Browse Posts “News”.
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More recently I have branched out into finance coaching which is a fee-based service designed to help clients gain better control over their mortgages and budgets.
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Categories: News. Tags: Auckland, John Schumacher, Mortgage Broker, New Zealand.
A drop in the number of new home sales in September may cause the RBA to hold off on a 0.50 per cent interest rate rise, and favour a smaller quarter-percentage point rise.
New home sales fell by 4.5 per cent in September 2009 following a strong surge in August, the latest Housing Industry Association (HIA) survey reveals.
HIA’s Chief Economist, Dr Harley Dale said there “was a late burst of sales from first home buyers in August ahead of the step-down in the first home buyers grant.”
“But the stimulus to new home sales from the First Home Owner Boost is ...
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Categories: News. Tags: Home Loan Interest Rates, Interest Rates, Mortgage Rates.
Mortgage holders may see another rate rise in November after a shock drop in the country’s unemployment rate put pressure on the Reserve Bank of Australia to raise the official cash rate at its next board meeting.
New figures released by the Australian Bureau of Statistics have revealed the unemployment rate has dropped back to 5.7 percent over September, from 5.8 per cent in the previous month.
The drop took economists by surprise, with most expecting the jobless rate to go up to 6 per cent, as employers hold tight on costs while the economy is in recovery mode.
Economists now believe that ...
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Categories: News. Tags: Interest Rates, Mortgage, Mortgage Repayments.
Australia’s big four banks have all moved to pass on the Reserve Bank of Australia’s 25 basis point increase to their variable rate mortgages.
ANZ was the first of the big banks to pass on the full rate rise, increasing its standard variable mortgage rate for new and existing customers by the full 25 basis points from October 12, bringing the rate to 6.06 per cent.
This move was closely followed by an announcement from the National Australia Bank and the Commonwealth Bank, and finally Westpac at 4:30pm yesterday afternoon.
CBA and NAB will both retain the lowest variable mortgage rate of ...
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Categories: News. Tags: Interest Rates, Standard Variable Mortgage, Variable Mortgage Rates.
The Commonwealth Bank of Australia (CBA) is the latest big-four lender to cut its charges and lower penalty fees.
CBA yesterday said it would slash its late payment fees on mortgages from $45 to $25, while overdraft fees will be reduced from $30 to $10.
It will also cut dishonour charges on business and personal transaction accounts from $35 to $5, but retain the penalty fess credit cards.
CBA's retail banking services group executive, Ross McEwan, said customers would also benefit from a new ‘safety net' aimed at helping customers avoid incurring fees by sending SMS and email balance alerts.
"We want ...
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Categories: Home Loans and Mortgages, News. Tags: CBA, Commonwealth Bank of Australia, National Australia Bank, St George, Westpac.
More mortgage holders are refinancing to renovate their properties, a leading mortgage broker says.
Loan Market Group Executive Director John Kolenda said mortgage holders out to make home improvements were borrowing between $20,000 and $100,000 for renovations.
"We are getting a significant increase, as much as 50 per cent in some areas, in the number of people seeking to refinance to do minor home improvements", Mr Kolenda said.
"It's the major trend we have noticed in recent months as activity in the residential property market has slowed slightly during the winter."
"I also believe it is a good time for existing home owners ...
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Categories: Home Loans and Mortgages, News. Tags: Mortgage, Refinancing, Refinancing Costs, Refinancing to Renovate.
Australians are feeling cautiously confident in their ability to service debt as falling interest rates take affect, according to the Genworth Financial (Genworth) 2009 Mortgage Trends Report.
Genworth surveyed 2,000 consumers during April and May on their attitudes to mortgage and property markets for its annual mortgage trends report.
The 2009 report found that 17% of borrowers struggled to meet their mortgage repayments in the last 12 months, down from 2008's figure of 23%. The majority (51%) cited higher living costs and other debt obligations (26%) as the primary reasons for hardship.
As more Australians comfortably meet their mortgage repayments due ...
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Categories: Home Loans and Mortgages, News. Tags: Interest Rates, Mortgage, Mortgage Repayments.
No deposit 100 per cent home loans have become an endangered species as a result of the global financial crisis, a report from Canstar Cannex has found.
First home buyers will be hardest hit as most find it impossible to secure 100 per cent home loans.
According to the report, the majority of lenders now require a 5 per cent to 10 per cent home loan deposit, with proof that the borrower has saved the money over a period of time.
"As recently as six months ago, borrowing the entire cost of a property purchase was commonplace. These days, they have ...
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Categories: Home Loans and Mortgages, News. Tags: 100% Home Loans, First Home Buyers, Home Loans, Mortgage, Mortgage Brokers, No Deposit Home Loans.
The RBA today left interest rates unchanged at 3 per cent in a move that had been tipped by economists and financial markets.
The RBA attributed the decision to mortgage interest rates and market rates remain at historically low levels, the considerable support provided by government stimulus and the strengthening of the global economy.
In a statement after the rates decision, RBA Governor Glenn Stevens said that prospects were improved by better conditions in global financial markets.
Evidence that the global economy was continuing to stabilise and the considerable policy stimulus in most countries that have been helping to contain the global ...
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Categories: Interest Rates, News. Tags: Investment Loans, Mortgage Interest Rates, Property Finance, RBA.
Changes in tax benefits for high income-earners and cuts to superannuation concessions in this year's Federal Budget have made investing in property an even more attractive proposition for property investors, Ray White Surfers Paradise CEO Andrew Bell has said.
In this year's Federal Budget, the government announced changes to superannuation that would see to a permanent reduction in the concessions on super contributions, and a temporary cut to the government's co-contribution payment.
