What is mortgage stress
05/08/08 06:34 AM
The number of households struggling to meet mortgage
repayments jumped 15% to 784,000 in May and is likely
to reach 923,000 by September, Martin North, head of
Fujitsu Consulting, predicted.
Mr North, who developed the "Stress-o-Meter" and produces an authoritative biannual report on the home-loan market, said mortgage stress is not limited to low-income suburbs and is now affecting many in affluent areas.
He estimates that as many as 318,000 households are now suffering from severe stress, up 19% on the previous month, while 465,000 have mild stress, up 7%.
"The fact is people are hurting and they are hurting really badly as they try to square a circle which is getting harder and harder," Mr North said.
"This is going to have a dampening effect on the overall economy."
The new figures were released as the Australian Bureau of Statistics revealed that household wealth fell by 15%, or $7500 per person, in the three months to March and the debt-to-asset ratio surged to a record 138%.
"The ratio shows that households do not have sufficient readily liquid assets to cover outstanding debt, highlighting a degree of vulnerability to an economic downturn," said Craig James, CommSec's chief equities economist.
Click here for full story
FOOTNOTE: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS. Be sure to check out the fantastic range of Home Loan Calculators. Answer those questions:- “How much can I borrow” and “What will my repayments be”. Fast Home Loan approvals are possible even home loans for people with bad credit.
Mr North, who developed the "Stress-o-Meter" and produces an authoritative biannual report on the home-loan market, said mortgage stress is not limited to low-income suburbs and is now affecting many in affluent areas.
He estimates that as many as 318,000 households are now suffering from severe stress, up 19% on the previous month, while 465,000 have mild stress, up 7%.
"The fact is people are hurting and they are hurting really badly as they try to square a circle which is getting harder and harder," Mr North said.
"This is going to have a dampening effect on the overall economy."
The new figures were released as the Australian Bureau of Statistics revealed that household wealth fell by 15%, or $7500 per person, in the three months to March and the debt-to-asset ratio surged to a record 138%.
"The ratio shows that households do not have sufficient readily liquid assets to cover outstanding debt, highlighting a degree of vulnerability to an economic downturn," said Craig James, CommSec's chief equities economist.
Click here for full story
FOOTNOTE: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS. Be sure to check out the fantastic range of Home Loan Calculators. Answer those questions:- “How much can I borrow” and “What will my repayments be”. Fast Home Loan approvals are possible even home loans for people with bad credit.
Avoid being stung by credit cards
05/08/08 06:32 AM
ZERO-rate credit cards
can seem attractive, but it pays to watch out for the
sting that comes when the honeymoon is over.
Cannex financial analyst Frank Lopez said the biggest sting could be the interest rate the cards reverted to after the introductory period.
"After that period, which might be six months, the rate goes up and with a lot of the standard cards it can go up to about 20 per cent,'' he said.
"People often let the introductory period run out and end up paying that higher interest rate.
"If you're paying 20 per cent even for a couple of months that basically ends up being a significant cost.''
Click here for the full story
FOOTNOTE: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS. Be sure to check out the fantastic range of Home Loan Calculators. Answer those questions:- “How much can I borrow” and “What will my repayments be”. Fast Home Loan approvals are possible even home loans for people with bad credit.
Cannex financial analyst Frank Lopez said the biggest sting could be the interest rate the cards reverted to after the introductory period.
"After that period, which might be six months, the rate goes up and with a lot of the standard cards it can go up to about 20 per cent,'' he said.
"People often let the introductory period run out and end up paying that higher interest rate.
"If you're paying 20 per cent even for a couple of months that basically ends up being a significant cost.''
Click here for the full story
FOOTNOTE: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS. Be sure to check out the fantastic range of Home Loan Calculators. Answer those questions:- “How much can I borrow” and “What will my repayments be”. Fast Home Loan approvals are possible even home loans for people with bad credit.
Why interest rates must be cut
03/08/08 06:28 AM
STRUGGLING homeowners and business people were
yesterday given a ray of hope with experts tipping
interest rate cuts in November and then again next
April.
The welcome predictions come amid a flurry of bad economic news. Retail sales suffered their worst slump in 30 years this week, leading to fears of mass job losses.
Business and consumer confidence is at its lowest level since the 1992 recession and the number of new mortgages is at a 21-year low because borrowers cannot afford to buy.
Click here for the full story
FOOTNOTE: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS. Be sure to check out the fantastic range of Home Loan Calculators. Answer those questions:- “How much can I borrow” and “What will my repayments be”. Fast Home Loan approvals are possible even home loans for people with bad credit.
The welcome predictions come amid a flurry of bad economic news. Retail sales suffered their worst slump in 30 years this week, leading to fears of mass job losses.
Business and consumer confidence is at its lowest level since the 1992 recession and the number of new mortgages is at a 21-year low because borrowers cannot afford to buy.
Click here for the full story
FOOTNOTE: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS. Be sure to check out the fantastic range of Home Loan Calculators. Answer those questions:- “How much can I borrow” and “What will my repayments be”. Fast Home Loan approvals are possible even home loans for people with bad credit.
