47sqm apartment anyone?

Discussion in 'Loans & Mortgage Brokers' started by tobe, 18th Jan, 2017.

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  1. Perthguy

    Perthguy Well-Known Member

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    Hope so
     
  2. Angel

    Angel Well-Known Member

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    A possibility too:
    I was thinking that the purchaser and his mum may not have the best understanding of English. They may be too embarrassed to ask questions if they didn't understand something they were being told.
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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  4. Joynz

    Joynz Well-Known Member

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    He is clearly fluent in English - based on his TV interview.
     
  5. dabbler

    dabbler Well-Known Member

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    That does not surprise me as it does not add much risk for them vs the negative publicity.

    I doubt they would have helped an old white Aussie though & there must have been something in the communication to indicate it would have been ok.

    Still does not explain how it went unconditional if it was a normal purchase. He should have been advised to wait for formal approval. Probably none involved till exchanged and already unconditional.
     
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  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I don't think genetic background had anything to do with it.
     
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  7. dabbler

    dabbler Well-Known Member

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    I do... young UNI student from migrant background, exchanges in email indicating possible to buy.......then the media.....

    Maybe more correct to say try and older guy that has more assets behind him, less flexibility I would guess.
     
  8. Joynz

    Joynz Well-Known Member

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    What migrant background?
     
  9. dabbler

    dabbler Well-Known Member

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    I dunno, a different one too smith as a migrant 4 generations ago I guess.

    Let me stop that hole from going deeper, as said above....

    Poor UNI student saving all his money since inception vs some old guy who maybe does not cry to the media the same way.

    Point being, do you or anyone else *really* think they would back down for everyone who worked themselves into this position?
     
  10. neK

    neK Well-Known Member

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    I don't think race has anything to do with it.
    This is more the "i'm a student trying to get ahead in life and the big bad bank has come and taken my hopes and dreams away"
     
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  11. dabbler

    dabbler Well-Known Member

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    see what I wrote above :)
     
  12. Casteller

    Casteller Well-Known Member

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    47m2 is heaps big enough for a single or couple, I don´t understand why banks would shy away from it. Everywhere I have lived in the last 18 years has been smaller than that. Two purchases I have made of 42 m2 (London) and 40 m2 (Barcelona) turned out very well.
     
  13. Corey Batt

    Corey Batt Well-Known Member

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    In the end the banks can see there is a lot smaller market of buyers willing to look at these properties. High density living is still not seen as desirable/standard for many Australians - and I can't see this changing all that much.

    Restrictions on security types is 100% based on ensuring that in case of foreclosure, that the lender can easily and quickly offload the property at an acceptable price covering any and all costs.
     
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  14. Tony3008

    Tony3008 Well-Known Member

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    In the UK, the 1961 Parker Morris report 'Homes for Today and Tomorrow' set out minimum space standards, 29.7m2 for a flat for one person, 44.6m2 for two people. These standards were mandatory until 1980 when a new Conservative government scrapped them as being too generous. The report is very clear that area on its own is not enough; sound design is required too.
    Parker Morris Committee - Wikipedia
     
  15. Angel

    Angel Well-Known Member

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    Australia is way behind Europe on so many social levels, such as housing and living standards.
     
  16. Ethan Timor

    Ethan Timor Well-Known Member

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  17. Corey Batt

    Corey Batt Well-Known Member

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    To be honest I'm happy with Australia not taking on high density living to the same fervour of our less land blessed relatives.
     
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