Clive Palmer and his Interest Rate Promise
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Transcript of - Clive Palmer and his Interest Rate Promise
Big Clive wants to cap home loan interest rates at 3%. Is he full of it?
Before I get into that, Clive, can you please stop sending everyone unsolicited text messages please? You know the ones I’m talking about. Everyone’s got them and they’re either ignoring you or they’re sending dick pics back or abusive messages. No one wants it mate.
Is it even possible to cap home loan rates at 3%?
Alright 3% home loan interest rate caps. I don’t even think that’s possible. But just go with me here. The only way that it is possible is if the Reserve Bank implements something called yield curve control. I’m no economist, but that’s how you do it if it could be done. And they’ve done this in recent times, but not to control home loans, though. The problem here is the Federal Reserve is meant to be independent of the parliament. They’re not just going to pin interest rates just because Big Clive told everyone a lie.
Why has Clive Palmer made this Promise?
Normally I just ignore politics flat out, but these ads got to me. So I did a little bit of further investigation on United Australia’s web page. Here’s a quote Liberal and Labour’s trillion dollars of debt will increase home loan rates to 4% in two years, and to over 6% in three years. At 4% Over 60% of Australians will default on their mortgages and will lose their homes. At 6% or more over 80% of Australians will lose their homes. There’s just so much wrong with this. I won’t go into all of it. But good on them for being able to fabricate this and have the balls to try and sell it to the public. They’re basically saying that in three years 80% of all of us are going to be bankrupt so we should vote for Clive to fix it. Whilst I was perusing United Australia’s website.
I also saw they want to make the first $30,000 of home loan repayments you make to be tax deductible given they have spelt Home Loan wrong on their website. I don’t like the chances that they’ve done any research as to whether this will work or not. At the end of the day, it’s just another act in the circus that is Australian politics.
The Hack to pay off Home Loans Faster.
I’ll leave you with a little hack though. Don’t rely on politicians who make promises which will get you ahead financially. If you want to save large amounts of interest on your home loan there’s an easy way to do it. Just make higher repayments and you’ll save a small fortune over the life of the loan. You should be able to start with an extra $100 per week, this will get you hundreds of 1000s of dollars and head over your standard home loan lifetime.
If you wanna know how to do this, you can find out details and get in contact! Cheers!