Lowest Rate Home Loans
03/08/08 05:24 AM
At
times when interest rates are rising along with the
overall cost of living there is a need to reduce
costs. With almost 1,000,0000 Australian home owners
facing mortgage stress
cost
cutting is essential.
One place where savings can be made is with interest payments. A .25% reducing in your current annual interest rate could represent a sizable saving and while that may seem like a positive step there are a number of things to consider.
Before you jump into the first lower rate you see there are many things to consider.
1. Do you have an early discharge or early payment fees.
2. Current valuation on your security property. In these times it is possible that property values, including your own have dropped.
3. Entry or establishment fees for the new loan. These include Application Fee, Valuation fee, Solicitors fees and disbursements including your own Solicitor’s costs.
4. Account keeping or iffered establishment fee">differed establishment fees.
5. Stamp duty is a one off cost associated any property purchase and can involve many thousands of dollars in extra costs. Check a Stamp Duty Calculator to see what Stamp Duty might apply if you’re buying a new property.
6. Another scary fee is Lender’s Mortgage Insurance or LMI. This fee applies to most home loans,
It’s important to understand that the benefits of a lower interest rate can often be off-set by either the early payout costs for your existing mortgage or new fees that may apply to your proposed new loan.
One thing you could do is check out the home loan mortgage calculators you’ll find on the My Home Loan Approval website. These home loan calculators will allow you to see “what will my payments will be”, “how much I could borrow”.
The bottom line here is that before you dive into what appears to be the lowest rate in town check all the costs associated with leaving your existing lender and the new costs you’ll pay with a new lender. Click here to see how many loans you may qualify for. It’s a free, fast and anonymous service.
One place where savings can be made is with interest payments. A .25% reducing in your current annual interest rate could represent a sizable saving and while that may seem like a positive step there are a number of things to consider.
Before you jump into the first lower rate you see there are many things to consider.
1. Do you have an early discharge or early payment fees.
2. Current valuation on your security property. In these times it is possible that property values, including your own have dropped.
3. Entry or establishment fees for the new loan. These include Application Fee, Valuation fee, Solicitors fees and disbursements including your own Solicitor’s costs.
4. Account keeping or iffered establishment fee">differed establishment fees.
5. Stamp duty is a one off cost associated any property purchase and can involve many thousands of dollars in extra costs. Check a Stamp Duty Calculator to see what Stamp Duty might apply if you’re buying a new property.
6. Another scary fee is Lender’s Mortgage Insurance or LMI. This fee applies to most home loans,
It’s important to understand that the benefits of a lower interest rate can often be off-set by either the early payout costs for your existing mortgage or new fees that may apply to your proposed new loan.
One thing you could do is check out the home loan mortgage calculators you’ll find on the My Home Loan Approval website. These home loan calculators will allow you to see “what will my payments will be”, “how much I could borrow”.
The bottom line here is that before you dive into what appears to be the lowest rate in town check all the costs associated with leaving your existing lender and the new costs you’ll pay with a new lender. Click here to see how many loans you may qualify for. It’s a free, fast and anonymous service.
Buying a home when self-employed
02/08/08 09:21 AM
Copyright
2006 Tracey Anderson
Small businesses and self-employed individuals are what drives much of the Australian economy, yet self-employed home buyers face unique challenges when trying to qualify for a mortgage. In particular, the paperwork requirements are typically substantial, since self-employed persons do not have the same easy proof of income others do. When you work for somebody else, simply bringing in a check stub or statement from your employer is proof enough, but if you are self-employed, this isn't a possibility. Lenders must guard against fraud, and protect themselves against self-employed borrowers who overstate their income. This is why lenders will either require either an almost unmanageable amount of paperwork and verification, or a significantly higher than average down payment. Also, stated taxable income is often kept to a minimum as self-employed persons and their accountants take advantage of every deduction possible. Self-employed persons may also find it difficult, or even impossible, to separate their personal and business finances. If they have not been self-employed for a long time, up-to-date financial statements may not yet be available.
Banks have become more willing to work with self-employed individuals, and recognize that many such persons earn incomes far above the national average.
Fortunately, many lenders have special programs that offer a simpler option for self-employed individuals. Low documentation loans are specifically designed for those borrowers who find it difficult, because of reasons of self-employment, to comply with the usual requirements for income verification. A low documentation loan requires a borrower to complete a declaration of their financial situation. The declaration is a simple form which allows the borrower to make a statement regarding their income, without having to provide evidence. Good credit and a high down payment is usually required to obtain a low documentation loan. Because there is a high down payment requirement, lenders mortgage insurance will typically not be required.
While there are many mortgage products in Australia that require just ten percent down, a low documentation loan will usually require the borrower to have a substantial equity stake, in some cases 40 percent or higher. If you qualify for the First Home Owner Grant http://www.firsthome.gov.au however, some banks may be willing to count this grant towards the down payment. National Australia Bank was one of the first banks to start offering low-documentation loans to self-employed borrowers, offering a package that does not penalize self-employed individuals with higher fees and interest. NAB's low-documentation loan product comes in the same variations as any other standard loan, and you can choose from fixed and variable interest rate options.
Although most lenders do require a significantly higher than average down payment, in some circumstances, you may be able to find a low-documentation loan for as little as 20 percent down payment.
