February 26th, 2010
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.
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February 26th, 2010
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.
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February 24th, 2010
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.
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Private funds from 6.05% – No LMI – Up to 5 years – Residential – Commercial – Rural
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Australian Mortgage Portal – Personal Loans Tick N Flick
February 23rd, 2010
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.
Here are 10 things you should know about the system, and what is going to change when new laws come in next year:
1 There’s no blacklist
At the moment, your credit record simply details “bad” behaviour such as defaults, bankruptcies and court judgments. Different companies assess you in different ways, so somebody may get refused credit by one company, but accepted by somebody else.
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Australian Mortgage Portal – Personal Loans Tick N Flick
February 22nd, 2010
Yes, Virginia, Australia does suffer housing bubbles that burst but, no, Dr Keen, they don’t do it in the Armageddon fashion you imagine. There is enough pain in the reality though to make punters wary of promised riches.
Steve “Doomsday” Keen seems to be making light of losing his forecasting bet to Macquarie strategist Rory Robertson – much to Robertson’s chagrin. But the debunking of Keen’s extreme views shouldn’t blind anyone to the suffering still to be had from a bubble.
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