Friday, March 9, 2012

Mummy's Boy

Meet Dugan McKay a 26 year old Diesel Mechanic showing off the keys to his (Bank's Really) new "Mission Brown Brick" bachelors pad in Roleystone.(Just a few doors down the street from Mum & Dad)
It's most redeeming feature is the extensive use of Mission Brown Exposed Face Brick throughout the living areas.   

At 26 years of age, having worked for at least 8 years Dugan has not had the discipline or maturity to save a deposit to buy his first home. Instead after exhausting all other avenues he resorts to help from Mummy & Daddy to achieve his home ownership dreams.

In reality people like Dugan have no place on the property ladder yet many "Genuine" First Home Buyers find that they have to pay more for their first homes because they are finding themselves having to compete with "DIPSHITS" like Dugan who can only really enter the market because he  relied on Mummy & Daddy also putting their property up as surety.

Just wait till reality hits him between the eyes & he discovers just how much more it costs to own a home V's living in a "CARAVAN" at the back of Mummy's house. Lets see the smile on his face early July when the Shire & water rates roll in, this Dipshit could not save a deposit where is he going to find the money to pay theses rates? Oh that's right Mummy can help there as well?

One of the things that attracted Dugan to this property was it's "Close Proximity" to the "City" but if you look at the map below you will see that his little Property Gem is actually on the very outskirts of the Perth Metro area. Any further out & Dugan will need to pay rates in the City of Kalgooorlie.


  1. I'm not sure much is added by what looks like a personal attack on the "buyer". Admittedly living on the same street as his parents smells a lot of "Everybody Loves Raymond", and you have to question why a skilled tradesman like a diesel mechanic wasn't able to save a deposit without his parents having to go surety (although he wouldn't have been fully qualified for all of those 8 years).

    What I think is more to the point is the notion that parents have to go guarantor for their children for them to be able to buy a house, or otherwise "kick in" cash. That surely should indicate that house prices are too great to be supported by “normal demand” and should raise questions as to future prospects! We’ve seen ridiculous stories about “pooling birthday and Christmas money” to buy kids property, and now this. Are property spruikers really that desperate?

  2. Not Fooled By Property Spruikers Hype ... you make some very good points about the over priced properties, massive debt, lack of deposit etc.
    And yes the Mission Brown Brick home is light years away from the Perth CBD ...
    However there is no need for your extreme personal attack on this young man and his parents.
    Surely you can get your point across without having to continually abuse people in all of your posts.

    As far as living at home, or as you call it being a mummy's boy ... I know of men and women staying at home well into their late 40's and late 50's for a number of reasons.
    - Not being married, or with bad health and therefore genuinely not being able to work etc.
    - Staying at home to look after their sick elderly parents.
    - Divorced men (some women) who had to move back home with their parents, after messy $$$ divorces.
    - In many European, Aboriginal, Arab, Polynesian and Asian cultures, its normal for single/married men and women to stay on at home with parents, even grand parents.

    I used to live in North Perth/Leederville area and I new many Italian, Greek, families that would live in the SAME street right next door to each other. In one case 4 families in 4 houses right next to each other. Not a case of being mummy's boys/girls ... more like looking after each other ... grand parents helping to look after their grand-children while the parents worked. And in turn children looking after their ageing parents. Its 2012 and they are still doing it !!!

    One of my ex-work colleagues worked full-time, but due to ill health most of his money went towards fairly expensive medical treatment/bills etc.
    He had no choice but to stay at home with his parents until his mid-forties, and then only managed to get himself a small villa with his parents help.

    So there are all sorts of reasons why people stay close to 'mummy and daddy' ... or 'can't save for a deposit' ... reasons that you may never know ... C'est la vie.

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  4. Matthew, I didn't like the personal nature of the comment either (see my post above which pre-dates yours by 4 days). Growing nicely into his mortgage over time? He can either afford it or not Matthew. We're talking about a house on the edge of Perth. Not near a train line or any other easy access to the CBD, or anywhere else for that matter. It does have half an acre, so it has a bit of room (and way down the track maybe subivision). But still Dugan has had to resort to his parents putting up the backing for him to get a loan. The man is apparently a diesel mechanic, which is a skilled job. If people like him are really forced to rely on their parents to provide the equity to get a home loan I'd suggest the Perth market is well and truly cooked. Remember this comes on top of that crazed Perthnow article going on about the "possibilities" of child landlords - with parents using the birthday and Christmas money to buy their kids investment properties.

  5. Not Fooled, you are the worst type of blogger, a self-annointed expert who takes nasty pot-shots at people who have no impact on your life whatsoever for the world to see, and for what?
    You want to scream your allegedly qualified opinions to the world, yet you don't even have the balls to put your name to your work, or reveal any details about yourself at all.
    Why you'd feel the urge to anonymously attack a kid simply doing what he can to enter the property market, as opposed to directing your ire at the lending institutions invovled, is another issue best left to your shrink.
    But in any case you, sir, are an absolute coward and a bully.

