My mind is divided on regulation. Personally I like to have freedom
with my money and invest it as I see fit. The other side of the coin is
that most people are incompetent with their money - attested by the
number of quick finance companies around - 20% interest isn't bad is it?
Who here has enrolled into KiwiSaver? I'm going to be retired long
before 65 but the fact that the govt also contributes makes it such a
good long term investment I just can't say no. For me investing in
KiwiSaver works out to be much better than paying off debt - which
doesn't seem right somehow.
Robert martin wrote:
> Agreed that there are issues. However all that much really. Changes
> in situation are handled as badly / well as the current interest rate
> changes. Personally I would rather have it that when my repayments
> went up I actually got some benefits from it!
> Re people re locking after there fixed term expires, so be it. The
> issue is to reduce peoples money now rather than in two years time
> (the OCRs effect). Yesterdays rate rise wont effect 50% of the
> mortgage population for 1.5 - 2 yrs, by that time the economy may be
> quite different.
> The current OCR system is a much blunter instrument (sledge hammer)
> than my suggestion.
> It is a suggestion and one that will go nowhere as the experts have a
> vested interest to not make it a workable system. I am sure that this
> or something similar could be developed by economists that would work
> nicely alongside the OCR.
> Rob Martin
> Software Engineer
> phone +64 03 377 0495
> fax +64 03 377 0496
> web www.chreos.com
> Wild Software Ltd
> peter@webc... wrote:
>>> It would be a minefield to try to regulate an individual's debt/equity
>>> ratios like that.
>> Agreed. Quite apart from possible rorting, you get in a mess of
>> regulatory trouble to cope with real life needs, such as a change in
>> financial situation requiring an interest-only holiday, or whatever.
>> Sledgehammers are for nuts.
>> Peter Hyde, Development Director
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