Home Loans, Mortgage Refinance, Bad Credit Home Loans

On average an Australian wedding is costing just under $30,000 and often most of this money is borrowed.

According to a recent survey by wedding expert Anne Mihelakos, from the truebride.com.au website, the most expensive wedding last year cost $130,000 while the cheapest was just $3000.

It seems that the bride and groom are more concerned about having a perfect wedding day than they are about house deposits or debt repayment.

Honeyloans.com.au receive online loan applications on a daily basis from people wishing to borrow thousands for their wedding while already being in debt and...

According to a recent survey conducted by Club Financial Services,  interest rates do not seem to be having a negative impact on borrowers.

It seems that the global financial crisis has not changed Australian consumers’ attitude to debt.

According to the survey, more than 78 per cent of respondents feel the same way about their finances as they did before the financial markets collapsed.

Around 82 per cent had home loans, and almost half of the individuals surveyed owe between $100,000 and $300,000, while 19 per cent had borrowings in excess of $700,000.

“Usually when there is a change in the economic climate borrowers tend to look for ways to ease their cash flow by refinancing...

As long as the global financial market uncertainty is still present, Australian Home Owners may be spared a further interest rate rise.

The RBA does not seem to be in any rush to lift interest rates further while the debt crisis in Europe plays out.

The bank’s June board meeting minutes  suggest a further rate increase would be in August at the very earliest.

“Members judged that these previous monetary actions afforded policy the flexibility to await information on how the recent market uncertainty might affect the global economy, as well as the outlook for inflation,” the minutes said.

The RBA had raised the cash rate six times since October last year prior to its decision to leave policy on hold this month, including increases at the three preceding board meetings.

The minutes said global sentiment had deteriorated...

Just over 1300 bank employees and customers were surveyed by FSU during April 2010.

Almost one in three bank employees is worried about their customers’ ability to repay loans, while almost every second person feels under pressure to push more credit on customers even when not requested by them.  In the light of RBA concerns about the level of debt held by Australian Consumers, some of the sales strategies utilized by banks appear to raise eyebrows.

The survey by the Finance Sector Union showed that 29 per cent of its members felt uncomfortable about their customers’ ability to meet their financial obligations with new debt products.

About 43 per cent said they were ”are under pressure to sell

As house prices continue to grow while mortgage requirements become more and more strict, what can a person who wishes to enter into the property market for the first time do?

Your Income is Too Low

If you have not been able to qualify for a home loan because your bank believes that you can not afford the loan, have you considered buying the property as investment.  First of all the rental income will be taken into account when calculation loan affordability.  Secondly, the costs of holding this property will be tax deductible to you.

Another option may be to ask a friend or family member to provide their income as a guarantor on your loan.  This is a significant obligation...

If you have tried to apply for a home loan and were declined, you are in the company of many other Australians in the same boat!

As many as 130 potential home buyers are being declined a home loan on a weekly basis.  Most declined applications stem from inadequate deposit, insufficient income or a poor credit history.

The Honey Finance Group of financial websites receive dozens of home loan application every day from people who can not qualify for a home loan with a bank.

There has also been a sharp decrease in the number of high LVR  loans – those offering more than 90...

Cash Converters and other similar operators in NSW are charging interest rates as high as 780% a year on loans they offer to people who are not able to borrow anywhere else.

About 200,000 people in New South Wales are paying $200 million a year to lenders at super-high interest charges.

While NSW has a 48 per cent rate cap, lenders such as Cash Converters, AMX Money, Cash Stop and Money Plus exploit a legal loophole to reap more via brokerage fees, which aren’t included in the limit. That loophole will be closed next month.

Consumer Credit Legal Centre principal solicitor Katherine Lane believes a reform is a good idea and will provide...