About the Author
Tracey Anderson is a mortgage broker with 16 years experience in the Australian mortgage industry. For personalised information from leading independent brokers, visit http://www.mortgagemall.com.au
FOOTNOTE: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS. Be sure to check out the fantastic range of Home Loan Calculators. Answer those questions:- “How much can I borrow” and “What will my repayments be”. Fast Home Loan approvals are possible even home loans for people with bad credit.
Small businesses and self-employed individuals are what drives much of the Australian economy, yet self-employed home buyers face unique challenges when trying to qualify for a mortgage. In particular, the paperwork requirements are typically substantial, since self-employed persons do not have the same easy proof of income others do. When you work for somebody else, simply bringing in a check stub or statement from your employer is proof enough, but if you are self-employed, this isn't a possibility. Lenders must guard against fraud, and protect themselves against self-employed borrowers who overstate their income. This is why lenders will either require either an almost unmanageable amount of paperwork and verification, or a significantly higher than average down payment. Also, stated taxable income is often kept to a minimum as self-employed persons and their accountants take advantage of every deduction possible. Self-employed persons may also find it difficult, or even impossible, to separate their personal and business finances. If they have not been self-employed for a long time, up-to-date financial statements may not yet be available.
Banks have become more willing to work with self-employed individuals, and recognize that many such persons earn incomes far above the national average.
Fortunately, many lenders have special programs that offer a simpler option for self-employed individuals. Low documentation loans are specifically designed for those borrowers who find it difficult, because of reasons of self-employment, to comply with the usual requirements for income verification. A low documentation loan requires a borrower to complete a declaration of their financial situation. The declaration is a simple form which allows the borrower to make a statement regarding their income, without having to provide evidence. Good credit and a high down payment is usually required to obtain a low documentation loan. Because there is a high down payment requirement, lenders mortgage insurance will typically not be required.
While there are many mortgage products in Australia that require just ten percent down, a low documentation loan will usually require the borrower to have a substantial equity stake, in some cases 40 percent or higher. If you qualify for the First Home Owner Grant http://www.firsthome.gov.au however, some banks may be willing to count this grant towards the down payment. National Australia Bank was one of the first banks to start offering low-documentation loans to self-employed borrowers, offering a package that does not penalize self-employed individuals with higher fees and interest. NAB's low-documentation loan product comes in the same variations as any other standard loan, and you can choose from fixed and variable interest rate options.
Although most lenders do require a significantly higher than average down payment, in some circumstances, you may be able to find a low-documentation loan for as little as 20 percent down payment.
About the Author
Tracey Anderson is a mortgage broker with 16 years experience in the Australian mortgage industry. For personalised information from leading independent brokers, visit http://www.mortgagemall.com.au
FOOTNOTE: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS. Be sure to check out the fantastic range of Home Loan Calculators. Answer those questions:- “How much can I borrow” and “What will my repayments be”. Fast Home Loan approvals are possible even home loans for people with bad credit.
Understanding low doc home loans
02/08/08 09:16 AM
The
Australian mortgage industry has matured considerably
over the years and has started offering some of the
best mortgage options to residential or commercial
loan seekers. The old tag of the mortgage industry
being too rigid and overall having a painful
cumbersome loan process has been almost completely
wiped out and a new trend has emerged which has seen
a lot more home loans or mortgages being approved in
a record amount of time.
It has never been better for the Australian consumer to apply for any kind of home loan or mortgage with the mortgage companies themselves making life much easier for the person applying for the loan. Mortgage consultants now go above and beyond helping their customers choose the right loan for themselves. Each type of loan is carefully explained and it is made sure that the consumers ultimately choose the loan that is best for his or her situation.
One of the options that most mortgage corporations in Australia offer to their customers is the low doc home loans option. This is a loan that has seen a lot of activity recently and is gaining popularity with consumers.
Low doc home loans are a mortgage or home loan where there is no requirement to verify your income. But all other documents are required as they are with any other type of home loan. This loan is ideally suited to self-employed individuals, contractors who are working independently and investors. This loan type also suits people with enough income but who don’t want to waste time in bank verification and other time consuming processes. Borrowers should be aware that with low doc style loans a default or similar negative listing on your Credit Reference will make you ineligible for lo doc finance.
A low doc home loan has an interest rate a little higher than normal types of loans and mortgages. This said, with some lenders the rate will reduce to their standard variable rate after say a 2 year period, provided you have meet all your interest payments on time. This loan is largely for those who want to buy investment properties, refinance their existing property and who do not have current taxation returns on their income. This normally prolongs standard investment loans. There are mainly three types of lo doc home loans available.
NO DOC LOANS: for obtaining this loan, the ‘no doc loan’ requires the minimum number of documents and documentations. The loan lender goes through the loan request from the borrower with no financial documents at all and maximum privacy is given to these loan candidates as well.
STATED-INCOME LOW DOC LOANS: for someone whose income is fluctuating every day, week or month, the stated income loan is the best. But this type of loan requires the borrower to show his earnings for the minimum of two years initially and he also has to show tax returns and all other bank statements.
