Would there be national support for a class action lawsuit against the RBA for telling homeowners they wouldn’t raise interest rates until 2024. RBA would need to compensate mortgage holders for higher interest costs incurred with rates rising earlier than stated.
Class Action Against RBA
Comments
HOMELESS PEOPLE ARE THE WINNERS.
WHY CAN'T THEY JUST BE SOCIETY SUCKERS LIKE EVERYONE ELSE C'MON!
Housing up 30+% in just a few years, energy up many times (before the war even started) and commodities skyrocketing
Inflation was very clearly going up but people chose to put their faith in the words of bankers and politicians. Got everything they deserved.
let the market FAIL, there needs to be a GREAT GLOBAL RESET. reset housing markets globally reset currency. everything is too hot right now. everyone needs to feel the pain. YES, even people who bought houses in the last two years……
Hi Klaus
Based on the information RBA had at that point, the RBA said so. They don't have a crystal ball and
nor did they say that to mislead anyone.Well technically your mortage rates have gone up to recoup the reduced price that you have the house for.
You bought a house when the money you borrowed was worth a lot less than that money is worth now.
As a hypothetical example, when inflation happened, 5% of 100 dollars that you borrowed has become 7 or 8 dollars because that's how much those 5 dollars back in the day need to be for the same 'value'. If you're still paying 5% of 100 dollars then really that 5% is less of the value of what you should owe them.
So the raise in interest rates hurt because wages haven't gone up with it - but on the flip side, there's an employment shortage so you could hop around and get more money, thereby being able to better afford that mortage even more easily than when the interest rates were lower. In theory.
This might be the greatest topic on all the internet.
LOL go get em' tiger X'D
file this under the category of 'all my crappy life problems must be someone else's fault' - my definition of a Loser.
Maybe it would be useful to collect all the whiny idiots in one place so I could be somewhere else.
Face palm
I knew the RBA would be proven wrong the second they said interest rates wouldn't increase until 2024. No chance, I knew they would have to eat their words. For all those who believed the RBA, chalk this up as an economics lesson. The tuition fee is the extra amount of interest you have to pay. Its a very valuable economics lesson.
Learn from it.
I don't think you can sue people on their OPINION. but hey. Why not. It is much easier to blame someone else. Good luck.