Don't Drink the Equity Accelerator Coolaid

I have received phone calls from across the country assailing me for voicing my disdain for the Equity Accelerator; aka Australian Mortgage, MMA, etc. etc.

"Can 70% of Australians who have mortgages be wrong?"  Yea, in fact, consider the fact that they are all descendent's of criminals! (POME's...prisoners of mother England).  Finally, Australian governmental agencies have been cracking down on this "too good to be true mortgage," stating that it doesn't actually help you to pay off the loan early!

Banks do not offer products that help you save money.  That is not their business.  Their business depends on you paying them interest.  That is how they make money...they always have and they always will.  The reason that banks offer negative amortizing loans is that they know people will make the bare minimum payment and end up owing them more money and then they'll have to refinance (60% of people refinance with the banks that service the loan). 

The equity defibrillator loan will generate an ever increasing stream of interest profit because the reality is that people will NOT be utilizing the program.  Banks offer products that make their share holders money...NOT products that save their clients money.  They count on, depend, expect, rely on consumers that can't stop spending their money on...rims, flat screens, SUV's, latte's, and other essentials.

Here is the best part...roll in an added $3500 into the loan for quicken software on steroids...like that will actually give consumers the discipline to pay the bills and not spend the surplus cash.

The ONLY way you will pay down your mortgage with the Software is if you sell the software to 100 people and take your commissions from those sales and apply it to your principal.