Although low doc loans obviously have appeal for those who perhaps don’t have their financial documents in order or have privacy concerns, those who have low incomes that would not be sufficient to qualify for a standard variable rate loan, should not resort to overstating income on a low doc application in order to borrow. Lending guidelines are there to protect both the lender and the borrower – defaults traumatic for both parties and a mortgagee sale is almost inevitable if income is grossly overstated, particularly when the borrower is already under financial stress.
By consulting with your experienced mortgage lender you can find out whether low doc home loans are a good option for you. They are in the best position to check which type of loan is best for you and make your life that much easier.
About the Author
Vicky Edema has been the Managing Director of Austral Mortgage Corporation since 1992, a company specializing in offset home loans and property finance
Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. Be sure to check out the fantastic range of Oasis . Answer that question:- “How much can I borrow” and “What will my repayments be”.
It has never been better for the Australian consumer to apply for any kind of home loan or mortgage with the mortgage companies themselves making life much easier for the person applying for the loan. Mortgage consultants now go above and beyond helping their customers choose the right loan for themselves. Each type of loan is carefully explained and it is made sure that the consumers ultimately choose the loan that is best for his or her situation.
One of the options that most mortgage corporations in Australia offer to their customers is the low doc home loans option. This is a loan that has seen a lot of activity recently and is gaining popularity with consumers.
Low doc home loans are a mortgage or home loan where there is no requirement to verify your income. But all other documents are required as they are with any other type of home loan. This loan is ideally suited to self-employed individuals, contractors who are working independently and investors. This loan type also suits people with enough income but who don’t want to waste time in bank verification and other time consuming processes. Borrowers should be aware that with low doc style loans a default or similar negative listing on your Credit Reference will make you ineligible for lo doc finance.
A low doc home loan has an interest rate a little higher than normal types of loans and mortgages. This said, with some lenders the rate will reduce to their standard variable rate after say a 2 year period, provided you have meet all your interest payments on time. This loan is largely for those who want to buy investment properties, refinance their existing property and who do not have current taxation returns on their income. This normally prolongs standard investment loans. There are mainly three types of lo doc home loans available.
NO DOC LOANS: for obtaining this loan, the ‘no doc loan’ requires the minimum number of documents and documentations. The loan lender goes through the loan request from the borrower with no financial documents at all and maximum privacy is given to these loan candidates as well.
STATED-INCOME LOW DOC LOANS: for someone whose income is fluctuating every day, week or month, the stated income loan is the best. But this type of loan requires the borrower to show his earnings for the minimum of two years initially and he also has to show tax returns and all other bank statements.
Although low doc loans obviously have appeal for those who perhaps don’t have their financial documents in order or have privacy concerns, those who have low incomes that would not be sufficient to qualify for a standard variable rate loan, should not resort to overstating income on a low doc application in order to borrow. Lending guidelines are there to protect both the lender and the borrower – defaults traumatic for both parties and a mortgagee sale is almost inevitable if income is grossly overstated, particularly when the borrower is already under financial stress.
By consulting with your experienced mortgage lender you can find out whether low doc home loans are a good option for you. They are in the best position to check which type of loan is best for you and make your life that much easier.
About the Author
Vicky Edema has been the Managing Director of Austral Mortgage Corporation since 1992, a company specializing in offset home loans and property finance
Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. Be sure to check out the fantastic range of Oasis . Answer that question:- “How much can I borrow” and “What will my repayments be”.
House price meltdown fear
02/08/08 07:45 AM
FALLING
house prices have prompted fears of a US-style
meltdown, but economists say prices will remain
stable as long as people keep their jobs.
Australian Property Monitors yesterday predicted house prices would fall 10% in the next year. It said values had fallen in most capital cities in the three months to June 31, with Melbourne down 0.6%.
Rival analyst Residex reported that prices fell in all capital cities in June, with Melbourne houses down 0.39%. Chief executive John Edwards said the country was headed for a "once-in-100-years real estate slump".
Click here for full story
Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. Be sure to check out the fantastic range of Oasis . Answer that question:- “How much can I borrow” and “What will my repayments be”.
Australian Property Monitors yesterday predicted house prices would fall 10% in the next year. It said values had fallen in most capital cities in the three months to June 31, with Melbourne down 0.6%.
Rival analyst Residex reported that prices fell in all capital cities in June, with Melbourne houses down 0.39%. Chief executive John Edwards said the country was headed for a "once-in-100-years real estate slump".
Click here for full story
Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. Be sure to check out the fantastic range of Oasis . Answer that question:- “How much can I borrow” and “What will my repayments be”.
Banks might not pass on interest rate cuts
02/08/08 07:43 AM
THE Reserve Bank is
expected to consider cutting interest rates at its
board meeting next week, but bankers are warning that
reductions may not be passed on to consumers.
Financial markets have put the chance of rates being cut in September at 70 per cent in the wake of falling retail sales and reduced consumer and business borrowing. They expect a second reduction before Christmas, The Australian reports.
However, bank funding costs are still rising, and bankers warn that there will be no automatic flow-through to consumer rates.
Click here for full story
Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. Be sure to check out the fantastic range of Oasis . Answer that question:- “How much can I borrow” and “What will my repayments be”.
Financial markets have put the chance of rates being cut in September at 70 per cent in the wake of falling retail sales and reduced consumer and business borrowing. They expect a second reduction before Christmas, The Australian reports.
