Home Loans, Mortgage Refinance, Bad Credit Home Loans

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...

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...

The heaviest burden facing Aussie families into the new year is the cost of living and their level of debt. This is the sentiment arising out of a recent consumer survey conducted by Mortgage Choice.

Consumers are especially concerned about being able to earn enough to cover the cost of utility bills. Many also expressed concerns with lack of job security and poor economic management skills of the Australian Government.

Survey participants have stated that over 50% have had to access their savings in order to cover the cost of living and repayments for car loans, home loans, credit cards, rental, school fees and day-to-day bills. Consumers look for debt consolidation loans to help them maintain control over their bills and repayment...

Despite the fact that Australian Lenders have discontinued no deposit home loans more than two years ago, many borrowers are still expecting to take a mortgage for the full purchase price of their property.

People without a deposit or with only a few thousand for deposit are hoping to borrow hundreds of thousands in order to purchase property. In the current economic climate lenders are even more conservative than they were years earlier.

Qualifying for home loans today is much more difficult than in the past, and rightfully so. The last thing that we want to see in Australia is a repeat of what happened in the US with thousands of people walking away from their homes because their home loans are substantially higher than the value of their homes.

Many people who had purchased a property in the past 3 years and borrowed 90% or more as a home loan, are...

A recent survey has confirmed what many of us already know – the rising cost of living is having a detrimental affect of the family budgets, with many people stifled by high levels of debt.

The Mortgage Choice consumer sentiment survey found that increased living costs were hampering New South Wales residents’ ability to save money – causing the household nest egg to dwindle. Families are searching for small loans and debt consolidation alternatives to help them manage.

The survey found that, while NSW residents were “fairly confident” in the economy, they wanted to make big changes to their personal financial strategy.

When asked about how they felt about their savings,...

It seems that the recent interest rate cut by the RBA has not done much for home loan demand as it did for demand for commercial loans and business loans.

There has also been a significant spike in the number of online searches for personal loans.

Loan Market Group’s chief operating officer Dean Rushton supported the findings and said the brokerage’s own website had also seen inquiries for commercial loans increase over the past month.

“The first interest rate cut by the RBA in more than two and a half years has obviously had a positive impact,” he said.

However the overall demand for home loans has not seen too much increase. People are holding back to see what will happen next.

Borrowers are looking for...

New data reveals that as many as 80 families lose their homes in Australia every month due to financial hardship excessive debts and mortgage arrears.

New data reveals 80 houses are repossessed a month, while up to a third of people in the worst-hit suburbs are struggling to cover rent payments.

The rental stress epidemic has engulfed NSW, where up totals of the families experiencing rental stress have to forego purchasing essential items such as food.

Borrowers who can not meet their home loan repayments generally have their homes repossessed by the lender. The number of people whose homes were repossessed by banks during 2011 has soared by 22.5 per cent.

In the 10 months to November, the Supreme Court issued 2466 writs of possession, with 825 executed.

Many...

Brokers should not be concerned about writing  low doc loans for their clients  according to Pepper’s director of sales and distribution Mario Rehayem.

Following a review of broker activity, last week ASIC had highlighted low doc loans as a growing area of compliance concern under the new NCCP.

According to ASIC, the major non-compliance risk associated with offering low doc loans was the steps taken by mortgage brokers to confirm applicants income.

While the ASIC review will undoubtedly make some brokers nervous about writing low doc home loans, Mr Rehayem said any extra caution was unnecessary.

Pepper Home Loans are a leading Australian provider of non conforming loans. Pepper do not just get a loan application and approve it....

Low doc loans have been singled out as an area of compliance concern as a result of ASIC review of Australian Mortgage Brokers.

The review, included a relatively small sample of only 16 mortgage brokers and their complance with NCCP in the six months since NCCP regulations were introduced.

Results of ASIC review had identified that low doc loans are an area of potential risk of non-compliance with respect to responsible lending regulations.

The major risk in terms of non-compliance with the responsible lending for loans promoted as low doc was the steps taken to verify a consumer’s income, as many brokers continue to view low doc loans as they would asset loans.

“The requirement is for brokers to make reasonable inquiries about...