Suncorp to moderate its home lending

Suncorp slashed commissions on a number of home loan products in a process it has described as moderating its lending. Suncorp has also made it [...]

POSTED ON January 16, 2009
Bank margins to remain high

Banks are not likely to trim margins on mortgages with the cost of wholesale funding remaining very high, even if it is not as severe [...]

POSTED ON January 15, 2009
AIMS making money from mortgages

AIMS Home Loans is one niche lender earning a tidy return. The Sydney-based mortgage manager, which raised fresh wholesale funding shortly before debt markets turned [...]

POSTED ON January 14, 2009
NAB trims maximum loan level

National Australia Bank cut its maximum loan to valuation ratio on a home loan to 95 per cent. ANZ cuts its maximum LVR to 90 [...]

POSTED ON January 14, 2009
Suncorp steers away from brokers

Mortgage brokers may have fewer reasons to introduce borrowers to a Suncorp home loan after the bank decided to cut the commission paid to brokers. [...]

POSTED ON January 13, 2009
First Home Owners grant in demand

More than 5,000 first home buyers applied for the beefed-up first home owner grants in the first full month of the scheme's operation, the Department [...]

POSTED ON January 13, 2009
Housing slump continues

New home approvals fell 12.8 per cent in November, a much bigger fall than the 1.5 per cent fall generally expected by economists. In Western [...]

POSTED ON January 9, 2009
Rates to plunge to two per cent

The Reserve Bank will cut official interest rates to 2.5 per cent or below next year say some economists because unemployment is expected to almost [...]

POSTED ON December 31, 2008
NAB to speed up transfers

National Australia Bank will jointly develop and promote a range of new payments products and services with software developer Distra following a deal which will [...]

POSTED ON December 29, 2008
Bank fee take goes up

Banks collected $22.6 billion in fees and charges from their customers in the year to June 30, up more than $2 billion from $20.5 billion [...]

POSTED ON December 24, 2008
Rate cuts come too late for the repossessed

Almost 1,300 families in NSW had their properties repossessed in the first nine months of the year - before big interest rate cuts came into [...]

POSTED ON December 23, 2008
Banks tighten up on lending

Only NAB and Westpac are still offering no deposit standard mortgages. ANZ has imposed a ten per cent minimum deposit rule while Commonwealth Bank and [...]

POSTED ON December 22, 2008
Rent goes up, property prices go down

Property prices in Perth, Melbourne and Adelaide are expected to stagnate or even go backwards over the next year says Residex. Towns exposed or dependent [...]

POSTED ON December 22, 2008
Pay off credit card debts first

Paying down debt is the best protection you can give yourself and your family in uncertain economic times. Debts with high interest rates, such as [...]

POSTED ON December 19, 2008
Rates to fall to three per cent

National Australia Bank is now predicting interest rates will fall further than previously expected early next year. Markets are pricing in rate cuts of 1.5 [...]

POSTED ON December 17, 2008
Loans for the self-employed dry up

Maximum loan to valuation ratios for low-doc mortgages loans have shrunk from around 80 per cent to about 60 per cent over the past year [...]

POSTED ON December 16, 2008
First home buyers face tough new loan rules

The boost given to first home buyers by the federal government's big increase in the first home buyer's grants is expected to be largely negated [...]

POSTED ON December 16, 2008
Non-banks will take 6 months to lend again

Non bank lenders are starting to lend again with the assistance of the federal government's $8 billion assistance scheme that has allowed them access to [...]

POSTED ON December 15, 2008
2008 property slump could continue

Auction clearance rates declined throughout 2008 after a property boom in 2007 that saw 82 per cent of properties put up for auction sell under [...]

POSTED ON December 15, 2008
100 per cent home loans get scarce

Mortgage insurer Genworth Financial has tightened its underwriting standards ahead of tougher conditions in 2009. With effect from December 1, Genworth will no longer cover [...]

POSTED ON December 12, 2008
Arrears double on low doc home loans

Low doc loans are the source of most of the increase in arrears on home loans, at least among those loans funded through securitisation. A [...]

POSTED ON December 12, 2008
Bank customers go online to complain

Complaints by consumers to the Banking and Financial Services Ombudsman jumped up 22 per cent in 2007-08 to 7,911 new cases, apparently largely driven by [...]

