Sunday, December 31, 2017
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In just the past six months the amount of interest-only (IO) loans held by the banks have dropped by around $36 billion, according the Australian Prudential Regulation Authority. APRA can feel pretty chuffed with the result. It is exactly what it wanted in its push to de-risk banks' balance sheet by quelling the speculative bravado of investors. But there are obvious...
AUSTRALIANS are abandoning home loans with the Big Four banks to save hundreds of thousands of dollars on their mortgages. As the major banks continue to tighten lending criteria, customers are shifting their home loans to smaller and non-banks, which are providing better deals albeit with higher levels of risk. Currently a standard variable rate home loan with a Big Four...
National Australia Bank has refunded $1.7 million to 966 home loan customers after it incorrectly set up mortgage offset accounts over a seven-year period. NAB started an internal review after a number of customers complained they were overpaying interest on their home loans. he reviews found that between April 2010 and August 2017 it had not linked some offset accounts to...
National Australia Bank has refunded $1.7 million to 966 home loan customers after incorrectly setting up some mortgage offset accounts over a seven-year period. NAB started an internal review in February after a number of complaints from customers who were overpaying interest on their home loans. It found that some offset accounts set up between April 2010 and August 2017 had...
In just the past six months the amount of interest-only (IO) loans held by the banks have dropped by around $36 billion, according to the Australian Prudential Regulation Authority. APRA can feel pretty chuffed with the result. It is exactly what it wanted in its push to de-risk banks' balance sheet by quelling the speculative bravado of investors. But there are...
Research shows a large proportion of borrowers take a “set and forget” attitude toward their home loan. A Mortgage Choice survey found that 40% of Australians don’t know their current home loan interest rate, a figure Mortgage Choice chief executive John Flavell called “alarming”. “It seems for many borrowers it is easy to take a set and forget attitude towards their...
ONE of Australia’s big four banks will refund millions to home loan customers after a 23-year glitch was discovered in its system. Around 9,400 owner-occupiers with interest-only loans will be up for a massive $11 million refund from Westpac because of a “longstanding error” in the bank’s systems, according to ASIC. And there could be much more to come with the...
Three in 10 Australians have admitted they would not opt for an interest-only loan despite some of them recognising the benefits, new research has found. A paper from Gateway Credit Union, entitled the 2017 Mortgage Holders Sentiment Report, found that 46% of Australians were ‘adamant decliners’ of interest-only loans, meaning they would not choose them and perceived that they increased debt. A further...
Adelaide-based HomeStart Finance helped one in six South Australian first-home buyers secure a property last financial year. The SA government lender’s annual report, tabled in state parliament last week, showed it had approved 1,674 home loans, worth a total of $432m, over the past financial year. This is roughly a 5% increase on the 1,599 home loans worth $393m approved...
FIRST home buyer participation in the housing market has hit a five-year high following a series of concessions introduced by the NSW and Victorian governments. Data from the Australian Bureau of Statistics (ABS) revealed first time buyers accounted for 17.6 per cent of all owner occupier housing loans in October, the highest share of borrowing since November 2012. The 10,061 home...
Westpac and its subsidiaries are joining their smaller rivals in cutting fixed rates across two- and three-year terms for both owner-occupiers and property investors by up to 0.4 percentage points. Fixed interest rates are set off bond rates, and tend to move in line with expectations about the future direction of the cash rate. Westpac subsidiaries St George Bank, Bank of...
In response to the Australian Securities and Investments Commission’s (ASIC) review into mortgage brokers’ commissions, a forum of brokers, bankers, and other lenders are vowing to reform some of the practices and payments that have long been criticised by consumer groups. Brokers will no longer have the incentive to sell customers larger-than-necessary home loans, and banks will stop paying bonuses to...
All three local banks have raised their home loan rates as interest rates continue to spike, and mortgage advisers warn of more hikes to come. DBS Bank, OCBC Bank and United Overseas Bank, which collectively account for the lion's share of the housing loan market, have raised the interest on their fixed-rate and floating-rate packages since last month. DBS and UOB...

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