Ballarat house prices are higher than ever, with the June quarter peaking at a record median price.
The Real Estate Institute of Victoria has revealed that the median house price across the Ballarat region is now $270,000.
During the March quarter this year, the average was $258,000.
Ballarat mortgage broker Kerren Goodwin said she had received a large number of enquiries from borrowers looking to buy in the area.
“It’s particularly popular for couples with young families,” she said.
“I’m receiving plenty of enquiries from people wanting an official home loan pre-approval, coming up to the traditionally popular buying ...
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Categories: Finance News. Tags: Ballarat, Home Loan Pre-approval, Mortgage Broker.
The Reserve Bank of New Zealand may decide to hold interest rates when it meets this Thursday.
While the central bank has made it clear it will gradually remove policy stimulus, recent data suggests that inflation and GDP growth are weaker than expected.
Mortgage approvals in the week ending July 16 were down 20.1 per cent on-year.
However, economists aren’t completely ruling out a rise, due to Asian and Australian economies both being strong.
Loan Market Group New Zealand CEO David Hart said that mortgage holders concerned about the possibility of rising interest rates should speak to a professional broker.
“The ...
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Categories: New Zealand. Tags: Interest Rates, Loan Market New Zealand, RBNZ.
The number of people borrowing more than $500,000 to purchase property rose by an average of 13 per cent nationwide over the past 12 months, says leading mortgage broker Loan Market.
Loan Market Chief Operating Officer Dean Rushton said the increase occurred in all mainland state capitals with Melbourne having the biggest rise of 21 per cent.
Mr Rushton said analysis provided for Loan Market by property information service PriceFinder found residential real estate price increases only partially contributed to the significant shift in home loan size.
“A higher proportion of first home buyer activity during 2009 ...
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Categories: Finance News. Tags: Home Loans, Loan Market, PriceFinder.
In the 12 months to March 2010, unit purchases really took off in Mermaid Beach, said Loan Market Mermaid Beach mortgage broker, Ross Corby.
"The number of units sold in the area was well over double that of freestanding houses," said Ross, referring to both his own experiences finding home loans and a personalised report.
"It's a good indication of how affordable units are in the Mermaid Beach area, in a relative sense."
Ross works with property purchases to assist them with their home loan or investment loan requirements, and said that if you are considering buying a unit in Mermaid Beach, or anywhere on the ...
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Categories: Mortgage Brokers. Tags: Home Loans, Loan Market, Mermaid Beach, Mortgage Broker, Ross Corby, Units.
Financial services firm Morgan Stanley has reported that the big four banks will lose $700 million in profits unless they raise their interest rates above the official cash rate.
Morgan Stanley analyst Richard Wiles estimates that banks will be forced to increase their interest rates by up to 0.15 of a percentage point above the RBA.
The sentiment is similar to a statement released last week by Loan Market’s Chief Operating Officer Dean Rushton, who believes the banks may raise rates soon after the August 21 election.
“They have clearly flagged that they are considering lifting their rates against the trend and out of cycle ...
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Categories: Finance News. Tags: Home Loan, Interest Rates, Loan Market, Refinancing.
Loan Market Tweed Heads mortgage broker, Jeff Preston, has seen a lot of auctions and one thing he has noticed is that those bidders who have their finances ready before the big day are much more confident.
"Anyone at an auction who has their home loan ready to go is going to be in a better position than someone who hasn't asked the question," said Jeff.
"It's pretty simple, if you go talk to someone about your home loan first, you're going to have a pretty good idea of how much you can borrow - and therefore how much you ...
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Categories: Mortgage Brokers. Tags: buying at auction, Home Loan Pre-approval, Jeff Preston, Loan Market, Mortgage Broker, Tweed Heads.
A recent poll conducted by mortgage industry publication, The Adviser, found that debt consolidation was the top reason borrowers were refinancing their mortgages.
Debt consolidation is traditionally one of three main reasons for refinancing, the other two being to get a better interest rate, and to access equity.
The primary benefit of debt consolidation is a lower monthly debt repayment, assisting borrowers to improve cashflow and get in control of their debts.
It works by combining all of your debts into your home loan, which is generally the debt with the lowest interest rate, and spreading shorter term debts ...
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Categories: Finance News. Tags: Debt Consolidation, Mortgage, Refinancing.
Successive interest rate hikes by the Reserve Bank in the first half of 2010 has prevented the usual recovery in post-Christmas mortgage arrears, according to a new report.
The Stanard & Poor’s Mortgage Performance Index revealed that home loans in arrears (more than 30 days) were at or above 1.44 per cent over the past four months – an increase that is historically high.
S&P’s credit analyst Vera Chaplin, said this was against the usual trend, as arrears usually decline after the festive season spending abates.
Ms Chaplin said the data indicates borrowers are finding it difficult to recover from the ...
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Categories: Finance News. Tags: Interest Rates, Loan Market, mortgage arrears, Reserve Bank.
Property prices in Manly reflect how strong the market is on the Northern Beaches, with the median house price sitting at more than $1 million and until prices at over $600,000.
Loan Market Manly mortgage broker, Andrew Watson, said that such strength in the market has its pros and cons.
"If you are an existing property owner in the Manly area, strong property prices can only benefit you as the equity in your property increases," said Andrew.
"Such a result can open up opportunities for you to invest in property using your equity."
For those looking to purchase property in the area, ...
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Categories: Mortgage Brokers. Tags: Andrew Watson, Commercial Loans, commercial property investment, Investment, Loan Market, Manly, Mortgage Broker.
New Zealanders are already feeling the pinch of rising interest rates, with 36 per cent of households saying they’ll need to resort to credit cards in order to pay for upcoming bills, according to a new survey.
Dun & Bradstreet’s Consumer Credit Expectations Survey also revealed that less than 10 per cent of respondents intended to apply for a new home loan, personal loan, credit card or credit card limit increase over the next 3 months.
Dun & Bradstreet New Zealand’s general manager John Scott said the results should not just be attributed to people finding it difficult to make ends meet.
“It ...
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Categories: New Zealand. Tags: Auckland Mortgage Broker, Guy Parkes, Interest Rates, Loan Market, Mortgage Stress.
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