The Down-Under bankers seem to be following the U.S. mortgage model. Y'all can afford any kind of McMansion you want. Trust me. After all, I'm a banker.
To achieve that modest goal of palaces for peons, they've come up with a clever new trick to (a) make would-be borrowers feel richer than they are and (b) to make their ugly (that is, unpayable) mortgages look like AAA investments.
To do so they're telling potential borrowers, "You don't really pay the rent you pay. It's really part of your savings account, so we'll loan you more."
(The link takes you to a longish explanation of Canberra's latest whim, and, like Mythbusters, it should carry a preview line, "Caution, Economics content." But it's still worth the read for anyone interested in money as Charmin.)
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