What is pre-approval and what is subject to finance? Many first home buyers believe you don’t need pre-approval if you intend to use a subject to finance clause in the sales contract when you find a property to buy .But that’s not the case! In this article I explain why it’s a wise move to […]
As read in Australian Broker ANZ has cracked down on lending policies governing loan guarantors, limiting the leverage that family members can take on to assist first home buyers, despite new data showing housing is more unaffordable than ever. In a note sent to mortgage brokers, the major bank said it would be limiting who can […]
As read in Australian Broker an independent review of commissions and payments made to bank staff has been announced as an ASIC-led review of mortgage broker remuneration is currently underway. Former Australian Public Service Commissioner, Stephen Sedgwick AO, has been appointed to conduct the review, commissioned by the Australian Bankers’ Association (ABA), to determine if […]
As read in Mortgage Business A crackdown on lending to foreign buyers has seen a number of banks pull out of the space in recent months. However, the majors have been tight-lipped since reports of mortgage fraud hit the headlines. Speaking at an FBAA event in Sydney last month, industry veteran Steve Weston said that […]
As read in Australian Broker Pressure on bank staff to push “unsuitable” financial products on customers is hurting the integrity of the industry, the Finance Brokers Association of Australia (FBAA) has warned. The FBAA is responding to a Fairfax Media report, which claimed Commonwealth Bank staff felt pressured to meet performance targets to sell products which are […]
As read in Mortgage Professional Website They are some of the areas that have suffered the most since the end of Australia’s resource boom, but there are some signs Queensland’s regional property markets may be on the brink of turning the corner. The end of the resource boom saw some prices collapse by more than […]
As read in the Australian Broker New home lending written through the third party channel has increased by 7% over the past 12 months as mortgage broker market share hits an all-time high. Brokers originated at least $43.4 billion of new home loans during the March 2016 quarter, a 7% increase on the $40.6 billion […]
As read in Australian Broker Two of Australia’s largest lenders have uncovered mortgages that have been backed by questionable foreign-income documentation, forcing them to stop approving such loans. ANZ and Westpac have identified issues with some loans that rely on foreign income for approval, the two lenders said in separate e-mails. The statement comes after […]
As read in Australian Broker A Reserve Bank memo discussing the impact of changing negative gearing confirms that abolishing the practice would raise rents, a property association has claimed. According to the CEO of the Property Council of Australia, Ken Morrison, the RBA’s internal briefing note made public after the ABC obtained the note under freedom of information […]
As read in Australian Broker A growing number of Australian families have helped a family member buy their first home by providing financial assistance, according to new research by industry super fund-owned bank ME. According to a survey of 2,000 mortgage holders by ME, 20% of Australian families have provided financial assistance towards a family […]