POSTED ON December 11, 2008
Next big rate cut due in February

The governor of the Reserve Bank, Glenn Stevens, said yesterday that there were reasons to have "quiet confidence" about the economy and signalled that while [...]

POSTED ON December 10, 2008
Keep repayments high to bring interest costs down

A borrower with an average $300,000 mortgage who maintained their high repayments over the last three months as standard variable mortgage interest rates have fallen [...]

POSTED ON December 10, 2008
Challenger comes back to the mortgage market

Non-bank lender Challenger is moving back into the residential mortgage lending market after securing $324.1 million from investors on top of $500 million from the [...]

POSTED ON December 9, 2008
Cards and mortgages soak up bonus payments

More than half of families and pensioners who will receive lump sum payments this week and next as part of the federal government's economic stimulus [...]

POSTED ON December 8, 2008
Rate cuts not flowing through to home sales

Auction clearances were up slightly on the weekend of the 6-7 December, but still well down on the same weekend last year. In Melbourne, 48 [...]

POSTED ON December 8, 2008
Sydney property slump continues

The number of new housing approvals fell 5 per cent in October to 10,730. Approvals in Queensland have slumped by 32 per cent in the [...]

POSTED ON December 5, 2008
Members Equity passes on full rate cut

Members Equity Bank today announced it would cut the variable interest rate on its Standard Variable Home Loans by 100 basis points. The reduced rate [...]

POSTED ON December 5, 2008
Forty thousand caught by fixed rate mortgages

43,632 borrowers took out fixed rate home loans between March and September when interest rates were at the peak according to the Australian Bureau of [...]

POSTED ON December 4, 2008
Rate rises blamed for poor economy

The Reserve Bank's interest rate rises early in 2008 are being blamed for weak results in the September quarter national accounts. Non-farm gross domestic product [...]

POSTED ON December 4, 2008
Banks hold onto big margins

No bank appears to have announced any reduction in interest rates in other lending categories such as personal loans, credit cards and overdrafts. Many business [...]

POSTED ON December 3, 2008
Homeowners $565/month better off

Homeowners with an average mortgage of about $300,000 will save about $193 per month or about $2,000 per year as a result of the Reserve [...]

POSTED ON December 3, 2008
CBA, NAB pass on full rate cut

The Commonwealth Bank and National Australia Bank yesterday passed on the full one per cent rate cut to home loan borrowers to take their standard [...]

POSTED ON December 3, 2008
RBA cuts again, more cuts to come

The Reserve Bank of Australia cut official interest rates to their lowest point in more than seven years yesterday. The RBA board cut another full [...]

POSTED ON December 3, 2008
Five per cent mortgage rates coming soon

Standard variable mortgage interest rates could fall to five per cent within six months, taking them to the lowest level since 1964 when they were [...]

POSTED ON December 2, 2008
Big rate cuts due this week

The Reserve Bank is expected to cut interest rates by at least 0.75 per cent tomorrow as expectations rise of zero or even negative economic [...]

POSTED ON December 1, 2008
Sydney buyers slugged by stamp duty

Sydney home buyers are paying higher rates of stamp duty on residential properties than buyers in other states. The BankWest residential stamp duty report shows [...]

POSTED ON December 1, 2008
Melbourne auction sales slump

Auction clearances in Melbourne slumped to a four year low on the weekend with just 51 per cent of 807 properties selling under the hammer. [...]

POSTED ON December 1, 2008
Card rates not coming down

Most banks and card issuers have not decreased their credit card interest rates at all as the Reserve Bank has decreased rates by two per [...]

POSTED ON November 28, 2008
Mortgage company closes doors

Non-conforming mortgage manager Majestic Mortgages yesterday announced it would close its doors and cease operations immediately. Managing Director Trevor Scott blamed lower levels of activity [...]

POSTED ON November 27, 2008
Mortgage stress claims overdone

Seventy two per cent of mortgagees are not planning to reduce their mortgage repayments to match recent interest rate cuts according to an online survey [...]

POSTED ON November 26, 2008
Soft landing for house prices

House prices will not fall in Australia by as much as they have in other English speaking countries says Saul Eslake, chief economist of the [...]

POSTED ON November 26, 2008
One per cent rate cut expected next week

The Sydney Futures Exchange 30 interbank cash rate futures for December 2008 is indicating a 100 per cent expectation that the Reserve Bank of Australia [...]

