Over 55

APRA Tells The Banks What To Do

personOtto Dargan access_timeJune 5, 2014

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 to...

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The Queen’s Home Loan Would Be Declined

personOtto Dargan access_timeJune 4, 2014

What would happen if Queen Elizabeth II applied for a home loan in Australia? If the banks used common sense, which they don’t, then surely she would get approved? Actually, it wouldn’t be so easy. Australian banks are required to follow lending standards set by the...

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Pension Age: A Win For Older Borrowers

personOtto Dargan access_timeJune 3, 2014

In 2010, the National Consumer Credit Protection Act came into effect. Although it was intended to protect borrowers from irresponsible lending practices, the unintended victims were older borrowers. You see, the new legislation requires banks to prove that you can afford to...

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Over 55’s Stamp Duty Exemption

personOtto Dargan access_timeJune 15, 2011

The NSW Government has just extended the Seniors Duty Exemption under the NSW Home Builders Bonus Scheme to people aged 55 years or older (previously only 65 years or older). This will affect the purchase of new properties with a contract date between the 1/7/2011 and 30/6/2012. Requirements? The...

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