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Scummo government's hypocrisy with pensioners (Read 1166 times)
Bam
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Scummo government's hypocrisy with pensioners
Oct 21st, 2019 at 2:50pm
 
'Staggering': Canberra charges pensioners 5.25pc
Quote:
The Morrison government is charging pensioners an unchanged 5.25 per cent on reverse mortgages even after the Prime Minister accused big banks of "profiteering" by not passing on official rate cuts to customers in full.

National Seniors chief advocate Ian Henschke accused the government of gouging and hypocrisy. "You cannot turn around and attack the banks while you are engaging in this sort of behaviour," he said.

On October 1 the official cash rate was cut to 0.75 per cent and some challenger banks are offering mortgage rates as low as 2.9 per cent.

Yet the government lends money through the Pension Loans Scheme, designed to allow older people to unlock some of the equity in their home to boost their fortnightly income, at a rate of 5.25 per cent.

One of the scheme's private sector competitors, ME Bank-backed Household Capital, announced it was passing the October 1 cut on in full, dropping its reverse mortgage rate to 5.15 per cent.

Hypocrisy to hide more theft from pensioners. Does this government have any morals at all?
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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.
 
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Valkie
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Re: Scummo government's hypocrisy with pensioners
Reply #1 - Oct 21st, 2019 at 3:45pm
 
Bam wrote on Oct 21st, 2019 at 2:50pm:
'Staggering': Canberra charges pensioners 5.25pc
Quote:
The Morrison government is charging pensioners an unchanged 5.25 per cent on reverse mortgages even after the Prime Minister accused big banks of "profiteering" by not passing on official rate cuts to customers in full.

National Seniors chief advocate Ian Henschke accused the government of gouging and hypocrisy. "You cannot turn around and attack the banks while you are engaging in this sort of behaviour," he said.

On October 1 the official cash rate was cut to 0.75 per cent and some challenger banks are offering mortgage rates as low as 2.9 per cent.

Yet the government lends money through the Pension Loans Scheme, designed to allow older people to unlock some of the equity in their home to boost their fortnightly income, at a rate of 5.25 per cent.

One of the scheme's private sector competitors, ME Bank-backed Household Capital, announced it was passing the October 1 cut on in full, dropping its reverse mortgage rate to 5.15 per cent.

Hypocrisy to hide more theft from pensioners. Does this government have any morals at all?


No grubberment, not one single grubberment on earth even knows the meaning of the word morals.

In order to gain office any member of the grubberment must sell their soul, lie, cheat and generally be the worst possible person imaginable.

The majority of public servant bureaucrats also have to sell their souls and lose all possible morals and honesty.

The legal system always has been devoid of honesty, morals and humanity.

The best thing that can happen in Australia woukd be a seriously violent revolution.
Wiping from the face of the earth all politicians, bureaucrats and legal system parasites.

We can only pray that this will happen......soon
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I HAVE A DREAM
A WONDERFUL, PEACEFUL, BEAUTIFUL DREAM.
A DREAM OF A WORLD THAT HAS NEVER KNOWN ISLAM
A DREAM OF A WORLD FREE FROM THE HORRORS OF ISLAM.

SUCH A WONDERFUL DREAM
O HOW I WISH IT WERE TRU
 
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macman
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Re: Scummo government's hypocrisy with pensioners
Reply #2 - Oct 21st, 2019 at 4:08pm
 
Bam wrote on Oct 21st, 2019 at 2:50pm:
'Staggering': Canberra charges pensioners 5.25pc
Quote:
The Morrison government is charging pensioners an unchanged 5.25 per cent on reverse mortgages even after the Prime Minister accused big banks of "profiteering" by not passing on official rate cuts to customers in full.

National Seniors chief advocate Ian Henschke accused the government of gouging and hypocrisy. "You cannot turn around and attack the banks while you are engaging in this sort of behaviour," he said.

On October 1 the official cash rate was cut to 0.75 per cent and some challenger banks are offering mortgage rates as low as 2.9 per cent.

Yet the government lends money through the Pension Loans Scheme, designed to allow older people to unlock some of the equity in their home to boost their fortnightly income, at a rate of 5.25 per cent.

