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Losh's house build 5 years in the making

losh1971

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I know, people with $600k or more mortgages will be in a world of pain when the rates go back to normal. Fortunately I can't see the RB increasing the rates anything above 4% for a lot of years yet. If they do, they know there will be 1000s of foreclosures.
 

keith reed

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One thing will always stick in my mind is of a person I worked with when things went pear shaped in the 80's. He was about 60 at the time. He lost his house with the swimming pool due to the rise in interest rates. He was probably was struggling anyway but the increased interest rates did him in . He was 63 when I worked with him, his wife was very sick and giving him a hard time plus it was costing him a lot of money for her medication. He was working every weekend helping the foreman on the job I was working on building his house. I thought at the time that this is no way to live. The banks were ruthless, they didn't care about him. They just wanted their money. He and his wife are most probably both dead now, at least they will be in peace.
 

afstruct

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One thing will always stick in my mind is of a person I worked with when things went pear shaped in the 80's. He was about 60 at the time. He lost his house with the swimming pool due to the rise in interest rates. He was probably was struggling anyway but the increased interest rates did him in . He was 63 when I worked with him, his wife was very sick and giving him a hard time plus it was costing him a lot of money for her medication. He was working every weekend helping the foreman on the job I was working on building his house. I thought at the time that this is no way to live. The banks were ruthless, they didn't care about him. They just wanted their money. He and his wife are most probably both dead now, at least they will be in peace.

liked for the sentiment they're at peace now !!!!!
 

afstruct

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I know, people with $600k or more mortgages will be in a world of pain when the rates go back to normal. Fortunately I can't see the RB increasing the rates anything above 4% for a lot of years yet. If they do, they know there will be 1000s of foreclosures.

Surely will not hit 4% in the short term as still need inflation and if jobs / employment/ business doesn't bounce back quickly = we're in real trouble = depression = very hard times!!!!.
 

losh1971

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Surely will not hit 4% in the short term as still need inflation and if jobs / employment/ business doesn't bounce back quickly = we're in real trouble = depression = very hard times!!!!.
Exactly, I think we are on insanely low rates for the next 10 years.
 

afstruct

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Because I'm extremely lucky = ( still employed and earning )= been supporting local pub / bottle shop.

We were talking yesterday arvo = she (staff) = won't wind back restrictions untill a vacuation is found= people will die, yes they will = not economalitly viriable
 

losh1971

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New house block out 30 mins from Town has gone through. We are now in the process of having a house designed and the application submitted to council. Found out this process will take 6-7 months, so shed is unlikely to be built this year unless we get a miracle. Bummed because a shed close to Town this year would have been awesome. It is what it is, just means won't be putting the old house on the market until probably next year as I won't have anywhere to store my gear unless I buy two containers.
 

Aussie Trev

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Because I'm extremely lucky = ( still employed and earning )= been supporting local pub / bottle shop.

We were talking yesterday arvo = she (staff) = won't wind back restrictions untill a vacuation is found= people will die, yes they will = not economalitly viriable
It looks like you have been supporting that bottle shop a little too much :)
 
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