> In the late 1980s Australian interest rates were 17% so the repayments required were much higher on the same level of debt. Inflation was also in the >10% ra

> In the late 1980s Australian interest rates were 17% so the repayments required were much higher on the same level of debt. Inflation was also in the >10% range (https://www.abs.gov.au/websitedbs/D3310114.nsf/home/ABS+Chief+Economist+-+70+Years+of+Inflation+in+Australia/$File/CPI+70+Years.svg https://www.abs.gov.au/websitedbs/D3310114.nsf/home/ABS+Chie...) so if your wage kept up with inflation and you could weather the high interest rates for a few years then your mortgage:income ratio shrunk very quickly.