Wednesday, January 5, 2011

Property Dream or Nightmare ??

Talk about a Train Wreck in the making. 

Where were these K*I*D*S* parents 

{That's right they went Guarantor for the loan} 

 20 years of age Just left school saddled with $300K loan. 

Apprentice Hair Dresser & Builders Labourer 

He (Matt) actually  works for the Homebuyers Centre & when The Homebuyer Centre & The West  were looking for a typical "COUPLE" story to put in the paper, they found someone they could do a story on right on one of their building own sites, having to slave away for 70 hours a week to be able to afford their "DREAM" . 

Like two Deers in a Cars Headlights dazed by the housing dream?

What Matt is unaware of is that housing starts are down 30-40% in WA & there wont be the 70 hours a week available.

Love the part where they state "No Going Out" "No Shopping" they left out "NO LIFE!!" 

For what the great West Aust Debt Dream?

Just how secure is the value of your house when prices are being supported by two 20 year olds with a $300K loan.

Now read the scary bit at the end where they point out:

The centre provides no-savings, no-deposit loans to eligible homebuyers, provided that they have a guarantor.

Just think this is what is keeping WA prices from IMPLODING!!

Couple pay high price for dream

KIM MACDONALD, The West Australian January 6, 2011, 3:40
They left school only a few years ago but fears about increasingly expensive real estate has spurred one young couple into working long hours to pay off their home.
Port Kennedy pair Matt Beezley and Chloe Everington claim the constant discussion about housing affordability had scared them into early action.
Instead of partying like their peers, the pair were living with relatives and pouring every cent they earned into building a home in Lakelands.
Mr Beezley, a 21-year-old building labourer, said he was working up to 75 hours a week to pay off their $340,000 house-and-land package as quickly as possible.
It was part of a plan to upgrade to a bigger and better house in about five years time.
"I know people in their 30s who are living with their parents because they can't afford to move out," Mr Beezley said. "We don't want to be like that."
Ms Everington, 20, said there was a lot of anxiety about housing affordability among her friends.
She said many believed winning lotto was necessary to get on the property ladder.
"There's no going out, no shopping," Ms Everington, a hairdressing apprentice, said. "It sucks."
The couple are building through the Homebuyer Centre.
The centre provides no-savings, no-deposit loans to eligible homebuyers, provided that they have a guarantor.

Source: The West Australian.

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