However, bank funding costs are still rising, and bankers warn that there will be no automatic flow-through to consumer rates.
Click here for full story
Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. Be sure to check out the fantastic range of Oasis . Answer that question:- “How much can I borrow” and “What will my repayments be”.
Mortgage woes: the worst may be yet to come
31/07/08 09:36 AM
THE International
Monetary Fund has warned the world to look out. It
says the financial crisis that began in the US
mortgage market is spreading deeper into other
countries and other forms of debt - and countries
that rely on foreign borrowing are vulnerable.
As the Australian stockmarket fell heavily for the third day in a row and the National Australia Bank reported that business confidence is at its lowest level since the 1991 recession, the IMF warned that falling house prices could lead to widespread losses in Western countries.
In a terse three-page update to its April report, Global Financial Stability, the IMF did not mention Australia. But it warned that global investors had become wary about where they park their money and were demanding higher premiums to lend to countries with current account deficits higher than 5% of GDP.
Australia's deficit is 6.25% of GDP, and its banks are already paying steeply higher premiums on global and Australian markets, which they pass on to home buyers and other lenders through frequent rate rises.
Click here for full story
Footnote: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS. Be sure to check out the fantastic range of Home Loan Calculators. Answer those questions:- “How much can I borrow” and “What will my repayments be”. Fast Home Loan approvals are possible even home loans for people with bad credit.
As the Australian stockmarket fell heavily for the third day in a row and the National Australia Bank reported that business confidence is at its lowest level since the 1991 recession, the IMF warned that falling house prices could lead to widespread losses in Western countries.
In a terse three-page update to its April report, Global Financial Stability, the IMF did not mention Australia. But it warned that global investors had become wary about where they park their money and were demanding higher premiums to lend to countries with current account deficits higher than 5% of GDP.
Australia's deficit is 6.25% of GDP, and its banks are already paying steeply higher premiums on global and Australian markets, which they pass on to home buyers and other lenders through frequent rate rises.
Click here for full story
Footnote: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS. Be sure to check out the fantastic range of Home Loan Calculators. Answer those questions:- “How much can I borrow” and “What will my repayments be”. Fast Home Loan approvals are possible even home loans for people with bad credit.
Home loans for people with bad credit
31/07/08 04:54 AM
At a time when interest rates and living costs are
rising it isn’t hard to fall behind with loan and
credit card payments.
The key when you have payment issues is to get intouch with your credit provider and see if you can sort somehting out. It may also be a good time to look at debt consolidatation.
If you have left it too late to sort something out with your lender and you now have a default on your credit history talk to your mortgage broker about debt colsolidation which would include paying out the loans in default.
Click here to see if you would pre-qaulify for a home loan for someone with credit defaults.
Check out the Home Loan Calculators to see “how much can I borrow”. You should also check to see “what will my repayments be”
Remember it’s never too late to talk to us about your home finance needs. My Home Loan Approval has industry accredited mortgage brokers Australia wide who can provide with you personal professional service at no cost to you. They can show you how to get a fast home loan approval.
The key when you have payment issues is to get intouch with your credit provider and see if you can sort somehting out. It may also be a good time to look at debt consolidatation.
If you have left it too late to sort something out with your lender and you now have a default on your credit history talk to your mortgage broker about debt colsolidation which would include paying out the loans in default.
Click here to see if you would pre-qaulify for a home loan for someone with credit defaults.
Check out the Home Loan Calculators to see “how much can I borrow”. You should also check to see “what will my repayments be”
Remember it’s never too late to talk to us about your home finance needs. My Home Loan Approval has industry accredited mortgage brokers Australia wide who can provide with you personal professional service at no cost to you. They can show you how to get a fast home loan approval.
Home Loan Mortgage Calculators
30/07/08 12:01 PM
With so many loan
options available to Australian home owners it’s
great to see that one website offer borrowers a wide
range of calculators for their use and best of all
free of charge.
The My Home Loan Approval website allows brokers to answer some key questions like;- How much can I borrow? and What will my repayments be?
In addition to those calculators they also have calculators for Reverse Mortgage, Refinance, Debt Consolidation, Home Loan Splitting, Home Loan Comparison, Fixed or variable rates, Extra Payments calculator and an all state Stamp Duty calculator.
By using these home loan calculators Australian borrowers can see a range of options and will be better informed before they speak with their mortgage broker.
For anyone looking for a fast home loan approval the My Home Loan Approval website provides an extensive range of tools and resources in addition to their calculators.
The My Home Loan Approval website allows brokers to answer some key questions like;- How much can I borrow? and What will my repayments be?
In addition to those calculators they also have calculators for Reverse Mortgage, Refinance, Debt Consolidation, Home Loan Splitting, Home Loan Comparison, Fixed or variable rates, Extra Payments calculator and an all state Stamp Duty calculator.
By using these home loan calculators Australian borrowers can see a range of options and will be better informed before they speak with their mortgage broker.
For anyone looking for a fast home loan approval the My Home Loan Approval website provides an extensive range of tools and resources in addition to their calculators.
More mortgage stress
28/07/08 10:36 AM
High interest rates -
could force nearly a million Australian households
into a state of mortgage stress, by the end of this
year.