POSTED ON November 26, 2008
Mortgages dry up for Liberty

Liberty Financial announced that normalised net profit after tax fell 3 per cent to $36.3 million in 2008. The cost of funding increased 13 per [...]

POSTED ON November 24, 2008
First home buyers go bush

The increased first home buyer grant from the federal government is driving increased home building and buying in regional Australia, where house prices are generally [...]

POSTED ON November 24, 2008
Easy savings on home loans

Saving money is coming back into fashion as economic recession looms. Home loan borrowers can save between $18,000 and $46,000 over the life of their [...]

POSTED ON November 10, 2008
St George cuts variable and fixed loan rates

St.George Bank today announced that following the RBA decision on 4 November it was lowering its standard variable home loan interest rates by 0.62% p.a. [...]

POSTED ON November 7, 2008
Members Equity Bank passes on full rate cut

Members Equity Bank today announced it would cut the variable interest rate on its Standard Variable Home Loans by 75 basis points. The reduced rate [...]

POSTED ON November 7, 2008
Commbank keeps $50/month from home buyers

Commonwealth Bank announced yesterday it will pass on 0.58 per cent of the Reserve Bank’s 0.75 per cent rate cut. Other lenders have not yet [...]

POSTED ON November 5, 2008
Rates headed down to 3 per cent next year

Markets are pricing in rate cuts to take the official rate to 3.75 per cent over the next six months. Yesterday the Reserve Bank made [...]

POSTED ON November 5, 2008
RBA may cut by 0.75 per cent

Increasing evidence of a recessionary trend in economic data is adding weight to expectations of a big cut in interest rates this afternoon by the [...]

POSTED ON November 4, 2008
Signs of life in Sydney property market

The Sydney residential property market showed signs of improvement for sellers on the weekend, with 43 per cent of 363 properties put up for auction [...]

POSTED ON November 3, 2008
0.5 per cent Melbourne Cup rate cut

The Reserve Bank of Australia is expected to cut interest rates by half a per cent on Melbourne Cup day, next Tuesday, as it seeks [...]

POSTED ON October 31, 2008
Home prices falling in Sydney, Perth

The median house price in Sydney and Perth is falling, while prices in Melbourne, Brisbane and Adelaide are still going up in affordable areas for [...]

POSTED ON October 30, 2008
Westpac on NSW sales blitz

Westpac has embarked on a 'NSW sales blitz' campaign on home loans. Westpac is offering 7.66 per cent home loan interest rates for first home [...]

POSTED ON October 28, 2008
GE Money cuts and runs

GE Money is closing its home lending, motor finance and small business lending divisions in Australia and New Zealand, costing 335 staff their jobs. GE [...]

POSTED ON October 27, 2008
Aussie Home Loans cuts rates again

Aussie Home Loans has cut its basic variable home loan rate by 0.50 per cent to 7.59 per cent. The standard variable rate is 8.09 [...]

POSTED ON October 27, 2008
Melbourne and Adelaide auctions recover

The Sydney residential property market continues to produce lacklustre auction results with just $56 million worth of homes being sold at auction on Saturday the [...]

POSTED ON October 27, 2008
Deposit guarantee will hurt property market

The Federal Government's bank deposit guarantee could weaken the property market mortgage finance companies are warning. "This issue has caused concern and uncertainty where it [...]

POSTED ON October 23, 2008
Westpac/St George cut rates

Westpac and St George have followed the other major banks and announced further cuts to standard variable mortgage interest rates. Westpac will reduce rates by [...]

POSTED ON October 23, 2008
Debtors have rights under banking code

The Code of Banking Practice promises to help people in difficulty. Consumers have rights to request a change to commitments if they are experiencing hardship, [...]

POSTED ON October 22, 2008
RBA hoses down big rate cut expectations

The Reserve Bank is expected to cut interest rates on Melbourne Cup Day, the first Tuesday in November, but improving financial and economic conditions reducing [...]

POSTED ON October 22, 2008
Negative equity set to invoke mortgage stress

Rising unemployment will force one million households into mortgage stress by March next year says Fujitsu consulting. Expected big interest rate cuts are not expected [...]

POSTED ON October 21, 2008
Commonwealth cuts home loan rates

Commonwealth Bank announced a 0.21 per cent in its standard variable mortgage rate yesterday taking it down to 8.32 per cent. The move follows similar [...]

