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Thousands of property owners across Australia could be looking to compare home loan rates, as the country's major banks are expected to hike interest rates.
Chief executive at the Australian Bankers Association Steve Munchenberg told News Limited that speculation over rate increases could result in more than 30 per cent of mortgage holders looking to switch their provider in 2012.
This comes after the Reserve Bank of Australia surprised everyone by keeping the standard rate at 4.25 per cent and some experts are anticipating ANZ to be the first to boost its rates.
Mr Munchenberg urged worried Aussies to speak to their bank before weighing up their options.
"Last year about one in three people switched, and that was the top end of the historical range. And this year could be even higher," he was quoted as saying.
Earlier this week, Australian treasurer Wayne Swan warned the nation's major lenders that they risk alienating their customers if they start to frivolously bump up interest rates.
Australians looking to get onto the property ladder could be hit by a drought in mortgage finance, according to a new report from UBS Securities.
Read more...Mortgage lenders have been losing money on new home loans for first-time buyers, according to new figures from Bell Potter Securities.
Read more...The National Australia Bank (NAB) has started a home loan price war by guaranteeing that its variable rate mortgages will offer better repayment terms than its four biggest rivals.
Read more...The Australian government is considering a new reverse mortgage scheme that would allow elderly Australians to pay for their care without getting rid of their family home.
Read more...House hunters looking to secure a home loan in Australia have seen the number of residential building projects being approved decline.
Read more...The uptake of home loans across Australia fell away in December 2011, new figures have confirmed.
Read more...House hunters who are looking to secure a home loan before buying a property in a major city have seen the average value of dwellings fall.
Read more...Home loan customers who are looking to make some easy cash may be considering renting out a room in their property, after it was revealed that the demand for rented accommodation is extremely high.
Read more...Aussie home loan customers feel that independent experts should have the final say on new housing developments in New South Wales (NSW), rather than council members.
Read more...People looking for home loans or rented accommodation in Melbourne could see property prices fall dramatically, as there is a surplus of housing in the city.
According to research conducted by SQM, the metropolis has the highest vacancy rates within the rental sector of any state capital across the country, the Herald Sun reports.
Indeed, there are now 16,000 properties that are empty, which leaders at the research organisation believe is worrying.
Vacancy rates in the Victorian city grew by one per cent in the past month and rental costs across the area are likely to fall as a result. The problem, SQM managing director Louis Christopher added, could be made worse by further building projects that are nearing completion.
"It's a concern because there's still a lot of work in progress in Melbourne on apartment blocks yet to be completed," he was quoted as saying.
The recent Demographia International Housing Affordability Survey indicated that Australian property is among the most expensive in the world, with only houses in Hong Kong costing more.
Australia's major banks have been urged to boost their capital stocks in case the property industry crashes.
The International Monetary Fund (IMF) has conducted a stress test on the country's major lenders and has concluded that a downturn in the market could be disastrous for home loan providers.
In the event of another global economic crisis, the residential mortgage market would be left exposed as things stand, as cash reserves are not currently in place, the IMF report noted.
ANZ, Westpac, Commonwealth Bank and National Australia Bank were targeted during the stress test, as these four institutions hold around 80 per cent of the entire country's mortgages.
"Combining residential mortgage shocks with corporate losses expected at the peak of the global financial crisis would put more pressure on Australian banks' capital," the report stated.
The Daily Telegraph recently reported that the Australian government would welcome the entrance of Japanese lenders into the home loan market in order to boost competition in the sector, as long as the firms met strict trading standards.
House hunters who are looking for an affordable home loan in Australia have learned that properties in the country are among the most expensive in the entire world.
Read more...Aussies who are looking to compare home loans could have more options at their disposal if Japanese lenders enter the market.
Read more...Aussie home loan customers could see house prices fall by as much as 60 per cent in the next five years, according to a leading US-based real estate expert.
Read more...Some Aussie home loan customers have seen the value of their properties fall away in the past year.
According to new statistics released by RP Data, one in 20 households across the country are living in a building that is worth less than it was when they originally bought it, the Herald Sun reports.
By the end of September 2011, the number of negative equity cases grew to 4.9 per cent, having increased from 3.7 per cent half way through the year.
Researcher at RP Data Cameron Kusher told the news provider that properties in Victoria fared the best, with only 1.9 per cent of Melbourne homes worth less than they were originally purchased for.
"Victoria has been a stand-out performer, but it will be important to keep our eye on the employment situation," he commented.
Bosses at building developer Cedar Woods recently told the Australian Associated Press that despite the uncertainty surrounding the housing market, they believe that more projects will get the green light in 2012.
A major house building developer in the Perth and Melbourne area has predicted uptake of home loans to grow in 2012.
Read more...Property investors in Australia have been urged to add houses in the suburbs of major cities to their portfolio.
Read more...The number of Aussies taking out home loans in November 2011 grew by 1.4 per cent when compared to the previous month.
Read more...The number of Aussies taking out home loans increased in November 2011, new figures released by the Housing Industry Association (HIA) have suggested.
According to the organisation, the number of property sales grew by 6.8 per cent during the month, as plenty of people took advantage of interest rate cuts sanctioned by the Reserve Bank of Australia (RBA).
This followed on from a 2.8 per cent decline in October and the HIA's chief economist Harley Dale believes the latest statistics are encouraging, but there is still a long way to go before the industry is back in full swing.
"At present, sales volumes are running at least 20 per cent below what you could conservatively call healthy," he remarked.
The RBA made two readjustments to interest rates at the end of last year, slashing them by 0.25 per cent in November and December.
Some economists have since predicted that further cuts will be made to interest rates in the near future, with chief economist at HSBC Paul Bloxham hinting that changes could be made as early as February.
The demand for home loans in Australia has grown sharply since March 2011, new figures have suggested.
Read more...Home loan customers could see house prices fall even further in 2012, which may leave some Aussies facing negative equity issues.
Read more...Aussies who are attempting to secure a home loan before getting their first foot on to the property ladder may have to settle for a smaller house than they originally expected.
This is because a new study, conducted by Bloomberg, has indicated that major homebuilders are scaling down the average size of new properties because of reduced demand and high land costs.
Over the last three years, construction specialist Stockland has reduced the average size of its new developments by 20 per cent. Peet and Australand Property Group are also making economies, the research discovered.
"There's an affordability crisis in Australia and one way of keeping the price point where people can afford it is to reduce the size," commented national president of industry group Urban Development Institute of Australia Peter Sherrie.
A recent survey conducted by Mortgage Choice found that a growing number of Aussies are getting their finances pre-approved before committing to home loans.
People looking for cheap home loans before buying a property in Sydney may be wise to act quickly, as experts predict property prices in the city are set to rise very soon.
Read more...House hunters may be wise to secure a home loan as soon as possible, as property prices across Australia have fallen sharply.
Read more...Aussies still appear reluctant to commit to home loans, as property sales remain subdued throughout the country.
Read more...A growing number of Aussie house hunters looking for the best home loan rates are facing increasing negative equity concerns.
Read more...House hunters who live in towns that have been at the centre of Australia's mining boom are requiring huge home loans in order to secure a property.
Read more...Aussies looking to move into a new property may be wise to compare home loans sooner rather than later, it has been suggested.
Read more...Home loans customers in parts of Australia have seen the number of properties being snapped up at auctions decline.
Read more...
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