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Credit lockdown contributing to dim first home buyer figures

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Australian Broker | 13 Mar 2013, 04:00 AM Agree 0
Generation Y is plagued by credit defaults, which could partially explain Australia's weak FHB figures, says one credit specialist
  • Positive Broker | 13 Mar 2013, 10:41 AM Agree 0
    I can confirm this. The majority of young clients I see (under 25) have some form of credit issue. Usually a telco or utility default for a few hundred dollars. Unfortunately these clients usually need LMI so it is very difficult to get a loan even if they do have personal loans or credit cards up to date. The quick answer is for lenders to ignore the default. Maybe positive credit reporting will help but I would prefer to see telcos and utilities banned from veda. More often not these are not financial defaults but a clear dispute or misunderstood contract.
  • Papery | 13 Mar 2013, 05:20 PM Agree 0
    AGree, but so many of the younger ones too easily disregard their credit responsibilites, especially that pesky mobile phone bill! Kids today need to take responsibility & commitment more seriously!
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