(n) - a dual income (or more) h/hold who participates in propping up the Australian housing bubble by buying houses by taking out an excessively large housing loan. The resulting interest payments leave them to lead a life of poverty, but hey atleast they have a roof over their heads.
$600,000 to purchase a median property in Melbourne now, you'd have to be a mega mortgage mug to even consider buying at these prices.
(n) A smug, undereducated (but oh-so-smart) resident of australia (bogan) who has bought residential housing for investment purpose. The very high leverage employed may have made them significant equity as prices were rising. If they continued to purchase more negatively geared properties using equity they will struggle to stay afloat particularly as real estate prices are now falling.
You studid, dumb, mega mortgage Investa!! Hope you read your homeloan contract that the bank may revalue the underlying security at any time, in which you may be required to top up with capital.