Can't understand what's as plain as the nose on your face?
mantra wrote:For Rorsch and IQ - from the conservative Australian.....![]()
Aussies are $160bn ahead on mortgages
AUSTRALIAN families are now $160 billion ahead on their mortgages, squirreling away an extra $30 billion since the start of the GFC. That means people are saving more by paying down their debt mantra
About half of the nation's three million home-loan customers have taken advantage of low interest rates to pay down debt at a pace the likes of which has never been seen. See PAY DOWN DEBT... and what about that pace eh?
New Reserve Bank of Australia figures show borrowers are a record 14 per cent in front on their combined $1.14 trillion of housing loans. gee I wonder how that happened.... I'll tell you again even though you keep denying it.... because discretionary spending is down and people are saving and paying off debt.
In March 2008, as the global financial crisis was beginning to take effect, the mortgage buffer was 11 per cent.
"People are paying down their homes, they're not drawing down on equity to pay for things which were going on during the GFC,'' said Australian Bankers' Association chief executive Steven Munchenberg. I'm sorry did your article just agree with me? Of course it bloody did.
"House prices were going up and people were using the equity to invest or spend, but it would suggest they are not doing that now, they are very happily paying down their mortgages as quickly as possible.'' I'm sorry did the article agree with me again?![]()
http://www.theaustralian.com.au/news/au ... 6609151657