    1. Fair call I can see how I look like a ARSE wipe.

      People like this are put up by "PROPERTY INC" as examples of what "ALL" parents should or could do to help their children get a start in life.

      I think they are idiots & their STUPIDITY is forcing other FHB to pay more. In reality this Mummys Boy has no place in the property market. He is 26 old in a good paying job. He is not a "KID" he is a "MAN"

      Ask yourself why has he not been able to save a deposit & if he cannot save a deposit how the hell will he be able to afford a house. This is what happened in the US. if you buy a house next to this guy & he hits a wall & is forced to sell he will bring down the price of your house.

      Have a look through for some more stories you will see me sink the slipper into many FHB put up on a Pedestal by realtors as examples of what we should all do.

      Why do I hid my ID? I am a industry insider & much of my info comes from other insiders around me. If I get outed so do they & the only message you get will be from Vested Interests. My access to REIWA data base would be stopped tomorrow so I keep MUM.

    2. Joe Blow, I'd like to back "Not Fooled's" comments on this. I actually DIDN'T like the personal comments about Duggan (see my post above). BUT! Duggan isn't a "KID", he's 26 years old. He isn't fresh out from school, or even fresh out from Uni! He's been working as a qualified tradesman for a number of years - and in a trade that would be demand in these FIFO jobs we keep being told pay a bomb!!! But despite that, and apparently despite living during this time in a caravan at the back of his parents' house, Duggan still couldn't get together the limited deposit he'd have needed for that place. A 20% deposit would have been $85,000. A fair wack, but this bloke's effectively been living at home on a full time decent pay. Let's say it's been 4 years on a decent wedge - that's $21,250 per year. It's a lot, but the bloke will have to stump up that sort of money to pay the interest on his house - much less pay the principle and the rates. If Duggan has had to put up a 20% deposit, and that's why he needs his parents backing, it would show that too many people are now out of contention for house buying to support the price. If, on the other hand, Duggan wasn't even about to put up the 5% deposit supposedly required ($21,250 in this case or $5,321.50 per year over 4 years) then Duggan clearly hasn't got what it takes to buy a house and the criticism is justified. Which is it, Joe Blow? I think it's that houses are too expensive myself!

    3. My problem is the personal attack here, and in light of NTGF's comments, I also take issue with insider REIWA stats being used to hang this kid out to dry. Everyone deserves the right to privacy when they purchase a home. Had he revealed his address, sale price etc in the article then fair enough, but he hasn't. Someone has used private insider REIWA stats and then announced them TO THE WORLD. Becasue some internet nobody who feels his opinion is so important he must tell the entire planet wants to have a whinge, THE WHOLE WORLD now knows what Dugan McKays's address is and how much he paid for his first home. That's not right.
      And so much of NTGF's attack is based on guess-work. So he's a diesel mechanic, has been for eight years. So? You assume he's getting well paid because I guess you assume he works in the resources sector. He may, he may not. Those eight years may include his apprenticeship earning pittance each week.
      He lived at home. So? Again, you're assuming his parents must have paid for everything while he was there. That may not be the case at all, he may have needed to contribute greatly to the house budget for all we know.
      Or, you might be correct on all your assumptions. Wwe just don't know, and that's the point. We don't know his circumstances, so to label him a dipshit, mommy's boy etc on guesswork, on a global forum, just to make a point, is way beyond necessary.
      Go as ballistic as you want at the lenders and policies involved, reference the articel to make your point if need be, but leave the nasty personal stuff out.

    4. Only he didn't say any of that or anything remotely close to it. He said the loan helped him buy a home. You've gleaned all of this assumed meaning from a photo in which he is more than likely just doing what the photographer would have asked him to do.
      Overreaction much?
      And as far as appearing in the paper, consenting to appear in a story is hardly consent for people to then go digging around for further information and then publish it for everyone to see. If that makes him naive or fair-game in this day and age, then that's a sad and sinister reflection on the internet age and bloggers such as yourself.
      Anyhoo, didn't want to come here to write a thesis, I just felt your vitriol should have been aimed a little higher up the lending chain if you took offense.

    5. Joe. they are not "REIWA" Stats but "Landgate" & they are a public record. Landgate advertise on radio for everyone to pay a couple of dollars & find out what that house is really worth. The white pages then show 2 people with the same name living in the same street in that suburb.

      Want privacy decline the invitation to appear in a newspaper article that will be read by thousands.

      Stick your chest out dangle a set of house keys & say see how smart I am. I am a home owner why the hell are you still renting & not owning your own home like me??

      Do this then you can expect to have what you want to brag about put under scrutiny & ridicule.

    6. And yet I am in your thoughts Morning Noon & Night. Even on a work trip trying to do your company business I am in the forefront of your thoughts.

      Who's Pathetic??

    7. How's the Boarding pass count going up to 90 by now ?? (Schmuck)

      Olymipc Dam must be getting cold this time of year.

