to over commit yourself to a huge debt…
I personally think that young couple in the story who needed to borrow 10 grand from their parents are very foolish, they had 36K between them, and needed the extra 10 for a deposit on their first unit of 460 K… and i think they were just under 30 yrs old…. why does a persons first place need to be so lavish, if at 29 yrs of age, and only 36 K between 2 ppl how the hell will they pay off the rest of the debt??? they should hav got a place they could afford… its people like this that are gonna hurt wen rates go up, as its obvious they hav no concept of financial planning or reality….
Im not sure if it was a couple or a single lady buying now that i think of it, as i think the mum of the lady was saying she lent the whole 10 grand… but either way its still a stupid situation to get urself into…
just my thoughts i guess….
Jason
My parents helped us out with a deposit for our house. We bought 7 years ago and had a 15% deposit. My parents lent us $15,000 and we had the rest from other investments.
We could not have bought unless they were so kind. We new we were over-extending a little but it was worth it and we thought we could manage.
We have so far.
‘Eat rich food, barbeque a yuppie’ [greedy]
Years ago there was something about guarantors being still liable on loans for a person even after that particular loan was paid off.
I.E. they were guarantors for life even though they thought they were only guarantors for the life of that particular loan, not sure exactly how it worked. The cases of this actually happening were very small but if the bank/lender were dodgey enough…
Having missed that piece (gf watching Neighbors so I was on the net probably reading posts on here) I can’t tell the similarities of it all.
I have same problem at home re Neighbours, resulting in a smaller 2nd Tv in the bedroom [biggrin]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Hi all,
My parents were kind enough to purchase our fist home in their name as an IP. We made all the payments and they caught a tax break so it was beneficial for both parties. When we had built up enough equity in the home to buy it ourselves without a deposit we did so. They sold it to us at the same price they bought it for…no CGT. The bank we went through…suncorp metway…accepted the family equity thing being gifted to us, or something like that. Not all banks will do it though. We went through mortgage choice to find one who did. There is no way we would have been able to get into the property market without their kind help. I hope to be able to do the same thing for both my kids one day!
Rachel.[biggrin]
Today Tonight really have been playing the spoiler / negative card in the last month or two.
What’s the next tier down from gutter journalism?
Reality TV?
Can’t see anything wrong with this scheme. My friends have been doing it for years so their “grots” can afford to buy and live on Sydney’s northern beaches.Close to their mummy and daddy.
It’s this scheme, or the “kids” live at least three hours drive away.
Parents are allowing the “children” to build
on top of the family home. So (with fingers crossed) everyone’s a winner.bbruham.
Originally posted by Rubbachook:Today Tonight really have been playing the spoiler / negative card in the last month or two.
What’s the next tier down from gutter journalism?
Reality TV?
Hmmm, so when they’re doing stories on MAP programs, some think it’s good… when they’re playing the spoiler card, it’s bad… I don’t have an opinion either way, and no I’m sticking up for TT (god forbid)… just an observation…
(and yes, TT is gutter journalism, very apt description)Cheers
rHi all,
FWIW – http://www.jenman.com.au/NewsNews1.php?id=228
Derek
[email protected]Read my comments? Think I can help you? PM or email welcome.
Hey there,
I have no problems at all with parents helping children buy their first property, mine did the same, and i would do the same to my kids some day. (just in case it seemed that way in my first posting)
If my son asked to borrow money for his first car, and he drove home the next day with a new BMW i wouldnt be happy.
Same with this lending scheme. there is no problem lending on real estate that is realistically able to be paid off, buy the new owners, but the story stated a couple that bought their first unit with parents help that would be almost half a million dollars after all expenses!
So again, nothing against helping the kids, but lets be realistic on what people think they can pay off, after all, 10 grand towards a 460 K property is a drop in the ocean… (refering to the people in the story)…
Jason
Hi,
Like everything, wraps included, you need to weigh up the risk vs. benefit.
It seems this is a higher-risk strategy that will suit people, but not all. TT ran with one perspective, but the counter argument could probably have been presented with as much enthusiasm on a different night. Who knows?
Get educated and make your own informed opinion
Have a wonderful day.
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
I think there’s a difference between parents who can afford it, giving their kids a deposit for a home as a present, and parents who are really skint being encouraged to mortgage their own home for their kids, when the latter may not be able to afford it.
As long as nothing goes wrong, it’s all good, but I wouldn’t want my parents losing their own home because I didn’t/couldn’t pay my mortgage.
kay henry
Indeed – the same could be said for vendor financing.
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
hi yall
why do people keep refering to today tonite and what they have to say
who cares?
dont wanna be a bigot but erm…. the only people who are featured here are ferals’ boguns, losers and trailer park trashes nb. jerry springer variety specials.
this may include a few of people but hopefully not in this forum.
sorry to mention this but someone’s gotta say it and my necks out on the chopping block
There is no risk if its structured correctly. Worst case serario if the house went mortgagee in possesion would be a loan of between 20%-30% of the original purchase price. The parents would not loose their house.
Lots of +cf props NSW Country. Hard work is done. Nick 0414 274 495
[email protected]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
