Living in an affluent suburb is not necessarily an indicator of financial savvy and in fact rural Aussies come out on top as far as good credit goes, according to new data from getcreditscore.com.au.
AMP has announced it will no longer be accepting new refinancing investment loans, and has increased rates on investment and interest only home loans, as concerns about meeting APRA lending limits rise.
It seems APRA may be forced to impose further restrictions on investment lending, as concerns persist over the amount of mortgages taken out by property investors.
Update 15/2/17: CommBank has also increased rates on interest only investment loans by 12 bp and line of credit mortgages by 4 bp, effective as of April 3.
Most homeowners paying off a mortgage have no idea what rate their lender is charging them in interest annually, leaving thousands of dollars at stake as a result.
Close to three in four homeowners believe a big bank would not provide the best service in the case of a life-changing event such as unemployment, divorce or death, a new study of over 1000 Australians has revealed.
After finding that some customers with offset accounts attached to their home loans were overcharged in interest, Bankwest has recently refunded $4.9 million to around 10,800 customers.
Fifty-five home loan providers have flooded Mozo’s database with fixed interest rate increases since the trend started gaining momentum back in October, 2016. That means there are just 23 mortgage lenders left that are yet to move fixed rates up.
Record house prices across the country are making it harder for single Australians to enter the property market, with single women the hardest hit.
Hundreds of property industry professionals in NSW are confident that the next quarter will deliver healthy returns to investors, projecting the most positive outlook of all states.