This year has been a profitable one for Australians and their credit card debt. According to latest percentages, Aussies seem to be managing much better with their mortgages; their mortgage repayment appears to be going along much better than when compared with the previous year. Reports from the ABS data showed that their credit card […]
In recent years, many of us became victims of high mortgage interest rates without even realising. This problem affects mostly the home loans because their term is the longest. But how can you know if you are in such a situation, too?
High Mortgage Interest Rates – Are you a victim?
Verify your current loan
In the case […]
Did you recently check the present status of your home loan and the progress you are making? If not, it is about time you did that. Why? Tracking your mortgage could genuinely help you to save a great amount of money while, at the same time, you can make your mortgage repayment increasingly faster.
This way, […]
About twenty years ago, the average Australian home loan was estimated at the sum of $100,000. Things were different ten years before that when the average home loan was under $40,000. And, at the present moment, the reality shows us different and increasingly higher figures. In order to comprehend the way in which everything changed, […]
Finding suitable home loans for your needs is a tedious task. A lot of people say that purchasing the house you want to live in will be you single greatest expenditure. So it is important, especially to future lenders that they are well prepared in entering in to this kind of. No one likes getting rejected, especially […]
Australia’s interest rates have decreased drastically and now is the best time in years to consolidate debt or get a loan for a new home or both! Given the interest rate atmosphere and the ease of combining of debt into a new home loan, now is the best time to get all your debts rolled […]
Earlier this week, the country’s two biggest banks passed on the latest interest rate cuts for loan customers. The Commonwealth Bank and Westpac have paved the way for other banks expected to follow suit on Friday February 6. The Reserve Bank of Australia’s (RBA) official rate cut will begin its full effect on February 20, […]
Home loan rates vary a lot from bank to bank and also from year to year. Locking in a low rate can significantly lower a home buyers cost over the long term so getting the best rate possible is one of the most important negotiations that a person will ever have to make. There are […]
How do Second Mortgages Work?
Many people are familiar with the idea of a first mortgage on a property. The idea is fairly straight forward. You take out a loan which is secured by a particular property. It serves as collateral which reduces the risk for the creditor and makes it more likely that the property owner will get the loan. However, fewer people are familiar with the idea of a second mortgage. This is unfortunate because this type of financial agreement can offer some real benefits.
If you have a current mortgage and you suddenly lost your job or your source of income, you surely are in trouble. Aside from making ends meet for your daily necessities, you have to find ways to continue repaying your home loan. That will be a big challenge especially if you are certain you cannot afford to shoulder your monthly mortgage repayment anymore.
It is a must to avoid falling into a default. Aside from possibly being evicted from your own home, you will not like its long-term effect on your credit history. Try to prevent it from happening. Here are four effective ways to do so. […]
Tapping a home equity is now more natural just like mowing the lawn. If you are a homeowner and you want to maximise your ownership of your property, you should realise that there are more than enough reasons to finally cash in on your home equity. You may use the money to get into viable financial activities that you surely would benefit from in the future.
Leveraging could be risky but only if you would use it to get into deeper financial pitfalls. You could possibly avoid any risk of leveraging your home equity by using it to increase or boost your personal wealth. Here are some suggestions on how you could effectively and successfully leverage your home equity.
Have you been struggling to pay your home loan? If you have been building up your debt, you may have possibly missed out on one or several monthly payments. Or you may have been paying smaller amount than the minimum payment amount required. Thus, you may have to deal with home loan in arrears. How to deal with this problem? Here are four effective ways. […]
A recent property report has shown that home affordability is better now than a year ago. The Housing Industry Association and Commonwealth Bank First Home Buyer Affordability index was 41% higher than in the corresponding period a year ago.
However the dream of home ownership has become tougher over the past couple of months with the index declining by 5.1% to 152.5 points in the June quarter from 161 index points in the March quarter. […]
Due to increasing fertility and immigration influxes, Sydney is set to face new stream of housing shortages.
