this post was submitted on 31 Jul 2023
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What's wild is, instead of banks turning off the tap and telling people they can't borrow more they were enabled and allowed to continue becoming oberindebted.
This is the reason why we should be strengthening and not weakening responsible lending laws.
House prices can't go up if you're literally not allowed to overpay for them.
aww yeah its crazy, even during 2022 we went back to the bank for pre-approval and yeah we had more money saved for a deposit but what they offered us was way above what they offered us the year before. And then is when economists were saying we need to reign it in or the market will pop.
Every time I see an article like "they paid 1.4 mil for a 1 mil property" I ask the question, how were they allowed to overpay that much? I'd actually argue they shouldn't have been allowed to.
They came in with 10% deposit that mum and dad helped with and in some cases mum and dad were the guarantors.
In a lot of cases they were spending mum and dad's money too, or nepositism to a senior position at daddy's work.
Because at the time, everything was overpriced. Easy to make judgements with hindsight