26
Australia took its interest rate medicine – and it has poisoned our living standards | Greg Jericho
(www.theguardian.com)
this post was submitted on 21 Nov 2024
26 points (100.0% liked)
Australia
3618 readers
108 users here now
A place to discuss Australia and important Australian issues.
Before you post:
If you're posting anything related to:
- The Environment, post it to Aussie Environment
- Politics, post it to Australian Politics
- World News/Events, post it to World News
- A question to Australians (from outside) post it to Ask an Australian
If you're posting Australian News (not opinion or discussion pieces) post it to Australian News
Rules
This community is run under the rules of aussie.zone. In addition to those rules:
- When posting news articles use the source headline and place your commentary in a separate comment
Banner Photo
Congratulations to @Tau@aussie.zone who had the most upvoted submission to our banner photo competition
Recommended and Related Communities
Be sure to check out and subscribe to our related communities on aussie.zone:
- Australian News
- World News (from an Australian Perspective)
- Australian Politics
- Aussie Environment
- Ask an Australian
- AusFinance
- Pictures
- AusLegal
- Aussie Frugal Living
- Cars (Australia)
- Coffee
- Chat
- Aussie Zone Meta
- bapcsalesaustralia
- Food Australia
- Aussie Memes
Plus other communities for sport and major cities.
https://aussie.zone/communities
Moderation
Since Kbin doesn't show Lemmy Moderators, I'll list them here. Also note that Kbin does not distinguish moderator comments.
Additionally, we have our instance admins: @lodion@aussie.zone and @Nath@aussie.zone
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
That's an interesting concept but not one the RBA has any control over. You'd have to freeze old loans somehow too to prevent people redrawing and consolidating debt into old facilities? And get all the banks to adopt it? What about international debt? Don't think would be doable in practice
In the US, the vast majority of mortgages have a fixed rate over decades.
90% of mortgages are fixed-rate for 30 years according to this page: https://www.mortgagecalculator.org/helpful-advice/how-many-years-mortgage-loan.php
I don't know the details of how that works, but yeah, it's possible for the vast majority of home borrowers to be on fixed rates.
Essetially "socalism", In the US Goverments backed Fannie Mae and Freddie Mac, so commercial banks had to compete for loans.
We'd need a government bank to do the same, I think its part of The Greens policy to reestablish one and offer them? but we'd need way more voters to pivot Green, thay seems unlikely, so we're left with the same stupid, repeating the same stupid mistakes... we sold the last Government bank off.
Or legislation and that's never going to happen with ALP/LNP.
Fixed rate for the entire term? Fascinating
That's a good deal if you get s good deal.
not just the yanks, I have a mate from france I caught up with earlier this week who could not comprehend how a home loan had a variable rate. She thinks we're all insane.
...