Federal Treasurer Scott Morrison has today announced new banking reforms that will allow credit unions and building societies to legally call themselves banks, in a move aimed at increasing competition between home loan providers.
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NSW has managed to hold on to the number 1 spot on the HIA’s Housing Scorecard this year despite a slight drop in score - but it may not stay there for long, amid a projected Australia-wide slowdown.
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Tightened restrictions around investment and interest-only lending are beginning to make an impact on investment activity, reported Banking Day.
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Bank of Queensland has jumped on a growing trend to raise rates across its range of interest-only loans, while also reducing rates for customers making principal and interest repayments.
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Despite five weeks of an auction clearance downturn in the Sydney property market, the latest results have proven the housing boom is still alive with buyers snapping up 71.5% of dwellings listed on Saturday.
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Several lenders including ING Direct, Macquarie and Bankwest cut fixed home loan rates on principal and interest loans for owner occupiers in June.
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Following moves by other banks ING Direct has announced it will raise the variable rates on several of its interest only home loans, in a move expected to affect not only investors but also owner occupiers.
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AirBnB is a growing trend in Australia’s major cities, but what is a lucrative business for some could be pricing long-term, private renters out of high demand markets, according to Mozo property expert, Steve Jovcevski.
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Twenty per cent more 25 - 34 year olds were shacked up at home on the night of the 2016 Census compared to five years ago, indicating that hipsters are fast becoming a generation that stay in the nest.
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Australia could be in for a series of no less than eight RBA rate hikes over the next two years, according to former Reserve Bank board member, John Edwards.
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