By Aidan Wondracz For Daily Mail Australia
03:51 10 Feb 2023, updated 08:10 10 Feb 2023
- Renter slammed landlords in TikTok video
- Landlord complained about rising mortgage
A renter has slammed landlords for charging tenants hundreds of dollars extra a week and making them pay the lion’s share of their mortgage.
Western Australia man Joel Bebbington blasted property owners who whinged about having to fork out their own money to pay off their investment property.
He shared a video on TikTok of a property owner venting her frustration over the fact she had to increase her rent and still pay out of her pocket to cover her debt.
‘When the tenants complain about a $100 rent raise but my mortgage went up $111 so I’m actually making less not more money,’ the landlord captioned the video.
Mr Bebbington unleashed at the landlord, claiming she was actually in the wrong and had no right to complain.
‘So let me get this straight,’ he said.
‘Instead of actually contributing to the economy yourself, you’re taking an asset that could be for somebody else using a loan that you can get because of your position in the market.
‘With that loan you’re passing all of the cost for this multi-hundred thousand dollar purchase that you purchased straight onto somebody else.
‘And you’re saying that for this multi-hundred thousand dollar purchase that you’ve got, you might be $11 a week out of pocket.’
Mr Bebbington went on to say the long-term benefits greatly outweighed the weekly out-of-pocket costs.
‘But at the end of what 15, 20, 30 years, you’re going to have an asset worth half a million dollars plus time, probably a little more than that,’ he said.
‘This is why people don’t like landlords. They actually think they’re the victim here somehow.
‘If I could honestly say to anybody on the street give me $11 a week and I will make you half a million dollars richer in 20 or 30 years, who the f*** wouldn’t take that?’
His complaint comes as Australian home borrowers were smashed with a ninth straight interest rate rise on Tuesday with warnings of more on the way.
The RBA cash rate rose by another 0.25 percentage points to a new 10-year high of 3.35 per cent, up from 3.1 per cent, adding $93 a month to repayments on an average $600,000 mortgage.
Annual repayments are now typically $12,000 higher than they were in May 2022 and the Commonwealth Bank is now expecting two more rate rises by Easter that will make this even worse.
That would add another $281 to average monthly repayments, compared with now before the banks pass on the latest rate rise.
The Greens are calling on Treasurer Jim Chalmers to sack RBA Governor Philip Lowe after he warned of more rate rises in 2023, despite borrowers already enduring the steepest rate rises since a target cash rate was first published in 1990.
‘The board expects that further increases in interest rates will be needed over the months ahead to ensure that inflation returns to target and that this period of high inflation is only temporary,’ Dr Lowe said.
‘The board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that.’
