Australia has time bomb
https://www.zerohedge.com/news/2018...ught-committing-mortgage-fraud-elderly-couple :bomb:
https://www.zerohedge.com/news/2018...ught-committing-mortgage-fraud-elderly-couple :bomb:
To make things worse , there is no formal training/ education needed to become a financial planner or adviser - 6 week course is all that is needed and you can be out in charge of millions of dollars of client funds. Seen many horror stories .Jaros said:A couple of years ago my financial advisor was "sacked" by his owner/manager no reasons given. After a fair bit of investigation I was able to gather that he had been outed because of suss investment advice to clients. At one time he was a Westpac Branch Manager in a Brisbane outer suburb. I had his mobile--no answer and email no. --no reply.
I moved my super to ING and been happy since with an allocated pension and some Centrelink help as well.
Have never heard or seen his name since.
OldGT said:The article if true works out under 70k pa (inflated on application) for a sizeable loan. Given the estimated age of the couple I could guess at the loan term..edit further article states term.. I've had many loans and been through a few dozen loan applications and the figures seem really off unless there was a sizeable deposit involved.
I'm on neithers side here, both parties were letting their ambitious drive get in the way of solid reasoning, and ending as you would expect. Bit hard to be sympathize, we all have to live by our actions. The fact they were declined initially should have been the moment it could have all been avoided.
thedigger said:From what I take from the story,is how many of these loans are out there.
Seems to me there is a lot of people who are going to face the music.
Nuggetbuster said:That's the point ... People have been lent money that they shouldn't have been lent.
ctxkid said:Nuggetbuster said:That's the point ... People have been lent money that they shouldn't have been lent.
they shouldn't lie to get it
AMP Capital says Sydney and Melbourne home prices could fall more than the 20% level it currently anticipates.
Given the risk of a deeper downturn, it says the next move in the RBA cash rate may not be higher after all.
Like other forecasters, it remains concerned about the potential for the housing downturn to spillover into weaker household spending.
Australia will receive updated data on household consumption and retail sales later this week.
AMP Capital says Sydney and Melbourne home prices could fall more than the 20% level it currently anticipates.
Given the risk of a deeper downturn, it says the next move in the RBA cash rate may not be higher after all.
Like other forecasters, it remains concerned about the potential for the housing downturn to spillover into weaker household spending.
Australia will receive updated data on household consumption and retail sales later this week.
Rafter said:WRONG???!
House prices go up.
Bought mine in 79 and paid 23.000. now it's worth 850.000 plus! Can't tell me they dont go up
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