Home loan and mortgage news and articles

Press Release: RBA interest rate cut - how and when will consumers benefit?

This afternoon the Reserve Bank cut the official interest rate for the first time in nearly seven years, reducing it by 0.25 of a percentage point, to 7%. How will this affect home loan rates currently available to consumers?

Reserve Bank cuts rates

Today the Reserve Bank of Australia cut interest rates for the first time in almost seven years.

The RBA today said it would lower the cash rate by 25 basis points to seven per cent, from 7.25 per cent, following its monthly board meeting. This cut today by the RBA was very much anticipated from the Financial markets.

RAMS Rate Relief review

RAMS have today announced a new product that will be available to consumers from the 25^th of August. Here at Rate Detective we have taken the time out to review this much talked about new product.

Key features:

Rate of 8.54% for first 2 years of your loan (discount of 1.00% from Standard Variable rate)

Home Loans for First Time Investors

No need to feel reluctant if you’re a first time investor, as we have the necessary skills and resources to gently guide you through each step of the process. We will endeavour to make it as easiest as possible in establishing the most appropriate home loan for you.

Top 10 tips for first time investors:

1) Stay up to date with the latest property trends.

Housing myths

1) House prices will never fall.

2) Because current demand exceeds new supply house prices will continue rising.

The truth is incorrect in both instances.

RBA account switching scheme

The Federal Government’s exit fee rescue package for struggling mortgage holders is drowning in a sea of bureaucracy and may be delayed because of concerns of the RBA

Treasurer Wayne Swan will deliver the account-switching package on November 01.

Brakes on economy

A survey shows the Australian economy is set to record below trend growth and into 2009

The Westpac – Melbourne Institute(WMI) leading index has found Australia’s annualized growth rate was 2.1 per cent in May. This was well below the long-term trend of 3.9 per cent.

Press Release

FOR IMMEDIATE RELEASE

No excuses now! Household and finance savings made easy, quick and hassle-free thanks to Rate Detective.

The time for excuses is over!  Rate Detective has taken all the work out of these tedious tasks for you, and enables you to compare a wide range of products including home loans, insurance, and personal finance.

RBA must act if growth does not slow

The International Fund (IMF) says in a consultation paper following discussions with Australian authorities and a range of private sector institutions that the economic outlook was more uncertain than usual, due to large countervailing forces

Economy gloom

The economic slowdown is turning nasty as homebuyers are under intense pressure. Due to the gloom and doom of the global economy economists warn things could get even worse.

As stated by Shane Oliver Amp’s chief economist “We are closer to a tipping point, if not already past it.”

Slump in business confidence

Business confidence in June slumped to its lowest level since the September 11 terror attacks in the US. Inflation still seemed to be problem number one as record prices for oil were being obtained and the outlook for the global economy dashed hopes of an upturn in business activity.

No relief on rising credit costs

THE global credit crunch, which has helped drive up home mortgage rates in Australia, looks set to continue after an improvement in credit market conditions in May proved to be a false dawn.

Late bids gazumped

The Victorian State Government has now amended the law to prevent bids after the fall of the hammer at an auction being accepted.

The new rules which came into effect on Monday 30th June are aimed at preventing successful bidders from being gazumped by a late bid. The change comes after campaigning by the REIV following a number of instances in the last few years.

Chronic Housing Shortage

Rising population is driving demand for more houses.

This has been driven by two main sorces namely: rising immigration and more people choosing to live alone. Construction has also fallen this year, despite high levels of demand.

House prices hold up

Perth is the only capital city where house prices are down. This is according to Tim Lawless from RP Data. However, whilst a vendor may begin to get more for his property he will have to wait some more to get his price.

Rismark International head of research says high construction costs provide a natural minimum to substantiate rental under property in major centers.

Mortgage arrears record

A report by Standard & Poor’s indicates that Australia’s mortgage arrears rate rose to record levels in March. House prices were continuing to drop and oil prices to rise.

Stressed borrowers conned out of homes

CORPORATE vultures preying on mortgage-stressed homeowners have been threatened with legal action by the Australian Competition and Consumer Commission (ACCC).

ACCC chairman Graeme Samuel warned yesterday he would use the Trade Practices Act to prosecute entrepreneurial predators, who pressure families to sell their homes at vastly undervalued prices.

House prices heading north

IN the short term current commentators are expecting house prices to continue downwards.This can be substantiated by the number of properties passed in for auction.

Jobs figures equal lower rates

FOR the past few months there has been ongoing speculation as to whether interest rates were to rise or to fall.

Eviction threats scare homeowners

BANKS and other lenders are using bully-boy tactics to scare homeowners behind on their mortgage repayments - by threatening to throw them out on the street.

The mortgage finance sector won 4000 writs of possession in the New South Wales Supreme Court last year, giving them the right to repossess properties of customers behind on loan repayments.