Another Interest Rate Rise!!!!!

[mattgreen]

We were only just lucky to buy our house back in 2000 when house prices were at the bottom of the slump...$70,000 for a three bedroom house in a popular area of town, which is now worth about $260,000+...rediculous, but does make for a nice little amount of home equity...

We might be dipping into the home equity again quite soon for a new car...sorry to say it, but it most likely won't be a Holden, but rather a brand new Ford Focus six speed turbo diesel...fuel economy like my motorbike, a decent amount of kilowatts, and torque like a V8...:thumbsup:

With oil at $100 a barrel, and the only hope of it going down being "political stability coming to Pakistan" and some African country (yeah right...), it will most likely only go up. I would guess petrol will be up around $1.50 in our area within maybe a couple of weeks, and unless political stability comes miraculously to the places mentioned in the news, and oil keeps rising, it could climb up to $2 a liter by maybe the middle of the year.

Of course, this will have other effects on the economy...namely our beloved cars. We will be trading in the Lumina if we get another car, while it still has some value. I already know two guys who have had lower trade-in values made on thier immaculate cars purely because they are V8's (one a '97 Statesman, the other a 2000 SS for gods sake!), and this accelerate, and then move on to other large cars, such as plain old V6 Commodores as the petrol price rises.
In the second hand yards, if you have the dough, you will be able to pick up bargains...remember back in 2001 when the war in Afghanistan started, when oil shot up and petrol rose to a then-shocking $1.30 a liter? V8's dropped in price alarmingly on the second hand lots, and couldn;t be given away at some places. Look at the difference between older Land Rover Discovery's...you can pick up a very nice V8 one for prices down around the $6000 to maybe $9000 range, yet the exact same model with the excellent five cylinder turbo diesel starts at around $12,000 upwards.

High oil prices have a nasty way of affecting all sorts of unforseen things.

2.00$ a litre!! **** THAT **** ill convery my beloved vs into a 4 cyl =D hummm rip my excell 1.4 litr engine out and put it in the vs? gutless!! but with the petrol prices =[ seems like itll be parked for a while! or i could just syphone the assholes in my years petrol haha payback + i gain out of it!!
#adds to notebook..

 

[GreenGremlin]

my rates are going up on my loan for my car -.- mother ****ers im 17 its allready hard enough paying it off + doing my HSC at school!! hope the banks die.
also to add petrols going up to 1.50 where i live tomorrow i think and thats just ****ed!!
i filled my baby up at 1.40 a litre! hurt my pocket =[ especialy when you earn around 80-160 a week!

sorry mate but at 17 years of age a car loan on a 80-160 a week is asking to get keestered, unless mum and dad bail you out, most people I knew when I was that age saved from working ****ty jobs and bought the best car they could afford outright.

but then again if you get by and get away with it without too much going wrong financially good luck to ya.

 

[Swordsy]

i think that this thread is getting off topic!!

The truth is that if you can't afford something, don't f#&%img get it!!!! house car or anything!!! Stick to a reasonable budget with a bit of leway, and you should be right. That is the sensible thing to do, or am i just an idoit..........

 

[Bravotwozero]

I see your presuming that a 400k home means that's how much you mortgage...Why we are presuming, lets presume said person had a large deposit, and has been making excess payments after getting a home loan. As i said, he lives week to week, never did i mention how much debt this person had.

Clearly they did have a large deposit because I've already stated that someone on that salary would never be able to borrow that much. But now I see this person suddenly now earns 70K? So he's got a 400k home with equity and you want to use this person(s) as an example in a negative way? :whistling

I still call bull****!

 

[1991_Vn2nV]

Well when will the aussie public learn? The interest rates continually go up because we are continually spending at record highs.

The australian public needs to learn to be more responsible with their money... Stop borrowing everything and spending the rest of your life paying off interest.

A house is a massive purchase.. Anyone that enters into such a purchase without weighing up all their options and being prepared for the worst, simply shouldn't be buying a house.

 

[Swordsy]

Well when will the aussie public learn? The interest rates continually go up because we are continually spending at record highs.

The australian public needs to learn to be more responsible with their money... Stop borrowing everything and spending the rest of your life paying off interest.

A house is a massive purchase.. Anyone that enters into such a purchase without weighing up all their options and being prepared for the worst, simply shouldn't be buying a house.

Exactly!! you have hit this one on the head, stop spending money on stuff you don't need, and only use your credit card when you can afford to pay it off.

 

[Kikki]

So its not my fault then, its all your fault! LMAO! We dont and never have had a credit card or finance. We simply cut out budget as much as we can and save our asses off to get what it is we need.

Smart man once said to me "if you dont have the money in your pocket for those shoes then you were never meant to have them"

Thanks for that Dad

However at some stage were going to have to *sigh* I love saving BUT its going to take a looooong time to save up for a house lol.

 

[Swordsy]

Ah, MON5TER, its not just you or me spending money, its everyone.

I've given up pn a hpuse for now, i'll just get stuff for my cars

 

[azkwazere]

your generalising here....

i cant work the majority of hours i want, id love to work a 38 hour week, a full time job would be sweet, but im at uni, i rent, in fact, i have alot of if not all the bills a normal household would have but the difference is, im studying at uni... i get centrelink which isnt much because i work, id rather earn my money which intern decreases the amount of money i have avaliable to me at the end of the day.

Interest rates affect me, i have a p/loan and a c/card which i have to deal with and its not just a matter of plan this save that all the time. I cant just live at home, in fact, my original home is well over 150kms away from where i study which wasnt by choice as my campus only offers the major i want.

Most uni students feel my pain, mummy and daddy didnt buy em a car and then they needed to move out to go to school to earn the wage... when i get out of uni i can earn my 120k a year... but for now im stuck with the rate issue and it sucks... fast food doesnt pull that much a year.

Please stop generalising that this only applys to people who CAN work a full time job without any other commitments, ie. Full time tertiary education.

aZk.

 

[vlv8vic]

I moved out for uni too so i know where you are coming from with that.
However i managed to save a decent house deposit while i was at uni too. So the second i got out of there and had a fixed income that the banks would like i picked up my first place.
And before mummy and daddy are mentioned, they are quite well-off. But never gave me a cent. Because they were well-off i never got centrelink payments until my 4th year of uni after i had worked my aa off in the petrol station to get over the independent threshold.
I had a 1980 Datsun to get around in. It didn't have a heater, aircon, power anything and it stunk like fumes to the point people wouldn't get in it but you make these cuts in order to get what you want.

I still owe the gov't about 20k for uni, but i managed to do without a car loan or credit card. Choices.