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Higher interest rates and property prices not deterring migrants, retirees, and first home buyers drawing on the bank of mum and dad

Higher interest rates and property prices not deterring migrants, retirees, and first home buyers drawing on the bank of mum and dad
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Fears of a debt disaster as property market runs hot and changes to safe lending laws loom

Fears of a debt disaster as property market runs hot and changes to safe lending laws loom Posted FriFriday 12 MarMarch 2021 at 7:24pm Before the global financial crisis, Jacob wanted to develop his then property in the Tweed Valley into a tourist lodge but the bank repossessed it. ( Print text only He wanted to develop his then property in the Tweed Valley into a tourist lodge. But in November 2009, he had a serious accident on the farm tractor and could not work. He asked his lender at the time who he had taken a high-risk low-doc loan from to let him defer mortgage repayments until he could resume work.

Western australiaNew south walesKatherine templeNick mckimTerri unwinNassim khademJosh frydenbergHelia singhKaren coxShane oliverConsumer action law centreBank governor philip loweAustralian financial complaints authorityInvestment commissionFinancial rights legal centreTweed valley