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Oct012013

Australian Home Loans Rise On Record-low Rates











Economists surveyed ahead of the announcement had expected a rise of 2.0%. The value of loans for investment housing in July sites rose 2.9% from June, the ABS said. While other economic indicators such as consumer confidence have been patchy this year, home loans have steadily risen--creating a small bright spot in an otherwise darkening economic outlook as a mining boom that has powered growth for a decade slows. Home loan approvals data signal whether consumer demand for debt is increasing, making it a useful measure of sentiment at a time when many Australians still prefer to save their money amid continuing anxiety over the state of the global and local economy. The central bank rate has cut interest rates steeply since late 2011 to a record low 2.5%, in a bid to spur weaker parts of the economy like consumer sentiment and construction. Loan approvals to build new houses fell 2.1% in July from June. 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 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.
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







Australia Home-Loan Approvals Drop to 10-Year Low as Rates Deter Buyers






Reserve Bank of Australia Governor Glenn Stevens held the benchmark rate at 4.75 percent this month after boosting borrowing costs seven times from October 2009 to November 2010 to prevent a property-market bubble from forming in a nation where more than two-thirds of households own their homes. Property prices declined in the first quarter by the most since 2008 as floods in the nations east coast disrupted the market and homes listed for sale climbed alongside rates. The total value of loans fell 0.1 percent to A$19.3 billion ($20.4 billion) in March, todays report showed. Owner Occupiers The value of lending to owner-occupiers declined 1.1 percent, the report showed. The value of loans to investors who plan to rent or resell homes advanced 2.1 percent. First-home buyers accounted for 16 percent of dwellings that were financed in March, up from 14.9 percent in February and lower than 16.4 percent a year earlier, the report showed. An index measuring the weighted average of prices for established houses in eight major cities slid 1.7 percent in the first quarter from three months earlier, the biggest fall since the third quarter of 2008, a government report showed May 2. There was a decrease in transactions in Queenslands capital, Brisbane, it said. Prices fell the most in Melbourne and Brisbane, with declines of 2.5 percent from the prior quarter, while Sydney dropped 1.8 percent, the report showed. Prices advanced 0.5 percent in Perth and Hobart house prices gained 0.4 percent.
For the original version including any supplementary images or video, visit http://www.bloomberg.com/news/2011-05-16/australia-home-loan-approvals-drop-to-10-year-low-as-rates-deter-buyers.html




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Sep292013

Australia Home-loan Approvals Drop To 10-year Low As Rates Deter Buyers








Australian Home Loans Rise on Record-Low Rates






Property prices declined in the first quarter by the most since 2008 as floods in the nations east coast disrupted the market and homes listed for sale climbed alongside rates. The total value of loans fell 0.1 percent to A$19.3 billion ($20.4 billion) in March, todays report showed. Owner Occupiers The value of lending to owner-occupiers declined 1.1 percent, the report showed. The value of loans to investors who plan to rent or resell homes advanced 2.1 percent. First-home buyers accounted for 16 percent of dwellings that were financed in March, up from 14.9 percent in February and lower than 16.4 percent a year earlier, the report showed. An index measuring the weighted average of prices for established houses in eight major cities slid 1.7 percent in the first quarter from three months earlier, the biggest fall since the third quarter of 2008, a government report showed May 2. There was a decrease in transactions in Queenslands capital, Brisbane, it said.
For the original version including any supplementary images or video, visit http://www.bloomberg.com/news/2011-05-16/australia-home-loan-approvals-drop-to-10-year-low-as-rates-deter-buyers.html










It dropped as low as 49 per cent in 2010 after the GFC. In contrast, the Reserve Bank of New Zealand from October 1 is requiring its banks to restrict high LVR mortgages in an attempt to take the heat out of New Zealand's property market. This will limit NZ banks to offering 10 per cent of their home loan portfolio in high LVR mortgages - considered to be 80 per cent or more. It aims to limit house prices and credit, while keeping interest rates low to support the overall economy. Macquarie Research senior economist Brian Redican doubts these so-called 'macro prudential rules' will be introduced in Australia, at least in the short term.
For the original version including any supplementary images or video, visit http://www.skynews.com.au/businessnews/article.aspx?id=908973







