First year anniversary for me tomorrow. I have managed to smash ~$15k of principal off which I thought was pretty good. Have a nice redraw and equity in my house now.
Time flies and I get an interest rate rise as a present but luckily it's only $2 or so difference a week
Quote:
Originally Posted by Adamz Ghia
Now banks are being blamed for overstating an applicants borrowing power, causing them to lose their homes.
Surely there has to be an element of responsibility on the borrowers part?? Surely as an adult you know your own limits!
|
Of course but lenders should not lend money they know someone cannot afford assuming all the documents provided are correct. They have a responsibility too.
They would lend me $500k but I would seriously struggle to service that loan. I borrowed $330k for reference.