Housing Market Healthy: Anz
ANZ has reassured global investors about the health of Australia's property market, with a senior executive telling a Hong Kong-based conference the fundamentals are sound. Property prices and consumer debt levels are expected to come under fresh scrutiny this morning as the Reserve Bank releases its half-yearly snapshot on the state of the nation's financial system.
The Big Question: Super or Mortgage ?
The strategy: To decide what's better - saving more in super or paying off the mortgage. Do I need to know that? How do I find out? As part of its new financial literacy initiative, the government has launched a website - moneysmart .gov.au - to help answer this and lots of other financial questions.
Building Boost Forecast As First Home Buyers Return
A return of first home buyers to the property market is expected to lift residential building activity next financial year, says BIS Shrapnel. The research firm expects new housing starts to rebound by 6 per cent nationally in 2011-12, propelled by stable interest rates, rising rents from housing shortages, and a pick-up in first home buyer activity due to employment and income growth.
Forget about 100% Mortgages
First-time home buyers are searching mortgage websites for ‘‘no deposit’’ home loans in vain. They don’t exist. Research by mortgage broker Loan Market shows that internet searches containing ‘‘no deposit loans’’ have increased 28 per cent since the start of the year.
Aussie Street Ranks Ninth in World's Most Expensive Addresses
A Sydney street is one of the world's most expensive addresses, according to a list that includes London's Kensington Place Gardens and New York's Fifth Avenue. Wolseley Road in Point Piper, Sydney, came ninth on the list, which was topped by Severn Road in Hong Kong, reported the Financial News.
Retirees Driving Unit Boom
Baby Boomers will continue to be the main drivers of Sydney's residential market over the next five years with their take-up of medium- and high-density living.
Fixed Rate Loans Lose Their Appeal : Broker
Home buyers appear to be throwing caution to the wind against the backdrop of a steady interest rate outlook at the Reserve Bank and heated competition in the mortgage market. Home loan broker Mortgage Choice says that with a wider range of variable rate mortgages now available, new buyers are turning their back on the security of a fixed interest rate loan.
Banks Push Back Rate Expectations: Second Half of the Year
Three of the four big banks expect the RBA will leave interest rates unchanged until the second half of this year. If Reserve Bank governor Glenn Stevens’ post-board meeting statement last Tuesday appeared bland, it was probably to convey to borrowers that they shouldn’t be worried about another interest rate rise just yet.
Big Banks Uneasy about Mortgage Exit Fee Ban
Australia's big four banks may not be as comfortable with a proposed ban on mortgage exit fees as they are letting on, a Treasury official says. Under the federal government's proposed reforms to improve banking competition, exit fees on new standard variable home loans would be banned from July 1 this year.
Young Home Buyers Saving Hard
More than one third of young homebuyers are putting aside at least 20 per cent of their pay packet, according to research released this week by Bankwest.
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