Kochie compared the current six per cent interest rate on a variable home loan and found that while Baby Boomers were paying greater interest, they were also paying considerably less for a home.Now, that price has skyrocketed to $700,000, which is 10 times what it used to be.
Kochie then went on to compare wages in the same time period, with the older generation earning an average of $19,000 compared to the current average of $90,000. Baby Boomers used to pay four times their wages for a home, while today’s generation is forced to fork up eight times their salaries. “Bottom line is that todays six per cent mortgage rate is causing the same financial pain as that grumpy old oldies 17 per cent in the 1980s,” Kochie said.“So hopefully that puts that myth aside.”
The TV personality’s rant comes after the Reserve Bank of Australia hiked up interest rates for the 10th consecutive time.ranked Sydney the second least affordable city in the world for property prices.
Fake news!
Time you retired and went bush
The youngest boomer is 60. 18% mortgage interest happened. IMHO, the big problem today is superannuation lump sums inherited by later generations who have no appreciation of what went into creating them so driving up willingness to overpay.
Different times Kochie. Can’t compare $ for $ Kids today have different priorities. Like holidays rather than saving. Though not putting them all in the same basket so to speak. Just saying.
No way. A boomer stating how good boomers had it. Strike me pink.
Which I might add is one.
And like we've never known koshie to have a winge?