#commonwealth bank home loan rates

[clearpacificcapital]

Financial service

Website : https://clearpacific.com.au/

Address : 2 cedar place, Broadbeach waters, QLD 4218

Phone : +61 0435 811 424

At Clear Pacific Capital, Inc. as Australia’s premier mortgage broker, our clients are our number one priority. We have been helping thousands of clients with for 20+ years. Clarity, Strategy, Service!

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[studentabode]

Essential Things You Should Know About Scholarships In The UK: 2024-25

The United Kingdom continues to be a premier destination for international students, offering world-class education alongside numerous scholarship opportunities. For the 2024-25 academic year, several prestigious scholarships are available to help students fulfill their educational aspirations in the UK.

Key Statistics

* Over £20 million in scholarships awarded annually to international students

* 60% increase in scholarship funding compared to 2020

* Average scholarship value ranges from £5,000 to £26,000

* More than 100 universities offering institution-specific scholarships

* 90% of scholarship recipients complete their studies

Major Scholarship Categories

1. Government-Funded Scholarships

Chevening Scholarships

Fully funded opportunities for outstanding emerging leaders

Covers tuition fees, living expenses, and travel costs

Approximately 1,500 scholarships are awarded annually

Application deadline: November 2024 for the 2025-26 academic year

Commonwealth Scholarships

Available to students from Commonwealth countries

Covers full tuition fees and living allowance

Includes travel grants and research support

Focus on development themes and priority areas

2.  University-Specific Scholarships

Russell Group Universities

Oxford and Cambridge: Combined scholarship funds exceeding £8 million

Imperial College London: President's PhD Scholarships (£35,000 per year)

University College London: Overseas Research Scholarships (up to £25,000)

Other Notable Universities

University of Edinburgh: Principal's Career Development PhD Scholarships

University of Manchester: Merit-based scholarships covering up to 100% Tuition

University of Warwick: Chancellor's International Scholarships

3.  Eligibility Criteria

Most UK scholarships require:

Strong academic background (typically 2:1 or equivalent)

English language proficiency (IELTS 6.5 or higher)

Demonstrated leadership potential

Clear career goals and study objectives

Relevant work experience (for specific programs)

4.  Application Tips

1. Early Preparation

Start research 12-18 months before the intended study date

Create a scholarship calendar with deadlines

Prepare documents well in advance

2. Documentation

Academic transcripts and certificates

English language test scores

Letters of recommendation

Research proposal (for postgraduate studies)

Personal statement

3. Common Mistakes to Avoid

Missing application deadlines

Incomplete documentation

Generic personal statements

Poor research proposal structure

Inadequate proof of English proficiency

5.  Alternative Funding Options

Part-time work opportunities (up to 20 hours during term time)

Education loans from home country banks

Family Sponsorship

Crowdfunding platforms

University payment plans

6.  Impact on Career Prospects

Research shows that UK scholarship recipients often experience:

40% higher employment rate within six months of graduation

25% higher starting salaries compared to self-funded students

Enhanced global networking opportunities

Better access to multinational corporations

7.  Student Accommodation Services

Student Tenant provides comprehensive accommodation solutions for scholarship recipients and international students in the UK. Their services include:

Wide range of affordable housing options near universities

Fully furnished properties with all-inclusive bills

Flexible contract terms aligned with academic years

24/7 support and maintenance services

Specialized assistance for international students

Secure booking process and deposit protection

Options in all major UK university cities

Check out Student Tenant's platform to find the right place in the UK with the scholarship option you have. Their professionals know well what foreign students go through and how to overcome these difficulties by providing the help they need to experience a safe and comfortable stay during their studies.

Those of you who are interested in scholarships and also housing should communicate with the Student Tenant's dedicated support team which is always ready to help with anything about you in this aspect or visit their website which allows you to view and choose among the available properties near the university where you will study.

[pratiksha-more]

Funding Your Education: Scholarships and Financial Aid for Upcoming UK Intakes

As Indian students gear up for the upcoming UK intakes, securing funding for education is often a significant concern. The UK is home to some of the world's most prestigious universities, offering high-quality education. However, tuition fees and living expenses can be daunting. Fortunately, various scholarships and financial aid options are available to help ease this financial burden. Understanding these opportunities can make a significant difference in your study abroad journey.

One of the most popular sources of financial support for international students is scholarships. Numerous universities in the UK offer merit-based and need-based scholarships specifically designed for Indian students. These scholarships often cover partial to full tuition fees and may include stipends for living expenses. For instance, institutions like the University of Oxford, University of Cambridge, and Imperial College London provide various scholarships for international students based on academic excellence and other criteria. Additionally, many universities have specific scholarships targeting Indian students, making it worthwhile to research and apply.

In addition to university-specific scholarships, there are external scholarships offered by governments, foundations, and private organizations. The UK government, through the Chevening Scholarships, provides fully funded opportunities for outstanding students from around the world, including India. This program not only covers tuition fees but also includes travel expenses and a living stipend. Another notable option is the Commonwealth Scholarship, which aims to support students from low and middle-income Commonwealth countries, offering a chance to study in the UK without the burden of excessive financial stress.

When considering funding options, it is crucial to start early. Begin your research at least a year before your intended intake. Prepare all required documents meticulously, as the competition for scholarships can be intense. Letters of recommendation, a compelling personal statement, and a strong academic record will significantly enhance your application. Many scholarships also require proof of English proficiency, so ensure you meet these requirements by taking standardized tests like IELTS or TOEFL.

