The unofficial industry name for mortgages in Australia that used Prime Minister Kevin Rudd's infamous First Home Buyer Boost of 2008-09, that gave home buyers up to $21,000 to go towards a deposit. It is said that many of these entrants will not be able to afford repayments as interest rates rise.
Its a pisstake of the infamous U.S "Subprime" mortgages
Why would you want to buy a house now? Wait for a few more interest rate hikes to see the effect of Ruddprime.