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Oct172013

Australian Home Loans Drop 3.9 Pct In August











The Australian Bureau of Statistics (ABS) reported the number of owner occupied housing finance commitments fell to 49,912 in August, Australian low doc home loans from 51,927 in July. Total value of dwelling finance commitments fell 1.2 percent in August, seasonally adjusted, to 23.84 billion AU dollars (22.57 billion US dollars). Economists had expected the number of housing finance commitments to fall 2.5 percent in August. Swiss investment bank USeconomist George Tharenou said the decline in August was a reflection of the election uncertainty over the past few months. "But ... post the election there's been a material improvement in confidence, and I think that will be true too for the home loans market, where we'll see a further acceleration in lending over the next few months because we have record low interest rates as the key driver," he told the Australian Broadcasting Corporation.
For the original version including any supplementary images or video, visit http://www.globaltimes.cn/content/817618.shtml




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Oct142013

More Banks Offering Low Deposit Home Loans











He says 73 per cent of local lenders have increased the loan to value ratio view publisher site (LVR) on mortgages to 95 per cent or higher, requiring a five per cent deposit or less. The LVR is the maximum mortgage offered as a percentage of a property's value. 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.
For the original version including any supplementary images or video, visit http://au.news.yahoo.com/thewest/business/a/-/national/19089226/more-banks-offering-low-deposit-home-loans/







Australian home loans drop 3.9 pct in August




The Australian Bureau of Statistics (ABS) reported the number of owner occupied housing finance commitments fell to 49,912 in August, from 51,927 in July. Total value of dwelling finance commitments fell 1.2 percent in August, seasonally adjusted, to 23.84 billion AU dollars (22.57 billion US dollars). Economists had expected the number of housing finance commitments to fall 2.5 percent in August. Swiss investment bank USeconomist George Tharenou said the decline in August was a reflection of the election uncertainty over the past few months. "But ... post the election there's been a material improvement in confidence, and I think that will be true too for the home loans market, where we'll see a further acceleration in lending over the next few months because we have record low interest rates as the key driver," he told the Australian Broadcasting Corporation.
For the original version including any supplementary images or video, visit http://www.globaltimes.cn/content/817618.shtml




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Oct112013

High Risk Home Loans









Coming up on Today Tonight

Have you loosened your lending criteria? No, CBA have not loosened our credit criteria. We are and remain fully compliant with Responsible Lending Responsible Lending conduct obligations as required by Chapter 3 of the National Consumer Credit Protection Act 2009. St George In some circumstances we do lend up to 95 per cent of the value of the property this is standard industry practice and is offered by all the major banks. (For Low Doc loans, Australian no doc loans we lend up to 80 per cent).
For the original version including any supplementary images or video, visit http://au.news.yahoo.com/today-tonight/money/banking/article/-/15016702/high-risk-home-loans/




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Oct042013

Fixed Rate Home Loans At Six Year High: Australian Bureau Of Statistics









Fixed rate home loans at six-year high ... Experts warn to be aware of additional fees and charges. (AP Photo/Nick Ut)

Experts warn to be aware of additional fees and charges. (AP Photo/Nick Ut) Source: AP AUSTRALIANS are locking in fixed rate loans at six-year highs but they are being warned to think carefully about the costs and traps involved. Australian Bureau of Statistics ' data shows up until July this year 17.4 per cent of borrowers fixed their loans, the highest level since 2007 when 20.4 per cent of loans were fixed. Analysis from finder.com.au found the average three-year fixed loan rate among the big four banks is 4.98 per cent and has fallen significantly from two years ago when the average fixed rate was 7.23 per cent. Unit prices skyrocket 40 per cent Fixed rates remain nearly one per cent lower than the average standard variable rate of the big four banks at 5.91 per cent making loan repayments on a $300,000 30-year-loan $1781 a month. Many experts believe there may be one more rate cut by the Reserve Bank of Australia before the year's end but many choosing to fix amid fees they will miss out on low-rate deals. Resi Mortgage Corporation 's chief executive officer Angelo Malizis said home loan customers looking to jump onboard the low fixed rates should take note of the additional fees and charges of choosing a fixed loan. "When comparing don't just compare on interest rate, compare on the fees and charges associated with the various loans, that's the best way to make a true comparison with the loans,'' he said. "They should be aware of the comparison rate and they should understand what additional fees there should be for undertaking or taking out that loan with that particular party.'' The advertised rate and the comparison rate differ on loans - the comparison rate helps the consumer understand the true cost of a loan because it includes extra fees and charges. Despite the banning of mortgage exit fees on variable rate loans in July 2011 borrowers still get stung with large fees on fixed rate home loans if they choose to exit early.
For the original version including any supplementary images or video, visit http://www.news.com.au/realestate/fixed-rate-home-loans-at-six-year-high-australian-bureau-of-statistics/story-fncq3era-1226719562314







Australian Home Loans, Confidence Drop Pressures Rates




Sydney Home Prices Expected to Keep Rising, April 11

At the margins, it adds to the case to further easing by the RBA. Local Currency The Australian dollar hovered near a three-month low, trading at $1.0298 at 4:35 p.m. in Sydney. Traders are pricing http://befte1965f.xtgem.com/index in a 91 percent chance the RBA will reduce borrowing costs by a quarter percentage point at the next policy meeting, a Credit Suisse Group AG index showed. The Australian Chamber of Commerce and Industry today urged the RBA to cut rates by half a percentage point to arrest declining competitiveness and break through low business and consumer confidence. History shows that delays or timidity in adjusting monetary policy when structural changes like the high dollar and lower competitiveness are embedding themselves in our economy have costly repercussions for business viability and jobs, Peter Anderson , chief executive officer of the ACCI, said in a statement. Government figures tomorrow are expected to show unemployment rose to 5.3 percent in March from 5.2 percent a month earlier, according to the median of 24 economists surveyed by Bloomberg. Employers probably added 6,500 jobs, the poll showed, almost one-third the average monthly growth in employment during the past decade. Home Lending Todays home-loans report showed the total value of loans fell 1.3 percent to A$20.3 billion ($20.8 billion) in February. The value of lending to owner-occupiers declined 4 percent, the report showed.
For the original version including any supplementary images or video, visit http://www.bloomberg.com/news/2012-04-11/australian-home-loans-confidence-drop-pressures-rates.html




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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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