24th January 2015, 12:30 PM
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Member
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Join Date: Nov 2010
Posts: 259
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Quote:
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Originally Posted by TWOBETS
That's pretty much the clincher for stuffing it up for me Aussie. How I dream of the good old days when just signing a statement that you could afford the finance was all they needed!
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yes I've done stacks of them.
they basically finished in about 2008.
1 day ABN and 40% deposit was the requirement
the rate wasn't too bad either.
GFC in the US took care of them.
they had NINJA loans over there for 100% of the value
NO INCOME
NO JOB
NO ASSETS
Funny thing was about 15% of them went bad - which is high - BUT that meant 85% survived for people who would not ordinarily qualify.
so it was good result for society.
cheaper for everyone than housing commission/council flats/the projects. |