Home Loans, Mortgage Refinance, Bad Credit Home Loans

It seems that in today’s challenging economic times more borrowers are price aware than ever before. In many cases when choosing between loans, pricing of loans  is the determining factor. Borrowers are finding that lines of credit home loans are more expensive than standard home loans with a 100% offset account and consequently more borrowers opt to take up the later.

Even if in some cases a loan offers more flexibility, the financially strapped borrower tends to select loans with lower repayments today than necessarily thinking long term. While this works well in some cases in other cases the borrower is simply postponing the inevitable cost to a later period.

Line-of-credit

In a report in the Daily Telegraph today, it is alleged that  Japanese banks would like to enter the Australian market and if they do could snatch $100 billion of the Australian home loans by undercutting local lenders. Local lenders have already alerted borrowers that they do not intend to pass on all the RBA rate cuts in full. Japanese lenders will be able to take over a significant number of Australian loans if they in fact pass on the rate cuts intact.

The Treasurer, Mr Swan, said that he welcomes new lenders to Australia and believes that they will aid the competition in place for home loans and will only benefit the consumer.

At least three big banks, the $62 billion Mitsubishi UFJ Financial Group, $42 billion Sumitomo Mitsui...

Hundreds of bank customers are about to launch a class action against their banks accusing them of acting outside of legislation when approving their home loans.

According to almost 300 borrowers and their families, banks have offered them loans which are outside of bank guidelines and which should not have been offered and now, the borrowers are facing losing their homes and some have already lost their homes because they are unable to afford their home loans.

Retired British insurance broker Roger Brown, who is orchestrating the case, has set up a website takingonbanks.com and is currently seeking claimants.

According to Mr Brown, many home and property owners are currently experiencing financial hardship through no fault of their...

ASIC has been pressuring the COMMONWEALTH Bank to change potentially false and misleading advertising of its Wealth Package loans. As a consequence of pressure from ASIC and the Banking regulator, CBA has agreed to change their advertising material.

According to Australian Securities and Investments Commission (ASIC) some of CBA’s advertising material promoting its Wealth Package loans did not reflect the true cost of the loans.

ASIC was concerned the ads did not include a $350 annual fee in the advertised comparison rate.

Under the National Credit Code, advertising of credit products that include an annual percentage rate must also include a comparison rate. Such comparison rate needs to fully reflect the complete cost of these loans.

“Comparison rates help...

While there is significant demand for no deposit loans and 100% home loans, lenders are unlikely to radically change lending criteria over the coming year.

Genworth Financial chief executive Ellie Comerford told the AFR that not withstanding the poor growth levels of 2011, there was an some minor improvement in demand for housing and consequently home loans towards the end of 2011. Much of the new demand was as a result of lender discounting. There is expectation that rates will be coming down further this year and lenders will maintain a high level of competition in the market.

Lenders are unlikely to start easing lending criteria given than many of the current restrictions were introduced in the aftermath GFC.

Lenders would be...

Non conforming unsecured personal loans are in huge demand, unfortunately there are no such loans available in Australia. Borrowers who have tried to borrow for debt consolidation or a holiday or just some spending money from their banks but were declined, are desperately trying to find a lender who would be able to help them online.

Unfortunately unsecured loans beyond a couple thousand generally have the same lending criteria no matter which lender the borrower makes an application through. There is simply no such financial product as a bad credit unsecured personal loan or a low doc unsecured personal loan.

If you have been declined for a personal loan with a bank because you have some paid defaults on your credit report, you will also be...

Experts believe that RBA will announce another cash rate cut in February.

According to recent domestic data, there is a real need for another rate cut, with both consumers and businesses are still low on confidence and high on caution. Loans is a dirty word with people spending less and saving more.

Another rate cut would take the official rate to only 4 per cent – 100 basis points above the lowest level ever

Overall the level of personal borrowing including personal loans, credit cards and car loans is down by over 1% during 2011.

“Australian consumers seem to have lost their interest in taking out loans for consumption and lifestyle purposes. Even the demand for loans to acquire assets is down.

“Housing credit...

A recent survey suggests that 80% of Australians are concerned about their ability to maintain repayments on all their loans and debts. There is significant interest from consumers at this time of the year in debt consolidation in order to reduce monthly repayments and not fall into arrears.

The biannual survey by data intelligence company Veda, discovered that 4 out of 5 Australians are worried about their ability to meet debt repayments in the future. This is a significant increase from 3 our of 4  this time last year.

Given the global economic woes and economic problems locally, many businesses are closing their doors leaving twenty percent of survey respondents are struggling with their current levels of debts.

However,...

Bank holiday black out period is ahead of us meaning that those borrowers who do not plan ahead may be late with the repayment of their loans.

Borrowers should make sure that they organise payments and money transfers early because some may have to wait until December 29 for processing of payments made after 6pm (AEDT) this Friday 23rd December.