No relief for borrowers yet: NAB raises rates on fixed interest-only loans
While all eyes are on the 2017 Budget announcement, NAB has once again raised interest rates on its interest-only fixed rate home loans.
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Big banks total half year profits crack $15 billion
As expected, the big 4 have totalled a profit of $15.7 billion for the first half of the year. They’re also set to rack up $792 million in extra interest over the next six months thanks to the recent home loan variable rate rises.
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Westpac cash earnings reach $4.017 billion as mortgage stress among homeowners continues
Westpac has raked in more than $4 billion from cash earnings over the last six months, a 3% increase for the major bank, who announced the results to shareholders today.
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Melbourne property investors vulnerable as rental yields remain at record low
A new report on the Melbourne property market has highlighted the potential vulnerability of investors in the Victorian capital, with “record low” rental yields one of several factors that could cause future home loan repayment stress.
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First home buyer struggle a reflection of wealth inequality says RBA Governor
Reserve Bank Governor Philip Lowe has weighed in on the national housing crisis just days before the Federal Government is due to release its 2017 budget, suggesting that high housing costs could continue to reinforce wealth inequality in Australia.
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NAB profits bounce back after recent rate increases
NAB reported a cash profit of $3.29 billion today, with a net statutory profit of $2.55 billion, which bounced back from a loss of $1.74 billion in the March 2016 half year.
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Out of cycle home loan rate rises land big banks $4.6 million in extra profit each day
The big four banks are set to make an estimated $1.7 billion in extra interest each year, or $4.6 million a day, thanks to recent out of cycle home loan rate rises according to Mozo data.
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ANZ announces $3.4 billion profit days after latest rate hikes
ANZ announced a Cash Profit of $3.4 billion today, after hiking rates for interest-only lending by as much as 0.40% on Friday.
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Low income renters hurt by high Sydney property prices
It’s no surprise to hear that land prices in Sydney have risen almost 11% in 2016, but it’s not just homebuying hopefuls being affected - low income renters are also feeling pressures from high property prices as demand for rental properties outstrips supply.
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ANZ hikes interest only home loan rates, slashes principal and interest
ANZ has announced changes to its fixed home loan products, which saw interest-only loan rates rise by as much as 0.40%, while principal and interest rates were slashed by up to 0.50%, effective today.
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