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Nov152013

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











The number of loans granted to owner-occupiers to build or buy houses and apartments dropped 1.5 percent to 44,968 in March, from a revised 4.7 percent decline the previous month, the statistics bureau said in Sydney today. That compares with the median estimate for approvals to rise 2 percent in a Bloomberg News survey of 20 economists, and was the lowest since February 2001, according to government data. Higher interest rates in coming months will keep demand and price growth in check, Matthew Circosta, an Perth home loans economist at Moodys Analytics in Sydney, said before the report. 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.
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







'Low-doc' home borrowers hit by rising rates




Real estate

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




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Nov112013

Australia Home-loan Approvals Rise In September











Just add items to create a watchlist now: Add or Cancel Already have a watchlist? Log In By David Rogers SYDNEY--Australian home-loan approvals rose a seasonally adjusted 4.4% in September from August, the Bureau of Statistics said Monday. Economists surveyed ahead of the announcement had expected a rise of 4.0%. The value of loans for investment housing rose 5.2% from August, the bureau said. Home lending rose across the country except in resource-rich Western Australia and the Northern Territory. 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%.
For the original version including any supplementary images or video, visit http://www.marketwatch.com/story/australia-home-loan-approvals-rise-in-september-2013-11-11







Australia Home Loans increase to 4.4%m/m






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For the original version including any supplementary images or video, visit http://www.fxstreet.com/news/fxbeat/article.aspx?storyid=75d917aa-8629-4c1c-bb6d-1df8f555054e




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Nov092013

Low Taxpayer Risk With Low-doc Loans








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






Mr Nicholl said the AOFM had no sub-prime loans among the mortgages underpinning the residential mortgage-backed securities (RMBS) in its portfolios. The parliamentary inquiry was examining the Australian banking sector in the aftermath of the global financial crisis. A sub-prime loan is one offered to people who don't qualify for a traditional loan due to low credit ratings or other factors. The collapse of the US sub-prime mortgage market in 2007 was the precursor to the global financial crisis. Mr Nicholls said the AOFM`s mortgages with at least 30-day arrears were just 1.1 per cent of its portfolio. He said this was less than that for full document and broader prime loans.
For the original version including any supplementary images or video, visit http://au.finance.yahoo.com/news/low-taxpayer-risk-low-doc-043740941.html










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 http://emanded.1colony.com/rich_text.html 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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Nov022013

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: visit website 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%.
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/







Savviest home loan shoppers winning discounts of 1% or more






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For the original version including any supplementary images or video, visit http://www.theaustralian.com.au/news/savviest-home-loan-shoppers-winning-discounts-of-1-or-more/story-e6frg6n6-1226751487398




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