POSTED ON October 21, 2008
CommBank calls halt to HomePath experiment

The Commonwealth Bank has closed its low cost online mortgage business HomePath and will transfer all HomePath customers to Commonwealth Bank branded loans. HomePath represents [...]

POSTED ON October 20, 2008
Big city property markets still sluggish

The big increase to the first homebuyers grant has failed to ignite the capital city auction market with sluggish results being recorded over the weekend. [...]

POSTED ON October 20, 2008
Relief for first home buyers

Aussie Home Loans yesterday announced that first home buyers would be eligible for a special loan rate of 6.79 per cent. Aussie Home Loans chief [...]

POSTED ON October 20, 2008
NAB follows ANZ in cutting rates again

National Australia Bank yesterday announced interest rate cuts of 0.2 per cent on standard variable mortgages as well as business loans and loans to farmers. [...]

POSTED ON October 20, 2008
NAB’s debt collector accused of bad behaviour

National Australia Bank is being accused of outsourcing debts belonging to people in financial hardship to a "notorious" debt collection agency. Victoria's Consumer Action Law [...]

POSTED ON October 17, 2008
Interest rates to plummet to near zero

The average standard variable mortgage interest rate will be 6.3 per cent within five months according to market expectations. That would translate to repayments on [...]

POSTED ON October 17, 2008
First home buyer grant tripled

Fourteen thousand first home buyers are expected to benefit from the doubling of the first home buyers grant to $14,000. Prime Minister Kevin Rudd announced [...]

POSTED ON October 15, 2008
No rate cut for GE’s mortgage managers

Many smaller mortgage providers such as Easy Living Finance who are funded by GE Money Australia will not be able to pass on any of [...]

POSTED ON October 15, 2008
Banks make big cuts to fixed rate mortgages

Commonwealth Bank has followed the other major banks by announcing big cuts in interest rates on fixed rate mortgages. The Commonwealth will cut rates by [...]

POSTED ON October 15, 2008
Choosing the right mortgage crucial for investors

If the financing is wrong, investors can potentially end up losing their own home and their investment property as well. Plenty of inexperienced property investors [...]

POSTED ON October 14, 2008
More big rate cuts coming soon

Rate cuts of 0.5 per cent are predicted for Melbourne Cup day and a further 0.5 per cent in the first week in December. That [...]

POSTED ON October 14, 2008
Rates to fall to five per cent by Christmas

Financial markets expect the Reserve Bank to continue its aggressive interest rate cutting program and cut rates to five per cent before the end of [...]

POSTED ON October 13, 2008
Property prices to hold up over next two years

Sydney's property market is not expected to fall as much as other international cities as a result of the credit crunch affecting housing markets around [...]

POSTED ON October 9, 2008
Mortgage market still weak

Home lending was down 2.2 per cent in August to the lowest level since March 2001. 48,903 new mortgages for owner occupied housing were started [...]

POSTED ON October 9, 2008
Banks promise to make up rate cuts

The big banks have all promised to make up the difference in Reserve Bank rate cuts and the lesser cuts they have passed on to [...]

POSTED ON October 8, 2008
No rate relief on credit cards or loans

As of this morning the only category of borrowers to receive news of any cut in their variable interest rates was home loan customers. With [...]

POSTED ON October 8, 2008
Rates to fall to five per cent

The Reserve Bank governor Glenn Stevens said he was not establishing a pattern for future rate cuts with the unexpected move yesterday to slash the [...]

POSTED ON October 8, 2008
Big banks cut rates by 0.8 per cent

Westpac led the five major banks in cutting interest rates on a standard variable mortgage by 0.8 per cent yesterday, following the Reserve Bank's shock [...]

POSTED ON October 8, 2008
First home buyers accounts have catches

AMP, NSW Teachers Credit Union and the Victorian Teachers Credit Union have the most competitive First Home Buyers Accounts says consumer groups. Commonwealth Bank says [...]

POSTED ON October 7, 2008
Today’s rate cut to deliver $50/month

Households with an average mortgage of around $300,000 will get rate cuts worth about $52 per month if banks pass on 0.25 per cent of [...]

POSTED ON October 7, 2008
Consumer credit code goes to Canberra

The uniform consumer credit code, which provides protection for borrowers will become federal law under a deal between the commonwealth and the states finalised yesterday. [...]

POSTED ON October 3, 2008