New Research suggests that the city will need over 33% more apartment blocks and houses than initially proposed in the NSW State Government’s 25 year city growth plan.
It has been found that an extra 876, 640 city dwellings will be needed by 2031, a significant rise from the initial government projections of the 640, 000 proposed.
Director of SGS Economics and Planning, Patrick Fensham describes the consequences, “That will mean pressure on housing affordability, people staying at home longer, cramming in more bodies that people like to in the house.”
As the unemployment rate in Australia continues to rise, up to 1 in 16 homeowners are defaulting on their home loans. Of the top 20 postcodes where mortgages are more than one month in arrears, 19 postcodes are in NSW, data obtained by The Daily Telegraph reveals.
An analysis by the UWS’s Urban Research Centre has found that areas along the M4, Windsor Rd and Canterbury Rd, as well as the Central Coast, are feeling the impact of the alarming recession. The hardest hit is the area around Fairfield and Liverpool, where the latest figures show that the unemployment rate has jumped to 10.5% (the highest it has been since 2001).
The top areas in NSW for defaulting on home loans is Nelson Bay, followed by Raymond Terrace, Katoomba, Greenacre, Guilford, Fairfield, Cessnock and St Marys. […]
In the past two years the average home loan amount for first home buyers has risen by 23% showing home loan inflation. This increases fears as the Government incentives for young buyers have been said to be falsely inflating the market.
The average home loan amount increased from $228,600 to $280,600 a massive $52,000 in just two years. The significant increase in first home buyers in recent months has seen first home buyers become an important part of the residential home loan market.
The actual number of first home buyers also rose sharply; rising from just over 9,000 to more than 14,400 in the past year. With so many first home buyers entering the market home loan inflation could make it harder to buy.
Home loan borrowers are paying an extra $2.7 billion a year in repayments because they don’t shop around to find the best deals available to them. After this week’s interest rate increases by the major banks, more than 60 other lenders had cheaper home loan rates.
As Australian consumers are usually pretty savvy when it comes to their finances, it is baffling that consumers don’t take up the opportunity of lower interest rates on their home loans. Attaining lower interest rates can be easily achieved, simply by choosing a smaller lender than the major banks; this is worthwhile especially in today’s uncertain economy.
If you can’t afford to purchase a home on your own, why not consider getting a home loan with close friends or family.
This trend has become increasing popular as many people are trying to take advantage of the first home owners grant boost before it reduces in October, and then cuts out in December.
In today’s economic times, borrowing has changed – most lenders now want to see deposits and a genuine savings history. One way to get into the property market before the boost runs out is to join deposits with a friend or relative.
Recent research has found that borrowers who use mortgage brokers to source their loan are more satisfied with the service provided and their end loan product than those who source their home loan through the banks.
Congratulations on the prospective sale of your property. It is often an exciting and yet stressful time. Let’s face it, putting your property on the market is a big step.
So tell me, why are you selling?
There are many reasons you could be selling your property, do you want to upsize? Maybe you want to downsize? Perhaps you are finding the burden of your existing mortgage just too much?
If you are struggling with your current monthly commitments and need short term funds to help you over the hump until your property sells, call us now on 1300 138 188 for a confidential enquiry with one of our team. […]
New figures suggest that there is a new trend emerging in the mortgage market; non romantic couples entering into a shared mortgage.
It is becoming more and more common for people to enter into a joint borrowing arrangement which maximises their deposit and lowers the ever increasing repayments. The alternatives of soaring rent prices or individually […]
Home Reposession Increase
Based on Home Reposession figures from the Supreme Court, a recent ABC Four Corners investigation found around 10,000 Australians are losing their homes every year.
With factors such as rate rises in mortgage repayments, it is of no surprise that more Australians are struggling with debt. As Treasurer Wayne Swan discerned “there are a lot of people out there under tremendous financial pressure as a result of interest rate rises, who when they originally entered into the loan were looking pretty good when it came to meeting the repayments and discharging their responsibilities.” […]