A new report - by Wizard Home Loans, and Fujitsu Consulting - suggests almost 840,000 households will face some form of mortgage stress, that's up by more than 60,000 from May.
Almost half of those households are considered to be under severe stress, meaning they're struggling to manage their level of debt, and meet loan repayments.
Click here for full story
A new report - by Wizard Home Loans, and Fujitsu Consulting - suggests almost 840,000 households will face some form of mortgage stress, that's up by more than 60,000 from May.
Almost half of those households are considered to be under severe stress, meaning they're struggling to manage their level of debt, and meet loan repayments.
Click here for full story
Time is not on their side
27/07/08 10:34 AM
The Government needs fast-acting remedies for the
economy, tax system and environment, writes
Kerry-Anne Walsh.
WHEN an MP suggests the Government legislates to enforce mediation between lenders and home owners about to have their homes repossessed, things have officially become grim.
Liberal MP Sussan Ley's proposal reflects the distressing fact that home repossessions are frighteningly common. Tour the outer suburbs of any high-priced city and it stares you in the face: street after street of "for sale" signs, many mortgagee-in-possession fire sales.
Click here for full story
FOOTNOTE: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS. Be sure to check out the fantastic range of Home Loan Calculators. Answer those questions:- “How much can I borrow” and “What will my repayments be”. Fast Home Loan approvals are possible even home loans for people with bad credit.
WHEN an MP suggests the Government legislates to enforce mediation between lenders and home owners about to have their homes repossessed, things have officially become grim.
Liberal MP Sussan Ley's proposal reflects the distressing fact that home repossessions are frighteningly common. Tour the outer suburbs of any high-priced city and it stares you in the face: street after street of "for sale" signs, many mortgagee-in-possession fire sales.
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Mortgage stress to hit 1m households
27/07/08 06:32 AM
MORTGAGE stress is
likely to mean little Christmas cheer for more than
one million Australian households.
Home loan lender Wizard, which estimates that 837,000 Australian households are already experiencing some form of mortgage stress, yesterday predicted the figure would top the million mark by December.
Wizard Home Loans chairman and founder Mark Bouris said the findings meant a huge number of people potentially faced the loss of their property unless drastic action was taken, The Australian reports.
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Home loan lender Wizard, which estimates that 837,000 Australian households are already experiencing some form of mortgage stress, yesterday predicted the figure would top the million mark by December.
Wizard Home Loans chairman and founder Mark Bouris said the findings meant a huge number of people potentially faced the loss of their property unless drastic action was taken, The Australian reports.
Click here for full story
FOOTNOTE: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS. Be sure to check out the fantastic range of Home Loan Calculators. Answer those questions:- “How much can I borrow” and “What will my repayments be”. Fast Home Loan approvals are possible even home loans for people with bad credit.
Home mortgage refinancing and affordable mortgage rates
02/07/08 09:44 AM
By: Ron
Mark
Home mortgage refinancing is the main alternative that you may consider when planning to buy your own house; it is a very sound decision that is safe enough in order not to ruin you. But the mortgage refinance is to be carefully planned before signing the agreement because you have to make sure that every mortgage rate will be ideal for your case. You can even think about the opportunity that is likely to be provided by almost every mortgage type namely that you will be able to save some money when it comes to the monthly payment. The financial control can be easily regained after signing the final agreement and you will not have to worry about your financial security anymore. But there are several factors to be considered before refinancing your house; these factors are highly important because they can influence the future payments. All these factors are mainly related to your initial mortgage and they are to be considered in order to guarantee the safety of your initial investment.
Therefore, you will have to consider the amount of money that is still owed; the amount of your future refinance is mainly related to your initial investment. The refinance payment will be determined by the initial amount of money that was paid for the present mortgage’ therefore, you will have to pay attention to the exact mount of money that you are going to we in the future to come. You will have to consider the exact length of time that was required by your existing mortgage in order to make sure that your future refinancing will not be expanded in the future. The credit rating should also be taken into account; for instance, if this credit rating is a great one, you are not likely to have future problems with your mortgage rates. But if this credit rating is quite low, you are likely to be faced with various interest rates that are likely to be higher; these rates will also come along with higher charges as well. Therefore, the credit rating should be determined in the correct manner in order to become aware of the interest rates that are going to be paid for your initial mortgage.
You may also think about how long you are going to stay in the newly bought house; if you are planning to resell it after a short period of time, you are not going to benefit from the opportunities that are provided by the mortgage refinance. But if you are likely to stay longer in the house, you will be able to save some money because the mortgage rates will be highly beneficial. The monthly bills are also to be considered because refinancing may come along with saved money.
There are several tips to be followed in order to ensure your future success when it comes to refinancing your home; the previous factors are to be considered as well but they are to be used in order to make your final decision about refinancing your home or not. Refinancing a house is to be considered as a really good final decision for many people but they should also make sure that this refinancing process will be successful enough in order to satisfying them. The success is to be ensured thanks to the following tips that will help you take care of the refinance mortgage. For instance, you have to make sure that your future interest rates are significantly lowered in order for you to afford them. These rates should be lower than your initial mortgage and you will also have to consider the points as well when thinking about your future rates. For instance, almost every lender will be interested in charging the points with the specific and lower interest rates; therefore, you will have to make sure that you will benefit from the same treatment in order to pay lower interest rates.
