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Although the wider economic situation has improved of late, some people are dipping into their retirement savings to help meet their monthly mortgage payments. An increase in people being forced to work fewer hours and being paid less has meant that they have had to find other means to save their homes from repossession.
Super fund trustees are reporting an amazing rise in the number of people drawing on their compulsory retirement funds as rates soar. Many of these people have used their...
A Strong and Diverse Real Estate Market
Brisbane is a city located in the south east corner of the state of Queensland in Australia. Brisbane is the capital city of Queensland, and is the third largest city in Australia by population size.
South east Queensland is also the fastest growing region in Australia and has been for several decades - with Brisbane right in the middle of the region. The real estate market in Brisbane is therefore strong and is growing all the time.
Although Brisbane is a city, it is well designed and spread...
Types Of Mortgages - Part 1
The Australian property market is one of the most sophisticated in the world. Subsequently, the mortgage market is also highly sophisticated. The Australian finance market was deregulated a few decades ago, although it is still tightly controlled by the national government.
Deregulation has allowed a number of new lenders to move in to the Australian property lending market. This has in turn resulted in a wide variety of products available from many different lenders. Products are available...
New Environment For High Risk Borrowers
High risk borrowers may not be able to get a mortgage from a traditional borrower such as a bank. They may not be able to get a mortgage without having an independent guarantor. This is a person who undertakes to pay the debt if the borrower defaults. High risk borrowers may also find that they are asked to pay more interest which is a reflection of the risk they pose to the lender.
High risk interest rates have actually increased even though mortgage rates have followed the RBA cash rate and...
Investors Return to Property
Lenders are struggling to keep pace with an unexpected increase in applications from people who have fled the share market into the security of property, taking as long as a month to approve loans, which has led to some buyers missing settlement dates. Strict new lending criteria are adding to delays, as is the inexperience of home buyers having trouble navigating a maze of paperwork. Banks are being forced to add staff to mortgage processing divisions, which they had previously run...
Home Ownership and Market Securitisation
Australians have a strong homeownership culture, with Australians on average turning over property every eight years. The strong ownership culture combined with the non-deductibility of interest payments means that Australians are eager to build equity in their property. Were not like the Swiss, for example, who keep renting whilst investing in other forms of wealth.
Combine this with the fact that there is no capital gains tax on owner-occupied property, super funds can borrow to buy...
All About the MFAA
The MFAA is the Mortgage and Finance Association of Australia. It is the main professional body for mortgage and finance brokers in Australia and helps protect consumers by upholding and enforcing professional standards amongst its members.
Established in 1982, the MFAA has previously been known as the Mortgage Bankers Association, the Mortgage Industry Association of Australasia, and the Mortgage Industry Association of Australia (MIAA). The MFAA currently has over twelve thousand members...
How to Get Your Online Credit Report?
If you are looking to apply for credit of any kind, you should first check your credit report. This report will provide details of your credit history and will serve as a guide as to how successful your application might be. Companies that provide credit will assess your creditworthiness by using your credit report, so it is vital that you ensure it does not contain any black marks that might negatively affect your application.
Almost everybody has, or will have, at least one credit product...
So You Want to be a Property Investor?
Is the Great Australian Dream to buy ones own home still realistic? Everyone, it seems, wants to own their home and an investment property. Since the Great Financial Crisis shares have become less attractive for investors, with many share investors still recovering from losses incurred. Investing in property has rarely looked so good.
The wealth dream is the desire to invest in property. Property has become the choice for those aspiring to create wealth for themselves. What could be better...
What Is Lenders Mortgage Insurance?
Lenders Mortgage Insurance (LMI) protects the lender in the event that a mortgage borrower defaults on their loan. The insurance policy is only required for home loans that have a balance exceeding 80% of the value of the property at application.
Traditionally, home loans were only issued up to a maximum of 80% loan to value. This meant that the borrower needed to put down a deposit of at least 20% if they wanted to buy a home with a mortgage. This was done because the lower loan to value...
Government Grants And First Home Buyers
Lower interest rates and increases in government grants have enticed more Australians, particularly first homebuyers, to purchase a residential property. The number of permits in January to build private sector houses rose for the first time since April 2008 despite total approvals to construct dwellings falling, official data showed.
But now the partys officially over. According to leading economists interviewed on the ABC AM program last week, homebuyers can expect to be repaying around...
Are Fixed Rate Home Loans a Good Idea?
The question of whether to get a fixed rate or a variable rate loan is always a vexing question. Should I fix or not? Should I get a fixed rate for three years or five years? Maybe 10 years? These are questions that are always asked when buying property whether youre an owner-occupier or an investor. More recently, 30-year mortgages have come on to the market. The reasons for this are clear; a 30 year mortgage affords the buyer lower monthly repayment terms. Moreover, fixed rate home loans...
To Fix or Not to Fix
There is much debate going on around mortgage markets and indeed, in the homes of heavily-mortgaged families. Everyone with a mortgage needs to consider the impact of rising interest rates not only on the impact on the family finances but from the perspective of managing the loan in a sensible fashion. Some will suggest that now is the right time to fix an interest rate.
When is the right time to right time to fix a loan? There are always lessons to be learned when interest rates move up or...
Creating an Online Business With a Blog
There are many different ways to create a business online. Traditionally websites were created for businesses that already existed in the offline world. Businesses of all shapes and sizes from multinational conglomerates to small businesses such as local plumbers created websites as a way of finding new customers and connecting with their existing customers. As time has gone by more and more business have been created online without an existing presence in the real world.
Creating a business...
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