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Nov262013

Rba Exposes Low-doc Loans Risk











Enabling Cookies in Internet Explorer 7, 8, 9 and 10 Open the Internet Browser Click Tools (or gear icon at top right hand side corner) http://emanded.autisable.com/774412002/beneficial-guidance-and-details-about-payday-loans/ > Internet Options > Privacy > Advanced Check Override automatic cookie handling For First-party Cookies and Third-party Cookies click Accept Click OK and OK Click Tools>Options>Privacy Select Privacy>Content settings Check 'Allow local data to be set (recommended)' Click 'Done' Under 'History' select Firefox will: 'Use custom settings for history' Check 'Accept cookies from sites' and then check 'Accept third-party cookies' Click OK Enabling Cookies in Google Chrome Open the Google Chrome browser Chrome > Preferences Click 'Show advanced settings' at the bottom. Under Privacy select 'Content settings' Under 'Cookies' select 'Allow local data to be set (recommended)' Click 'OK' Under 'Block cookies' check 'Never' Enabling Cookies in Mobile Safari (iPhone, iPad) Go to the Home screen by pressing the Home button or by unlocking your phone/iPad Select the Settings icon. Select Safari from the settings menu. Select 'accept cookies' from the safari menu. Select 'from visited' from the accept cookies menu. Press the home button to return the the iPhone home screen. Select the Safari icon to return to Safari. Before the cookie settings change will take effect, Safari must restart. To restart Safari press and hold the Home button (for around five seconds) until the iPhone/iPad display goes blank and the home screen appears. Select the Safari icon to return to Safari.
For the original version including any supplementary images or video, visit http://www.theaustralian.com.au/news/nation/rba-exposes-low-doc-loans-risk/story-e6frg6nf-1226455272906




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Nov242013

Australian Home Loans Rise On Record-low Rates











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 united states 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. If you have any questions or encounter any issues in changing your default settings, please email isfeedback@nasdaq.com . Please confirm your selection: You have selected to change your default setting for the Quote Search. This will now be your default target page; unless you change your configuration again, or you delete your cookies.
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







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






Australian Democrats housing spokesman David Collyer recently called for a Royal Commission into the Australian mortgage finance industry after evidence was given to the Senate Economics Committee on low doc loans. The committee was told borrower incomes and assets were regularly and systematically inflated to make loans appear appropriate and repayable when they were not. "Apart from confusing 'low doc' with 'sub-prime', the spokesperson has jumped the gun," Naylor said. 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.
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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Nov212013

'low-doc' Home Borrowers Hit By Rising Rates









Real estate

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 Australian low doc loans 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.
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







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






Australian Democrats housing spokesman David Collyer recently called for a Royal Commission into the Australian mortgage finance industry after evidence was given to the Senate Economics Committee on low doc loans. The committee was told borrower incomes and assets were regularly and systematically inflated to make loans appear appropriate and repayable when they were not. "Apart from confusing 'low doc' with 'sub-prime', the spokesperson has jumped the gun," Naylor said. 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.
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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Nov202013

Australia Goes Big On Home Loans









Australia goes big on home loans

A further 22% had a deposit of between 10% and 20% of the purchase price, while 19% had a deposit of 20% or more. Most of these home buyers do just http://emanded.1colony.com/rich_text_2.html fine, with mortgage default rates generally being only between 1 per cent and 2 per cent Australia-wide. Related: What makes a profitable property purchase? However, it is wise to weigh up your situation cautiously. Everyone wants to get into the property market, and there are good reasons to do so sooner rather than later. At the same time, your first available opportunity may not be your best opportunity.
For the original version including any supplementary images or video, visit http://au.pfinance.yahoo.com/compare/home-loans/article/-/19603694/australia-goes-big-on-home-loans/




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Nov182013

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








Lenders tighten screws despite record home loan values






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. Most fixed rate loans often come with a "break fee" to exit the loan before the end of the fixed term and they often restrict customers to making any extra loan repayments.
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








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

The company settled more than $3.4b in home loans in the period from July to October 2013; up from $2.9b for the same period in 2012 and $2.8b in 2011. Australian Bureau of Statistics September lending finance figures, released this week, also showed the same broad trend. The total number of loans granted to owner occupiers in September (51,928) was the largest number since October 2009 and was 4.4 per cent more than the previous month. The value of these loans ($15.8b) was 5.3 per cent higher than the previous month and 13.5 per cent higher than the same period the year before. Mortgage Choice spokeswoman Jessica Darnbrough said the recent lift in volumes was unsurprising given the current low interest rate environment. "Whenever rates are cut, activity in the mortgage market tends to pick up and this has certainly been the case over the past two years," Ms Darnbrough said. "Enhanced lender competition is also having a similar impact." But despite the national rise in home loans volumes and values, leading WA developer Nigel Satterley, chief executive of the Satterley Property Group, said buyers at the coalface had recently reported it was becoming more difficult to get finance. "We see 300 to 400 homebuyers every week when they visit our sales offices, and they give us a pretty good idea what's going on at a consumer level," Mr Satterley said. "In the last two weeks, for the first time since the GFC, buyers are telling us that it is becoming harder to secure home finance. "There is http://storify.com/Notheires/solid-advice-about-loaning-through-payday-loans#publicize still plenty of money available to borrowers, but banks are looking to the future and want buyers to reassure them about long term employment and the value of the property." Ms Darnbrough said it was not surprising to hear some potential buyers were having difficulty obtaining finance as property price growth in Perth had slowed over the past few months.
For the original version including any supplementary images or video, visit http://www.news.com.au/realestate/news/lenders-tighten-screws-despite-record-home-loan-values/story-fndbaln9-1226760129205




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