Jump to content
House Price Crash Forum
Sign in to follow this  
Tiger Woods?

74% Of Australians Think It Would Be A Good Idea

Recommended Posts

Yep. As reported on one of our current affairs programs, 74% of Australians think it would be a good idea to drive house prices up even further by destroying the pension savings of Gen Y. Jesus wept.

Fair enough, there are idiots born every day. Sadly, this is a serious proposal. Link

Lateral Economics chief Nicholas Gruen told today’s tax forum in Canberra that changes needed to be made to superannuation to make it more progressive.

He also called for the first home saver scheme to be scrapped and said people in their 20s and 30s should instead be able to use their super to pay towards a house.

(super = pension)

Of course, one doesn't have to destroy your pension to buy a house in Oz. You could, for instance, try one of the equity finance mortgages.

We've had home loans that don't require a deposit, loans where you don't have to prove your income, maternity loans that give you a repayment break, and now "silent partner" home loans.

Not since credit cards were linked to home loans has such an innovative product been launched into the mortgage scene.

It works like this: you want a home but you don't have the full deposit, or maybe you can't buy where you want because you just can't afford it.

What do you do? You call on a "silent partner" willing to pay up to 20 percent of the cost without even asking you to pay one cent in interest on that part of the loan.

Wouldn't you just love to read the fine print on that one. You don't even pay rent on the 20% equity they hold.

Edited by Tiger Woods?

Share this post


Link to post
Share on other sites

That's just insane. We are truly living in 2007 here in Australia.

I read a proposal a few weeks ago that suggested mortgagees in arrears should be allowed to raid their superannuation fund to clear the debt.

What could possibly go wrong?

Share this post


Link to post
Share on other sites

I'm not predicting any of my super will be left in 50 years when i come to collect it , i would love to be able to raid it now.Still i imagine it would cause massive inflation if everyone did it at the same time anyway.Personally i think superannuation should be scrapped entirely , it's just created another massive group of parasites living off the wealth of others (super fund managers)

Share this post


Link to post
Share on other sites

I'm not predicting any of my super will be left in 50 years when i come to collect it , i would love to be able to raid it now.Still i imagine it would cause massive inflation if everyone did it at the same time anyway.Personally i think superannuation should be scrapped entirely , it's just created another massive group of parasites living off the wealth of others (super fund managers)

I think it is a better system than we haev in the UK though. Everyone has it - it moves from job to job - and you can see at any time exactly how much it is worth.

For the above reasons allowing people to dip into it takes away much of the point of the system in the first place.

Share this post


Link to post
Share on other sites

If we scrapped all pensions what would the end result be?

People would have more money to spend now?

Companies would have to put less money aside for the pensions so they'd be better off.

Maybe you can do it if you ban retirement too.

(Which they have effectively done by saying you can't be age forced out of a job)

Share this post


Link to post
Share on other sites

I kind of agree with the proposal and would like to see something similar here in the UK...

a one time raid of 25% of my pension fund that'd allow me to pay down 10% of my mortgage NOW would give me the equivalent gross return of ~8% per annum, to date one of my pension funds has dropped from £20k (last contribution in 1998) to £1,850 today. There'd have to be conditions attached that would stop banks from using this 'ring-fenced' money in future loan calculations to keep a lid on HPI although the sheeple blinded by the perceived benefit of ever increasing house prices might oppose the condition.

Edit to add: as i'm writing my own fantasy policy then maybe i'd also include the ability to pay down the mortgage on-going with 25% of any pension contribution, again the provisio is that this would be offset with what you could take out as a cash lump sum at age 55. Tax free and safe as houses ;) it would never happen though as this would remove the middle (robber) men.

Edited by tomposh101

Share this post


Link to post
Share on other sites

If we scrapped all pensions what would the end result be?

People would have more money to spend now?

Companies would have to put less money aside for the pensions so they'd be better off.

Maybe you can do it if you ban retirement too.

(Which they have effectively done by saying you can't be age forced out of a job)

Doesn't the government tax super? Especially if you take it out as a lump sum.

I don't know it just seems like another ponzi scheme to me.

Share this post


Link to post
Share on other sites

I'm not predicting any of my super will be left in 50 years when i come to collect it , i would love to be able to raid it now.Still i imagine it would cause massive inflation if everyone did it at the same time anyway.Personally i think superannuation should be scrapped entirely , it's just created another massive group of parasites living off the wealth of others (super fund managers)

When I got here I signed up for the lowest fee scheme with a cash fund. No-one makes a damn cent managing my super.

As with all legislation, the Superannuation system here is the right idea wrongly executed.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 276 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.