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More invested in lending than we all knew: RBA's Glenn Stevens

Discussion in 'Property Market Economics' started by Kangabanga, 20th Sep, 2015.

  1. Kangabanga

    Kangabanga Well-Known Member

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    http://www.propertyobserver.com.au/...ing-than-we-all-knew-rba-s-glenn-stevens.html
    excerpts:
    [The RBA boss Glenn Stevens was again pressed today on housing affordability, especially for younger people, by some school children. The issue has been asked at Mr Stevens at past House of Representative's economics committee meetings too.
    He also noted it "turns out there was a lot more invested in [property] lending than we all knew in the past.]

    [NAB reclassified previously reported data, which boosted the value of NAB's housing investor loans to $93 billion from the $66.6 billion previous notification.]

    ------------------------------------

    Are our banks fudging their numbers now? A 66.6 increase to 93 billion is not a small number, shouldn't NAB be fined or something. Sounds like the banks are giving Glenn the runaround!
     
    Last edited: 20th Sep, 2015
  2. Azazel

    Azazel Well-Known Member

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    Sheesh. What's a lazy $30B between friends?
     
  3. THX

    THX Well-Known Member

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    A billion here, a billion there, pretty soon, you're talking real money.
     
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  4. Coota9

    Coota9 Well-Known Member Premium Member

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    It's self serving is it not!!
     
  5. Angel

    Angel Well-Known Member

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    I can fudge the numbers here for you.

    We have four houses each with a mortgage against them. The one we live in is our PPOR and we are OOs. However the OO loan was paid out years ago and the new loan against this house is for the deposits against the other IPs. Effectively 20% of our borrowing would have been classed as an OO loan last year but it is now counted as an investment loan should the bank be able to get away with increasing the interest rate on it.
     
  6. TheSackedWiggle

    TheSackedWiggle Well-Known Member

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    We in Zimbabwe talk in trillions, you guys need to catch up
     
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  7. Coffee

    Coffee Member

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    Last edited: 21st Sep, 2015
  8. Waterboy

    Waterboy Well-Known Member

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    Of course Stevens wants to talk up the economy. He's trying to hide his fear of the unknown state of the Chinese economy.
     
  9. Graeme

    Graeme Well-Known Member

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