Mr Bell said that measures to halve the cap on salary sacrificing into super, meant that there would be a greater tax rate on sums that would ...
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Categories: Investment, News, Superannuation. Tags: Investing in Property, Investment Loans, Mortgage Broker, Property Finance, Property Investors, Super Fund Loans.
In a move that has been welcomed by first home buyers and key players of the mortgage industry, the Federal Government last night extended the First Home Owners Grant Boost as part of the federal budget.
The increased grant will now be extended until September 30, after which it will be phased down to $10,500 for existing homes and $14,000 for new homes until the end of the year.
In recent months, the Federal Government had come under pressure from various stakeholders in both the mortgage and real estate industries to extend the first home buyers boost.
The success of the ...
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Categories: Home Loans and Mortgages, News.
(Extract from Australian Broker)
Coming to the aid of the less fortunate, supporting education, sport, culture and the environment, you could almost be persuaded that some mortgage brokers deserve their own comic strip.
However, according to some of the industry's philanthropists, community service is all part of the job.
The main reason why brokers are getting involved with community organisations, sports clubs and charities is simple - it's the right thing to do.
So whether they put their hand in the air or in their pocket, their motivations are altruistic.
X Inc Double Bay mortgage broker Tal Silberman, who is an avid supporter of the ...
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Categories: News.
Mortgage brokers and financial planners were the preferred choice for home owners seeking reverse mortgages during the last six months of 2008, the latest reverse mortgage study by Deloitte and SEQUAL has revealed.
More than 52 per cent of reverse mortgages written during the period were through mortgage brokers. The figures mark a significant increase from the 17 per cent written in 2004.
SEQUAL CEO Kevin Conlon, highlights an ongoing preference for intermediaries over the more direct route through banks and credit unions.
"These figures really reinforce a consumer preference to deal with someone who provides thorough advice, over an ...
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Categories: Home Loans and Mortgages, News.
Victorian first home buyers will see their First Home Bonus increased from $5,000 for new homes to $11,000 as of 1 July this year.
Announcing the changes, Premier John Brumby said the new package was aimed at helping Victorian families into their own homes sooner.
"The Victorian Government continues to make it easier for Victorians to buy a home and raise a family", Mr Brumby said
"The changes to the First Home Bonus will create more homes and more jobs.
"The Housing Industry Association has estimated the boost to the first home owner's package for new homes would secure an extra 3600 jobs over ...
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Categories: Home Loans and Mortgages, News.
Interest rates remained unchanged at 3.0 per cent as the Reserve Bank maintains its wait and see approach, observing the effects of stimulus packages in Australia and around the world.
In his statement at today's meeting, RBA Governor Glenn Stevens said that "while the near-term outlook remains weak, there are further signs of stabalisation in several countries."
"The Chinese economy in particular has picked up speed in recent months and many commodity prices have firmed a little. The considerable economic policy stimulus in train in most countries should help contain the downturn and support an eventual recovery."
The move had ...
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Categories: Home Loans and Mortgages, Interest Rates, News.
The First Home Owners Boost pushed new home sales for a third straight month in March according to the latest survey by the Housing Industry Association (HIA).
"It is clear that in the first quarter of 2009 the project home building market was buoyed by the First Home Owners Boost for new dwellings together with very low variable mortgage rates", said HIA Chief Economist, Dr Harley Dale.
"The First Home Owners Boost for new dwellings is clearly lifting residential building activity and securing jobs within the Australian economy", added Harley Dale.
New home sales increased by 4.2 per cent in ...
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Categories: Building and Construction, Home Loans and Mortgages, News.
St George has raised the interest rates on the bank's three, four and five year fixed rate home loans.
The changes which are effective today will mean that St. George's three year fixed rates will jump 0.35 per cent to 5.69 per cent, while their four and five year fixed rates will rise by 0.40 per cent to 6.34 per cent.
The bank's one year fixed rate will drop 0.10 per cent to 5.34 per cent.
The hikes bring the bank in line with Commonwealth Bank of Australia, National Australia Bank and Westpac, who lifted their ...
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Categories: Home Loans and Mortgages, News.
(news.com.au)
National Australia Bank believes a fixed-rate home loan price war is set to erupt as lenders vie for investment borrowers over the next few months, News.com.au reports today.
NAB's head of mortgages Steven Shaw said, "In the lead-up to the new financial year we'll probably see more banks become competitive in the fixed-rate market."
"I think the gap between variable rates and long-term fixed rates is going to narrow but it's hard to say by how much."
Fixed-rate products have a more competitive gap that standard variable mortgages rates where the four major banks are relatively close to ...
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Categories: Banking and Finance, Home Loans and Mortgages, News. Tags: Investment Loans, Property Finance.
Shortly after Prime Minister Kevin Rudd signalled the end of the First Home Owner Grant Boost, speculation is rife that grant may take on a new form to foster new building activity.
Speaking in Perth yesterday, the Prime Minister said the first home owners grant would conclude on its proposed deadline of June 30.
"The first home owner's boost, as you know, we have indicated that will conclude within a very fixed and finite time frame", Mr Rudd told reporters in Perth.
"It's had strong useful results so far, but I have got to say all good things must come to an ...
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Categories: Home Loans and Mortgages, News.
Interest rates are likely to stay on hold when the Reserve Bank of Australia meets in May, economists say.
Today's The Australian has reported a surprise increase in core inflation in the first quarter that has made a May rate cut, more unlikely.
Core inflation rose by a stronger than expected 1.1 per cent from the December quarter for an annual increase of 4.15 per cent while the Reserve Bank's weighted median CPI rose 1.2 per cent for an annual increase of 4.4 per cent.
Before the release of the inflation figures, economists had expected the RBA to cut interest rates ...
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Categories: Banking and Finance, News.
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