Vaughan Clark
speaker
36 appearances
1 recordings
1 series
first heard Oct 2022
last heard Oct 2022
Vaughan Clark’s voice in public audio — every appearance, attributed to the second.
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Appearances
They could be in a situation of a negative equity position if they are forced to resell that home.
So again, we make sure our first-time buyers are aware of all of those risks to ensure that if they move into that program...
then they need to understand it's a long-term position they need to take before they have genuine equity in that property.
Absolutely.
Single people really need to do their research, be comfortable about this position, ensure that they don't have other debt positions that may include having it paid off their HECS, ensure that they've got no other credit card liabilities, including afterpay and zip pay.
So it's very important for a single person to be aware of the challenges in high, I suppose, in a growing interest rate.
We, again, sit down and work through that so they totally understand the
the risk because it is a situation where if they are forced to sell, they could be in a negative equity position.
Oh, absolutely, Craig.
Last year, it was a fear of missing out.
Now, it's a fear of what do I do?
Is interest rates going to get up to that 14% or 15% that my parents paid?
What's going to happen if rates go up to 6% or 7%?
There's a lot of questions now about their affordability.
So we spend a lot of time having to make sure people understand what could happen and get people to look at their situations at 6% or 7% interest rates to ensure that they are comfortable with those repayment levels.
because it is a big concern now that rates could become to a point where people are under mortgage stress.
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