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Aussie Self Certification Mortgage Lender to be Sold
One of Australias largest non-bank lenders has been offered up for sale by its owner GE Money the giant American corporation with an international financial services arm. The mortgage lender has apparently been put on the market to stave off a takeover bid by its previous owner however it is likely that the sale has been triggered in part by the credit crunch.
Wizard Home Loans was founded in 1996 to offer Australian home owners and first time buyers the opportunity to obtain a mortgage...
Overview of Remortgages
Remortgages comprise a significant and ever-growing proportion of the overall mortgage market. Property owners are always on the lookout for ways to save money, and with remortgages being relatively simple to organise, it has emerged as a popular method for helping home owners restructure their personal finances.
Refinancing a home is an activity that is continually growing in popularity, with property owners rarely keeping the same mortgage product for more than five years. Remortgaging may...
First Home Owners Grant
In the year 2000 the Australian government introduced a scheme to help first time buyers get a foot on the property ladder. The (FHOG) is a lump sum payment awarded to Australians who qualify for the scheme when they buy their first home.
Although the FHOG is a national initiative it is administered by each state and territory government. The amount of the grant which can be awarded and the eligibility criterion differs between each state and changes over time.
The scheme was first...
The Role of Australian Mortgage Brokers
The mortgage broking profession has boomed in Australia during the last fifteen years. From humble beginnings the industry has grown at a rate of knots over the past decade or more to a point at which there is currently over ten thousand brokers practicing throughout the country.
Despite this relatively large number Australia has a population of barely twenty million people the role of a mortgage broker is widely misunderstood. The home loan market in the land Down Under has been dominated...
Why Use An Independent Mortgage Adviser
If you are looking to buy a property, or remortgage property you already own, you will have the option of searching for a mortgage product by yourself or employing the services of and independent mortgage adviser.
There are various factors that you should consider when deciding whether or not to utilise the services of mortgage adviser, not the least of which is the sheer size of the modern day mortgage marketplace. The mortgage market has evolved considerably over the past few decades and...
The Future For Mortgage Brokers Part 3
Unemployment is certainly a statistic that prudent mortgage brokers should keep an eye on during the coming year and beyond. Recent dramatic decreases in the Bank of England Base Rate will hopefully provide some sort of relief for businesses that are heavily financed and could have a knock-on affect of reducing the need for them to lose staff in order to survive. This is a scenario that mortgage brokers should be praying for.
While the local property market can provide some insight into the...
The Australian Property Market and the Global Recession
Australia is one of the few countries, along with Canada, who has felt the credit crunch less than the rest of the world. There may be many reason for this, such as stricter property lending rules or because there is such a large amount of space and supply of land to be able to be used for homes that the vast increases the majority of the world saw from 2004 2006 did not happen.
While Australia has not been completely sheltered by the economic downturn, it has weathered the storm quite well....
Overview Of Adverse Credit Mortgages
There are a number of reasons why people may be categorised as having adverse credit, including; County Court Judgments, mortgage arrears, loan defaults, or bankruptcy. People who are in such a situation and who wish to buy property will most likely need to apply for adverse credit mortgages. Such borrowers are normally excluded from the high street mortgage market.
It is generally accepted that approximately one in four people in the UK have an adverse credit history. This means that the...
Adverse Credit Mortgage Broker Fees
Just because you suffer from adverse credit, it does not mean that you will automatically need to use the services of a mortgage broker who will charge a large fee when helping you apply for an adverse credit mortgage. Although the fees targeted at adverse credit mortgage applicants are normally high when compared to applicants with clean credit, some brokers choose to not take advantage of the situation and do not charge excessive fees to their adverse credit clients.
Mortgage brokers have...
Lenders of Problem Remortgages
There are a growing number of lenders who will consider applications for problem remortgages. This is an indication of the growth in the market for home loan applications from borrowers with non-standard credit histories and financial situations over the past few years. Such growth has largely been consumer driven.
Problem remortgages are also known as non-standard, credit-impaired, or sub-prime mortgages, and the lenders are known as specialist lenders. Many of these specialist lenders are...
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