Policy Changes
Home Loan With Spouse’s Income
Many couples choose to separate the ownership of assets from the source of income. For example, the husband may have a good income and the wife may buy the family home in her name with a home loan in both names. Unfortunately, many banks don’t like this structure or many...
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APRA Tells The Banks What To Do
Did you know that the Australian government monitors and reviews the lending criteria of the banks? The Australian Prudential Regulation Authority (APRA) released for consultation ‘APG 223 – Residential Mortgage Lending’, a draft prudential practice guide intended...
Read morefolderCategory: Credit Score, Home Loan Articles, Investment Loans, Lenders Mortgage Insurance, Low Doc Loans, News, No Deposit Home Loans, Overseas Borrowers, Policy Changes, Unusual Employment Loans
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Mortgages Over $1,000,000
Many lenders have changed to stricter policies on loans over 80% of the property value for mortgages over $1 million. This is due to changes made by the lenders mortgage insurers. The insurers have their own restrictions and will not insure the banks and lenders if you are...
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NSW Mortgage Witness Requirements
The New South Wales (NSW) Government has recently passed legislation tightening the witnessing requirements for mortgages over NSW property. Previously witnesses for NSW Mortgages were only required to have known the person signing the Mortgage personally or be provided with...
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NSW To Restrict Stamp Duty Exemptions
From January 1, 2012, New South Wales first home buyers will only be eligible for a stamp duty exemption on newly built and “off the plan” homes. These changes will significantly disadvantage a large majority of first home buyers, as over 80% of homes bought in...
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Redirecting Your Direct Debits
The Gillard government has announced that they will introduce a new program that will allow customers to switch bank accounts without the need to change details of billing, salary, mortgage payments and deposit accounts. This is a great initiative as many people simply do...
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St George Reduces Minimum Unit Size
Today St George reviewed their minimum unit size to 35 m2 for properties in some locations in Melbourne. They will not accept properties in the postcodes 3141, 3181, 3182, 3183, 3121 and 3207 up to 80% LVR. LMI is not available for home loans secured by smaller units. Previously...
Read morefolderCategory: Policy Changes, Property Types