abc.net.au/news/borrowers-mortgage-prisoners-interest-rate-rise-rba-housing-loan/101395908Like hundreds of thousands of other Australians, Madeline and Jacqueline Darkovska are prisoners to their mortgage.
"I haven't been able to afford a lot of things based on lack of basic living, haven't been able to purchase a lot of food for myself or even help pay for my car bill, mortgage, everything," she tells ABC News. But Madeline and Jacqueline got into the property market when the stress test was just 2.5 per cent above the then rate.
That's a dire prospect the sisters have been contemplating as they fight to hold onto their home in Aveley in the outskirts of Perth.
AlboFromPhotoOps has a plan, to disappear overseas on another junket while the country goes broke! NoPlanAlbo EachWayAlbo UselessAlbo
By the looks of them I'm sure mummy and daddy have them covered 💰💸
One of them is currently in Bali on a holiday. Don't feel too sorry for them
Sisters me think not 😂
Mortgage stress at these record low rates . Try 19% like I had in 1988. Perhaps if the young people managed their money and didnt over borrow. Didn’t want a house where they Grew up, fully landscaped and all new appliances.
Yet their parents were fine despite much higher rates.
NatashaS32 Twin sisters?
. Don't blame people like them. Nobody under 40yo has seen interest rates in their adult life. Just evidence that home owners make money. Our society voted to create this asset bubble. Don't blame these people. They will be crushed and this will define their lives. . .
Very funny abc. That’s a lovely young lady and her strapping husband. Good on them.
Its a joke right? looks more like the brother.
Memo: There’s no such thing as a ‘double rate hike’. Nobody mandates that a rate hike equals 25 basis points (0.25%). In the past 30 years we’ve had 0.15%, 0.25%, 0.5%, 0.75%, 1.00% movements (yes, whole 1.00% moves in 1994 and 2008).
there should be a pay rise relative to the interest hike
You wanted lockdowns. Cause and effect.
❤️ They seem like really nice people, I feel did them if they've got themselves into a difficult position. Ultimately individuals are responsible for their choices but I hope it works out for them.
Albo 2022 vote Labor, “Only Labor can lower the cost of living” Charities can’t keep up with demands More people living in cars People skipping meals so they can pay their power bills PS: Sep 2022 Cost of living highest in 32 years 6.1% Inflation
So sell the property and buy something that they can actually afford. Not sure why this is considered as “mortgage prisoners”. The price drop is just the beginning because people like them who over borrowed should’ve never been able to buy a property in the first place.
You sure they're sisters?
How bout teaching the youth how money really works.. there has been plenty of warning of rate hikes and we have more to come. Still see these young people travelling on loans and spending big on things they don’t need.
Surely most people locked in 3% rates over 4/5 years early last year Or do we have halfwits that take out a $800k loan without conducting due diligence, let alone having 30% deposit.
Yeah, I was dating a twin once, and there were some awkward moments… but I never really had trouble telling them apart, since Tanya had long blonde hair and huge breasts, whilst Trevor had a pen!s. 🙄
Twin sisters? 😬
Twins?
Is that a gender fluid
All I see is nice hair, nails, tattoos, piercings and mobile phones. Nah don't think no one is struggling.
This country will have nearly 200,000 new migrants each year, most of them will settle in big cities where the jobs are, so property price has nowhere to go but UP.
There is no need to sound so horrible as if it's the end of the world. Like all things in life economy also goes up and down. Buying a property needs long term approach, and in long term those who have properties will be better off than those who don't, so some positivity please!
Interest rates will always be higher under the ALP, suck it up!!
Maybe lets blame the people who insisted that it was always a good time to buy? The media who acted like prices could never go down? The former gov who acted like emergency low rates were normal and who inflated the bubble w grants? This is reality after years of delusion.
Its a business. This will bring back the life and people must anwer questions rightly and responsibile.
Interest rate increases aside why,as this article also states is it a problem for owners when the value of their home drops to less than they paid for it? abcnews auspol australian GuardianAus abc730 SkyNewsAust
People shouldn't have been so naive to think that interest rates were going to stay that low and borrowed to max capacity. We are going back to normal rates and that's what people should have budgeted for!
Doesn't WA have a staff shortage problem like 'over east' does? abcnews westaustralian abcperth auspol
lack of financial eduction at school
I thought this was going to be a story about coming out of the closet......
Anyone who took out housing loans and didn't allow for interest rate hikes didn't do due diligence.
Twin “sisters”?
Hang onto to the house. Renting is dead money. In 7 - 10 years the house will be worth double. Owning a house is better than being a rent prisoner. Don’t sell.
These sisters need to do everything necessary to keep the house. Rent a room to friends etc. Find a higher paying permanent job. Now is the best time to get a better job. Real Estate is the best way to create wealth. Don’t sell!
They didn’t have a 10% deposit and the major banks wouldn’t lend to them. How many warnings do they need? There’s a reason fringe lenders charge higher interest.
Create the problem and fund the solution that the public are forced to accept! You'll own nothing and be happy!
All by design!
Never happy are you . Always looking for a faux victim
Thank you Labor!
