100 percent increase in $1m and $2m loans

[donna]

It’s taken just 4 years to double the number of homeowners with $1million or $2million mortgages.

One couple with $260K income struggling with $1m mortgage.

Another has to find $6K every 2 weeks for repayments.

Why hang on - why not sell?

In negative equity position and may need another couple of years to break even.

Does this mean a dumping of high value properties in a year or sooner?

regards
Donna

[Sanya]

^^ If the $2M+ loans were for a single property - that's crazy.

But figures cited by the article covered total mortgage exposure per borrower, not per property.

So, its likely that many of these $2m-plus borrowers are using their mortgages to fund multiple properties.

[donna]

^^ and businesses.

It didn’t say if the homeowners were LTD entities, trusts etc so yeah hard to say. The examples were just one property homeowners.

regards

Donna