Earning more than $80,000 a year and seek help with mortgage repayments?

There is a news on Yahoo saying “many people earning more than $80,000 a year are seeking help with mortgage repayments” from Welfare group Lifeline.

I think this is just ridiculous – I don’t mean the housing prices. I mean the people who earn more than $80k and seek help with home loan repayments.

Did those people calculate how much they can afford before they signed the contract? I have the feeling that they might be able to borrow $500k at a interest rate of 6% so they just take the maximum amount they can borrow. The point is at least they should factor in a 2% interest rate buffer. If they don’t, don’t blame banks, government, asians, etc, just blame themselves.

I think those people should be blamed for the ridiculous property prices because they buy at a price they really cannot afford.

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