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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Banks Keep Lending to Pump Economy Australia’s banks look set to keep rates at record lows and to be flexible with borrowers impacted by COVID 19. Reserve Bank Governor, Dr Philip Lowe, recently spoke to the CEO of our major banks where he expressed the need to be flexible with $226 billion in loan deferrals […]
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Banks to have more flexibility in assessing loan applications Westpac Banking Corp has won a significant victory in the Federal Court on its interpretation of responsible lending duties. The court backed Westpac’s arguments that the national credit act provides banks with discretion on how to use information when assessing whether loans are suitable for customers, […]
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Housing finance increased steadily by another 1.3 per cent in September – taking growth since May to 15 per cent. Already, market commentators are predicting that Sydney and Melbourne will hit record highs in April 2020. But where will the finance come from? This month the increase was driven by homebuyers, while investor lending dropped […]
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Madison Utley| Australian Broker| 11 November 2019 https://www.brokernews.com.au/news/breaking-news/brokers-continue-to-dazzle-268027.aspx In its first year of operation, just 0.35% of the complaints lodged with the Australian Financial Complaints Authority (AFCA) were related to mortgage brokers. From 1 Nov 2018 to 31 October 2019, Australians lodged 73,272 complaints against their banks, insurance providers, super fund, or other financial firms […]
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James Foster| Macro View| 7 November 2019 http://jamesfostermacro.blogspot.com/2019/11/upswing-in-australian-housing-finance.html The upswing in Australian housing finance owner-occupier approvals continued at pace in September rising by a sharp 3.6% on the month. On aggregate, the value of lending commitments is now expanding in annual terms for the first time in nearly 2 years. Today’s report was further confirmation of […]
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Reserve Bank analysis shows that more Australians are getting a better deal on their home loans, despite banks being under fire for not passing on interest rates in full. That is because lenders are forced to respond to increased competition. It also shows “very few” borrowers actually pay the Standard Variable Mortgage Rate (SVR), with […]
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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 […]
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The property market is cooling – primarily due to rising mortgage rates. However, many businesses can thrive in this environment. When rates are going up, just turning up at your local bank for a mortgage and expecting to get a loan is not going to cut the mustard. And this has proven to the case […]
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Elizabeth Redman| 30 May 2022| Domain Australia house prices: After the property boom, what is a normal real estate market? (smh.com.au) The property market has weakened since last autumn’s boom, but with plenty of competition around for the most outstanding homes, agents say it has turned into a more normal market. So what is a […]
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Kate Burke| Domain| 20 June 2022 Australia house prices: The property type defying the downturn, for now (smh.com.au) Property prices for cheaper homes are holding up the best in Sydney and Melbourne’s cooling markets, while affordable homes are seeing the strongest growth in most other cities. Less expensive properties outperformed their pricier counterparts over the […]
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https://thenewdaily.com.au/finance/property/2022/02/09/banks-house-prices/ Matthew Elmas| The New Daily| 9 February 2022 There has been a big change in the outlook for house prices in the past week – two of Australia’s major banks are now predicting the biggest crash in decades. After two years of rapidly rising prices, most home owners have gained more wealth from their […]
[...]Peter Beaumont| The Adviser| 25 September 2018 https://www.theadviser.com.au/blogs/38294-brokers-should-ready-their-business-for-ccr Brokers are being urged to review important business processes ahead of a new credit reporting framework coming into effect later this week. Comprehensive Credit Reporting (CCR) begins on Friday, 28 September, when the country’s largest banks will begin sharing customer repayment histories with other lenders. As part […]
[...]Rebecca Pike| Australian Broker| 20 August 2018 https://www.brokernews.com.au/news/breaking-news/introducing-ccr-lending-behaviour-253836.aspx The head of a credit reporting facility has said brokers will need to be aware of lenders’ new risk appetite, including risk-based pricing, after comprehensive credit reporting (CCR) is introduced. The way lenders report borrowers’ credit information is changing and the major banks now have until the […]
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