More banks offer low deposit home loans






The value of loans for investment housing in July rose 2.9% from June, the ABS said. While other economic indicators such as consumer confidence have been patchy this year, home loans have steadily risen--creating a small bright spot in an otherwise darkening economic outlook as a mining boom that has powered growth for a decade slows. Home loan approvals data signal whether consumer demand for debt is increasing, making it a useful measure of sentiment at a time when many Australians still prefer to save their money amid continuing anxiety over the state of the global and local economy. The central bank rate has cut interest rates steeply since late homepage 2011 to a record low 2.5%, in a bid to spur weaker parts of the economy like consumer sentiment and construction. Loan approvals to build new houses fell 2.1% in July from June. 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 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.
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




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Sep252013

A Look At Low-doc, Bad Credit And No-deposit Loans








'Low-doc' home borrowers hit by rising rates




Real estate

When applying for a low-doc home loan, the borrower will need to fill out an income declaration form stating his income and assets through a self-verification process instead of providing proof of employment, pay slips and other financial statements. As the risk is higher for the mortgage lender, the interest rates are higher for the borrower too. Another disadvantage is that borrowers can only borrow up to 80% of the value of the house and are required to take out mortgage insurance too. Low-doc loans are also only for people with a clean credit history. Borrowers who make repayments on time and can provide adequate financial statements and tax returns after a period of time can request to have the home loan rate reverted to a standard variable or fixed rate loan with a lower interest rate. Bad Credit Home Mortgage Loans If a prospective home loan borrower has a bad credit history he regularly missed debt repayments, has scores of unpaid loans or has been declared bankrupt he is not likely to get a mainstream home loan.
For the original version including any supplementary images or video, visit http://suite101.com/article/nonconforming-home-loans-a161163







More banks offering low deposit home loans






Adjusted for loans that passed from being in arrears to being settled because the property was sold, the percentage of prime loans more than 90 days in arrears increased from 1.33 per cent in the June quarter to 1.37 per cent in the three months to the end of September. 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 in the third quarter of 2010.
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








Qualifying for a Home Loan

Only 68 per cent of loans offered last year had such a high LVR. It dropped as low as 49 per cent in 2010 after the GFC. In contrast, the Reserve Bank of New Zealand from October 1 is requiring its banks to restrict high LVR mortgages in an attempt to take the heat out of New Zealand's property market. This will limit NZ banks to offering 10 per cent of their home loan portfolio in high LVR mortgages - considered to be 80 per cent or more. http://www.greencloudcs.com/member/befte1965/blog/4761/handy-idea-about-home-mortgages-that-simple-to-follow It aims to limit house prices and credit, while keeping interest rates low to support the overall economy. Macquarie Research senior economist Brian Redican doubts these so-called "macro prudential rules" will be introduced in Australia, at least in the short term. "If, however, NZ's adoption of macro prudential policy is deemed a success - and Australian house prices accelerate further - then it is possible that similar rules could be adopted in Australia in late 2014 or 2015," Mr Redican said in a note to clients. Reserve Bank of Australia assistant governor Malcolm Edey hosed down talk of a house price bubble in Australia at a conference last week, suggesting such talk was "unrealistically alarmist".
For the original version including any supplementary images or video, visit http://news.smh.com.au/breaking-news-national/more-banks-offering-low-deposit-home-loans-20130924-2ubls.html




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Sep222013

'low-doc' Home Borrowers Hit By Rising Rates








Low Doc Loans




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The latest snapshot of the Australian residential mortgage backed security (RMBS) market by Fitch Ratings paints a positive overall picture, with so-called 'prime loans' generally performing well, despite three consecutive rate rises from March to May. Adjusted for loans that passed from being in arrears to being settled because the property was sold, the percentage of prime loans more than 90 days in arrears increased from 1.33 per cent in the June quarter to 1.37 per cent in the three months to the end of September. 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 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. Fitch says it does not expect any substantial improvement in the level of delinquent mortgages until well into next year, as Christmas spending tends to drive people further behind in their repayments.
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








