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Sep162013

Australian Home Loans, Confidence Drop Pressures Rates









Sydney Home Prices Expected to Keep Rising, April 11

The Westpac Banking Corp. (WBC) and Melbourne Institute survey was taken April 2-5 and involved 1,200 consumers. Clear Message The Reserve Bank disappointed many last week by not delivering a much-needed rate cut, Bill Evans , Westpacs chief economist, said in a statement, noting confidence among borrowers slumped 5.1 percent. The results of this survey should be sending a very clear message to the Reserve Bank that Australia needs lower interest rates. The government will maintain the central banks independence and resist controls on the local currency, Finance Minister Penny Wong said in an Australian Broadcasting Corp. radio interview in response to a union chief calling for intervention to aid struggling manufacturers. In terms of a proposition that you peg the dollar or intervene in interest rates , the government will not be doing that, Wong said today.
For the original version including any supplementary images or video, http://www.migente.com/your_page/blog/view_posting.html?pid=3960325&profile_id=7974331&profile_name=Sweeme&user_id=7974331&username=Sweeme visit http://www.bloomberg.com/news/2012-04-11/australian-home-loans-confidence-drop-pressures-rates.html







Australia Home-Loan Approvals Gain in November on Rate Cut






and National Australia Bank Ltd. -- reduced home- loan rates for customers after both RBA moves. Rate Cuts Stevens lowered the overnight cash rate target to 4.25 percent from 4.5 percent on Dec. 6, citing considerable turbulence in financial markets and an increased chance of a further material slowing in global growth. Traders are betting Stevens is likely to lower borrowing costs again at the central banks next meeting in February, interbank cash-rate futures showed before todays report. The data showed the total value of loans rose 2.1 percent to A$20.3 billion ($20.9 billion) in November. The value of lending to owner-occupiers gained 2.2 percent, the report showed.
For the original version including any supplementary images or video, visit http://www.businessweek.com/news/2012-01-16/australia-home-loan-approvals-gain-in-november-on-rate-cut.html







Australia banks cut rates on fixed home loans as borrowers balk






Rates for a three-year fixed loan from the CBA, NAB and ANZ are all at 5.29 percent. Still, while fixed-rates have been coming down for months their popularity still lags. Late last year, 14 percent of new loans had fixed rates, up from 10 percent six months earlier. Lower variable rates would have a much bigger impact on housing demand, and there are signs that intense competition is driving banks to offer better deals. While the average standard variable rate is around 6.44 percent, a couple of phone calls to banks will get a discount of 75 to 100 basis points from that. But the banks are reluctant to ease any further on their own since much of their funding comes from deposits, rather than markets, and rates on those accounts remain relatively high. Deposits now make up 54 percent of the banks' total funding, a marked increase from pre-crisis levels around 40 percent -riven in part by tougher regulations.
For the original version including any supplementary images or video, visit http://www.reuters.com/article/2013/02/11/australia-economy-mortgages-idUSL4N0BB00B20130211




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Sep132013

Nab Seeks Bigger Mortgage Share Amid Aggressive Competition









NAB House Building

The benchmark S&P/ASX 200 Index has risen 12 percent. Rate Cuts Australias average standard variable home loan rate offered by banks was 5.95 percent in August from 6.85 percent a year earlier, according to central bank data. NAB cut its rate to 5.88 percent as of yesterday, its lowest level in four-and-a-half years, after the Reserve Bank of Australia lowered the cash rate by 25 basis points to a record 2.5 percent. The competitive rate environment has helped boost housing credit by 4.7 percent in the year to July, while personal lending nudged up 0.5 percent and loans to business increased 1.3 percent, Reserve Bank of Australia data show. Home loans rose to A$24.2 billion ($22.4 billion) in July, the most in six years, according to the statistics bureau. NABs retail banking unit, which offers mortgages, personal loans and lends to small businesses, reported a 19.2 percent rise in cash earnings to A$553 million in the six months to March 31, filings show.
For the original version including any supplementary images or video, visit http://www.bloomberg.com/news/2013-09-12/nab-seeks-more-mortgage-share-amid-aggressive-rate-competition.html







Australian Banks Cut Fixed Mortgages Loan Rates in Latest Home-Loan War






View Full Image REUTERS As perceived earlier by the Sydney low doc loans country's central bank, Australia's economic pace has been slowing down, which was confirmed Wednesday by the latest Westpac-Melbourne Institute Leading Index. Related Articles 4 Aussie Banks Pass in Full 25 Basis Points RBA Rate Cut A week after the Big 4 passed in full the rate cut in full on their standard variable mortgage rates, Westpac initiated another round of rate reductions, this time reducing its one-year fixed-rate home loans to 4.79 per cent. The lower rate applies only to new borrowers with mortgages above $150,000. The move prompted the Bank of Melbourne and St George to cut their one- to five-year fixed rates below 5 per cent. "It's a further continuation of injecting more competition into the home loan marketplace, and also a confidence booster given that we've got the lowest cash rate for 53 years," Bank of Melbourne Chief Executive Scott Tanner said in a statement. Must Read Ashley Olsen Dating David Schulte, CEO of Oliver Peoples Sponsorship Link "We believe this new offer will help bolster confidence among home buyers, existing owners banking elsewhere looking to switch to a better deal and investment buyers," Westpac Retail Banking General Manager Gai McGrath said in a statement. The new round of rate cuts is possible because of lower funding costs for banks and strong profit growth. Kirsty Lamont of comparison Web site Mozo said the situation provides a dilemma for borrowers if they should lock now or hold back and wait for more rate cuts. Ms Lamont said the lowest fixed one-year rate is that of the Greater Building Society at 4.74 per cent.
For the original version including any supplementary images or video, visit http://au.ibtimes.com/articles/468927/20130520/australian-banks-cut-fixed-mortgages-loan-rates.htm




