Only a month after the end of the government’s First Home Owners Boost, and cracks are appearing with both borrowers and lenders caught up in the frenzy. The Sunday Telegraph today reports that almost half of the 135,000 first home buyers coax into the First Home Buyers Boost are struggling …
Sales of existing homes in the United States fell 16.7 per cent in the month of December, the biggest monthly drop in 40 years. American First Home Buyers were eligible for a Tax Credit of up to $8,000 which was due to expire on the 30th November 2009, however Congress …
The rental crisis has ended with property developers flooding the market with apartments they have been unable to sell and renters finding cheaper accommodation with the knowledge times are hard and they are worried about their jobs. The number of vacant properties in Melbourne, Sydney and Brisbane has returned close …
In what has been a shock to brokers, Westpac has written to mortgage brokers informing them RAMS branded products will no longer be distributed to third parties, and only marketed to its 92 franchised stores. The Herald Sun writes “WESTPAC’S funding problems have forced it to shut down a key …
The Commonwealth Bank of Australia’s Wealth Management Provider, Colonial First State has been forced to freeze withdrawals from a $850 million mortgage income fund after an increase in bad debts. Colonial has $2.6 billion in funds invested in mortgages. ยป Colonial Freezes A$850 Million Mortgage Fund, Herald Says – Bloomberg, …
Today’s ABS figures show a shock plunge in the number of loans taken out by owner-occupiers in November. Loans to owner-occupiers fell 5.6%. While the average economist only forecasted a drop of 2.3%, it should have been expected the winding back of the First Home Buyers Boost would have had …
Yesterday the Australian Prudential Regulation Authority (APRA) released a discussion paper detailing the proposed Financial Claims Scheme (FCS). The paper details procedures ensuring when an Australian Deposit taking Institution (ADI) goes insolvent, there is adequate information to enable depositors to be paid promptly. This includes how end of day balances …
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