Amazulu

We live in a society and country that values home ownership - it's part of our Anglo-Celtic heritage - therefore people want to buy and own property. Other countries, like Germany, take a different view on this - which just goes to show that even a great country like that can have backward standpoints on certain issues (along with their immigration and pension policies). In light of this, our banks are geared towards lending on residential property - but this does not prevent them from lending and investing in other areas. If this is profitable for them then I'm sure they'll do it. The market will decide

Hope this helps

the troubadour

I'll give you some real help to save you floundering. For starters while banks and corrupt financial industry certainly do attempt to 'fob off' houses in Australia, more to do with the laziness of the banks. As for being an Anglo Saxon cultural thing, well not quite. Australia comes in at 39th in home ownership, which is below Portugal and India and socialist Cuba and Romania.
As for Germany, still not quite there, Germany being only some six places below Australia. It just that countries like Germany do offer choice with renting being perfectly respectable and protections provided.

AS for immigration, it is Australia that has the fastest population growth in the western world along with USA. Mostly due to immigration. Germany, on the other hand, is one of the oldest populations in the world.
As for pensions, German pensioners miles in front of most Australian pensioners, where one in three live in poverty.

Always helps to have the facts

the troubadour

Only thing useless about the Royal Commission was that no individuals have been called out and no criminal proceedings being undertaken. Nothing about regulating the regulators , just giving them more power to continue what they have been doing nothing. Just how much will the thieving banks pay back of the billions stolen from customers.

Beoz

Australia's home ownership is 15% higher than Germany's and higher than France the UK and the US, but its neither here nor there.

Renting has some wonderful advantages. You often live in an area of your choice, it aids mobility, you don't pay for stuff when things go wrong, and thanks to negative gearing, those who have no interest in property investment pay your subsidies on rent.

I wouldn't beat yourself up over it. Renting is ok. I am a big fan. Right at this point I own but may not do that forever.

Stuck in Auckland

I believe they said individual cases had been passed for criminal prosecution

10 to 15 year property boom
20 year life of Aussie built homes

Just saying land = asset
Build is depreciating liability

Beoz

My Aussie built house is 110 years old and going strong. Not sure where you get those facts from.

Beoz

The banks are punching the air. Back in business. They may need to pay back some but hardly makes a dent in the profit.

Stuck in Auckland

House builders over past 15 years

Sub contract out the price

Sub contract out the value
]

the troubadour

Surely you should be addressing the Zulu bloke that scribes some odd conclusions on here? As stated Australia is about six higher in housing ownership placement than Australia. Hardly startling. Renting does have wonderful advantages, too often over looked by Australians, who have been sold another narrative by the banks.
I certainly don't beat myself up about it.(unlike some who delve into where they probably really shouldn't)

Kooky.

I know a very nice apartment up for grabs in a few months' time, Beoz - currently undergoing some major renovations and my husband has gone and got a job in the US

the troubadour

Probably wishful thinking hoping the Coalition will do much to curtail the thieving, crooked, corrupt banking system that is Australia. I expect nothing like the 7 billion dollars (I believe) will ever be paid back. Banks will push for lower interest rates from RBA, while not passing it on to customers, or even raising it.
ALP needed to at least look to put into place regulations that will make banks think twice before repeating the scandal clearly out there for a considerable time, but uncovered during the Royal Commission.

the troubadour

Yes been money for jam for all too many. Reality hopefully about to hit home.

Beoz

You think ripping off customers is reserved for just banks? Think again.

Yep, interest rates about to rise now that the RC has taken brokers out of the picture. No more competition for interest rates. Banks can do as they please. Thankfully the government have said "we will put that one under review"

the troubadour

Financial area as a whole. The banning of commissions essential and replaced by flat rates. Brokers largely responsible for a lot of the mess. Government does have leverage over banks, if they choose to use it. Interest rates should rise. They should have done long ago, before the scenario of house depreciation devastating the economy became all too real. Remember we are in the position we find ourselves in, due to the greed and ineptness of banksters and assorted travellers that came close to bringing down the economic system in 2008.Time to get real and not allow banks to dictate politics. Best chance for some reform is ALP, although of course will not go far enough to tame the beast.

Beoz

You do real realise a user pay broker fee will prevent many in society from seeking the best deal. They will just trott off to the Commonwealth Bank and leave the smaller more competitive loaners out in the cold. This is where the C Bank will charge whatever they want and reduce competition increasing greed and profit margins for the big banks.

Is that really what you want?