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#61 | |||
FF.Com.Au Hardcore
Join Date: Sep 2006
Location: TAS
Posts: 2,551
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Quote:
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XA coupe 8.8sec @ 150mph http://www.fordforums.com.au/showthr...coupe+drag+car BA GT-P for the shed Mustang GT for the other half E3 chubsport - fully fat (and slow), sitting there waiting for me to get sick of it and sell it. BA XR6T for a daily NT Pajero for the bush XB 4 door project- swallows a BF xr6 turbo My dad is a generous bloke. He gave away his dead car batteries free of charge.... |
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#62 | ||
Thailand Specials
Join Date: Aug 2009
Location: Centrefold Lounge
Posts: 49,034
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I seen the AUD falling heaps against the USD in the last few days, not too happy now its going to start costing more to import stuff from the USA.
Also whats the deal with gold prices? When I was in Grade 3 in 2000 it was like $300 something an ounce, looking the other day it was $1600+ Is a shiny rock which you can't do much with really worth that much? Also its going to be interesting with work considering we keep getting told we're not doing our jobs fast enough, as far as our boss says, we're one step away from the chopping block by the board of investors who bought into our company. I wonder if this downturn is enough to tip us over the edge? Might be the time and perfect chance for the career change we where all dreaming about if we all get the sack? |
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#63 | |||
I was correct - AGAIN
Join Date: May 2010
Location: Third rock from the sun
Posts: 1,801
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#64 | |||
let it burn
Join Date: Feb 2006
Location: QUEENSLANDER!!!!!
Posts: 2,866
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What you can buy now, even well within your means is well out of your means in a depression for most people. One of the first things to go in a depression is your job, and likely your partners. By that time people are begging for work to earn just enough to feed the family and not much else. |
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#65 | |||||
let it burn
Join Date: Feb 2006
Location: QUEENSLANDER!!!!!
Posts: 2,866
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Cash can be worthless in a DEPRESSION. Havent you seen the photos of Germans during the Great Depression walking around pushing a wheelbarrow full of money, and not enough to buy a loaf of bread. There were other reasons why German money was so worthless, but it was a large part the Depression that did it.
Guns and ammo is where its at. Im only half joking. Oh, and baked beans lots of canned goods like baked beans. Quote:
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#66 | |||
FF.Com.Au Hardcore
Join Date: Sep 2006
Location: TAS
Posts: 2,551
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Quote:
So I will stand by my original statement that the poor cannot get poorer. And if you really think you are poor and getting worse off, then you were not really poor in the first place!
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XA coupe 8.8sec @ 150mph http://www.fordforums.com.au/showthr...coupe+drag+car BA GT-P for the shed Mustang GT for the other half E3 chubsport - fully fat (and slow), sitting there waiting for me to get sick of it and sell it. BA XR6T for a daily NT Pajero for the bush XB 4 door project- swallows a BF xr6 turbo My dad is a generous bloke. He gave away his dead car batteries free of charge.... |
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#67 | |||
let it burn
Join Date: Feb 2006
Location: QUEENSLANDER!!!!!
Posts: 2,866
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If you read my other posts, I dont think were headed for a depression either, but your post suggested that even in a depression, you cant be poorer. Nothing to do with the storylines of rubbish 'current affairs' programs. That last bit I cant disagree with at all, no-one in Aus has any excuse to think they are dirt poor, not by world standards anyway. However in a depression, that will change. |
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#68 | |||
FF.Com.Au Hardcore
Join Date: Sep 2006
Location: TAS
Posts: 2,551
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Quote:
![]() So who, or why are people talking up a depression? What is to be gained from promoting doom, gloom, and fear? (actually, don't answer that - I think it is pretty much clear who is doing that).
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XA coupe 8.8sec @ 150mph http://www.fordforums.com.au/showthr...coupe+drag+car BA GT-P for the shed Mustang GT for the other half E3 chubsport - fully fat (and slow), sitting there waiting for me to get sick of it and sell it. BA XR6T for a daily NT Pajero for the bush XB 4 door project- swallows a BF xr6 turbo My dad is a generous bloke. He gave away his dead car batteries free of charge.... |
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#69 | |||
Banned
Join Date: Feb 2008
Posts: 301
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#70 | |||
FF.Com.Au Hardcore
Join Date: Sep 2006
Location: TAS
Posts: 2,551
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Quote:
The xr6t, pajero and gtp were all purchased through our business, which we work in 6 days a week. When our financial advisor suggested margin loans we refused. We resisted the urge to go with the crowd and the lure of easy money. Now - we are in a very comfortable position. I am back at uni studying medicine full time. The kids go to private school. I having another 4 car shed built for my next project. But we are living within our means. I think the description they use is "delayed gratification" for when you do without now so that you can benefit later. It's a term that is forgotten when we are sold the idea that posessions make us happy. Buy now, pay later. The economy is suffereing form this mind-set. We are paying now for what we bought earlier on, except nobody wants to foot the bill...
