More restrictions expected tonight

[bright.ton42]

Another National Cabinet Meeting scheduled for tonight.

https://www.theguardian.com/australia-news/2020/mar/24/morning-mail-lockdowns-on-agenda-rapid-testin...

It is expected we will move from Phase1 to Phase 2 or more of restrictions.

Good.  Whatever it takes.

[domino-710]

Where are you going to find a house & land with $250,000 - and work to service a mortgage.

[imastawka]

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@lyhargr_0 wrote:

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@imastawka wrote:

Yes, but the gov't is giving landlords a tax break for allowing renters some wiggle room.

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Dont think one will balance out the other at all

Perhaps check out what the repayments are on a mortgage these days, you may get a shock

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Freeze on mortgage payments.

https://www.msn.com/en-au/money/homeandproperty/are-banks-freezing-mortgages-here-are-the-banks-putt...

[eol-products]

Don't forget not all loans are the same and some loans may have a higher principal component than others. For me an interest rate drop barely makes a difference as most of my payments are principal with a small amount of interest. 

[eol-products]

I like comm bank how they extend the loan term. 

[lyhargr_0]

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@imastawka wrote:

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@lyhargr_0 wrote:

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@imastawka wrote:

Yes, but the gov't is giving landlords a tax break for allowing renters some wiggle room.

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Dont think one will balance out the other at all

Perhaps check out what the repayments are on a mortgage these days, you may get a shock

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Freeze on mortgage payments.

https://www.msn.com/en-au/money/homeandproperty/are-banks-freezing-mortgages-here-are-the-banks-putt...

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Yes they are freezing the mortgage payments for 3 or 6 months but they still need to be paid and the interest will still be accruing.  They are NOT forgiving the loan repayments for that period, they are simply putting them on the back burner.  It was explained by an economist that if the interest component of the loan is say $1000 pm and the loan repayment is frozen for 6 months, then the back interest will  still be be charged, so at the end of the 6 months to borrower will still owe 6 months worth of interest eg $6000

[chameleon54]

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@domino-710 wrote:

Where are you going to find a house & land with $250,000 - and work to service a mortgage.

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Just consolidating debt and reducing interest payments as part of my business " survival " plan.

I,m a sole trader and not registered for Centrelink so don't get any of the handouts others are receiving. I,m on my own and left to sink or swim. Personally I,ve been swimming frantically for the last couple of weeks, getting my ducks all lined up in a row. I think I,ve got it sorted now and should get through, but it has been a very stressful time.

Farm commodity prices are falling like stones at the moment. Wool is off 50% in U.S dollar terms in three weeks and lamb dropped 10% in the last three days. Don't expect to see it in the supermarkets though. The middle men and supermarket chains will pocket the difference.

[domino-710]

 Good luck with it all - not easy times.

[chameleon54]

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@eol-products wrote:

Don't forget not all loans are the same and some loans may have a higher principal component than others. For me an interest rate drop barely makes a difference as most of my payments are principal with a small amount of interest. 

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The Government is guaranteeing half of the principle of new loans and reducing the banking restrictions for borrowers making changing banks easier than it has been. It is very easy to get interest only loans right now and bank hardship provision departments are offering two year interest only loans for existing customers under the current stimulus package arrangements.

There are deals everywhere at the moment as a result of the recent government / Reserve Bank stimulus package with loans to suit most clients. If you or a family member has concerns, book an appointment, but do it soon before the line ups get too long to receive service.

I was already in the process of restructuring my debt before the s*it really hit the fan, but I have found it very difficult to get appointments or return phone calls and emails the last few days. Like Centrelink, bank lending officers are getting smashed.. 

[imastawka]

@lyhargr_0 wrote:

Yes they are freezing the mortgage payments for 3 or 6 months but they still need to be paid and the interest will still be accruing.  They are NOT forgiving the loan repayments for that period, they are simply putting them on the back burner.  It was explained by an economist that if the interest component of the loan is say $1000 pm and the loan repayment is frozen for 6 months, then the back interest will  still be be charged, so at the end of the 6 months to borrower will still owe 6 months worth of interest eg $6000

Better, then, if you're with the Commonwealth Bank -

Your loan term will be extended so repayments stay the same as they were before you started the deferral

[davewil1964]

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@imastawka wrote:

Good news for renters in trouble

https://www.msn.com/en-au/news/coronavirus/landlords-will-be-banned-from-evicting-tenants-who-cant-a...

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property investors would need to waive or reduce rents and in turn pay less income tax.

I'm not sure that the government would be doing anything to achieve that. If a property owner has lower income (by waiving or reducing rents) then they will be paying less income tax anyway.