Home Loans & Mortgages

THE Federal Government has urged the states to cut stamp duties on conveyancing and to release new land for development to make housing more affordable. Commenting on a report released yesterday that showed housing affordability had fallen to a 22-year low, acting Treasurer Peter Dutton said that in 2005/06 the states collected $10.8 billion in [...]

Australia’s strong economy, lower unemployment rates, a higher $AU dollar and raising housing and rental values, we should expect higher mortgage interest rates in 2010.

Mortgage defaults are on the rise as more Australians feel the bite of recession. The western and south-western suburbs of Sydney suffered first and continue to be badly affected, but now they are being overtaken by the Gold Coast, the New South Wales Central Coast and areas around Newcastle. According to the study, Perth is [...]

Being turned off by credit problems that are easily fixed
Credit is getting harder to get for all applicants and especially for credit impaired. If you are a first home buyer and have credit impairment, you will need a bigger saved deposit and strong present income as a given. You may also be better off using a mortgage broker to get the loans that suits your credit profile. Obviously if the mortgage broker knows this profile it will make their job so much easier.

Homes for sale are sticking in the market longer, and homeowners are either removing their homes from the market, multi-listing the property with many real estate agents or having to lower their price expectations.
This is affecting new home sales as new home hopefuls that cannot sell, are having to shelve home building plans.