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Dec032013

Australia June Home Loans ? All The Data










expected of 2.0%, and prior of 1.7%, revised from 1.8%) Investment Lending for June -0.5%m/m (vs. prior of 1.1%, revised from 1.5%) Owner-Occupier Loan Value for June 2.1%m/m (vs. priorof 2.2%, revised from 2.3%) The RBA are looking for a transition from mining investment to other sectors of the economy, like housing construction. This data is a bit of a mixed bag, the headline figure is better AUD/USD showing little response, though. - From the ABS report: the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose to 15.1% in June 2013 from 14.6% in May 2013. n trend terms, the number of commitments for the purchase of established dwellings rose 2.1%, the number of commitments for the purchase of new dwellings rose 1.8% and the number of commitments for the construction of dwellings rose 0.9% The trend estimate for the total value of dwelling finance commitments excluding alterations and additions rose 1.2%. Owner occupied housing commitments rose 1.5% and investment housing commitments rose 0.7%. In seasonally adjusted terms, the total value of dwelling finance commitments excluding alterations and additions rose 1.2%.
For the original version including any supplementary images or video, visit http://www.forexlive.com/blog/2013/08/07/australia-june-home-loans-all-the-data/








The RBA has lowered borrowing costs in six moves: 25 basis points apiece in November and December 2011, then 50 basis points in May, 25 in June, 25 in October and 25 this month. Still, the number of Australian construction jobs fell by 21,900 in the 12 months through November. The cumulative reduction in interest rates is affecting interest-sensitive parts of the economy, though the full effects will, of course, take more time to become apparent, the central bank said in its quarterly monetary policy statement released Feb. 8. Home-building approvals unexpectedly declined for the second time in three months in December. The number of permits granted to build or renovate houses and apartments fell 4.4 percent from November, the Bureau of Statistics said in Sydney last week. Concern about job security in Australia has curbed retail spending, which fell in the final three months of 2012, the longest decline in 13 years. Consumer confidence was little changed last month as households concerned about their finances shrugged off rate reductions, a private report showed Jan.
For the original version including any supplementary images or video, visit http://www.bloomberg.com/news/2013-02-11/australia-home-loan-approvals-fall-in-december-for-a-third-month.html







Australia December Home-Loan Approvals Fall for Third Month




Search Deal Journal Australia1 April 3, 2012, 9:57 AM Aussie Home Loans Buys National Mortgage Brokers Aussie Home Loans is on the expansion trail owing to the acquisition of wholesale mortgage broker National Mortgage Brokers , or nmB, for an undisclosed amount. News Limited John Symond nmB has nearly 200 Sydney low doc home loans mortgage brokers throughout Australia, settling approximately 200 million Australian dollars (US$208.5 million) in mortgages each month with a loan book of more than A$8.2 billion. Aussie Home Loans has a loan book of over A$42 billion with more than 250,000 mortgage customers serviced by Aussies lending force of around 700 accredited mortgage brokers and 150 stores, and the combined entity will settle around A$1.2 billion new mortgages a month and run a loan book of more than A$50 billion. We are on an expansion trail and see National Mortgage Brokers as a strategic acquisition in building our distribution capability, which is no longer just focused on our established branded mobile and retail channels, Aussie Home Loans executive chairman John Symond said in a statement. He added that his firm intends to help nmB grow in the wholesale broking space and aims to lift broker numbers via a recruitment drive. Mr. Symond was ranked the 67th wealthiest individual in Australia with a fortune of A$609 million, according to BRW Magazines 2011 Rich 200 List.
For the original version including any supplementary images or video, visit http://blogs.wsj.com/dealjournalaustralia/2012/04/03/aussie-home-loans-buys-national-mortgage-brokers/




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Nov302013

Australia Home-loan Approvals Rise In September










Housing is emerging as one of the few areas of strength in the economy as a long resources boom cools. The central bank has cut rates eight times since late 2011 in a bid to spur activity in areas like retail and housing that have led previous expansions. But at the same time, policy makers are worried about the housing sector overheating, leading to risky investment that could derail a fragile economic recovery. The latest cut in August took the cash rate to a record-low 2.5%. Home-loan approvals have been rising steadily so far this year, with the exception of August, when they fell by a downwardly revised 4.0%. Finance approvals to build new houses rose 1.8% in September from August.
For the original version including any visit the site supplementary images or video, visit http://www.morningstar.com/advisor/t/83749569/australia-home-loan-approvals-rise-in-september.htm




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Nov262013

Rba Exposes Low-doc Loans Risk










Enabling Cookies in Internet Explorer 7, 8, 9 and 10 Open the Internet Browser Click Tools (or gear icon at top right hand side corner) http://emanded.autisable.com/774412002/beneficial-guidance-and-details-about-payday-loans/ > Internet Options > Privacy > Advanced Check Override automatic cookie handling For First-party Cookies and Third-party Cookies click Accept Click OK and OK Click Tools>Options>Privacy Select Privacy>Content settings Check 'Allow local data to be set (recommended)' Click 'Done' Under 'History' select Firefox will: 'Use custom settings for history' Check 'Accept cookies from sites' and then check 'Accept third-party cookies' Click OK Enabling Cookies in Google Chrome Open the Google Chrome browser Chrome > Preferences Click 'Show advanced settings' at the bottom. Under Privacy select 'Content settings' Under 'Cookies' select 'Allow local data to be set (recommended)' Click 'OK' Under 'Block cookies' check 'Never' Enabling Cookies in Mobile Safari (iPhone, iPad) Go to the Home screen by pressing the Home button or by unlocking your phone/iPad Select the Settings icon. Select Safari from the settings menu. Select 'accept cookies' from the safari menu. Select 'from visited' from the accept cookies menu. Press the home button to return the the iPhone home screen. Select the Safari icon to return to Safari. Before the cookie settings change will take effect, Safari must restart. To restart Safari press and hold the Home button (for around five seconds) until the iPhone/iPad display goes blank and the home screen appears. Select the Safari icon to return to Safari.
For the original version including any supplementary images or video, visit http://www.theaustralian.com.au/news/nation/rba-exposes-low-doc-loans-risk/story-e6frg6nf-1226455272906




