Exodus of Australian Landlords Driving Up Rents The Australian rental market is facing a crisis, as a growing number of landlords are selling their properties or taking them off the market altogether. This is due to a number of factors, including fear of government rent control, rising property taxes, and the increasing popularity of holiday […]
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After months of decline, housing loan commitments in Australia have finally started to increase. This is due to a number of factors, including optimism in the housing market, interest rates on hold last month, fear of missing out (FOMO), with the rhetoric of increased immigration and lack of house starts. Optimism in the Housing Market […]
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David Ross| Domain | 27 June 2019 https://www.domain.com.au/money-markets/why-your-credit-score-is-going-to-change-on-july-1-852970/ Lenders are set to learn a lot more about borrowers from July 1, with banks required to share more data on applicants than ever before. The full implementation of comprehensive credit reporting next month means everyone’s credit score is likely to change. It’s set to be a […]
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Chanticleer| Australian Financial Review| 28 March 2019 https://www.afr.com/chanticleer/how-banks-made-their-case-on-credit-culture-in-hong-kong-20190328-p518nk Hong Kong | There’s nothing like a trip overseas to remind you of Australia’s place on the world stage. But at the Credit Suisse Asian Investment Conference in Hong Kong this week there is one aspect of Australian business life that drew a good deal of fascination […]
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Kevin Davis| The Conversation| 25 March 2019 https://theconversation.com/sam-and-the-honest-broker-why-commissioner-hayne-wants-mortgage-brokers-to-charge-fees-114071 The Royal Commission recommendation that mortgage broker commissions, currently paid by lenders, should be replaced by up-front fees paid by borrowers, has been controversial to say the least. Royal Commissioner Kenneth Hayne wanted to eliminate first the “trail”, or annual ongoing commission paid by lenders to brokers, […]
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Cait Kelly| 27 March 2019| The New Daily https://thenewdaily.com.au/money/property/2019/03/27/property-sold-before-auction/ As property prices continue to fall across the country, houses and apartments are increasingly being sold before auction, industry figures say. Nervous vendors are being met by assertive buyers looking to stamp out competition and secure a sale without the stress of an auction. Head of […]
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Michael Janda| ABC Online| 4 December 2018 The Reserve Bank has left official interest rates on hold at a record low 1.5 per cent for the 26th consecutive RBA board meeting. Key points: Interest rates have been on hold for 28 months, during which the RBA board has met 26 times The RBA governor says […]
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Isabelle Lane| The New Daily| 7 August 2018 https://thenewdaily.com.au/money/property/2018/08/07/out-of-cycle-rate-hikes-predicted/ The big four banks are expected to raise mortgage rates despite the Reserve Bank decision to keep the official cash rate steady. The RBA announced on Tuesday the official interest rate would remain on hold at 1.5 per cent. The decision continues a record-breaking streak of official interest rate stability, marking two years […]
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Anna Bligh| Sydney Morning Herald| 25 November 2020 https://www.smh.com.au/business/banking-and-finance/australia-s-lending-laws-are-overdue-for-an-overhaul-20201125-p56hq8.html They say a week is a long time in politics. If that’s true – eleven years is an eternity. That’s how long it’s been since the Australian parliament passed the National Consumer Credit Protection Act to “modernise Australia’s consumer credit laws”. It was 2009; smack in […]
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Annie Kane| Mortgage Business| 23 November 2020 https://www.mortgagebusiness.com.au/breaking-news/15153-responsible-lending-removal-the-pros-and-cons The proposal to overhaul responsible lending obligations has been met with mixed reaction, with many welcoming its ability to speed up the flow of credit while others have warned against potential harm to consumers. On Friday (20 November), the federal government’s consultation on changes to responsible lending […]
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Steven Deare| The New Daily| 9 October 2020 https://thenewdaily.com.au/finance/property/2020/10/09/home-loans-august/ More Australians are seeking to buy a property while interest rates remain at historically low levels, sending new home loan commitments surging. Home buyers took advantage of a virus-flattened housing market in August, as borrowing rose by 12.6 per cent on the previous month. New loan […]
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Across the country auction clearance rates are strong and getting stronger. Low interest rates, government handouts and possible relaxing of lending criteria are encouraging Australians to take out a mortgage and buy a property. Most of the country has auction clearance rates around 70 per cent; the tipping point between a buyers’ and sellers’ market. […]
