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First signs of recovery in property market
10 November 2008 |
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| Mortgage Brokers
are reporting that demand and enquiries are increasing, even before the full effect of the October first-home buyers’ grant increase, and Tuesday’s 75-point drop in the cash rate to 5.25 per cent. Australian Finance Group, the largest broker (or aggregator of mortgage brokers) yesterday reported its October sales data. These are the strongest business volumes since November 2007.First-home buyers are driving the sales, increasing two percentage points to 16.4 per cent in October, increasing each month for the last four, since the June trough of 10.6 per cent. Refinancing increased in October to 40.9 per cent of loans from 39.1 per in September, at the expense of property investors, which fell from 31.4 per cent to 29.9 per cent. Fixed lending volume continued to fall in October, comprising just 4.5 per cent of mortgages, after peaking above 20 per cent for all seven months to March 2008. Standard variable increased to 51.6 per cent, with basic variable 21.2 per cent, equity 14.6 per cent and intro 8.1 per cent.The AFG figures are well supported by another market participant, with Jennifer Nielsen, Loan Market & X Inc Finance chief executive officer, saying leads for the two groups were 30 per cent higher in October compared to September and August, with the increase over July eight per cent. “Four out of five enquiry calls in October to the call centre were first-home buyers, and it was down as low as 18 per cent at the beginning of the year. The balance is an increasing number of borrowers trying to get out of fixed rates. “Leads for the REA Home Loans brand in October were 30 per cent higher than September, twelve per cent up on August and three per cent higher than July.”Nielsen adds the numbers of returning expats are also increasing, generally looking for loans from $800,000 to the several millions. “There has also been a marked increase in the number of refinances falling over due to valuations coming in lower, often below what properties would realistically sell for.” |
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| Source : The Sheet |
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| 28 November 2008 | - Women don't talk money |
| | - Only Rabo not offering guarantee |
| | - Card rates not coming down |
| | - Banks to issue debt bonds |
| | - ANZ, St George most popular banks |
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| 27 November 2008 | - Mortgage company closes doors |
| | - Big depositors get to opt out of guarantee |
| | - ANZ and Macquarie have the most bad debts |
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| 26 November 2008 | - Soft landing for house prices |
| | - Netbank customers can get cash |
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| 25 November 2008 | - Suncorp pummelled by storms and markets |
| | - NAB is least popular bank |
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| 24 November 2008 | - Mortgages dry up for Liberty |
| | - Deposit guarantee favours big banks |
| | - Adelaide launches guarantee account |
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| 21 November 2008 | - Westpac running ‘stand-alone’ St George |
| | - Sharia loans hard to find |
| | - Credit Unions offering best interest rates |
| | - Banks complain about credit union rates |
| | - Aboriginal home ownership scheme launched |
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| 20 November 2008 | - Traders betting on 1% rate cut |
| | - Visa card for solar hot water |
| | - Traders betting on 1% rate cut |
| | - Lenders bid for loan business |
| | - Credit unions object to guarantee fees |
| | - Credit card rates going up |
| | - Banks to launch Guarantee accounts |
| | - Credit unions object to guarantee fees |
| | - Banks to launch Guarantee accounts |
| | - Visa card for solar hot water |
| | - Lenders bid for loan business |
| | - Traders betting on 1% rate cut |
| | - Credit card rates going up |
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| 19 November 2008 | - Banks to shed 10,000 staff |
| | - ING launches PowerSuper loans |
| | - Commonwealth ends no deposit home loans |
| | - RBA puts rates policy into full reverse |
| | - Credit card rates remain too high |
| | - Bank chiefs get pay rises as staff cuts loom |
| | - Foreign banks retreat from Aussie businesses |
| | - Lower spending means more rate cuts |
| | - House prices crash in October |
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| 18 November 2008 | - Foreign banks retreat from Aussie businesses |
| | - Credit card rates remain too high |
| | - House prices crash in October |
| | - Bank chiefs get pay rises as staff cuts loom |
| | - More big rate cuts on the way |
| | - ANZ toughens mortgage lending rules |
| | - Westpac and Nab advising wealthy customers to deposits under different accounts |
| | - Tax office looks carefully at kid’s accounts |
| | - Lay-by making comeback |
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| 17 November 2008 | - ANZ Cuts Credit Card Interest Rates |
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| 11 November 2008 | - Credit Unions take on the banks |
| | - Weak city auction results continue |
| | - Easy savings on home loans |
| | - More flights for credit card holders |
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| 10 November 2008 | - Members Equity Bank passes on full rate cut |
| | - Banks get debtors’ super |
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| 06 November 2008 | - Commbank keeps $50 per month from home buyers |
| | - Rates headed down to 3 per cent next year |
| | - RBA worried about recession |
| | - Card rates slow to come down |
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| 04 November 2008 | - RBA Cuts Cah Rate By 75bps |
| | - RBA may cut by 0.75 per cent |
| | - Non-banks struggle to survive |
| | - UBank trims term deposit rates |
| | - Buyers market at top end of town |
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