Responsible Lending Laws To Be Terminated By March 2021
What are responsible lending laws? The Rudd Labor government tightened the responsible lending law in 2009 following the GFC. The laws required lenders to make more of an effort to figure out whether would-be borrowers can afford to repay their debt. The responsible lending...
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Australia Property Market Update: August 2020
CoreLogic reveals that Australia’s property market is experiencing a fourth consecutive month of COVID-induced price falls, with home values dipping by 0.4% in August. However, home values for the 12 months to August 31, 2020, are still 5.8% higher than in 2019. Even...
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First Home Buyer Deposit Dilemma
70% of first home buyers have been forced to chip into the deposit funds they had saved towards fulfilling their home ownership dreams. This startling figure was revealed in a nationwide study conducted by Gateway Bank. The study surveyed 700 aspiring first home buyers in...
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Australia Property Market Update: July 2020
It is the third consecutive month of decline for Australia’s property values. CoreLogic’s home value index dropped 0.6% over July 2020 and the median property value is $552,912. Sydney and Melbourne are still leading the decline in home values at 0.9% and...
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Pros And Cons Of Cash Out Refinance
As many Australians manage the financial strain of coronavirus, cash-out refinance is an option to support households by putting cash in the pockets of Australian homeowners. Cash-out refinancing is when you take out a loan that is worth more than your original mortgage usually...
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NAB’s Home Loan Policy On Post-retirement Repayment Plan
In its commitment towards responsible lending, National Australia Bank (NAB) has revised its credit policies around borrowers who are approaching a retirement age. From 25 July 2020, NAB will ask its customers about how they will manage their home loan repayments after retirement. Therefore,...
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$1 LMI For First Home Buyers
A non-major lender has announced that you’ll only need to pay $1 in Lenders Mortgage Insurance (LMI) if you’re borrowing 85% of the property value. The $1 LMI offer for first home buyers offer is effective from 13 July 2020. One of the pain points for a first home...
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Banks Tighten Lending Criteria Due To COVID-19
Banks in Australia have revised and tightened their lending criteria in response to the COVID-19 economic downturn. They are getting stricter in their assessment to reduce the risks of borrowers defaulting on their home loans. Why is it harder to get approved for a home...
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How COVID-19 Has Changed Australian Home Ownership Goals
Research conducted by Westpac and ING has revealed what Australians want in their next home, where they want to buy and how they have reignited their dreams of home ownership due to the pandemic. Recent research by Westpac revealed that COVID-19 restrictions have impacted...
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COVID-19 Property Market Update: Where Are Prices Falling?
The impact of COVID-19 on the housing market is milder than anticipated. Home values are not crashing and there is a recovery in transactional activity since sales plummeted in April 2020. Australia’s property market experienced its second consecutive monthly fall,...
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