One of the scheme's private sector competitors, ME Bank-backed Household Capital, announced it was passing the October 1 cut on in full, dropping its reverse mortgage rate to 5.15 per cent.

Hypocrisy to hide more theft from pensioners. Does this government have any morals at all?


In a word, no.
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juliar
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Re: Scummo government's hypocrisy with pensioners
Reply #3 - Oct 21st, 2019 at 7:36pm
 
The clever ScoMo Govt saves things like this for the right time to create a distraction just like GetUp! the Political Propaganda Arm of the Labor Party does.
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« Last Edit: Oct 22nd, 2019 at 12:10am by juliar »  
 
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Dnarever
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Re: Scummo government's hypocrisy with pensioners
Reply #4 - Oct 21st, 2019 at 7:40pm
 
Bam wrote on Oct 21st, 2019 at 2:50pm:
'Staggering': Canberra charges pensioners 5.25pc
Quote:
The Morrison government is charging pensioners an unchanged 5.25 per cent on reverse mortgages even after the Prime Minister accused big banks of "profiteering" by not passing on official rate cuts to customers in full.

National Seniors chief advocate Ian Henschke accused the government of gouging and hypocrisy. "You cannot turn around and attack the banks while you are engaging in this sort of behaviour," he said.

On October 1 the official cash rate was cut to 0.75 per cent and some challenger banks are offering mortgage rates as low as 2.9 per cent.

Yet the government lends money through the Pension Loans Scheme, designed to allow older people to unlock some of the equity in their home to boost their fortnightly income, at a rate of 5.25 per cent.

One of the scheme's private sector competitors, ME Bank-backed Household Capital, announced it was passing the October 1 cut on in full, dropping its reverse mortgage rate to 5.15 per cent.

Hypocrisy to hide more theft from pensioners. Does this government have any morals at all?


Quote:
Does this government have any morals at all?


It doesn't matter, In Australia you don't vote Liberal if you expect morals.
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juliar
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Re: Scummo government's hypocrisy with pensioners
Reply #5 - Oct 21st, 2019 at 7:46pm
 
And if you want suicidal destruction funded by Chinese Bribes you vote for the Chinese Labor Party.
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Dnarever
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Re: Scummo government's hypocrisy with pensioners
Reply #6 - Oct 21st, 2019 at 8:50pm
 
juliar wrote on Oct 21st, 2019 at 7:46pm:
And if you want suicidal destruction funded by Chinese Bribes you vote for the Chinese Labor Party.


The only other option is the Chinese Liberal party ?
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Dnarever
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Re: Scummo government's hypocrisy with pensioners
Reply #7 - Oct 21st, 2019 at 8:51pm
 
Quote:
Scummo government's hypocrisy with pensioners


With the Coalitions hypocrisy it would hardly be fair had they left the pensioners out.
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juliar
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Re: Scummo government's hypocrisy with pensioners
Reply #8 - Oct 21st, 2019 at 8:57pm
 
DNA is playing ring around the rosie.

But with the Chinese Commo Party controlled fungus covered Labor Party disintegrating at his feet, what else can he do ?

Why don't the now irrelevant Labor Party and the irrelevant Greeny Party unite into the new Garbo Party ?
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Bam
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Re: Scummo government's hypocrisy with pensioners
Reply #9 - Oct 21st, 2019 at 10:32pm
 
Dnarever wrote on Oct 21st, 2019 at 8:51pm:
Quote:
Scummo government's hypocrisy with pensioners


With the Coalitions hypocrisy it would hardly be fair had they left the pensioners out.

Wait until the old age pensioners find out what Scummo's really got planned for them.
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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.
 
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juliar
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Re: Scummo government's hypocrisy with pensioners
Reply #10 - Oct 22nd, 2019 at 12:12am
 
It is no where near as bad as the brutal slaughter the Chinese Labor Party had planned for them when they STOLE their income!!!!!!!
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Captain Nemo
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Re: Scummo government's hypocrisy with pensioners
Reply #11 - Oct 23rd, 2019 at 10:32am
 
Could be worse ...