Why are the Reserve Bank even increasing rates when the inflation is caused by failure to supply demand because of global supply chain failures, and retailers price gouging because of it?
How do so many people not know a variable interest rate will vary? If you don't allow to be able to afford the repayments at a higher interest rate, don't borrow the money
All this because AlboMP and JEChalmers have no control of inflation.. they just let things run out of control coz now they get everything for Free
These twins are too naive to have received a bank loan first steady work second be prepared for 5-6% interest if a lender have not advise you of this situation there is something wrong.
Maybe they should have factored in rate rises when purchasing. They probably pay less in mortgage repayments than many pay in rent. They also have te option of selling and the value of the property has more than likely gone up in that time.
The problem is government policy, the unequal taxation treatment and cheap money created by the government.
Elites have instructed Labor to INCREASE immigration. This problem is going to get far worse.
We need to better educate people on how interest rates and debt cycles work. I kinda have no sympathy for all the people who continued to drive up prices by buying at insanely high rates.
Financial decision / Investments aren’t a “sure thing”. They are bets like any other decision. Some go bad. That’s life. That keeps the market prudent & efficient. An “no loss” creates hyper speculation. Loss is a good lesson for ppl.
Yes we will have so called “ victims “ of higher interest rates DON’T be fooled , paraded before us But it’s their fault and lenders , NO sympathy. Use common sense if u can’t afford Don’t try to , sooner or later u will crash , history repeats itself
WHEN ENTERING A MORTGAGE, one must be somewhat prepared for the unexpected.
It was 6% 10 years ago
So many muppets borrow way beyond their means
If you don't have 10% deposit, don't buy a house. The bank should of never given the money to them.
Twin?
But AustralianLabor has a plan!!!!!!
What’s DimJim JEChalmers doing about it?
Talk to your mate AlboMP_ , he has a PLAN. Apparently!!!!!
'mortgage prisioner' ? Try being homeless or living in a refuge and then they would be grateful that they have a roof over their heads...and then they would do anything to keep it like getting a permanent job !
bill_dobell It’s always worse under Labor 🤷♀️
Mortgage stress at 3.5%? They’ve not seen anything yet! Remember when 6% was a great rate!!
why do people not just buy a sleeping bag and live at the local mall. they over pay for their houses but never are in them.
Given easily available information evidences many mortgage holders are at least 3 months ahead on their payments why the concentration on the outliers..
This article is about putting a trans person in the news and perpetuating victimhood mentality among the masses. Not about interest rates. ABC woke agenda on display.
Take in a boarder
Rate hikes & more 'skilled' migration looking for non existant housing ....welcome to the new reality of Albo & Jimbos world... 🤔 😂 👌
They have the option to sell, so hardly prisoners.
I trust everyone is enjoying watching people born in the 90s discovering how economics work
BuggaThe So they didn't budget. Part of any budgeting for a property is to factor in higher interest rates and see if you can still manage. Any old style banker will tell you this.
Marvellous. An excellent learning curve. Pay attention and do your homework on how income, expenditure and borrowing works. Next...
$360k loan to buy their dream home? What's wrong with a starter home and a loan half that amount?
the Real Estate market + RBA + government + banks + borrowers all speculated what the interest rates be. nobody can predict what the future rates will be. nobody was mislead.
Back in the day... When we took out our first mortgage with a new baby, we struggled and scraped and lived on baked bean and cheese toasties. We struggled for years as did our friends. And now these generations whune about mortgage hardship...
Mortgages are decades long. ADULT Content Warning Rates go up & down🙄
'mortgage prisoners' FFS
Don’t look like twins too me 👀👀👀👀
The good news is Albos migrant boost will help inflation and pump up your property price. Bad news is your wage will go down in real terms and you'll be lucky to have a job. Oh and you won't be able to find a rental if you sell.
Maybe they should count themselves lucky they are not renters? (you sure that's two females?)
Ain’t seen nothing yet. Albo’s hoping to beat Keating’s 17% record and with Wayne Swan’s protege as his treasurer, that’s a slam dunk.
Obviously over committed i am surprised they were approved for a mortgage in the first place. I would sell now before the lender gets it.
I feel for them. But we need better education about the role of the RBA. Their words can’t be interpreted as a “promise” because they need to react to unforeseen events (as they are doing now). But it seems the governor needs to choose their words more carefully too.
Not only does Labor have no plan to stop inflation, it’s policies exacerbate it. The RBA must respond. Labor will have us at 8% inflation, 4% interest rates soon, job losses to follow, homes will be lost. Eventually the penny will drop… same ol Labor. Ppl voted for this idiocy.
Mortgage prisoners? Or people that don’t understand how the home loan system works? Just like the ABC doesn’t know how biology works?
You get what you voted for
There only option was to go to a small lender at higher rates? How about doing homework of the $25k first home owner grant and saving for longer to mitigate entry costs and serviceability risk. No sympathy.
it is just a rate increase. no double ffs
Labor are destroying Australia.
the issue isnt the interest rates its the cost of houses, I got very lucky when we built and the 'value' on our house has tripled in 14 years. There is the problem straight out greed when selling homes land developers cough cough
the RBA needs to move to gov HQ
Should have brought outright
Umm, twin sisters? Not seeing it.
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