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this post was submitted on 21 Nov 2024
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The problem is that the RBA increased interest rates to discourage individuals from borrowing more. The problem is that We had already borrowed so much that the increase was crippling.
They should have only increased rates on new loans and reduced rates on existing loans.
That's an interesting concept but not one the RBA has any control over. You'd have to freeze old loans somehow too to prevent people redrawing and consolidating debt into old facilities? And get all the banks to adopt it? What about international debt? Don't think would be doable in practice
In the US, the vast majority of mortgages have a fixed rate over decades.
90% of mortgages are fixed-rate for 30 years according to this page: https://www.mortgagecalculator.org/helpful-advice/how-many-years-mortgage-loan.php
I don't know the details of how that works, but yeah, it's possible for the vast majority of home borrowers to be on fixed rates.
Essetially "socalism", In the US Goverments backed Fannie Mae and Freddie Mac, so commercial banks had to compete for loans.
We'd need a government bank to do the same, I think its part of The Greens policy to reestablish one and offer them? but we'd need way more voters to pivot Green, thay seems unlikely, so we're left with the same stupid, repeating the same stupid mistakes... we sold the last Government bank off.
Or legislation and that's never going to happen with ALP/LNP.
Fixed rate for the entire term? Fascinating
That's a good deal if you get s good deal.
...
not just the yanks, I have a mate from france I caught up with earlier this week who could not comprehend how a home loan had a variable rate. She thinks we're all insane.