Reading between the lines of the RBA

Here are the facts from someone that has lived both eras. And sorry Shane you have NO IDEA mate, None! Zero! When interest rates where at 17% there were both voluntary forced and mortgagee sales everywhere and the property market was dead. Prices had collapsed by over 20% because there were No buyers but with sellers everywhere. Variable rate loans where the norn as fixed rate loans hardly existed because everyone believed in paying down the loan as quickly as possible. Furthermore most families were still single income families hence the higher rates were a massive struggle. We are talking about the interest component of your mortgage being almost 1/5 (20%) of your principal. Add to that the same high inflation we have today - but trying to survive on one income...Seriously! Today there are currently NO MORTGAGEE SALES and no forced sales either. The property market alive and well and in fact thriving and prices are now rising. In fact Auction Clearance rates are actually INCREASING right now and there aren't enough properties for sale to satisy buyer demand. We also have dual income families as the norm now so there are plenty more dollars around to pay the mortgage, and the interest component of your principal is more like one 20th of the principal rather than 20%. So please dont insult us folk that had to live through that very difficult era. You have no idea whatsover Shane!