The marketing departments at the retail banks are working overtime at the moment to get your business. But do they really want it? This question is the reason why the marketing battle that is now so visible on our TVs, bus shelters and everywhere else is so fascinating.

Tighter credit conditions prevail, and the banks are much pickier about who they will actually lend to. So they are all fighting over a diminished pool of ‘eligible’ banking prospects.

Let’s line up a few of the suspects. We have Barbara – the banker pilloried in the ANZ ad. We have Westpac and all those bank managers – aren’t those ‘out-takes‘ at the end of the ad so cute? Then there’s NAB, who wants you to “sign up to fight unfair banking”

Full story

Listen to the Australian Mortgage Broking Podcast
Mortgage Leads – Broker Select – Equity+ – Broker Web – Become a Finance Broker
Australian Mortgage Portal – Personal Loans Tick N Flick

Press Release
The Hon Chris Bowen MP

Today, the National Consumer Credit Protection Amendment Bill 2010 was passed by the Australian Parliament.

The Bill provides the flexibility sought by the States to enable them to refer their powers for consumer credit regulation to the Commonwealth. Following enactment of the State Referral Bills, the States will be able to repeal their state laws in time for the commencement of the National Credit legislation on 1 July 2010.

“The passage of the National Consumer Credit Protection Amendment Bill brings Australia closer to having a single, standard national credit regulatory regime – and it can only be achieved through the strong commitment by the Commonwealth, State and Territory Governments working in a spirit of cooperation to deliver the COAG reform vision for a single, uniform national credit law,” Mr Bowen said.

Read the rest of this story »

Home prices extended their rally into 2010, adding to the difficulties faced by first-time buyers struggling to get into the market.

National home prices for houses and units increased 1.8 per cent in January, according to RP Data, taking them 11.8 per cent higher in 12 months. If the preliminary January figures are confirmed, the gain would mark the biggest monthly jump in the five-year series.

“What makes me angry is that my father was able to buy a three bedroom house in Williamstown and support a family (my mother didn’t work) on the average income of a school teacher,” said Melbourne-based Justin O’Farrell. “I have no hope of doing the same.

Full story

Listen to the Australian Mortgage Broking Podcast
Mortgage Leads – Broker Select – Equity+ – Broker Web – Become a Finance Broker
Australian Mortgage Portal – Personal Loans Tick N Flick

Debt doom prophet Professor Steve Keen has criticised the government’s decision to open the door for more foreign investment in local real estate, accusing the government with ”importing a bubble” from China.

”If houses aren’t for the people in their own country, then who the hell are they for?” Dr Keen asked. ”And if you let incomes in other countries determine your prices, all you’re doing is importing a bubble,” he said.

Full story

Listen to the Australian Mortgage Broking Podcast
Private funds from 6.05% – No LMI – Up to 5 years – Residential – Commercial – Rural
Mortgage Leads – Broker Select – Equity+ – Broker Web – Become a Finance Broker
Australian Mortgage Portal – Personal Loans Tick N Flick

WE all have a credit record that collects data about us, but few of us know what it says or what is allowed to be shown.