Home Loans, Mortgage Refinance, Bad Credit Home Loans

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...

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...

Unemployment benefits are at such a low level, that many people are forced to live on as little as $17 per day after covering their costs of home rental.

The Newstart allowance has been cut right down so that even in the cheapest city of Australia the unemployed find themselves needing to survive on $16.50 a day. According to reports by The Sydney Morning Herald, this issue was discussed at the current tax summit.

Peter Whiteford, of the social policy research centre at the University of NSW who was an economist for the Organisation for Economic Co-operation and Development, told a national tax summit the cheapest accommodation for someone seeking a one bedroom apartment was in Wyong on the Central Coast near Sydney or Melton South on Melbourne’s fringe.

“If you had an unemployment payment and rent assistance, after you paid your rent you would have $16.50 a day...

According to Mortgage Choice, many investors are planning to return to the property market over the coming months. Vendor discounting and healthier rental growth will offer a great opportunity to people with money to invest.

Mortgage Choice has experienced a boost of 2.1% in investor loan demand during March.

This represents the first increase this year and could be an indication that investors are beginning to return to property.

While the cost of living is going up and First Home Buyers are worried that they will not be able to afford home loan repayments if interest rates are put up, cashed up investors are not particularly concerned by the rates.

There are many more properties on the market than usual and less buyers to purchase...

Commercial Loans are generating a little more interest with the banks. According to the national business and commercial manager at Loan Market, stricter commercial lending policies introduced during the global financial crisis, were starting to ease, generating renewed interest in commercial mortgages and a revival in commercial loan inquiries.

Mr Abate said Loan Market has had 400% more commercial loan inquiries in June 2010 as compared to June 2009.

Banks are still being quite careful with loan approvals, but they will lend to the right type of client with a strong application.

Banks do look for borrowers in a strong financial...