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farside1

  4 months ago

cutting costs to get mortgage. This includes medical/ dental/other essentials.
Closed

talking to a friend this morning who says her daughter is not seeing her dentist now. Why? So the bank will give her a mortgage. It was delicately suggested if she had fewer costs the mortgage would be achievable. And her 6 monthly dental checkup is one. So she gets a mortgage - and bad teeth - with a huge bill when she finally realizes she's in trouble. And since the law went through and banks have gone crazy about what you can and can't buy/pay for. I've also heard about someone who isn't doing regular medical checks, (genetic problems) someone who's stopped drinking water checks, and someone who isn't paying ahead for a bill. They're letting it accumulate to pay after they have the mortgage. NONE of this is productive and may end up the opposite. The tightening of mortgage availability was supposed to help people, not leave them down a hole once they have it. Do you think the Govt. should have taken a better look at this law BEFORE it was altered? Do you think the banks are using it as an excuse? And do you think the Govt should have expected some of this anyhow?
Reply

j.forbes5607

  2 months ago
Government overstepped the requirements and bank went to extreme too
0 comments

lenstation

  4 months ago
Is the government policy that drive the bank behavior...
1 comments

kazzba007

  4 months ago
Your answer ls who is the minister is charge and put forth this stupid plan. Phil Twyford this idea started on the 1 Dec and there is talk it will be gone or amended down by March. Can’t blame the banks they are doing what is mandated to them by the government the fines are upto $600,000 for failing to do the correct checks so please put the blame where it belongs the government.
1 comments

Sawra

  4 months ago
I blame the govt more in this matter. The banks - they're here for business and profit and we can't expect them to run a welfare scheme. It's the govt's job to make its people's lives easier. If they can't do that then at least they shouldn't make it tougher than it already is and that's what the govt has done - make people's lives or those who wish to apply for a loan difficult. Also govt's this rule is pretty self-defeating, Because, where it should've helped, made it easier and "encouraged" those first home buyers to break into the housing market, it's actually making it harder for them and discouraging them to take that step by hindering them from applying for a loan at all or is making their lives so difficult if they already have applied for one! Now lowering or raising interest rates won't matter much either.
3 comments

E8173105u81

  4 months ago
if these people get a mortgage more easily, would they be able to service it long term, banks have a responsibility to those of us who deposit with them and lending money to insecure mortgages may not be a good move. If saving to get a mortgage precludes them from various activities like the dentist, then why would they be able to afford it once they have a mortgage unless of course the mortgage payments are less than rent, but then there's the added costs of rates, etc
1 comments

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