Apparently mortgage approvals are up 10% in July, the highest monthly jump in over a decade. I think that property prices are grossly inflated and that speculators cant get their hands on enough money.
I believe interest rates will go up before Christmas and that property prices will start coming down, quickly, within the next 12 months.
Current property prices can not possibly be sustained and a lot of people are going to start to feel the worst of it very soon. Anyway that’s my perception, does anyone have any other takes?By the way I got my stats from news.com.au How do you create a link to it from your post? G7
The broker our business used confirmed that 70%+
of their current borrowing is for refinancing.
ie debt consolidation.
Would welcome comment from our resident brokers.
Come on guys whats really happening.Well July was good but has dropped off since.
I hear that many people in the larger cities are buying new cars etc with their property windfalls.
Not what I would recommend – car is worth 20% less as soon as it leaves the car yard then you pay it off over 30 years….. Hardly seems prudent to me! I drive a 10 yr old commodore myself!
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I found that July was very quiet, but it is getting busy as spring approaches.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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