Joey Moloney and Breandan Coates| The Conversation| 7 June 2022 The housing game has changed – interest rate hikes hurt more than before (theconversation.com) The Reserve Bank has lifted the cash rate for the second time in two months, this time by 0.50 points to 0.85%. It won’t be the last such hike. Forecasters expect […]
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Phoebe Loomes| New Daily| 19 June 2022 NSW to introduce ‘shared equity’ scheme to boost home ownership (thenewdaily.com.au) Frontline workers and singles over 50 will receive “a leg up” into the NSW property market, with the state government to introduce a shared equity housing scheme in this week’s budget. Premier Dominic Perrottet says housing affordability is […]
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Robert Harley| Australian Financial Review| 23 June 2022 https://www.afr.com/property/commercial/buyer-beware-the-choice-between-land-tax-and-stamp-duty-20220622-p5avlt Karl Fitzgerald, the advocacy director at Prosper Australia, is a strong believer in the benefits of replacing property stamp duty with a broad-based land tax. But he has a warning for first-home buyers attracted to the Perrottet government’s proposal for an opt-in annual land tax to replace stamp […]
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Richard Gluyas| The Australian| 23 June 2022 https://www.theaustralian.com.au/business/financial-services/council-of-financial-regulators-closely-watching-housing-market-for-financial-stress/news-story/f81e7d9ea6c66788424489b8cb80f9bf The Council of Financial Regulators is keeping a close eye on emerging risks in the housing market, amid rising pressure on household budgets from banks passing on Reserve Bank rate hikes to their customers. The CFR, which had its regular quarterly meeting of the four main financial […]
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There’s no doubt that Covid has radically changed the property market. It has also revolutionised mortgages. With 67 per cent of loans now written by brokers, the old business model of just walking into your branch is dead. And, with Covid often causing banks to close branches, the only reliable fact is that a borrower […]
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https://theconversation.com/vital-signs-whats-wrong-with-australian-mortgages-theyre-fixed-for-shareholders-not-home-owners-176234 Richard Holden| The Conversation| 4 February 2022 If you’re paying off a mortgage – or aspiring to – imagine if you didn’t have to worry so much about rising interest rates. That’s already the reality for US home buyers. Unlike in Australia, most mortgages in the US have a fixed-interest rate, locked in for […]
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James Eyers & Misa Han | The Australian Financial Review | 10 May 2019 https://www.afr.com/business/banking-and-finance/inside-the-westpac-case-that-could-alter-banking-20190510-p51lz4 It’s a case that will define one of the most fundamental jobs of a bank – working out whether to lend to a customer. On one side is the Australian Securities and Investments Commission. The regulator has taken Westpac Banking […]
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James Frost & James Eyers | The Australian Financial Review | 1 May 2019 https://www.afr.com/business/banking-and-finance/anz-says-7-25pc-buffer-has-to-go-20190501-p51j0g ANZ chief executive Shayne Elliott urged the prudential regulator to scale back the buffer requiring new borrowers have the capacity to pay a 7.25 per cent interest rate, warning it was forcing the bank to turn away one in five […]
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Annie Kane | The Adviser | 7 May 2019 https://www.theadviser.com.au/breaking-news/39077-three-quarters-of-smes-believe-bank-appetite-has-decreased Seventy-four per cent of small business owners believe that bank appetite for SME lending has decreased this financial year, while 30 per cent believe that access to capital is the biggest impediment to growth this year. According to a recent survey conducted by specialist business […]
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David Scutt | Business Insider Australia | 10 May 2019 https://www.businessinsider.com.au/australia-house-prices-best-worst-performing-capital-city-2019-5 Australia’s median home price slumped 7.2% in the year to April. An even larger 8.4% decline was recorded in the capital cities in average weighted terms. The price falls in some regional capital city markets were substantially larger than the national average. In others, […]
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Madison Utley | Australian Broker | 9 May 2019 https://www.brokernews.com.au/news/breaking-news/majors-commit-to-hem-alternatives-262695.aspx As Westpac and ASIC continue to clash over responsible lending measures and the big four face remediation bills of more than $5bn, focus has turned once again to the need to improve responsible lending frameworks. The HEM system – which was repeatedly scrutinised during royal commission hearings, […]
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Three events occurred recently that will inject life into the property market. First, the ALP lost the Federal Election – removing the threats to negative gearing. Then the Australian Prudential Regulator (APRA) announced changes to lending policy that will make getting a loan easier And, on the same day, the Reserve Bank (RBA) telegraphed that […]
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