ACCC grants MFAA disciplinary control
Friday, May 29th, 2009One month after publicly backing the MFAA's disciplinary procedures, the ACCC has granted the industry body conditional authorization to enforce its rules.
Author Archive
Stage one of regulation delayed
Tuesday, April 14th, 2009
Mortgage brokers may have a little more time to wrap their heads around national regulation after a government spokesperson revealed that the stage one deadline has been extended.
When the government announced the release of national credit regulation in 2008, it committed to rolling out the first phase - which involved the installation of a legal framework - on 1 July 2009.
When the government announced the release of national credit regulation in 2008, it committed to rolling out the first phase - which involved the installation of a legal framework - on 1 July 2009.
Big banks putting first homebuyers at default risk
Tuesday, April 14th, 2009
Major banks are allowing first homebuyers to sign up for mortgages so big they are left paying more than half their net monthly income on loan repayments.
A survey carried out by The Weekend Australian found that the top four banks will lend up to $465,000 to a first time buyer earning a salary of $70,000 a year.
A survey carried out by The Weekend Australian found that the top four banks will lend up to $465,000 to a first time buyer earning a salary of $70,000 a year.
ABS data: First homebuyers push up mortgage sales ABS data: First homebuyers push up mortgage salesABS data: First homebuyers push up mortgage sales
Thursday, April 9th, 2009
Mortgage Choice has attributed the improvement in the value of housing finance commitments in February to the "voracious appetite of first homebuyers for housing finance".
It adds further weight to calls for the government to extend the boosted FHOG or risk, what AFG called, a mortgage market "hangover".
Latest data from the Australian Bureau of Statistics (ABS) revealed that the value of housing finance commitments for all dwellings increased by 1.3% in February, after an increase of 0.7% in January and 5.9% in December.
It adds further weight to calls for the government to extend the boosted FHOG or risk, what AFG called, a mortgage market "hangover".
Latest data from the Australian Bureau of Statistics (ABS) revealed that the value of housing finance commitments for all dwellings increased by 1.3% in February, after an increase of 0.7% in January and 5.9% in December.
Housing crash unlikely: RBA
Friday, March 27th, 2009
A repeat of a US-style subprime crisis is unlikely to occur in Australia, according to the Reserve Bank of Australia's analysis of the housing sector.
In an address to the Fourth Annual Housing Congress yesterday, the RBA's head of Economic Analysis department, Anthony Richards, quelled concerns that low mortgage rates in Australia could lead to the same problems experienced in the US.
"So the question arises whether a period of low interest rates in Australia (combined with the boost in grants to first homebuyers) could lead to an expansion of lending to riskier borrowers who will only be able to afford their mortgages as long as interest rates remain low. I think there are good reasons to think this is not a major risk."
In an address to the Fourth Annual Housing Congress yesterday, the RBA's head of Economic Analysis department, Anthony Richards, quelled concerns that low mortgage rates in Australia could lead to the same problems experienced in the US.
"So the question arises whether a period of low interest rates in Australia (combined with the boost in grants to first homebuyers) could lead to an expansion of lending to riskier borrowers who will only be able to afford their mortgages as long as interest rates remain low. I think there are good reasons to think this is not a major risk."