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ASIC tells lenders to improve behaviour around interest-only home loans

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Your Investment Property | 20 Aug 2015, 03:55 PM Agree 0
Watchdog finds lenders have failed to follow consumer protection laws
  • Graham | 21 Aug 2015, 02:20 PM Agree 0
    The Nannies are out in force! They are obviously financially naive if they don't understand how investors use interest only loans.
    No, I don't want to repay ANY of the principal on a monthly basis, when I sell the property after 10 years or so I'll repay ALL of the principal then. Even first home owners can benefit from interest only for the first 5-10 years, sure you have to pay off your own home as soon as possible, but do it when your kids are older and your income has gone up.
  • Zero | 22 Aug 2015, 05:55 PM Agree 0
    "However, ASIC also found that lenders have been falling short of their responsible lending obligations in the provision of interest-only loans."
    Who would have ever thought this stupidity in the market was due to a Bank trying to make money at the expense of the Australian people!!!!
    I/O loans should need a 40% deposit
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