Cash Converters charge 48% interest on short term loans.  Shocked
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The 2025 election could be a shocker.
WWW  
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PZ547
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Re: Scummo government's hypocrisy with pensioners
Reply #12 - Oct 23rd, 2019 at 12:07pm
 
Bam wrote on Oct 21st, 2019 at 2:50pm:
'Staggering': Canberra charges pensioners 5.25pc
Quote:
The Morrison government is charging pensioners an unchanged 5.25 per cent on reverse mortgages even after the Prime Minister accused big banks of "profiteering" by not passing on official rate cuts to customers in full.

National Seniors chief advocate Ian Henschke accused the government of gouging and hypocrisy. "You cannot turn around and attack the banks while you are engaging in this sort of behaviour," he said.

On October 1 the official cash rate was cut to 0.75 per cent and some challenger banks are offering mortgage rates as low as 2.9 per cent.

Yet the government lends money through the Pension Loans Scheme, designed to allow older people to unlock some of the equity in their home to boost their fortnightly income, at a rate of 5.25 per cent.

One of the scheme's private sector competitors, ME Bank-backed Household Capital, announced it was passing the October 1 cut on in full, dropping its reverse mortgage rate to 5.15 per cent.

Hypocrisy to hide more theft from pensioners. Does this government have any morals at all?



zero morals and they're proud of that
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All my comments, posts & opinions are to be regarded as satire & humour
 
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crocodile
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Re: Scummo government's hypocrisy with pensioners
Reply #13 - Oct 23rd, 2019 at 12:24pm
 
Absolutely astounding how ignorance pervades this board. Anybody with an ounce of understanding of finance and compounding would see the government scheme as pretty generous. But only if they bothered to get off their fat grubby arses and actually read then understood how the scheme works.

The government 5.5% is charged only as the loan is drawn down. The banks, including Household Capital charge principal and interest. A subtle difference with a gigantic impact.

Just suppose that Marge and Fred have spent their super at 75 and need an extra $13000 pa for 10 years when the amount due will come from their estate.

Government scheme 13000 * ( ( 1.055^10 - 1 ) / 0.055 ) = $167379.60
Household Capital  130000 * 1.0515^10 = $214800.91

Total interest:
Government = $37379.60
Household = $84800.91

The idiot that wrote the article is a fukkwit and so are the fools that swallowed it.

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Very funny Scotty, now beam down my clothes.
 
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Re: Scummo government's hypocrisy with pensioners
Reply #14 - Oct 23rd, 2019 at 12:47pm
 
crocodile wrote on Oct 23rd, 2019 at 12:24pm:
Absolutely astounding how ignorance pervades this board. Anybody with an ounce of understanding of finance and compounding would see the government scheme as pretty generous. But only if they bothered to get off their fat grubby arses and actually read then understood how the scheme works.

The government 5.5% is charged only as the loan is drawn down. The banks, including Household Capital charge principal and interest. A subtle difference with a gigantic impact.

Just suppose that Marge and Fred have spent their super at 75 and need an extra $13000 pa for 10 years when the amount due will come from their estate.

Government scheme 13000 * ( ( 1.055^10 - 1 ) / 0.055 ) = $167379.60
Household Capital  130000 * 1.0515^10 = $214800.91

Total interest:
Government = $37379.60
Household = $84800.91

The idiot that wrote the article is a fukkwit and so are the fools that swallowed it.



Quote:
The government 5.5% is charged only as the loan is drawn down.


1) Actually the loan is payed out each foughtnight by effectively extending the loan as the payments are made. You can not take a lump sum up front in which case you would be able to accrue interest. Any interest is being collected by the government.

Note: the government still have full access and control over the money that they have not loaned the pensioner yet, it would be immoral to charge the pensioner interest on this money as it is simply not the pensioners money yet..

Your idea of charging interest on money before it is accessible and has not been loaned -  is a bit rich.

Yes your claim is incorrect but only in terms of fact.

In terms of the two loan types you are comparing apples to lady's Lingerie.


Without all the but But But But's the loan is being charged interest at 5.5% when the Res Bank interest rate is at 0.5%. - Yes the government are profiteering on pension loans.

2) Who to believe some internet hack or the financial analysis of the Australian Financial Review ?

I know which way I would be going on that one.
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« Last Edit: Oct 23rd, 2019 at 12:53pm by Dnarever »  
 
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