Economics Editor, The Age
Its an old ad, at least 6 months old.The giveaway is the interest rate offered at the end (5.11%). UBank is now paying 5.85%, or 5.95% with the savings plan bonus.Besides, its clear savings is not the new spending. We're back to splurging big time as you've been gleefully pointing out for the past 12 months.Savings is a mugs game. The tax man takes half your interest, so you have to get double inflation just to stand still. OTOH if you borrow big for an investment property the government throws tax concessions at you, even if its an existing building.Borrowing and spending is the new borrowing and spending. We haven't learned at thing from the GFC.
Low doc loans are back!First issue of low-doc RMBSs, by guess who? Macquarie! Its like 2007 all over again.Borrowing and spending are the new borrowing and spending. We have learned nothing from the GFC.
Melbourne auction clearance rate: 87% (!)The Melbourne market is growing faster than anywhere else in the country because...?
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