(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.
by AusHousingCrash June 10, 2011