Protestantism

» redback - the Diff

In response to the Diff posted by Migisi:

People today on 7.25% have no insight into "the old days" where the mortgage interest was say 14% to 15%. Houses WERE cheaper but wages were also much lower. But today's loans are like right out of a game of monopoly. $AUD400,000 only buys a basic house in my working class suburb.

Fixed interest is obviously best now but many existing borrowers, strugglers on variable rates...need to pay a fee - $1000 - or so to swap. Our Treasurer-in-Training is trying to make the swapping processing more flexible and free.

This early payment penalty. We can't avoid it here...but read the fine print. Mine was based on a % of the final payout. So, I paid all bar $100 before seeking the payout figure and before seeking the appointment they want. In any event, paying fortnightly and above the minimum payment way easily offsets the early fee...but not as you say in the first year or two.

Tis the finances...not the emotional costs re renting. Your sister is up for removal costs etc that need to be factored in. Note I did not say it ALWAYS is cheaper.

All I can say after 30 years of mortgage - a time with 2 mortgages - tis a great relief to be free. Otherwise, I'd still need to be at work. And I do try to sell 'discipline', 'budgeting' and other life skills to our clan's emerging generation.

-- posted by redback

» redback - the Diff

In response to the Diff posted by redback:

Twas a sad smilie intended in my post. It doesn't go unnoticed that your family's going through the wars.

-- posted by redback

» Migisi - the Diff

In response to the Diff posted by redback:
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People today on 7.25% have no insight into "the old days" where the mortgage interest was say 14% to 15%. Houses WERE cheaper but wages were also much lower.
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I remember those 'old days'. 7.25% is (ehem) 'cheap' in comparison.
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But today's loans are like right out of a game of monopoly. $AUD400,000 only buys a basic house in my working class suburb.
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$1 AUD = $0.8829 US, so our dollar would buy less in OZ. But, close enough. As of today, the median price for a home in, say, California, is $402,000 (down nearly 15% from last year's price of $472,000). The median price in Chicago and suburbs is $269,900. The median in New York is $439,000. Of course, if one buys pre-existing housing in rural areas, it can be cheaper. But there are few good paying jobs in rural towns, so one must drive further to work. The cost for petrol can impact any real savings.
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Fixed interest is obviously best now but many existing borrowers, strugglers on variable rates...need to pay a fee - $1000 - or so to swap. Our Treasurer-in-Training is trying to make the swapping processing more flexible and free.
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Yep, those loan closings fees. Those could be prohibitive if one is already broke. I'm always leary of anything with a 'free' hook, since there's no such thing as 'free lunch'. There's always a catch to it. One just needs to look for it.
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This early payment penalty. We can't avoid it here...but read the fine print. Mine was based on a % of the final payout.
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We can avoid it here by not signing it, or lining it out. If it's a "make or break the deal" thing, I'd sooner break it. I insist that I be given the time to review all paperwork - by myself - before signing anything. The brokers and agents can go do lunch or whatever. I simply don't care if they're inconvenienced. I'm not an easy client - but I'm a good one.
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So, I paid all bar $100 before seeking the payout figure and before seeking the appointment they want. In any event, paying fortnightly and above the minimum payment way easily offsets the early fee...but not as you say in the first year or two.
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If one can pay more than the minimum, that's a terrific idea. But most who are in a financial crunch can't even pay their minimum. That's usually why they're trying to renegotiate their loan. And the loan sharks know that these people will agree to anything to get some relief. If they're not careful, they'll be in a worse financial state than before.
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Tis the finances...not the emotional costs re renting. Your sister is up for removal costs etc that need to be factored in. Note I did not say it ALWAYS is cheaper.
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It's going to be extremely difficult for her to find another affordable apartment that fits her needs. She's physically handicapped and on government assistance - which seriously limits her choices, if any.
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All I can say after 30 years of mortgage - a time with 2 mortgages - tis a great relief to be free.
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That's my goal! I'm working hard on it.
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Otherwise, I'd still need to be at work. And I do try to sell 'discipline', 'budgeting' and other life skills to our clan's emerging generation.
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My husband still 'sorta' works at age 65. I say 'sorta' because -- he's a realtor. Business hasn't been good for a year+. He likes to work, and I'm glad he's out of the house a few hours every day. It's good for both of us. Our frugal lifestyle allowed us to put away some savings for our 'rainy day'. I've tried to sell those life skills to my kids. Alas, the thrill of spending and possessing 'things' overrides my 'old fashioned' advice. Guess they'll have to learn the hard way. and big sigh.

-- posted by Migisi

» redback - the Diff

In response to the Diff posted by Migisi:

...so one must drive further to work. The cost for petrol can impact any real savings."

We're probably having similar experiences overall it seems although I thought your freeway system and getting from A to B was more efficient than ours. Here, to work in the city, you'd possibly use 2 tollways. One of them...the M7...one entry a few blocks from my home, has a maximum $12.66 per return trip. (plus petrol n wear n tear n parking costs) Cost & time depends on your trip and usual traffic problems.