The total costs are to be compared as well; you will have to think about the required costs that will be provided by the existing mortgage and you may use the online calculators in order to determine the exact amount of money that you are gong to pay for your original mortgage. All the fees are to be considered and you may take into account even the charges that are likely to occur along the process. These charges are likely to incur especially when you are planning to take on the new mortgage. The good lenders are to be shopped for in order to find the right alternative; the fraud lenders are to be avoided and you will have to research about all the existing local lenders in order to learn how to stay way from the fraud “professionals”. You may even ask for some extra recommendations or try to talk to older clients in order to make sure that a particular lender is the right choice for your mortgage refinance.
The mortgage refinance and the mortgage rates are to be chosen according to professional recommendations.
Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. Be sure to check out the fantastic range of Oasis . Answer that question:- “How much can I borrow” and “What will my repayments be”.
Home mortgage refinancing is the main alternative that you may consider when planning to buy your own house; it is a very sound decision that is safe enough in order not to ruin you. But the mortgage refinance is to be carefully planned before signing the agreement because you have to make sure that every mortgage rate will be ideal for your case. You can even think about the opportunity that is likely to be provided by almost every mortgage type namely that you will be able to save some money when it comes to the monthly payment. The financial control can be easily regained after signing the final agreement and you will not have to worry about your financial security anymore. But there are several factors to be considered before refinancing your house; these factors are highly important because they can influence the future payments. All these factors are mainly related to your initial mortgage and they are to be considered in order to guarantee the safety of your initial investment.
Therefore, you will have to consider the amount of money that is still owed; the amount of your future refinance is mainly related to your initial investment. The refinance payment will be determined by the initial amount of money that was paid for the present mortgage’ therefore, you will have to pay attention to the exact mount of money that you are going to we in the future to come. You will have to consider the exact length of time that was required by your existing mortgage in order to make sure that your future refinancing will not be expanded in the future. The credit rating should also be taken into account; for instance, if this credit rating is a great one, you are not likely to have future problems with your mortgage rates. But if this credit rating is quite low, you are likely to be faced with various interest rates that are likely to be higher; these rates will also come along with higher charges as well. Therefore, the credit rating should be determined in the correct manner in order to become aware of the interest rates that are going to be paid for your initial mortgage.
You may also think about how long you are going to stay in the newly bought house; if you are planning to resell it after a short period of time, you are not going to benefit from the opportunities that are provided by the mortgage refinance. But if you are likely to stay longer in the house, you will be able to save some money because the mortgage rates will be highly beneficial. The monthly bills are also to be considered because refinancing may come along with saved money.
There are several tips to be followed in order to ensure your future success when it comes to refinancing your home; the previous factors are to be considered as well but they are to be used in order to make your final decision about refinancing your home or not. Refinancing a house is to be considered as a really good final decision for many people but they should also make sure that this refinancing process will be successful enough in order to satisfying them. The success is to be ensured thanks to the following tips that will help you take care of the refinance mortgage. For instance, you have to make sure that your future interest rates are significantly lowered in order for you to afford them. These rates should be lower than your initial mortgage and you will also have to consider the points as well when thinking about your future rates. For instance, almost every lender will be interested in charging the points with the specific and lower interest rates; therefore, you will have to make sure that you will benefit from the same treatment in order to pay lower interest rates.
The total costs are to be compared as well; you will have to think about the required costs that will be provided by the existing mortgage and you may use the online calculators in order to determine the exact amount of money that you are gong to pay for your original mortgage. All the fees are to be considered and you may take into account even the charges that are likely to occur along the process. These charges are likely to incur especially when you are planning to take on the new mortgage. The good lenders are to be shopped for in order to find the right alternative; the fraud lenders are to be avoided and you will have to research about all the existing local lenders in order to learn how to stay way from the fraud “professionals”. You may even ask for some extra recommendations or try to talk to older clients in order to make sure that a particular lender is the right choice for your mortgage refinance.
The mortgage refinance and the mortgage rates are to be chosen according to professional recommendations.
Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. Be sure to check out the fantastic range of Oasis . Answer that question:- “How much can I borrow” and “What will my repayments be”.
Legal Pitfalls of Arranging a Mortgage
02/07/08 09:31 AM
Copyright 2006 Tracey
Anderson
A mortgage is often the biggest commitment a person undertakes, and one should take time to consider all of the legal and financial details before diving head-first into such an agreement. Your mortgage broker, banker, or real estate agent can often be a good source of information about these details; if there is still confusion, you may even wish to engage a solicitor to review your contract, watch out for unusual or potentially harmful clauses, and explain the details to you. Always take time to read the contract, and seek out third-party advice if you do not understand it. An unscrupulous lender, broker, real estate agent or seller may attempt to pressure you into signing an agreement without reading it, or worse, yet, signing a blank form for them to fill in later. Avoid succumbing to this pressure, and always understand what you are signing before you have signed it. If you are being pressured to sign a contract immediately without a thorough reading, then the best thing to do is walk away.
