APRA has responded to rising house prices and increasing household debt by hitting banks with further restrictions on interest only and investor lending - which could mean ‘risky’ borrowers find their home loan applications rejected.
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House prices in the Sydney and Melbourne property markets continued to swell in March, according to CoreLogic data, and now the idea of a superannuation-like scheme to help first home buyers save up a deposit may become a reality.
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It’s been two years since changes to the Privacy Act were made in 2014, which meant that banks and credit reporting companies could begin collecting greater information about a customer's financial situation. However, the majority of banks are still yet to adopt this new positive credit reporting model and are instead sticking to negative reporting.
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Over the last few weeks the home loan world sure has had a shake up, with all four of the big banks - NAB, Westpac, ANZ and CommBank - lifting variable rates for Aussie borrowers.
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All four of Australia’s big banks have now made increases to their variable home loan interest rates, ranging from as low as a 0.03% increase for owner-occupiers, to a hefty 0.25% hike for investors. And as the dust settles, Mozo data has revealed that each bank stands to make millions of extra dollars from the hikes.
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Commonwealth Bank has just announced increases to its variable rate home loans, effective from 8 May 2017.
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Major bank ANZ has become the latest bank to increase home loan interest rates, today announcing a 0.25% increase to its variable investor home loan rate from 5.60% to 5.85%.
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With an RBA rate rise looming in the future, Mozo data has shown that borrowers thinking about fixing their home loan rate in order to lock in a great deal may need to act fast - that is, if they haven’t already missed the boat.
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Much has been made of the fact that big banks - and more than a few smaller lenders - have been raising interest rates on home loans in recent weeks. But now Mozo’s Data Manager Peter Marshall has weighed in on the reason behind these rate hikes.
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Major bank Westpac has hiked rates on its variable rate home loans by as much as 0.28% today.
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