Real estate

Cyclone Yasi, which tore through the states northeast coast packing winds stronger than Hurricane Katrina ; Cyclone Dianne in Western Australia , and Cyclone Carlos in the Northern Territory have all ravaged the country this year as a La Nina weather event dumped record amounts of rain in parts of Australia. Borrowing Slows Borrowing for mortgages grew by 6.6 percent in March from the year-earlier period, the least since the central bank figures were first reported. Fitch has warned that it could cut the lenders ratings if they lower standards to boost sales. While the number of loans in arrears is expected to fall slightly in the second and third quarters as the impact of seasonal spending and the floods dissipates, this could be offset by further interest-rate increases and the recent rise in the cost of living, Zanesi said. Traders bet theres a 60 percent chance the central bank will resume raising interest rates by year end, boosting the benchmark rate by a quarter of a percentage point to 5 percent after pausing for six months, bank bill futures show. Still, overall, the Australian RMBS market remains stable and delinquency levels are low compared with other countries, Zanesi said. A stress test conducted by the company last year found that Australian banks and insurers can weather a 30 percent drop in home prices and a mortgage default rate of as much as 6 percent. Commonwealth Bank, Westpac Commonwealth Bank of Australia (CBA) Chief Executive Officer Ralph Norris told analysts this month that a post-Christmas lift in arrear rates is typical across all institutions. He said the bank expects the seasonality factor to come out of the numbers in the second quarter. Westpac Banking Corp.
For the original version including any supplementary images or video, visit http://www.bloomberg.com/news/2011-05-25/australian-home-loan-delinquencies-jump-to-record-on-rates-fitch-says.html







Australian Home Loans Rise on Record-Low Rates






Economists surveyed ahead of the announcement had expected a rise of 2.0%. The value of loans for investment housing in July rose 2.9% from June, the ABS said. While other economic indicators such as consumer confidence have been patchy this year, home loans have steadily risen--creating a small bright spot in an otherwise darkening economic outlook as a mining boom that has powered growth for a decade slows. Home loan approvals data signal whether consumer demand for debt is increasing, making it a useful measure of sentiment at a time when many more? info? Australians still prefer to save their money amid continuing anxiety over the state of the global and local economy. The central bank rate has cut interest rates steeply since late 2011 to a record low 2.5%, in a bid to spur weaker parts of the economy like consumer sentiment and construction. Loan approvals to build new houses fell 2.1% in July from June. Approvals to buy new homes rose 5.9%, while lending for already built houses rose 2.7% in the month.
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







Australian Home Loan Delinquencies Jump to Record on Rates, Fitch Says






He popped in to studio mid-week (as he regularly does) to talk through some of the issues about them with Linda Mottram. It didnt take long before the calls started pouring in. Stephen Long appears regularly on 702 Mornings with Linda Mottram on Wednesdays after 9:30am. PS After Stephen left the studio at 10am, David called in. We felt his experience was also worth a replay.
For the original version including any supplementary images or video, visit http://blogs.abc.net.au/nsw/2012/08/low-doc-loans.html?site=sydney&program=702_mornings




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Sep202013

Aussie Home Loans Buys National Mortgage Brokers








Australian home loans rise in July






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. nmB will continue to operate as a separate business under its own brand and will continue to be led by managing director Gerald Foley.
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/










8, 2013, 10:21 p.m. EDT Australian home loans rise in July Want to see how this story relates to your watchlist? Just add items to create a watchlist now: Add or Cancel Already have a watchlist? Log In By MarketWatch SYDNEY--The number of Australian home-loan approvals rose a seasonally adjusted 2.4% in July from June, the Bureau of Statistics said Monday. Economists surveyed ahead of the announcement had expected a rise of 2.0%. The value of loans for investment housing in July rose 2.9% from June, the ABS said. While other economic indicators such as consumer confidence have been patchy this year, home loans have steadily risen--creating a small bright spot in an otherwise darkening economic outlook as a mining boom that has powered growth for a decade slows. Home loan approvals data signal whether consumer demand for debt is increasing, making it a useful measure of sentiment at a time when many Australians still prefer to save their money amid continuing anxiety original site over the state of the global and local economy.
For the original version including any supplementary images or video, visit http://articles.marketwatch.com/story/australian-home-loans-rise-in-july-2013-09-08







The average Australian mortgage has shrunk




The average Australian mortgage has shrunk

Related: Generation X is the most likely to invest in property 34% of first time investors plan to borrow the full purchase price using the equity of their existing home as security while 26% plan to use their homes equity to fund part of the purchase price, according to research from Mortgage Choice. Continuing interest in property investment coupled with low interest rates and incentives targeting new and existing borrowers could be positive indications for the property market, said Des Nation a Mortgage Choice franchise owner for St Marys, Penrith and Nepean area. The results of the survey showed that Australians love of bricks and mortar as an investment strategy is showing no signs of abating. If such a preference is to continue, it may be a good sign for the future health of the property market, he said. Related: Rates have dropped again!
For the original version including any supplementary images or video, visit http://au.pfinance.yahoo.com/compare/home-loans/article/-/18988872/the-average-australian-mortgage-has-shrunk/




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