Once you’ve found a house and arranged for the mortgage, the legal process of transferring ownership between parties, known as conveyance, is very specific and complicated. Your mortgage broker, lender, or real estate agent may be familiar with the process, and may be able to give you advice on the matter. However, the process itself must be done by a solicitor or registered conveyancer. Alternately, a homeowner can choose to do the process individually using a do-it-yourself kit. Conveyance naturally comes with a conveyance duty which must be paid to the state, although in some states, you may be able to qualify for an exemption if you are a first-time home buyer.
The property title itself, which in most cases is called a Torrens title, establishes proof of ownership. Old System titles are more complicated, and require the buyer to show clear title for every previous owner.
The issue of survivorship must also be addressed. Typically in the case of a husband and wife, the home is held in joint tenancy, so that if one spouse passes on, the other will retain the right to the property. If a home is held in tenants-in-common, however, each tenant’s share of the home is separate, and in the case of death would become part of the deceased’s estate. Under common law, if no other arrangement is specified, joint tenancy is assumed.
Before buying a home, legal hassles can be avoided by executing a thorough inspection. You can choose to inspect the home yourself, or hire a licensed inspector. Either way, you will be able to gain knowledge about any existing conditions of the home that you can use in your negotiations. Having knowledge of the home’s condition and any flaws or defects ahead of time will put you in a better legal position, since it may be difficult to recoup any costs for undetected flaws after the transaction has already been finalized.
About the Author
Tracey Anderson is a mortgage broker with 16 years experience in the Australian mortgage industry. For personalised information from leading independent brokers, visit http://www.mortgagemall.com.au
Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. Be sure to check out the fantastic range of Oasis . Answer that question:- “How much can I borrow” and “What will my repayments be”.
A mortgage is often the biggest commitment a person undertakes, and one should take time to consider all of the legal and financial details before diving head-first into such an agreement. Your mortgage broker, banker, or real estate agent can often be a good source of information about these details; if there is still confusion, you may even wish to engage a solicitor to review your contract, watch out for unusual or potentially harmful clauses, and explain the details to you. Always take time to read the contract, and seek out third-party advice if you do not understand it. An unscrupulous lender, broker, real estate agent or seller may attempt to pressure you into signing an agreement without reading it, or worse, yet, signing a blank form for them to fill in later. Avoid succumbing to this pressure, and always understand what you are signing before you have signed it. If you are being pressured to sign a contract immediately without a thorough reading, then the best thing to do is walk away.
Once you’ve found a house and arranged for the mortgage, the legal process of transferring ownership between parties, known as conveyance, is very specific and complicated. Your mortgage broker, lender, or real estate agent may be familiar with the process, and may be able to give you advice on the matter. However, the process itself must be done by a solicitor or registered conveyancer. Alternately, a homeowner can choose to do the process individually using a do-it-yourself kit. Conveyance naturally comes with a conveyance duty which must be paid to the state, although in some states, you may be able to qualify for an exemption if you are a first-time home buyer.
The property title itself, which in most cases is called a Torrens title, establishes proof of ownership. Old System titles are more complicated, and require the buyer to show clear title for every previous owner.
The issue of survivorship must also be addressed. Typically in the case of a husband and wife, the home is held in joint tenancy, so that if one spouse passes on, the other will retain the right to the property. If a home is held in tenants-in-common, however, each tenant’s share of the home is separate, and in the case of death would become part of the deceased’s estate. Under common law, if no other arrangement is specified, joint tenancy is assumed.
Before buying a home, legal hassles can be avoided by executing a thorough inspection. You can choose to inspect the home yourself, or hire a licensed inspector. Either way, you will be able to gain knowledge about any existing conditions of the home that you can use in your negotiations. Having knowledge of the home’s condition and any flaws or defects ahead of time will put you in a better legal position, since it may be difficult to recoup any costs for undetected flaws after the transaction has already been finalized.
About the Author
Tracey Anderson is a mortgage broker with 16 years experience in the Australian mortgage industry. For personalised information from leading independent brokers, visit http://www.mortgagemall.com.au
Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. Be sure to check out the fantastic range of Oasis . Answer that question:- “How much can I borrow” and “What will my repayments be”.
Think first before handing over the cash
25/06/08 01:05 PM
It's nice to share the wealth but grandfathering the
children could do them a world of harm, not good.
Baby boomers aren't doing their adult children any favours by being overly generous when helping them into their first home, advisers say. Instead, they're financing them into overvalued property that may become a millstone.
Financial planners and property investment advisers say older baby boomers have done well out of property and are retiring with large sums of tax-free money in the superannuation system.
At the same time, they're concerned that high prices mean their children aren't getting a foot on the property ladder. As a result, some parents are handing over tens of thousands of dollars for home and investment property deposits - in some cases leaving themselves short in retirement.
Click here for full story
FOOTNOTE: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS
Baby boomers aren't doing their adult children any favours by being overly generous when helping them into their first home, advisers say. Instead, they're financing them into overvalued property that may become a millstone.
Financial planners and property investment advisers say older baby boomers have done well out of property and are retiring with large sums of tax-free money in the superannuation system.
At the same time, they're concerned that high prices mean their children aren't getting a foot on the property ladder. As a result, some parents are handing over tens of thousands of dollars for home and investment property deposits - in some cases leaving themselves short in retirement.
Click here for full story
FOOTNOTE: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS