In 2017, Mozo revealed that the Bank of Mum and Dad is the fifth biggest lender in Australia, shelling out a massive $65.3 billion to help young adults enter the property market, without charging fees, or for the most part, interest. But it turns out homebuyers who head back to the family home might pay for it in other ways - namely, by getting stuck in awkward situations.
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Following the discovery of a 23-year glitch, Westpac will be refunding up to $11 million in home loans to around 9,400 interest-only loan customers.
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Sydney property prices have fallen by 1.4% during the September quarter, which is reportedly its largest fall since the 2015 December quarter, according to recent figures by the Australian Bureau of Statistics (ABS).
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In just three months since APRA pushed for tougher lending criteria, interest-only home loans have now dropped to a historic low of 16.9% of new lending, from 30.5% in June.
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It’s not uncommon for the average Aussie to experience financial stress, particularly with their mortgage, but recent figures from the National Cities Performance Dashboard has revealed that 1 in 10 Western Sydney households have been hit the hardest with ‘mortgage stress’.
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It’s been a tough year for interest-only borrowers with APRA’s crackdown on risky lending, but a recent analysis from Morgan Stanley has found interest-only borrowers guilty of poor money management and a risk to financial institutions.
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As a Director at comparison site Mozo.com.au, I consider myself to be pretty on top of my finances. So you can imagine the shock I got recently when reviewing my home loan rate to find that it had become seriously uncompetitive.
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The festive season is fast approaching, and lenders are certainly getting into the Christmas spirit, with 30 lenders lowering rates on variable rate home loans since the beginning of October, Mozo data shows.
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The pressure to meet tighter lending criteria is not a worry for many Victorian first homebuyers who now occupy 18.5% of the market first time in four years, according to recent figures by the Housing Industry Association and the Australian Bureau of Statistics.
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If there’s one thing every Aussie home borrower should do this Spring, it's to make sure you’ve got the best value home loan available. Why? Here's the reason...
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