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6 Comments
What does weak moratge [sic] lending growth indicates ?
Banks' shareholders taking a conservative view of the apparent risks of lending to those wishing to speculate in an asset class with very high leverage in an already concentrated minority of indebted households.
What does weak mortgage lending growth indicates ? High price in housing market and more people buying should show STRONG mortage lending growth......what are we missing ? It indicates that the property market for both NZ and to a far greater extent Australia has massively been distorted by money laundering/foreign buyers.
Wage earners and local investors are finding it difficult to compete, hence the weak mortgage take up.
CJ
Property market being "distorted by money laundering/foreign buyers"to detriment of locals.
Are you aware of the new checks being carried out by banks, real estate agents and solicitors? Clearly you haven't bought or sold property or deposited a reasonable amount of money in a bank recently.
This shows banksters have been playing a short game for their executive bonuses.
One suspects key shareholders played a major role in this. Look now further than the Federal Reserve who bailed them out during the GFC. If you do any research on the Federal Reserve, its not US government owned but rather by those who set it up in 1913. The big banksters back then were the Rothschilds, Rockefellers & Morgan, and through nominee companies and blind trusts probably still do.
Who said banks are too big to fail? Not me, but the politicians who work for this lot rather than the masses.
V weak wage growth
Plus, critically, banks have been forced to start transferring people off interest only and onto int and capital payments. So, payments on mortgages gone up. Been doing nothing except fall since 2011, so system is getting its first dose of nasty medicine. Add to that the Royal Commission effect on stopping banks cheating on paperwork and voila you have a pull back.
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