Calendar

June 2017
SunMonTueWedThuFriSat
 << < > >>
    123
45678910
11121314151617
18192021222324
252627282930 

Announce

Who's Online?

Member: 0
Visitor: 1

rss Syndication

Oct042013

04:43:14 am

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




Admin · 15 views · Leave a comment

Permanent link to full entry

http://fiening.sosblogs.com/Blog-b1/Fixed-Rate-Home-Loans-At-Six-Year-High-Australian-Bureau-Of-Statistics-b1-p13.htm

Comments

No Comment for this post yet...


Leave a comment

New feedback status: Published





Your URL will be displayed.


Please enter the code written in the picture.


Comment text

Options
   (Set cookies for name, e-mail and url)