[SOC] Vive l'Australie !!

[Ian C. Purdie]

f5pbl@qsl.net wrote:

> Ian, mon Ami, any info abt Madame Cole ?...

For the moment no. It was reported last Monday on a TV program, but light on
essential facts. Taken at face value it seems a nice story. No doubt she did buy
the house, did get a loan etc. but what is missing?

a) The house is located somewhere close to me here, how big was the mortgage?
b) A 30 year term loan suggests to me the loan was in fact taken out by her adult
[presumably well off] children.

The first home government buyers grant of $7,000 is available to anyone who
qualifies and would have been consumed by legal fees, stamp duty etc.

This is not an unusual story, it's happened before. We have a PBS programme which
exposes the shortcomings in these "feel good" programs. The programmes always infer
"anyone can do this, even you". Not so...

The previous example some months back failed to disclose:

House Price - $150,000 The fact that elderly widow had $20,000 in the bank, had
recently inherited from a deceased sister something around $120,000 and only
borrowed around $15,000 from the bank which was guaranteed by her working daughter.

In the light of that, anyone can do it. Not as inferred, buy a house for $150,000
and use the govt. first home buyers grant of $7,000 as a deposit even though you
are an 80 year old pensioner.

Media distortion as usual by omitting essential facts, keeps the ratings up though.

BTW - The govt. first home buyer grant on "new houses" was $14,000. Many of the
"rich and famous" are now being prosecuted for fraud by "buying" homes in the names
of their children, obtaining the grant and then renting them out.

Heh! heh! that news made my day.

Ian



>
>
> <<
> A 92 years old Australian woman gets a loan refundable in 2032 [ 2002-09-23
> 19:18 ]
> SYDNEY (Reuters) - A 92 years old Australian has been granted a loan that will
> have to be refund in 30 years. Having decided to embrace the "great Australian
> dream" to become owner, Margaret Cole, which grew up in a small mining city of
> Wales, was not stopped by the age restrictions generally imposed by the banks
> when it is question of lending money. "She has always tried to win her fights
> and for her, a simple "No" was not a valid answer", declared in Reuters James
> Hunt, his estate agent at the agency First National Wyong. The nonagenarian
> also obtained a purse of 7.000 Australian dollars (3.850 American dollars) that
> the government grants first-time purchasers, an inciting measurement generally
> reserved to young people. Her daughter and her son-in-law however are guarantee
> for the refunding of the loan. Margaret Cole, who has emigrated in Australia in
> 1976, has the firm intention to move in as of this week in the house which she
> bought for 198.000 Australian dollars. Her residence, equipped with three
> rooms, is located in the northern part of Sydney.
> >>
>
> 72!
> Claude
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--
72/73's

Ian C. Purdie
Budgewoi N.S.W. Australia - Co-ords S33�14', E151�34'
VK2TIP "I'll give ya the TIP mate" QRP-L #1978. SOC #171 FP#91
http://www.electronics-tutorials.com/