i always wondered how the banks benefit from offset accounts, because the interest they give on a savings account is far less than the interest they charge on a home loan?

well i live in Emerald, being a small town everyone knows everything…a few builders in town have gone bust, one had his license suspended because he had too many houses and not selling them fast enough…house prices here have dropped a bit, i live in a new estate and so far there's only been one house up for sale…i'm not too worried as things will pick up again after a few years. Best thing to do is not to panic if you have a property in a mining town.

People have got to stop spending on so much crap…we don’t need plasma teles..or bananas…

I’m just worried whats going to happen when oil eventually runs out…

i used to do my tax online using etax and got my retun in a week…but last year i didnt do the depreciation bit so i think i’ll goto an accountant this year…

and the worst thing is my sister’s an accountant but she doesnt do tax…not very helpful is she…[biggrin]

i think kids/teenagers and even my generation (i’m 27) are quite spoiled…they’re just used to getting what ever they want….like cars for exmaple…i had to save up and buy a crappy one during year 12…these days parents just buy cars for their kids…and most of my friends don’t own any property..they just spend all their $$$ on holidays, consumer goods etc…i think generation Y is the most materialistic…we spend so much on designer/trendy clothes and drive around in flashy cars…but it’s all on debt! I must admitt I was guilty early in my career, I spend most of my $$$ going out, buying $400 pair of shoes…and when i turned 24 i realised all I had was my wardrobe! From then on i’ve pretty much changed and saved and invested my $$$… I managed to save $25k for a deposit and mum was nice enough to be gurantor so I can get a loan to buy my first IP….

But I do believe there’s a lot of resentment towards the baby boomers for pushing the house prices up…most of my friends have given up the idea of owning a house…and the ones who recently bought are couples who are both working…it’s pretty hard starting on your own these days…i remember when i was buying my first ip the bank would only lend me $150k without a gurantor…you can’t even buy a studio apartment for that much…

hi wealth4life, yeah i know what you’re trying to say…but it’s kinda hard to work on my roots now because i’m not academically or business smart, i struggled through highschool but still made it to uni…struggled through that too and now i have a pretty decent paying job, i’m pretty happy with how i turned out but don’t know how i can get a better income job, I’m on a $95k package… going back to uni is not an option, i’d have to sell my ip at a loss…and i figured if i go back and studied to be a doctor or dentist i’d be in the highest tax bracket anyway, who needs all that stress?

and LA, is your wife earning $85k USD? If so you reckon she can get me a job as a radiographer? Can i live in your place rent free? I’ll pay all the bills…haha..had to try…

Hi Cherry, i have a similar situation, i bought at lake mac. 2 years ago, it hasnt gone up at all, i pay $2700/m in repayments but only get $250/w in return…i too thought about selling, however i recently spoke to a builder, he’s about 60 and he’s been investing in realestate all his life..he’s got about 100 + properties…i asked him rather i should sell now, he told me to hold on, you won’t lose if you hold onto it long enough…he said the only people who whinge about losing $$$ in property are the ones who don’t have the patience, and don’t make the mistake of selling in gloom…after that chat i’m completely at ease, it helps to talk to someone with so much experience..