Home Loans & Mortgages

A growing number of mortgaged homeowners are feeling the pinch and mortgage payment arrears are rising to 2 percent in some areas of Australia. Whilst this is still tiny compared to what has happened in the US, it should be a red flag to the RBA when considering any further rate rises. In fact some are now believing that the next interest rate move could be lower.

A bad credit rating can stay with you for up to seven years. So protect your credit worthiness at all costs. Try to stay calm if you are declined a mortgage because you have a bad credit rating. It is best to get a credit report way ahead of when you need it.
So do a credit check on yourself now and then get a credit report once a year, so you can check if your credit score has been affected in any way, and clear up any mistakes.

National Australia Bank will continue slugging customers for using “non-NAB” cash machines, in defiance of the Reserve Bank. The RBA said financial institutions would have “no case” for levying such fees once new rules on ATM charges take effect on March 3. Under the new rules, it will cost banks about the same for their [...]

Bendigo Bank wants to expand wealth management with its $1.2 billion bid for wholesale customer darling Adelaide Bank. Bendigo and Adelaide, which hold the top two positions in Roy Morgan’s poll of banking customer satisfaction, will become a $4 billion company and break into the top 70 listed companies in Australia after the merger. Bendigo [...]

The Commonwealth Bank of Australia [CBA] has just dropped the home loan rate on its recently introduced ”no fee” home loan offer to 7.11% in response to other major players offering deep discounts in order to attract home buyers and mortgage refinance customers in a slow mortgage market.