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The property market is rapidly approaching crunch time – where there will be multiple winners and losers. The end of this month is D-Day for the 450,000 borrowers who deferred home loan payments. Some will be able to recommence making payments, but for others this could mark the start of a series of tough conversations […]
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Despite the Reserve Bank not having changed the official cash rate recently, banks are dropping their own mortgage rates as they compete against each other for home loan business Interest rates are now the lowest in living memory. Mortgage brokers tell Accredited Broker that they are as busy as ever with refinances – especially when […]
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James Kirby| The Australian| 29 July 2022 https://www.theaustralian.com.au/business/wealth/house-price-crash-what-if-the-experts-have-it-wrong/news-story/48139e945170d7e5405d646c949d7c67 How much have house prices around the nation fallen by this year? The chances are you’ll guess a number which is dramatically worse than reality. The combined capital city drop is minus 0.5 per cent. Yes, you read that right, the reversal so far is teeny. So […]
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Damien Klassen| LIvewire| 12 July 2022 Australian property prices: Interest rates are just one part of the story – Damien Klassen | Livewire (livewiremarkets.com) Australian property market prices are falling, and rents are rising rapidly. Interest rates are rising even faster. In terms of mortgage payments, a 30%+ increase in one year is higher than […]
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Pete Wargent| Livewrie| 28 June 2022 What a 3.2% cash rate will mean for property prices and household savings – Pete Wargent | Livewire (livewiremarkets.com) At the time of writing, market pricing is looking for the cash rate to reach 3.20% by the end of 2022, which would be an even faster-tightening cycle than that […]
[...] Shannon Molloy| Real Estate| 1 August 2022 Home prices have just fallen further – except in these two capital cities (realestate.com.au) Property price falls extended further across Australia in the past month, but there are two capital cities defying the cooling market trend, new data reveals. The latest PropTrack Home Price Index for July was released today […]
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Eleanor Creagh| Real Estate| 28 July 2022 What happened during previous property market downturns? – realestate.com.au Interest rates are moving higher – and quickly – and fears of a steep and lasting decline in home prices are mounting. Some forecasters have warned the impending correction will see a 30% fall in property prices from their […]
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Derek Rose| Te New Daily| 28 July 2022 Apartments outperform house prices for first time in three years: Domain (thenewdaily.com.au) The price of apartments outperformed houses last quarter for the first time in three years, a new report shows. Domain’s June Quarterly House Price Report indicates the average price of a unit in Australia’s capital […]
[...]Karen Maley | The Australian Financial Review | 10 May 2019 https://www.afr.com/business/banking-and-finance/phil-lowe-s-finger-hovering-above-rate-cut-button-20190510-p51m0d Australia is set to see interest rates hit fresh historic lows in coming months, unless strong jobs market and rising commodity prices come to the aid of dwindling growth and inflation. Reserve Bank governor Phil Lowe has his finger poised over the interest […]
[...]Michelle Grattan| The Conversation| 16 November 2018 The government has announced an extra $51.5 million to boost resources for the prosecution of criminal misconduct by banks and other financial institutions and the processing of civil claims. Of this, $41.6 million will go to the Commonwealth Director of Public Prosecutions (CDPP) over eight years, and $9.9 […]
[...]Paul Johnson| The Conversation| 27 November 2018 Asked at the banking royal commission how long it might take to embed the right culture in the National Australia Bank, its chairman Ken Henry replied: ten years. As head of the Commonwealth Treasury before he left to join the NAB board in 2011, Dr Henry was regarded […]
[...]The banking Royal Commission has unearthed some horror stories and some furphies. Last month, CBA revealed to the Commission that there are now 1300 brokers earning more than $1 million a year, and the top 200 brokersare pocketing more than $2.5 million. Undoubtedly, mortgage broking can be a highly rewarding career, but CBA’s figures gild […]
[...]Rebecca Pike| Australian Broker| 18 October 2018 https://www.brokernews.com.au/news/breaking-news/open-banking-refinance-in-15-minutes-256287.aspx Open banking could see borrowers refinancing their home loans in 15 minutes, according to one panellist at a recent fintech summit. The event, held in Sydney on Tuesday (16 October), focused on how digital innovation was changing finance. The program included speakers and panel discussions on topics […]
[...]Rebecca Pike| Accredited Broker| 24 October 2018 https://www.brokernews.com.au/news/breaking-news/broker-role-vital-in-ccr-landscape-256510.aspx It has been nearly a month since the deadline for the major banks to share 50% of their credit information as part of the rollout of comprehensive credit report (CCR), but some lenders have been sharing data for much longer. One such lender has explained to Australian […]
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