Date: 07 October 2008 11:04:22
well, at this point it's probably doing us a favour - and I really don't mean that to offend anyone who has been horribly affected, truly. HOwever, while we have our plans and are working towards building the house, we are yet to organise any finance - we've done plenty of research but nothing further. So each drop in interest rates (our Reserve Bank dropped the cash rate by 1% today - and all financial boffins had been saying they'd only go as far as 0.5%) works in our favour.
So, the block is being paid off faster, as Mr TAsmania's rate is reduced every time there is a rate drop but we're not reducing the amount of money we put into each payment. So that's good.
We're also still continuing on getting rid of the credit card scheme ... no wonder people get into such enormously horrible financial mires though - Mr Tasmania receive a letter offering him an 'upgrade' to his credit limit the other day (vast multinational credit card company named after the 'global leader' shall remain nameless) ... usually these are 2 or 3 thousand, and you ignore them - this one was to increase it to $42,000!!!!!!!!!!!!! I can see why someone in dire trouble would think that was the immediate answer to all their prayers and lets just worry about the repayments and horrifying interest rate later .... not us of course :) but honestly - vampires much!!!!!!