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Sep112013

Australia Home Loans For July +2.4% M/m (vs.expected +2.0%)











The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or Melbourne low doc loans basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
For the original version including any supplementary images or video, visit http://www.fxstreet.com/news/forex-news/article.aspx?storyid=aa271849-eefd-46a8-9c1e-332f30fafe76







Australia June home loans ? all the data






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%.
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/




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Sep072013

The Lowdown On Low-doc Loans








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






According to a comprehensive survey sponsored by Inside Mortgage Finance and conducted by Campbell Communications, 39 percent of all low-doc borrowers this year are salaried wage-earners, the same percentage as self-employed borrowers. Why do they prefer to go the low-doc route? Survey designer Geosegment Systems of Nashua, N.H., asked a representative national sample of 2,140 mortgage brokers active in the limited documentation field this question and came up with some eye-opening answers. While 63 percent of brokers said they knew their self-employed clients had "unreported income" that they wanted to keep off the record, 71 percent said their borrowers' applications were dependent on additional income "from a household member with poor credit." For example, say a married couple earns $10,000 a month, but one spouse had filed for bankruptcy or lost a house in a previous marriage. Most lenders would want to know about that in order to underwrite the new mortgage and charge an interest rate high enough to cover the added risk. With a low-doc or no-doc loan application, only the spouse with good credit scores would count as the borrower of record.
For the original version including any supplementary images or video, visit http://www.washingtonpost.com/wp-dyn/content/article/2006/11/24/AR2006112400503.html










Higher interest rates in coming months will keep demand and price growth in check, Matthew Circosta, an 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. 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







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






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. Naylor said at their greatest penetration pre-GFC, low doc loans made up around 7 per cent of the market.
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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Sep052013

Australia Banks Cut Rates On Fixed Home Loans As Borrowers Balk











The banks' generosity has not extended to variable rates, however, which cover the vast bulk of the country's A$1.3 trillion ($1.7 trillion) in home loans, leaving the onus on the RBA to cut official rates if it is serious about a housing recovery. (Read More: Australian Central Bank Sees Scope to East, Watching Business Investment ) "The banks are not going to cut variable rates on their own. And first-home buyers need to know that rates are going to stay down for them to have the confidence to jump into the market," said Brian Redican, a senior economist at Macquarie. "Only the RBA can do all that." While the central bank did ease in both October and December, the impact on borrowing has been all but imperceptible. Data from the Australian Bureau of Statistics out on Monday showed the number of home loans taken out in December dropped 1.5 percent, the third straight falls and a five-month low. Annual growth in housing credit slowed to an all-time trough of 4.5 percent at the end of 2012, a long way from the double-digit pace common in the previous two decades. Indeed, growth peaked at no less than 22 percent in 2004. That could be one reason the central bank struck an unusually mournful tone in its quarterly report card on the economy last week, lamenting the lack of life in investment spending outside mining. (Read More: Australia Leaves Interest rates Unchanged at 3% ) The outlook for tame inflation and gradually rising unemployment fueled expectations that not only would the RBA likely have to cut the cash rate again, but that it would also have to keep it low for longer. It is this dawning realization in markets that has dragged down key swap rates in recent weeks.
For the original version including any supplementary images or video, visit http://www.cnbc.com/id/100449186







Boom time as average home loan crosses $500,000






That is important for banks as fixed-rate mortgages are priced off the swap curve, giving them scope to ease independently of any move in official rates. FALLING NOT FIXED The average fixed rate at the end of January was already the lowest in two decades at 5.52 percent, but the latest cuts by banks mean it's even lower now. Westpac lopped 40 basis points off its packaged two-year fixed rate taking it to 4.99 percent. St. George cut its entire fixed rate suite, from one to five years.
For the original version including any supplementary images or video, visit http://www.reuters.com/article/2013/02/11/australia-economy-mortgages-idUSL4N0BB00B20130211







Australia banks cut rates on fixed home loans as borrowers balk






Over the past five years, the size of the average home loan with NAB has grown 11 per cent to $313, 594. Mark Hewitt, AFG's general manager of sales and operations, said strong house price growth was one explanation for the rise in the size of home loans. Another was the unusually high number of investors who were capitalising on low rates and strong rental growth. Investors made up almost half those who took out mortgages in NSW with AFG last month (49.5 per cent). This is the highest level of investor activity the company has recorded for any state over the 15 years it has been tracking these figures.
For the original version including any supplementary images or video, visit http://www.smh.com.au/national/boom-time-as-average-home-loan-crosses-500000-20130903-2t3cs.html




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