From: roughbarked
ID: 2004714
Subject: re: Chat March 2023

Witty Rejoinder said:

roughbarked said: Are you a young home owner with a mortgage higher than the value of your property? We want to hear your story about negative equity Posted 1h ago OK I was sold a block of land that I had only to pay low interest on but I could not buy it outright for cash. I had to enter the agreement to pay it off over something like 30 years. I calculated that we’d paid the initial $2,300 in a very short time indeed but that we’d be paying interest on that until the due date on the said loan. That if we had continued to pay the same rate, it would be $23,000 at the end. That’s the way the NSW lands dept worked in those days. I fear for people today. Borrowing upfront usually means paying back around twice the principal so 10 times over as above seems fishy.

Fishy it may seem but this was legitimately done and I have the records to prove it.
For a start, we’d been paying $36 per week since 1979 when I rolled the Pajero in 1995 and with the insurance I got, I paid out the loan on the land and freehold. They still had the hide to ask me, “You’ll still have the money at low interest why pay it out when you can use the credit to borrow elsewhere?”.

Cymek said:

roughbarked said:

Are you a young home owner with a mortgage higher than the value of your property? We want to hear your story about negative equity
Posted 1h ago

OK I was sold a block of land that I had only to pay low interest on but I could not buy it outright for cash. I had to enter the agreement to pay it off over something like 30 years. I calculated that we’d paid the initial $2,300 in a very short time indeed but that we’d be paying interest on that until the due date on the said loan. That if we had continued to pay the same rate, it would be $23,000 at the end.
That’s the way the NSW lands dept worked in those days.

I fear for people today.

Yeah that sucks balls

Witty Rejoinder said:

roughbarked said:

Are you a young home owner with a mortgage higher than the value of your property? We want to hear your story about negative equity
Posted 1h ago

OK I was sold a block of land that I had only to pay low interest on but I could not buy it outright for cash. I had to enter the agreement to pay it off over something like 30 years. I calculated that we’d paid the initial $2,300 in a very short time indeed but that we’d be paying interest on that until the due date on the said loan. That if we had continued to pay the same rate, it would be $23,000 at the end.
That’s the way the NSW lands dept worked in those days.

I fear for people today.

Borrowing upfront usually means paying back around twice the principal so 10 times over as above seems fishy.

Cymek said:

Witty Rejoinder said:

roughbarked said:

Are you a young home owner with a mortgage higher than the value of your property? We want to hear your story about negative equity
Posted 1h ago

OK I was sold a block of land that I had only to pay low interest on but I could not buy it outright for cash. I had to enter the agreement to pay it off over something like 30 years. I calculated that we’d paid the initial $2,300 in a very short time indeed but that we’d be paying interest on that until the due date on the said loan. That if we had continued to pay the same rate, it would be $23,000 at the end.
That’s the way the NSW lands dept worked in those days.

I fear for people today.

Borrowing upfront usually means paying back around twice the principal so 10 times over as above seems fishy.

Commercial fisherman have that problem when they need a boat

roughbarked said:

Witty Rejoinder said:

roughbarked said:

Are you a young home owner with a mortgage higher than the value of your property? We want to hear your story about negative equity
Posted 1h ago

OK I was sold a block of land that I had only to pay low interest on but I could not buy it outright for cash. I had to enter the agreement to pay it off over something like 30 years. I calculated that we’d paid the initial $2,300 in a very short time indeed but that we’d be paying interest on that until the due date on the said loan. That if we had continued to pay the same rate, it would be $23,000 at the end.
That’s the way the NSW lands dept worked in those days.

I fear for people today.

Borrowing upfront usually means paying back around twice the principal so 10 times over as above seems fishy.

roughbarked said:

Peak Warming Man said:

BREAKING:

There’s been a submarine leak.

Fark! will it suck the whole sea into it?

OK. I’ve broached this subject as a low income earner loan type person.
So far in this discussion there has not been another entry from a low income type person. I would indeed welcome their story. Otherwise you rich barstools only have my testimony.

roughbarked said:

OK. I’ve broached this subject as a low income earner loan type person.
So far in this discussion there has not been another entry from a low income type person. I would indeed welcome their story. Otherwise you rich barstools only have my testimony.

I think the thing is that low income people today have no chance whatsoever of achieving what you achieved, buying property.

dv said:

roughbarked said:

OK. I’ve broached this subject as a low income earner loan type person.
So far in this discussion there has not been another entry from a low income type person. I would indeed welcome their story. Otherwise you rich barstools only have my testimony.

I think the thing is that low income people today have no chance whatsoever of achieving what you achieved, buying property.

Methinks you have it by the balls.

roughbarked said:

dv said:

roughbarked said:

OK. I’ve broached this subject as a low income earner loan type person.
So far in this discussion there has not been another entry from a low income type person. I would indeed welcome their story. Otherwise you rich barstools only have my testimony.

I think the thing is that low income people today have no chance whatsoever of achieving what you achieved, buying property.

Methinks you have it by the balls.

Probably not even some dog box house on a tiny piece of land in a bad neighbourhood

roughbarked said:

OK. I’ve broached this subject as a low income earner loan type person.
So far in this discussion there has not been another entry from a low income type person. I would indeed welcome their story. Otherwise you rich barstools only have my testimony.

my niece bought a shitty fibro cottage on narrabeen lakes. they had what would be a reasonable deposit in other areas. But the loan they got required 5 years of interest only payments. 20 years later…they now have equity in a home with holes in the floors and rising damp after two recent floods that lapped over the foundations. he is low wage and she has a part carer’s payment and a bit of on line work. the sensible thing would be for them to move but he worries about getting another job and the autistic kiddo has local ‘education.’ (Still is non verbal but is making some way in that he is now making sandwiches and planting things in their gardens.) the house is really a rip it down and start again but the block is worth a motza now.

sarahs mum said:

roughbarked said:

OK. I’ve broached this subject as a low income earner loan type person.
So far in this discussion there has not been another entry from a low income type person. I would indeed welcome their story. Otherwise you rich barstools only have my testimony.

my niece bought a shitty fibro cottage on narrabeen lakes. they had what would be a reasonable deposit in other areas. But the loan they got required 5 years of interest only payments. 20 years later…they now have equity in a home with holes in the floors and rising damp after two recent floods that lapped over the foundations. he is low wage and she has a part carer’s payment and a bit of on line work. the sensible thing would be for them to move but he worries about getting another job and the autistic kiddo has local ‘education.’ (Still is non verbal but is making some way in that he is now making sandwiches and planting things in their gardens.) the house is really a rip it down and start again but the block is worth a motza now.

Now you have brought the balls of the argument to the fore.