Jack V wrote:The Government is sacrificing retirees to set workers up in a home cheaper then we ever could . I battled through 17% interest rates....
Jack, while i understand that the crazy interest rates of the late 80's early 90's were hard on a lot of people, our first home bought in 2008 was an 11square, 2.5 bedroom on 500m2 of land in the outter suburbs that cost $340,000 (listed at 290k). In 2000 it was $145,000, in 1993 it was $95,000. So in 15 years it increased by 360%; there's no way in hell that that house is going to be worth $1.2M in another 8 years!!!
Minimum payment on our loan was $600 per week. If we wanted to pay it off in 20 years and not 30 (making me 57 instead of 67) we had to pay something like $1000 a week on the mortgage. At the time we looked at heaps of houses in the 250-300k range and most of them were run down falling to pieces poo holes that you wouldn't house a dog in; only good for "developers" who would knock 'em down and start again.
Hardly call that cheapest housing ever. It is harder than ever to get your foot in the door of the housing market.