The Housing Industry of Australia’s (HIA) most recently released set of figures last month shows new home sales edged up a minor 0.2% reported SMH BusinessDay. The figures still shows the property market’s subdued outlook, with higher interest rates, low confidence in the building sector and excessive regulation cited as the main factors. “HIA chief economist [...]
The major banks are pushing new savings from a range of mortgages being offered online, potentially saving customers up to $4,000 a year on the average loan amount reported SMH & Domain. The savings were arising from simple interest rate cuts of around 1% on the standard variable rate to no annual fees at all. “A [...]
Article extracts courtesy of SMH BusinessDay, written by Chris Zappone: Arrears on mortgage repayments spiked to a record high in the first three months of 2011, as more Australians struggle with rising costs, Fitch ratings agency says. RMBS are home loans which are bundled together and sold to institutional investors by banks and mortgage lenders. [...]
GE Capital (formally separate businesses GE Commercial Finance & GE Money) is looking to conclude it’s deal to sell $5 Billion dollars worth of it’s Australian and New Zealand mortgage book reported SMH BusinessDay. GE is offering $3.5 Billion in Prime mortgages, $1 Billion in Sub-prime and the remainder from the NZ book. “Non-bank lender Pepper [...]
SMH BusinessDay reports that the Reserve Bank is looking at raising rates to combat the increasing pressures and inflation presented by the resources boom. JP Morgan economists said that they considered every RBA meeting from here to be “off the cuff” to whether rates would be increased. ”I think they’ve made it pretty clear that [...]
SMH & Domain has reported on the Australian Buerus of Statistics March’s released figures, showing that home loans approvals have hit a 10 year low on the back of natural disasters and a fiscally tight economy. The number of home loans approved in March fell 1.5 per cent, to a seasonally adjusted 44,968, its lowest [...]
Most economists were expecting mortgage lending figures release recently to reflect a modeest increase, though were actually greeted by another drop of 1.5% bringing approvals to the lowest levels in a decade reported SMH BusinessDay. “Unfortunately, yesterday’s numbers, while comforting to Stevens and his fellow Reserve directors, are unlikely to weaken their resolve for an interest [...]
SMH BusinessDay has reported that the ANZ Bank does not expect any drastic property price movements, based on their report sighting a lively economy and tight marketplace. The strong labour market and skills shortage will put upward pressure on wages and, as a result, “forced” selling of homes will remain at low levels, the report [...]
Below article extracts courtesy of SMH BusinessDay, written by Mr Chris Zappone: “Australians looking for relief from high home prices found little help in last night’s budget, with some groups saying the lack of inaction on housing affordability was “absurd and nonsensical” amid rising immigration levels.” said SMH. “Given the budget’s emphasis on cost of living [...]
Business executives are noting the gloomier outlook predicted by rising Interest Rates and the increasing cost of goods said SMH BusinessDay. Shoppers have been careful to part with their funds, this reflected in the latest set of figures from the Dun & Bradstreet survey shows. “The survey revealed that 25 per cent of executives saw rising [...]
