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It's not actually the so called 'cheap' home loans that are the problem. It's the '100% lend' home loans which are offered to the highly paid couples with no kids and other similar borrowers. They buy with little thought for anything other than capital gain. The dairy farming sector is currently witnessing farm sales at prices where interest on 50% of the purchase price equates with 60% of gross farm income - and that's before we see any more rate increases. In other words, the whole mess, residential and agricultural, is a speculatice time bomb. It will explode - just a matter of time and I think it is not far off. Remember 1990 folks!!!!!! Oh, sorry, I forgot most of the borrowers are too young.
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