Tuesday, December 20, 2022

WOTC - Help to cope with higher mortgage payments

 Wisdom of the Crowd: 69% of the respondents said that the government can help home owners who face higher mortgage payments due to increase in mortgage interest rates in two ways.


https://tklcloud.com/Crowd2/chart3.aspx?id=2774
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2 comments:

Anonymous said...

The regime only makes rules and policies to enrich themselves, like increasing ABSD, higher stamp duty so on and so forth.

Mankind and individuals should also bear their own consequences for the choices they made in their own lives. If they dare to take risks by living on the edge and going into properties they can ill afford, who are they to blame?

In the past, when there were no TDSRs or whatever, banks have good protections against default. They require that you fixed deposit of 3 years for the mortgage payments with them. So if your payment is $5K a month, your FD or savings with them would be $180K. This is to ensure covering the monthly payment for at least 3 years should you run into difficulties, or have the time taken to sell at the best price. This practice was that your earnings are not constant. The approval was flexible, but you are not allowed to withdraw the money unless the mortgage is fully paid or the property being sold.





December 21, 2022 7:07 AM
Anonymous said...

We are given tis life bcos we are strong enough to live it.

December 22, 2022 6:34 AM

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