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XA coupe 8.8sec @ 150mph http://www.fordforums.com.au/showthr...coupe+drag+car BA GT-P for the shed Mustang GT for the other half E3 chubsport - fully fat (and slow), sitting there waiting for me to get sick of it and sell it. BA XR6T for a daily NT Pajero for the bush XB 4 door project- swallows a BF xr6 turbo My dad is a generous bloke. He gave away his dead car batteries free of charge.... |
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#71 | ||
FF.Com.Au Hardcore
Join Date: Nov 2009
Posts: 1,421
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I have put off all plans of buying a place. I am looking for new ways to secure the money I have saved...
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#72 | |||
Banned
Join Date: Feb 2008
Posts: 301
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#73 | |||
Banned
Join Date: Mar 2011
Posts: 455
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People need to keep spending money to keep the economy alive. There is no logical reason to avoid buying your first home unless you've got unstable employment or are borderline to over committing yourself. Even if homes drop back a bit they will recover and appreciate long term. People need to continue on with their lives and keep a positive attitude, a negative attitude will actually BE the cause of this to happen in Australia to a very large degree, not what happens in America... |
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#74 | |||
Banned
Join Date: Feb 2008
Posts: 301
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#75 | |||
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Join Date: Mar 2006
Location: Brisbane
Posts: 6,197
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#76 | |||
FF.Com.Au Hardcore
Join Date: Nov 2009
Posts: 1,421
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NZ futures open 2% lower... a crystal bakll into the fate of the markets, as NZ is the first market to open
http://www.abc.net.au/news/2011-08-0...rading/2828800 Quote:
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#77 | ||||
Force Fed Fords
Join Date: Aug 2005
Location: Enroute
Posts: 4,050
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So what you're saying is Tony Abbott spent the 20 billion surplus, borrowed over 250 billion from China to waste on stupid projects like pink batts, BER, NBN and other non necessities? So it's also Abbott threatening the only booming part of our economy with a new resources rent tax, and scaring the populace with an all encompassing consumption tax? Hmm. I thought the idiots in power now who pork barrelled and made deals with anyone desperate to cling to power were responsible. I suppose we've found one of the 26% of Aussies who would vote for more of the same waste, mismanagement, erosion of rights; standard of living and lies.
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If brains were gasoline, you wouldn't have enough to power an ants go-cart a half a lap around a Cheerio - Ron Shirley Quote:
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#78 | |||
FF.Com.Au Hardcore
Join Date: Nov 2009
Posts: 1,421
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Good article on the fear in Asia. Don't expect China to save the day. :(
http://www.eastasiaforum.org/2011/08...through-again/ Quote:
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#79 | |||
Banned
Join Date: Mar 2011
Posts: 455
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Many parts of main stream Australia are still holding up very well. There wont be any great bargains to be had unless you want to iliive in the sticks, regardless of what he pays today even if it devalues a bit it will recover then appreciate, meanwhile he's paying if off instead of fueling someone elses investment portfolio. Look at history, whats the longest period we've ever had of negative house price growth? and how long did it take for them to recover and appreciate again? As long as you dont sell you havent lost anything. Get in but buy smart and buy somewhere stable. |
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#80 | |||
FF.Com.Au Hardcore
Join Date: Sep 2009
Posts: 2,527
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How easy is to "wack it on the card" Than it is to say,save for that item Or Heavens forbid (and dont be seen doin this) puttin a layby on ??? |
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#81 | |||
FF.Com.Au Hardcore
Join Date: Nov 2009
Posts: 1,421
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The is no way in hell I am committing myself to a 30 year mortgage right now. I will continue savin, put my head down, and work my **** off. Spend our way out? It is debt that has beought us into this. The only way out is to repay the debts! I am debt free. Just because our country now owes 160% of GDP (last recession was 50%!) doesn't mean I need to bankrupt myself for the sake of the nation! The world needs to man up, take the medicine, go through some pain and come out stronger and smarter for the experience. |
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#82 | |||
FF.Com.Au Hardcore
Join Date: Nov 2009
Posts: 1,421
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Quote:
If Australia is hit hard by this - America and Europe go down, then China loses its 2 biggest creditors... where are we going to be then? EDIT: The fact is if the market drops you DO lose something! equity. I'm not about to risk 20% of 600k at a point in history when you can actually see the writing on the wall burning neon red! |
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#83 | |||
FF.Com.Au Hardcore
Join Date: Sep 2009
Posts: 2,527
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Theres too many reasons why people buy where they do,unfortunately Close to work,close to amenities (shops ect) Buying in mainstream area will always incure a premium price Then buying outta town ,again depending on the situation can have limited accessability , and incure addition running costs I sold my acreage , that i owed on 5 years ago And bought acreage outright where i am Now the first acreage has gone up , by current value maybe 100-150 K But where i am now hasnt as much if anything maybe 60 K But during the first 3 years after i sold my first acreage, we had i think 12 interest rate rises So i couldnt with a crystal ball see IF i would still be there Although the interest rate has dropped considerably now,would i still have the same job, would my employer still be in business To many variables But im happy where i am,it hasnt gone up alot But its all mine Dont ever have to worry about interest rates, bank managers,paying the mortgage,sheriffs turning up when i dont fullfill my obligations Is that more secure than a huge debt over my head You betcha |
