Home Loans, Mortgage Refinance, Bad Credit Home Loans

Payday loans are short term, small value loans offered to applicants ‘until their next payday.  These loans came about because a number of Aussies did not wish to take out an extra long term loan (personal loan) or credit card, they are simply looking for a cash quick solution.

Do not think that you need to have bad credit in order to avail yourself of a payday loan.  Even clean credit applicants find Payday loans to be a useful product.

Advantages of  a payday loan?

- Fast response;

- Poor credit is acceptable;

- No long term commitment;

- Easier to qualify that for a larger debt;

Disadvantages of a Payday Loan

- More expensive that other unsecured credit;

- Funds only available for a short period of time;

-...

Low Doc Loans/ No Doc Loans

These loans are ideally suited to self-employed, independent contractors, investors,  or  borrowers who have not had a chance to complete their tax returns and are therefore rejected by traditional lenders.  Low doc loans are only available for applicants looking at a home loan or a mortgage refinance..

Low Doc Home Loans (Low Document) can be slightly more expensive than traditional loans due to the higher risk profile. Sometimes the interest rate offered is the same but the LVR available is lower than a fully documented home loan.

This is primarily for people who are looking to purchase investment properties,...

Home Loans Growing

Anyone looking at purchasing a property during 2010 will need to do their sums very carefully. Interest rates are rising and, in what should be a warning, more home-owners, particularly recent first-timers, are coming under increasing mortgage stress.

Of the 251,000 households in which owners became first-time buyers in the past 18 months, almost 40 per cent — or 101,000 — are experiencing some form of mortgage stress, with 30,000 of those experiencing “severe” mortgage stress, according to Fujitsu’s Mortgage Stress Report for January.

First Home Buyers

First Home Buyers need to be especially careful. Unless they have a very “robust” budget they can easily get into trouble.  Given that interest rates are...

Looking for some fast cash to help you meet a few commitments before payday?  Sometimes all you need is a few hundred dollars, but a small paid default in your past is enough for you to be declined by a bank.

If your credit history is preventing you from qualifying for a personal loan or a credit card, then a payday cash loan could  be just what you need.

Payday lenders offer small loans to persons who are employed and can demonstrate that they are able to repay a small loan from their next pay.

There are a numbers of specialist in the Australian market today offering loans for a few days or a few weeks that will cost you from as little as $2 per loan.  You can fix the washing machine, or pay for an unforeseen expense today, and repay the loan just days later.

Unlike other loans,

Australians who are considering buying their first home should act quickly, an expert has said.

Speaking to the Age, Frank Gelber, chief economist with business forecaster BIS Shrapnel, noted that as access to finance becomes more difficult and house prices rise, securing a mortgage will only become more difficult.

Already most mainstream lenders have reduced LVRs, while the Federal Government have reduced the FHOG.  All this means that buyers need to have a larger deposit than last year.

In the weekend’s the Age, it was noted that during the previous decade, Melbourne’s median house price doubled to the high cost of $460,000.

It said that the likely interest rate rises this year and the lack of new housing available across Australia...

ING DIRECT has dropped the interest rate on its two, three, four and five year fixed rate residential mortgage products, to 7.24 per cent p.a, 7.59 per cent p.a, 7.84 per cent p.a, and 7.94 per cent p.a respectively.

The banks executive director of mortgages Lisa Claes said that even though fixed rate volumes are currently low across the industry, ING DIRECT expects to see an increase in fixed rate applications in the current rising variable rate environment.

Loan Market Group chief operating officer Dean Ruston said there is currently a large discrepancy between standard variable and fixed rates and he believes borrowers have missed the boat on fixed rates.  The average fixed rate is now more than 2 per cent greater than the average standard variable rate, he said.

Source:...