Sophia wrote on Nov 8
th, 2023 at 7:11am:
Lisa Jones wrote on Nov 8
th, 2023 at 5:53am:
I’m gonna say it - because it has to be said:
WHY didn’t people lock in their mortgage interest rates?
We’re still enjoying 2% across all our mortgages until January 2025. So because of the low rate - we’ve been able to save money which we’ve now invested in savings accounts at interest rates of around 6%.
Meantime our properties have doubled in value and are still climbing big time.
The period 2019 to 2021 was THE opportunity of a lifetime to make serious money out of property. And to set yourself and your family up for 2 generations.
IF you didn’t buy a free standing house in a major capital city AND you didn’t bother to lock in your mortgage interest rate then you will definitely be hurting today. You’ll probably be facing negative equity and a mortgagee sale.
Interest rates will continue to rise. I don’t trust anything our Govt says nor do I trust anything the Reserve Bank says. You have to do YOUR due diligence because we are on our own. Those we have elected should be ejected from their privileged and comfortable and protected positions of power.
And another thing...Covid (which kick-started this economic uncertainty and created an opportunity to make sh1tloads of money) is still hanging around and infecting and killing people around the world despite everyone having multiple jabs. Very soon you will be told (by the govt et al) that you must have a jab every year for the rest of your life in order to be Covid safe. Every year. A Covid vaccine.
You’d have to be a complete and utter idiot to listen to that sort of shyte and trust/obey it yet I bet the sheeple of Australia will do just that. Your natural immune system will be irreversibly damaged and doctors know this and are speaking up about it too. Yet IF the money hungry members sitting in our halls of govt who have signed off on multi billion dollar deals with Pfizer (that multinational conglomerate which our govt officials no doubt hold a lot of shares in) TELL you to offer up your natural immunity for the term of your (SHORT) natural life...you blithering idiots would seriously listen to that rubbish and go along with it.
At some stage ... we the people will wake up to the fact that WE are being used and abused by our own people in power. I’m just hoping it will be sooner than later.
Isn’t there a limited amount of years one can have a mortgage locked in that banks allow?
Absolutely! And only a fool would not have safeguarded themselves against future interest rate increases GIVEN this extraordinary event : unprecedented low mortgage interest rates.
(Think of it as a Big W/Target clearance sale. Don’t think of it as a David Jones/Myers clearance sale as their sales are pretty much fake ie they exist in name only. Clearance sales are there for ever? No way! They occur every so often. But about once every 5 years the clearance sales are unbelievably low. That’s when you jump in and grab whatever you can and walk away.)
I merely went shopping for the best fixed interest rate that was on sale. I ignored the major banks (which I viewed as Myer/David Jones brands) with their fake offers. I ignored the mortgage brokers spruiking the major bank brands (once I realised how pathetic the 8 brokers I had were in terms of what they were REALLY offering ME vs what kickback they would be getting out of ME). I dedicated about 2 solid weeks of research (it was painful 😩) and I walked away with a deal I thrashed out myself. I haggled until I got fee exemptions (that was easy as I used the fact that I had no mortgage broker attached to the sizeable business I was offering the financial service provider).
One thing my European migrant parents taught me from the get go was this : Do not trust anyone. Everyone is out to make money out of you. Trust in education and instinct and fight to survive at all times.
You know ... I really do owe my life to parents who may have arrived here as frightened and poor teenagers in the late 60’s but despite their lack of education (largely due to no opportunity thanks to WW2 plus Civil War plus unbelievable damage to infrastructure etc) they instilled core life values into all of us which have grounded us and helped us succeed. A few core values they particularly pushed into us were as follows:
When (not if) your standard of living increases then your standard of giving also increases.
God says in His Word that He loves cheerful givers. The operative word was CHEERFUL. In order to be in a position to give though YOU need to do whatever is in your power to make sure you HAVE in order to then give.
An attitude of gratitude is more important than money.
Stay humble. To do that just remember that your parents were unskilled, uneducated but hardworking migrants looking to build a future.
Always have hope and never let it go. Don’t be afraid of situations which present as a Pandora’s Box for the final thing found even there ... was HOPE.
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