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#84 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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I remember going for my first loan in 1999. I had saved 20 grand and wanted to buy a place that cost 75 grand. I was knocked back because my 5 years of working 30+ hrs a week while putting myself through school and uni were 'Casual'. It didn't matter to them that I had a long history of saving very well, never paid interest on my credit card and also paid 15grand cash for my Festiva 2 month prior to my application. She told me to come back after 2 years of 'full time' employment. Anyway, I got my loan, and many more after that. It was always a struggle, as I have never worked 'full time'. But the more equity and cash I built, the better the paperwork looked for the banks so it became easier over time. The last loan I went for went something like this. I had 150k deposit and wanted to borrow about 200k as I didn't want to buy a place over around 330k. I still didn't have a 'full time' job but the call I got from the broker was interesting. "You have been approved for 600k"... now, that was only the loan amount, meaning I could have bought a place for circa 700k. I didn't need work papers (only tax statements) and the application was through one of the 'big 4' so it wasn't a boutique lender or 'no doc' loan at an inflated rate. What a joke. I How many people would have jumped at the chance to borrow the lot? Where would they be now I wonder? I stuck to my plan and ended up getting a house for 325K. I was comfortable, my life didn't change 1 bit. I still ate out, I still went overseas on my regular long trips, I had money to buy a car or 2 and that's the way I like to live. I still haven't got a 'full time' job either. I have a friend on the other hand who has also never had stable work, drives a bomb and has a credit card debt of 70+ grand. Why? Well the banks just kept offering her more credit. Every 6 months she would get a letter saying she has been approved for X,XXX increase. They could see she was already drastically behind..... Of course she kept saying yes. It's not her money after all, it's 'free money' from the bank. Human nature has played a big part in this. We all crave for what we don't have but there was a time when hard work and sacrifice was the only way to attain those things. Now, we can have all those things pronto (thanks to the help of our friendly banks) and worry about paying for it later. |
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#85 | |||
Banned
Join Date: Feb 2008
Posts: 301
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Yes you are right if you dont sell you dont loose anything to a point - but circumstances change you may have to sell. If you are buying your first home i think its absolutely imperative you seek good financial advice not just that on a forum and weigh up the real cost of ownership ie. how much it costs you every year to live in that property and see what type of growth the market needs for it to be considered a good investment, unfortunantly for those entering the market for the first time listening to the oldies who cashed in on the booms a lot of the figures are misrepresented. Now just as a basic for someone buying a first home in sydney today as a primry place of residence needs a minimum 550k for a unit/townhouse and assuming a 10% deposit. 500k at 6.87% interst per year with fees most first martgagees get and you got a comp rate of 7.5 - $37500 add in rates - 1200 maintaining a property - 5000 (being very light on that) insurance - 1000 rough total it has cost you to live in that house for a year - 43500 so the market needs to grow @ around 7.9% just to break even - And i dont think i have seen any predictions that can match or beat that. There other option is take that 50k deposit they have saved and put it in the safest no risk investment around and get 6% for 12 months - keep paying rent so saving even more cash by not paying rates, maintenance, insurance, etc etc they will come out in front. |
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#86 | ||
Banned
Join Date: Jul 2007
Location: new south wales
Posts: 1,153
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Hello boys , looks like panic is setting in.
It seems we are about to cop another smashing today on the stock market , opens in 2 minutes.. I would say many mum and dad investors may rush for the exit today. |
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#87 | |||
FF.Com.Au Hardcore
Join Date: Nov 2009
Posts: 1,421
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#88 | |||
Banned
Join Date: Jul 2007
Location: new south wales
Posts: 1,153
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#89 | ||
BIG MEMBER ;)
Join Date: Sep 2009
Location: Sydney, NSW
Posts: 940
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I'm just worried we have Swan and Gillard to get us through this upcoming financial downturn...
![]() This is going to be bad. These idiots are more concerned about being green issues than fixing our economy up. Prepare your self guys.
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2010 FG XR6T, EGO, MANUAL, LUXURY PACK.
Last edited by kaniSS; 08-08-2011 at 11:30 AM. |
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#90 | |||
FF.Com.Au Hardcore
Join Date: Dec 2004
Location: Newcastle NSW
Posts: 7,890
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Really? Do tell us which Australian banks had to be bailed out in the sub-prime crisis. What happened in the USA didn't happen here! Since the Uniform Consumer Credit Code (UCCC) was introduced many moons ago banks have always had a margin of 1.5 to 2% added to the actual loan rate of their borrowing calculators for determing borrowing capacity. Debt Serice Ratio (DSR) is only one of a number of factors they consider however. True, general lending policy has been tightened since GFC.
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T3 TL50 #147 Silhouette Auto ESS - Brembos - Last of 3 in T3 spec, only AUIII TL50 ever built -14.2 sec @ 98mph bog stock. Only customer ordered T3 TL50 built, only LWB sedan plated AUIII and the last performance enhanced LWB sedan built by Ford Aust. AUII Fairlane Ghia Sportsman 5.0L in Blue Pearl OWN THE ROAD |
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