Home loan repayment can now stretch to 50 years

[Musicwhiz]

All this talk about making things affordable is total B.S.
You have 30yr leasehold 'affordable' factory space, you got cars that pay over 10 years, the maximum allowed on a usable life of a car.
Now you got 50yr housing loans. The point is not about whether a person qualifies for it or not,
it's about the direction in which we are heading. No one looks at the cost of the product anymore, they look at how much they need to fork out each month and this encourages reckless borrowing.

No one owns anything anymore, the bank owns everything.
And by the time you finish paying, it is probably near the end of its useful life or near end of your life.

Spot on!

I was discussing this trend with a friend some time back, and his perspective was that people look at items more from a cash-flow perspective and less from a "Liabilities" perspective, which is why such reckless borrowing is becoming more prevalent.

So it becomes the case where people can "afford" the monthly payments and you get 20+ year olds barely out in the workforce buying expensive cars and private housing with long loans. No one sees the loan itself as a liability, they merely assess the cash-flow effect of their financial decisions. In short, the Balance Sheets of such individuals have deteriorated significantly over the years.

And banks really do own everything, from your property's title deed all the way down to that spanking new BMW on a 10-year loan. As Blur said "Modern Life Is Rubbish".