With the beginning of a new year comes the promise of a fresh start, especially for your finances. For most Australians their biggest current or future financial commitment will be a home loan, but how do you know that your mortgage is providing you with the best value?
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Despite the fact that property prices have cooled slightly in the final months of 2017, taking out a home loan remains a financially daunting prospect for many Australians - particularly first home buyers.
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Each new year brings with it new goals and aspirations, but when it actually comes to thinking about resolutions for 2018 where should you begin?
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Finding the right lender to suit your money needs hasn’t always been easy - in fact, some borrowers would probably rather close their eyes and pick at random!
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In 2017, Mozo revealed that the Bank of Mum and Dad is the fifth biggest lender in Australia, shelling out a massive $65.3 billion to help young adults enter the property market, without charging fees, or for the most part, interest. But it turns out homebuyers who head back to the family home might pay for it in other ways - namely, by getting stuck in awkward situations.
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Following the discovery of a 23-year glitch, Westpac will be refunding up to $11 million in home loans to around 9,400 interest-only loan customers.
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Sydney property prices have fallen by 1.4% during the September quarter, which is reportedly its largest fall since the 2015 December quarter, according to recent figures by the Australian Bureau of Statistics (ABS).
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In just three months since APRA pushed for tougher lending criteria, interest-only home loans have now dropped to a historic low of 16.9% of new lending, from 30.5% in June.
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It’s not uncommon for the average Aussie to experience financial stress, particularly with their mortgage, but recent figures from the National Cities Performance Dashboard has revealed that 1 in 10 Western Sydney households have been hit the hardest with ‘mortgage stress’.
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It’s been a tough year for interest-only borrowers with APRA’s crackdown on risky lending, but a recent analysis from Morgan Stanley has found interest-only borrowers guilty of poor money management and a risk to financial institutions.
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