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Oz house prices set to CRASH!
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05-30-2010, 11:27 AM
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kucheravka
Join Date
Oct 2005
Posts
482
Senior Member
Can't service loan and still ask for 700K+?
some have bought way too high, didnt take into consideration of the repayment loan and end up with broken marriages and bad debts. Others spend a heap on rennovation; $1k+ expresso making machine, in-room entertainment, italian marbles etc.. and for what? they cant repay the renno nor the housing loan.
but even the place is bought a cheap price still depend on whether the owner can repay the loan or not. I had also attended a mortgagee auction several month ago, and this owner bought the place at $165k 10 years ago failed to repay the loan and the bank had to seized his property to force sell.
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