AMP Bank pulls out of all investment lending

So AMP social media policy manager pulls out of watching propertychat

 

Sorry, back to Vietnam. I've visited the country twice, many houses are made of very simple bricks that look locally made and generally speaking, houses are no more than 3 metres wide because it was a lot cheaper if they were built that small (some government policy). This would be about maybe 4 years back but I spoke with my travel guide and she said properties start from about 7000USD in the urban areas (from my memory).

Also my guide proudly saved up to buy a motorbike which is just about the most common form of transport there and they cost $1000 to $2000 for a basic vehicle. Wages are low but maybe it is feasible to buy the house outright...

 

Grew up in Indonesia and when i lived there 20 years ago most people bought their home outright with their own savings, no loans from bank. At least all the people I knew did, even the lowly paid storekeepers who worked for my dad. The just lived in smaller homes and further away from the cbd. Those who couldn't afford to buy outright yet (mostly young people) tended to stay with their parents or other extended family until they saved enough. And saving rate relative to income tend to be mich higher in Asia.

 

My parents in the mid 80s bought a block of land with cash and built in stages with excess cashflow from PAYE jobs, it was common then.
Many people in regional Australia who earn decent money can and still do this as land is cheap relatively speaking compared to capital cities. Lots of people in regional Australia are on lower wages but for those who aren't they can afford to do this comfortably.

 

Building a house is different to buying one outright though, but I agree that people on good incomes in the past as well as today can afford to build their own home.

 

LoL

 

Prices in Jakarta is Crazy now as well.. some area near the south of Jakarta (PIK, Pluit)houses cost almost 1.5-2 mill AUD now

 

I requested AMP to fix one of my loans IO for 3 years at 4.55% on Friday, and it came through this morning. So there is still time for those interested.

 

OK...so the race is on. Will finish work at midday today. Instead of beer oclock it will be amp fix 3 loans??? How long from when you initially called?

 

Took 5 business days for me.

I sent the signed letter the same day that I called them.
The main reason for the timeframe was because they were debiting my account at another bank.

If you have an AMP offset account they can debit for the fee, it should be quicker.

 

Same here. I requested mine last Thurs but it's still in progress as it took longer to debit the fee from my Commbank account. Bankwest is the worst...need to sign and return a whole new set of mortgage docs, ugghhh!

 

5 for me too. 7 if you include the time I had to waste because my initial letter didn't have a signature.