Thursday Thought.. DID YOU KNOW? 1970's Home Loans.
💭 Maybe your parents or grandparents will remember.
☮ In the early 1970s, Australian banks strictly refused to let people borrow large multipliers of their income.
The absolute limit a bank would lend you was *2.5 times* your salary.
Nowadays, there is technically no limit for some lenders, but guidelines point above *8 times* household income.
🏠 Because houses cost roughly only 3 times the average annual wage back then, it was mathematically normal for a single income family to pay off their home loan in just a few years.
I think people honestly do the best with what they have, where they are and with what they know. I believe back in the 70's and 80's in Australia, the intentions were mostly very good.
This is just a home loan fun fact, not a political debate!
Truly's advice, financial services and property strategies are complimentary. We do this for the best interests of our clients and we relentlessly strive to serve as the best mortgage brokers in Australia with uncommon excellence!
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