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Nov242013

Australian Home Loans Rise On Record-low Rates










Approvals to buy new homes rose 5.9%, while lending for already built houses rose 2.7% in the month. -Write to James Glynn at james.glynn@wsj.com (END) Dow Jones Newswires 09-08-132148ET Copyright (c) 2013 united states Dow Jones & Company, Inc. This article appears in: Interactive Charts Default Setting Please note that once you make your selection, it will apply to all future visits to NASDAQ.com. If, at any time, you are interested in reverting to our default settings, please select Default Setting above. If you have any questions or encounter any issues in changing your default settings, please email isfeedback@nasdaq.com . Please confirm your selection: You have selected to change your default setting for the Quote Search. This will now be your default target page; unless you change your configuration again, or you delete your cookies.
For the original version including any supplementary images or video, visit http://www.nasdaq.com/article/australian-home-loans-rise-on-record-low-rates-20130908-00024







The Australian Democrats 'jump the gun' on low doc loans






Australian Democrats housing spokesman David Collyer recently called for a Royal Commission into the Australian mortgage finance industry after evidence was given to the Senate Economics Committee on low doc loans. The committee was told borrower incomes and assets were regularly and systematically inflated to make loans appear appropriate and repayable when they were not. "Apart from confusing 'low doc' with 'sub-prime', the spokesperson has jumped the gun," Naylor said. While he supports the Senate inquiry, he said that a Royal Commission is not necessary because, for one to be called, "there would have to be massive evidence of systematic low doc fraud". "In our view and on the experience of our members who in the main are mortgage brokers (and comprise about 75 per cent of all mortgage brokers) there is no evidence of this," he said. Naylor said he believes the arrears rate for low doc loans has not performed "materially differently to prime loans", albeit at a rate which is slightly higher due to the greater risk associated with the low doc loans. "Had there been massive fraud it would be reasonable to expect the arrears rate to be going through the roof, and it is not," he said. According to Collyer, of the $14 billion worth of residential mortgage backed securities (RMBS) acquired by the Government since the global financial crisis (GFC), 10 per cent of these might be low doc loans.
For the original version including any supplementary images or video, visit http://www.moneymanagement.com.au/news/financial-services/2012/the-australian-democrats-jump-the-gun-on-low-doc-l




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Nov212013

'low-doc' Home Borrowers Hit By Rising Rates








Real estate

However, Fitch says self-employed borrowers have been hit hard, which has pushed arrears among prime low documentation loans to a record 3.97 per cent - slightly higher than the previous peak of mortgage delinquencies in this segment reached during the peak of the financial crisis in the December quarter of 2008. This is a category of loans where borrowers meet the usual lending criteria, but are unable to supply sufficient evidence of their regular income, often because they are self-employed or contract workers with fluctuating earnings. The associate director in Fitch's structured finance team James Zanesi says higher mortgage repayments appear to be hitting the self-employed sector much harder than employees. "The three consecutive cash rate hikes ending in May 2010 modestly affected Australian prime mortgage performance Australian low doc loans in the third quarter of 2010. Households have demonstrated some stability in spite of the higher mortgage payments," he said. "The most vulnerable borrowers, such as low-doc and self-employed borrowers, have experienced the worst performance, with the increase in mortgage payments having an impact on affordability." The very worst performance in the September quarter continued to be amongst the closest equivalent Australia has to subprime loans -'low-doc, non-conforming' borrowers. The arrears rate amongst this group was 18.94 per cent, although it makes up a relatively tiny proportion of Australian mortgages.
For the original version including any supplementary images or video, visit http://www.abc.net.au/news/2010-11-23/low-doc-home-borrowers-hit-by-rising-rates/2347860







The Australian Democrats 'jump the gun' on low doc loans






Australian Democrats housing spokesman David Collyer recently called for a Royal Commission into the Australian mortgage finance industry after evidence was given to the Senate Economics Committee on low doc loans. The committee was told borrower incomes and assets were regularly and systematically inflated to make loans appear appropriate and repayable when they were not. "Apart from confusing 'low doc' with 'sub-prime', the spokesperson has jumped the gun," Naylor said. While he supports the Senate inquiry, he said that a Royal Commission is not necessary because, for one to be called, "there would have to be massive evidence of systematic low doc fraud". "In our view and on the experience of our members who in the main are mortgage brokers (and comprise about 75 per cent of all mortgage brokers) there is no evidence of this," he said. Naylor said he believes the arrears rate for low doc loans has not performed "materially differently to prime loans", albeit at a rate which is slightly higher due to the greater risk associated with the low doc loans. "Had there been massive fraud it would be reasonable to expect the arrears rate to be going through the roof, and it is not," he said. According to Collyer, of the $14 billion worth of residential mortgage backed securities (RMBS) acquired by the Government since the global financial crisis (GFC), 10 per cent of these might be low doc loans.
For the original version including any supplementary images or video, visit http://www.moneymanagement.com.au/news/financial-services/2012/the-australian-democrats-jump-the-gun-on-low-doc-l




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