    8. BTW still waiting for you to name the "AWARD" that GM's around Australia are covered by

  6. Joe, firstly Duggan was quoted (and had his picture taken) in Saturday's West! That's hardly keeping his property purchase secret. He ALSO said that he'd "tried everything" to get a loan, even using his parents' savings! As for his 8 years. Well I think you're right that the first few would have been as an apprentice on SFA. Having said that, he'd still be better off than an engineer of his age despite the fact we're constantly told that engineers are "cashed up" since unlike Uni Students, apprentices actually get paid to learn their trade. What is more, Duggan would have been earning for at least 4 years as a ticketed Diesel Mechanic. Like I've said before, that's a skilled trade, and reasonably paid. If he wasn't earning enough in which ever machine shop he was at, he, unlike most of the population, would readily have been able to secure a FIFO position in the mining industry. Remember that most mining machinery IS diesel powered, and need the specialist skills of a diesel mechanic! The man's living at home (his words, not our host's) and presumably on a low or nonexistent rent (otherwise he wouldn't be in the caravan). A man in that position should be able to save $500 per week without much trouble - no dependents, and no demanding landlord. His parents obviously are quite ready to help their son out! So, $500 per week, over 4 years - $104,500. Remember that he'll have pay that much in interest alone, not even counting the principle repayments.

    So really the bulk of the criticism stands, and doesn't depend upon NTGF's "inside info". Realisitically, Duggan is going to have to show a lot more discipline now than he's managed over the last 4 years. Hope for his sake it isn't too much of a wrench. That said, I didn't like the personal nature of the post - it wasn't necessary to the central point. Nor is the colour of the house that important either. The big picture is that our frendly property racket is trying to go for the business of people who are not really prepared for the responsibilities of home ownership and servicing a mortgage. They must be desperate if they're trying to promote this sort of thing as it seems primed for defaults.

    1. I'm sure both Duggan and his parents realise the gamble they are taking.

      If Duggan can't keep up with the repayments and they end up losing $ on the property then that's ok.

      People lose $ on shares and businesses all the time and no one sheds a tear.

      If he ends up a loser in the property game, then he's assisting someone in being a winner by buying it off him for less in the future

  7. "Joe" I've just seen your 3rd comment. "Only he didn't say any of that or anything remotely close to it. He said the loan helped him buy a home." What he ACTUALLY said "Joe" was that without his parents' "help" he'd have only been able to borrow "half as much". The loan didn't "help" him. He clearly needed to borrow the vast bulk of the purchase cost - as do most first home buyers. The loan didn't "help" him buy, it was absolutely essential! I suspect that he has other debts, car loans (SS ute perhaps, or HSV), credit card etc, which is why the bank would only loan him a very low figure as he already has hefty repayments to make. But that would beg the question as to why let him borrow with his parents' going surety? He still has to service the loan. But that's speculation. What we DO KNOW - based upon the quote - is that he couldn't have bought the house without his parents' putting their own house on the line. That means he couldn't save sufficient deposit, and the bank didn't think that he, by himself, was a good enough risk. As has been said, if he can't save enough for a deposit in 4 odd years, how can he afford the mortgage repayments?

  8. Matty yu are no more than 10,500 Mtrs from Olympic Dam. Keep dreaming Champ.

    In case you are not aware the this site breaks down where people viewing it are viewing it from.

    In 2 years I have had 2227 views from China & 8923 views from Hong Kong. However in the last 7 days there have been no views from either area??

    Tut Tut Tut you fraud

  9. What did happen to that banker posting anyway?

  10. I don't know what happened to your 8.45 AM post from China whilst Chugging a Beer. Somehow it vanished? I thought you might have deleted it.

    Prove me a liar? Yeah Right.

    Like I said before I have no desire to meet a graduate of Thornlie TAFE no matter how sharp you look in freshly washed & pressed HI-Viz King Gee Fluro Sunday best.

    The Banker Blog served it's purpose I wiped the floor with you & was satisfied anyone reading it would have enough to judge who was right or wrong.

    1. Matty

      You are a irrelevant FIFO Rock Ape.
      What you think or don't think I could care less about.
      I could revisit the 60 plus flaws in your postings but as I said before you are Irrelevant.

      You keep thinking you had a win if you like. I'm confident enough just to ignore you.

    2. Now Matthew that's a pretty low blow calling "Not Fooled" Julia Gillard! He has certainly displayed a knowledge of Perth and WA that is clearly beyond Gillard.

  11. OH BTW Matty. You have as much room as you need on this site to show how your Math's about Buying V's Renting a $600K house.

    You really cocked it up on Perth Now site go on have another go

  12. Make you a deal Nut Fool, you list just 20 of the 60 plus flaws in my posts you say exist and I will irrefutibly prove that you are wrong in relation to long term property ownership.

    Ball is in your court knob jockey

    1. Matty

      I won the debate. Nuffin I need to prove to you.
      You are unable to show $600K house V's renting without mucking up the numbers. my point is proven. I gave you a chance to undo your mistakes but you cant so now try & add "long Term" when in the post you said 10 years. What is "long term" 100 years.

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