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Oct192013

August Home Lending Figures Are Out, And All Looks Safe On The Housing Bubble Front








Australian Home Loan Approvals Beat Expectations, AUD/USD Lower






The total number of new loans fell 3.9%, against market expectations of a 2.5% fall. By value, owner-occupied home loans fell 1.9% to a seasonally adjusted $15 billion, while investment loans held steady at $8.8 billion. For monetary policy however it is trends that matter most. On that front, signs are positive: overall housing finance is trending up 0.5%, with owner-occupied home loans up 0.4% and investment loans up 0.8%. None of this data should alarm anyone who is concerned about a housing bubble. Chances of a growing debt-fuelled bubble are remote at best, with borrowing fairly stable and the proportion of first home owners who usually have more leverage falling. The RBA has its eye on housing but for the moment, its far from frothy. Follow Greg McKenna on Twitter.
For the original version including any supplementary images or video, visit http://www.businessinsider.com.au/august-home-lending-figures-are-out-and-all-looks-safe-on-the-housing-bubble-front-2013-10










Markets closed Australian Home Loan Approvals Beat Expectations, AUD/USD Lower By Jimmy Yang | DailyFX Tue, Aug http://emanded.hpage.com/emanded_87514344.html 6, 2013 10:00 PM EDT 0.9675 +0.0008 THE TAKEAWAY: Australian home loan approvals increase in June while investment lending declines > Market likely waiting for more data this week > AUD/USD Lower The Australian Dollar traded lower against the US Dollar as data showed increased demand for housing in Australia. Home loan approvals grew 2.7 percent month-over-month in June, up from May s revised-down 1.7 percent, to beat expectations for growth of 2.0 percent. The value of these loans also grew 2.1 percent as hinted by rising house prices . However, investment lending declined the first time this year with a reading of -0.5 percent. This joins yesterdays construction data release in offering the first snapshots of the Australian economy after the Reserve Bank of Australia lowered its benchmark interest rate from 2.75 to 2.5 percent . Although these data report on a time period before the centrals banks decision, they offer investors guidance on their expectations for future policy. At the meeting, the RBA maintained its outlook for a sluggish economy but removed rhetoric pointing to inflation in supporting scope for further easing. As such, investors will likely look towards domestic as well as overseas developments in its largest trading partner and to gauge the health of the Australian economy and guide their speculations for RBA policy. Currently, Credit Suisse swaps are pricing in market expectations for another 25BP rate cut sometime in the next 12 months. Furthermore, expectations for Federal Reserve policy will continue to drive the pair.
For the original version including any supplementary images or video, visit http://finance.yahoo.com/news/australian-home-loan-approvals-beat-020000860.html




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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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