Some streets are being deliberately blocked off in the newer tollways to funnel traffic to increase revenue but not working seamlessly. The alternative - a combined bus/train weekly ticket my home to city = $50 per week. A good trip = 90 minutes - time to read a book. But working 'across' town can add an extra bus...change trains etc.

"It's going to be extremely difficult for her to find another affordable apartment that fits her needs. She's physically handicapped and on government assistance - which seriously limits her choices, if any."

I wish your sister gets through this OK. As clumsy as I think it is, maybe our public housing program...state by state...IS better. There are long waiting lists BUT well worth the wait. My niece scored a brand new townhouse in a classy suburb because she was not fussy "Anywhere is fine!" What happens here is you get very affordable rent. My mate's paying $60-70pw(?) for a 3-bedroom house. Private housing = up to $105.40 pf for rent assistance which my mate's ineligible for.

Also just up from my home, a charity Habitat For Humanity built a few houses (from a mix of donations/material) which the lucky* person gives free labour in return for getting an interest-free loan. And there's a raffle for deserving families* to get one. Do they operate over there?

That's my goal! I'm working hard on it"

OK...planning vs que sera sera??? I'm getting a feeling that the other topics are moving far away from that sort of faith or 'reality'. A sad truth of tomorrow is really clear if you spend all the money today. Or I could be wrong. ABC

-- posted by redback

» redback - Australia Day

In response to the Diff posted by redback:

I mentioned Australia Day in the other topic? Oh well. The reality is I jinxed myself. It's a glorious day but I'm housebound and feeling crook.

Anyway, The 2008 Australian of the Year is a country singer...Lee Kernaghan (replacing an environmentalist professor appointed by the former PM). The 2008 Young Australian of the Year is world champ motorbike rider, Casey Stoner (replacing a female indigenous leader/role model).

As I deeply relate to both these fields of endeavour, I'm OK with the choices. They were selected as "emblems" according to an editorial:

"...an example of what we are and what we hope to become..."

"Ours is not a static culture, nor are we shackled by our history to some immutable code of behaviour or belief.

This is becoming our informal national song:

http://www.mountainman.com.au/reconcilia...

with the more well-known chorus:

We are one, but we are many
And from all the lands on earth we come
We share a dream and sing with one voice:
I am, you are, we are Australian
I am, you are, we are Australian.

I log off as the children's choir fades....

-- posted by redback

» Migisi - We are Australian

In response to Australia Day posted by redback:
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Happy Australia Day!!
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A great song - and what a beautiful country!!
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If you can get your computer to cooperate:
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http://www.youtube.com/watch?v=jD3SkTyXz...
A really good vid - song by the Seekers (I always liked their music!)
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But I ~really~ like this version (click on song title here): http://www.wwwildcats.com/sound_files.htm

-- posted by Migisi

» pink101 - Beautiful Song

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What a beautiful song both the melody and the words.
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I hope you all live up to it.
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You shame the rest of the world if you do.

-- posted by pink101

» redback - We are Australian

In response to We are Australian posted by Migisi & Pink:

Darn...neither link worked!

The song was co-written by Bruce Woodley of the Seekers. Of course, they do a good job but if you ever see simply a school choir...for their delivery...you do get hope the next generation can be inspired enough to 'JUST DO IT' as a motivational slogan says. The song's 20 years old...written for our Bicentennial...and to me has the 'fair dinkum' spirit I refer to.

Lee Kernaghan's Golden Guitar tally is now 27...2nd to the highest winner (37)...the late Slim Dusty. The Tamworth Country Music Festival now winding down...is probably like Nashville in its heyday. A regular motorbike trip for me in my younger days.

The other award I forgot to mention is the Local Australian of the Year...Jonathan Welch. He's most known for bringing together a group of homeless etc people into the Choir of Hard Knocks. Twas a fantastic achievement just getting them to do it...and they filled the Sydney Opera House. These people sell a magazine 'The Big Issue' for $5...able to keep 50% and is aimed at self-help rather than welfare dependence.

Last year's Local was a guy who ran a not-for-profit restaurant with no fixed prices...successfully. Fancy going to a 'Lentil As Anything' restaurant and only paying what you think the meal's worth? Altruism and capitalism?

Do you guys have the awards or similar? Does your 4th July spread over a 3-day long weekend if it falls on a weekend?

-- posted by redback

» Migisi - We are Australian

In response to We are Australian posted by redback:

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but if you ever see simply a school choir
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There are a coupla vids of children's choirs - beautiful and uplifting, to be sure.
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Do you guys have the awards or similar?
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Not that I've ever been aware of. The President gives out accolades and awards throughout the year to deserving citizens, but not in association with any particular holiday.
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Does your 4th July spread over a 3-day long weekend if it falls on a weekend?
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Hee hee. Our Independence Day can last as long as the stashes of private fireworks last. It's not unusual to hear and see them exploding in backyards throughout July. Our 4th is ~officially~ celebrated on that one day, unless local parades are held day before or after due to weather or event scheduling conflicts. But I know some private parties last longer than a day.

-- posted by Migisi

» pink101 - Big News

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Big news on the boob toob here about the Aborigine situation in Australia.

-- posted by pink101