Home Loans, Mortgage Refinance, Bad Credit Home Loans

Advantege, an Australian wholesale lender have come out with a new mortgage product for the self employed.

The Advantedge Self-Employed Lite Program, which will be marketed through the Advantege mortgage manager partners,  does not require any mortgage insurance payments by the borrower if the loan is between 60 and 70 per cent LVR. Also for such loans there is no need for 6 month BAS statements.

Brett Halliwell, Advantedge general manager of lending distribution, said the new product would enable mortgage managers to service a market segment that has been neglected by lenders...

Bankwest is looking to appeal to loyal borrowers through a new home loan product which allows them to save more the more they stay.

The new Rate Cutter Home Loan will “improve with age” according to the bank, offering customers up to 0.80 per cent off the standard variable rate after the first 4 years with the bank.

Initially the Rate Cutter home loan offers a discount of only 0.40 per cent, with that discount increasing by 0.10 per cent each year. Once borrowers reach the 0.80 per cent discount they will be eligible for that saving for the life of the loan.

Dean Gillespie, heads up the mortgages division at the bank. He believes that more borrowers are keeping their loans...

A decline in lending figures, lower commission rates and only a slight expansion of the franchise network were the ingredients for a 12.5 per cent fall in earnings for broker franchise operator Mortgage Choice in the year to June.

Mortgage Choice has reported yesterday a net profit of $23.5 million for 2009/10, a drop from $26.8 million in 2008.

Origination commission income dropped by two per cent, from $53.4 million to $52.1 million. Trail commission income fell 16 per cent, when calculated on a statutory basis, or two per cent on a cash basis.

The business operating expenses were down nine per cent, from $30.6 million to $27.9 million.

Mortgage Choice chief executive Michael Russell said the group had a very strong focus on cost...

Major Australian lenders have been urged not to take advantage of the current political uncertainty by lifting home loan rates outside of RBA movements.

It would be most unfortunate if lenders were to take advantage of the situation at the cost of the already overstretched Australian borrower – said a representative of the Real Estate Institute of Australia.

Knowing that the Government is in caretaker mode and is unlikely to reprimand lenders at this time, unscrupulous funders could choose to act irresponsibly at this time.

It would be very helpful if banks and other lenders...

According to BIS Shrapnel’s Long Term Forecasts 2010-2015, serious inflationary pressures are expected to challenge any new Australian government before the next election scheduled for late 2013, and may push cash rates up to 6.5 % and home loan rates out to 9%.

The report forecasts economic growth to accelerate by an average of 3.8% per annum over the next three years, while unemployment will fall under 4%. These tightened labour markets and household spending will drive up inflation, the forecaster warns.

BIS Shrapnel says the current housing shortage is a “major problem” because it inflates mortgage debt, increasing consumer sensitivity to growing...

Analysts believe that home loan interest rates are likely to go up in a matter of weeks, once the election outcome becomes known.

This is despite the fact that the Reserve Bank is not expected to change the official cash rate until late this year.

According to Housing Industry Association figures published this week, the average monthly loan repayment in Victoria has hit $2238, up from $1499 a year ago,

Banks are continuing to make a huge profits even though we have seen a lot of complaints about the increased costs of funding affecting their bottom line.

Commonwealth Bank chief Ralph Norris, speaking as the bank posted a record $6.1 billion profit last week, said it “may well have to” pass on higher costs to customers.

ANZ chief Mike Smith said...

National Mortgage Company has has made a decision to introduce rete cuts to some of it’s fixed home loan products.

NMC’s one and two year fixed rate mortgages will now be offered at 7.30 and 7.50 per cent respectively.

The move comes after the NMC reduced both its two and three year fixed rates to 7.60 per cent just over a week ago. However since that rate cut some other players in the home loan industry have come out with significant rate reduction for fixed mortgages. Aussie Home Loans for one had cut it’s fixed rates to 6.99%.

Head of sales Fernando Lemos said NMC had observed a slight shift to fixed rates with consumers...

AMP’s has reported in it’s half yearly profit announcement that it has seen a drop in demand for home loans as compared to prior reporting periods.

AMP Bank contributed operating earnings of $21m to the group’s overall bottom line in the six months to June 2010, up from the $18m reported during the corresponding period during the first half of 2009.

The group announced that while the home loan market has been down overall in Australia and this is well recognised by other players in the industry, AMP has done quite well with it’s deposit division.

AMP’s statement added that second tier banks continued to experience ongoing funding constraints.

Overall, AMP Limited reported an underlying profit of $383m...