Mortgage Brokers Australia
Time for a Mortgage Refinance? For many Australians, their home is their biggest asset. It is common for people to reach retirement with significant equity in their home, but without the necessary income to support their lifestyle or to meet their expenses. Often you can use mortgage refinancing in circumstances where your home has been paid off, but you are struggling with your cash flow to cover for debts and expenses.
This is often referred to as being asset rich and income poor. One option available to retirees is to access the equity in their home by taking out Reverse Mortgages, or even 106% Loans! Faster loan applications are available as Secured Loans.
Can your Line Of Credit just disappear? Read our helpful article to improve your financial health.
N.B. ALWAYS get appropriate Investment Advice for this and other types of loan from a professional with accreditation and experience.
|Top 5 Non Bank Rates||Top 5 Bank Rates|
|Pacific Mortgage Group 6.31% Application Fee $0||Commonwealth 7.36% Application Fee $600|
|Ratebusters 6.45% Application Fee $0||NAB 7.41% Application Fee $600|
|State Custodians 6.39% Application Fee $0||ANZ 7.41% Application Fee $600|
|Carrington National 6.64% Application Fee $0||St. George 7.43% Application Fee $700|
|Nationwide Mortgage 6.63% Application Fee $0||Westpac 7.51% Fee Application Fee $600|
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By Sarah McDonald – Sep 14, 2010 9:00 AM GMT+1000
More Australians may fall behind on home loan repayments this quarter as increases to the benchmark borrowing rate hurt household finances, according to Fitch Ratings.
Arrears of more than 30 days on the loans underlying prime residential mortgage-backed securities rated by Fitch dropped in the second quarter to 1.32 percent from 1.38 percent, the ratings firm said in its Dinkum Index report today. That trend may reverse after the central bank resumed the most aggressive round of monetary policy tightening by a Group of 20 member.
“The risk is that the increase in cash rates will generate an interest rate shock on households” during the third quarter, the risk assessor said. “If so, arrears might increase further, and in the low-doc conforming sector they might reach a new historical high.”
The Reserve Bank of Australia raised borrowing costs six times from October to May, increasing the cash rate by a quarter percentage point each month except in January and February. Each rise added about A$50 ($47) to monthly repayments on an average A$300,000 mortgage and took the benchmark rate to 4.5 percent. The rate rises last year helped propel mortgage arrears 0.19 percentage point higher in the first quarter, according to Fitch.
The ratings firm expects the number of homeowners falling behind on mortgage payments to stabilize in the fourth quarter following a “marginal increase” in repossessions, it said.
Arrears of more than 30 days on low-documentation conforming loans, where borrowers meet a bank’s standard home loan criteria but can’t provide proof of their income, fell to 3.49 percent last quarter from 3.62 percent in the first three months, according to Fitch.
Arrears increased to 18.17 percent from 17.7 percent among low-documentation nonconforming loans, where borrowers can’t provide evidence of their income, don’t meet typical lending criteria such as having a sufficient deposit and don’t qualify for lenders’ mortgage insurance.
Australian home loan approvals rose 1.7 percent in July, more than analysts estimated, after tumbling for seven straight months through April.
Financial Redress article.
My advice? Talk to the leaders of the home lending industry that have a reputation for getting results as well as great customer service. My favourite broker for all types of home loans, reverse mortgages or commercial loans is listed below:
Norman Rollins 0410 664 848