Hi readers
So it's official but unofficial the banks in Australia will be underwritten by the Australian government.
Actions taken over the last couple of days has confirmed this with the RBA happy to keep propping up the big 4 banks.
Now for the bad news which shouldn't surprise you at all.
All banks are training teams of managers to provide financial options to mortgage loans which will come out of defer state September 30th .
Banks are not stupid and are looking after there investors and shareholders before there customers.
As they are fully aware of what's coming and won't hesitate to force sales on people with any equity in the loans.
Those who are not servicing the loans at the present time you are in the firing line.
Right now we are see investors putting up property for sale which has been bought in the last 2 years.
Obviously hoping that can at least get there money back, but in Sydney we are see property missing the mark by a long way.
There are a few mortgage auctions in Sydney this weekend and it will be interesting to see at what level of participation comes through.
While numbers are high at auctions I think people are looking at evaluating there own properties.
Just my personal view but I will be surprised if any houses sold in the last 2-3 years have any equity after September 30th.
On the commercial side it's no better.
Foot traffic is what makes these businesses tick over and if it's not there then there is no chance of businesses making ends meat so to speak.
It's surprising that landlords live in dreamland by refusing to budge on rent, and that's why we are see massive empty stores across famous streets.
Looking at the astrology I think by Friday17th numbers in Melbourne will start falling away.
Till then they might keep climbing.
Next will be NSW turn and so on.
As always the above is not financial advice.
I am not a financial advisor.
I am a financial astrologer.
Ps special thanks to the people who contacted me with the banking information.
So it's official but unofficial the banks in Australia will be underwritten by the Australian government.
Actions taken over the last couple of days has confirmed this with the RBA happy to keep propping up the big 4 banks.
Now for the bad news which shouldn't surprise you at all.
All banks are training teams of managers to provide financial options to mortgage loans which will come out of defer state September 30th .
Banks are not stupid and are looking after there investors and shareholders before there customers.
As they are fully aware of what's coming and won't hesitate to force sales on people with any equity in the loans.
Those who are not servicing the loans at the present time you are in the firing line.
Right now we are see investors putting up property for sale which has been bought in the last 2 years.
Obviously hoping that can at least get there money back, but in Sydney we are see property missing the mark by a long way.
There are a few mortgage auctions in Sydney this weekend and it will be interesting to see at what level of participation comes through.
While numbers are high at auctions I think people are looking at evaluating there own properties.
Just my personal view but I will be surprised if any houses sold in the last 2-3 years have any equity after September 30th.
On the commercial side it's no better.
Foot traffic is what makes these businesses tick over and if it's not there then there is no chance of businesses making ends meat so to speak.
It's surprising that landlords live in dreamland by refusing to budge on rent, and that's why we are see massive empty stores across famous streets.
Looking at the astrology I think by Friday17th numbers in Melbourne will start falling away.
Till then they might keep climbing.
Next will be NSW turn and so on.
As always the above is not financial advice.
I am not a financial advisor.
I am a financial astrologer.
Ps special thanks to the people who contacted me with the banking information.
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