Apart from scholarships, students can also explore other financial aid options, such as student loans. Indian banks and financial institutions offer education loans specifically for studying abroad. These loans usually cover tuition fees, travel costs, and living expenses, making them a viable option for students who may not qualify for scholarships. Be sure to compare interest rates and repayment terms from different lenders to find the best option for your financial situation.

Another way to support your finances while studying in the UK is by considering part-time work opportunities. As an international student, you can work up to 20 hours per week during term time and full-time during holidays. This not only helps cover living expenses but also provides valuable work experience and enhances your resume.

In conclusion, funding your education in the UK for the upcoming intakes is achievable with careful planning and research. By exploring scholarships, financial aid, and part-time work opportunities, you can alleviate the financial burden of studying abroad. It is advisable to seek guidance from an overseas education consultancy, as they can provide tailored advice and assistance throughout the application process, ensuring you make the most of the funding options available. Taking the right steps now will set you on the path to a successful academic journey in the UK.

Read more:

Why the UK is a Hub for Business Education: Top UK Universities for Aspiring Entrepreneurs

Preparing for January Upcoming Intakes in the UK: A Step-by-Step Guide for Indian Students

[yeswecare]

Financial Assistance For Students and Apprentices

There are a number of different financial assistance Adelaide schemes available to help you pay your tuition fees. These include scholarships and student loans. You can also apply for a travel allowance if you live five kilometres or more from your school or tertiary provider.

Moneycare offers financial counselling, access to the No Interest Loan Scheme and other financial skill-building resources. They can help you overcome unexpected crisis, like job loss, natural disaster or spiralling debt.

Scholarships

Students that are able to prove financial hardship can apply for a university bursary. This can cover tuition fees, accommodation and living costs.

International high achievers can be rewarded with a scholarship that covers their entire degree course duration. Other scholarships include the Vice-Chancellor’s International Scholarship, Excellence Scholarship and Pathways Scholarships.

Commonwealth Destination Australia Scholarships are designed to encourage and support young Australians to study in regional Australia. These can cover tuition fees, living costs and a work placement. Specific rural, regional and remote student payments are available through Services Australia, including the Relocation Scholarship and Fares Allowance. These can be deducted from Centrelink payments.

Student Loans

There are a range of government payments and services that can help with your living costs while you're studying or doing an apprenticeship. You can find out more about these by visiting Services Australia.

You may be able to claim a relocation scholarship if you live in an area that's not close to your place of study. This is an annual payment of up to $2,500.

HECS-HELP loans (formerly known as HECS) are available to cover tuition fees for approved higher education courses. You'll start paying back the loan through the tax system once you earn over a certain threshold.

VET Student Loans are available for approved higher level vocational education and training (VET) courses. There's a capped amount of loans and you must enrol in a course that's subsidised by the state or territory government to be eligible.

Financial Counsellors

Financial counselling is a free service for Australians facing financial difficulty. It provides information, options, advice, support and assistance. It can also help you apply for concessions or emergency relief. It can also refer you to other specialist services.

Financial counseling providers can assist you to develop a budget and manage your finances. They can also help you access crisis payments like rent and utility arrears, food vouchers, and no interest loans. They can also provide advice on debt recovery and negotiate with creditors on your behalf. They can also assist with family violence and other issues that cause financial stress. They can also offer mediation for couples to resolve financial difficulties.

Micro-finance schemes

Those living in poverty are often unable to pay for essential goods and services. This can include school fees, food and transport costs. In some cases, these people can access Commonwealth support programs paid through Centrelink such as Youth Allowance and Austudy.

These schemes provide financial assistance to those who cannot afford to borrow from a bank. Unlike traditional loans, these microfinance loans do not come with interest charges and are designed for low-income households.

Many established microfinance organizations have loan repayment rates in the 95 – 98 % range. This indicates that borrowers actually want and need these loans. As they repay these loans, they can build a credit history and become eligible for larger loans.

Affordable SA

The government provides a range of concessions to help people struggling with bills, food relief and housing costs. These include a variety of grants, loans and assistance programs.

The HomeSeeker SA program offers affordable homes for sale to eligible homebuyers. It also provides helpful advice about the house buying process and budgeting. The program has also expanded the First Home Owner Grant to encourage more homebuyers to buy affordable homes.

The government also promotes affordable rental properties. Developers can apply for a planning incentive by including affordable housing in their developments. They need to discuss the proposal with their council or assessing authority.

Homelessness

People who are homeless or at risk of homelessness can access financial assistance through a state-wide network of community service organisations. These services offer emergency crisis assistance, budgeting support, and financial capability building activities. They can also provide interest-free loans for essential household items.

The state government has launched the new financial wellbeing program to help people who are struggling to pay for their basic needs. This includes food, bills and transport costs. The program offers financial counselling from non-judgemental, qualified professionals and can help them negotiate better bill payment terms. It can also help people save money and build an emergency fund.

[dailyfinancies1]

The Simple Steps On How To Close Your Personal Loan With CommBank

In today's financial landscape, personal loans have become an essential tool for achieving various financial goals, from consolidating debt to funding home improvements or dream vacations.

Personal loans are a versatile financial tool, offering individuals the means to address various financial needs, from consolidating debt to financing major expenses. When it comes to personal loans, Commonwealth Bank (CommBank) stands out as a trusted financial institution.

In this guide, we will explore the process of closing your personal loan with CommBank, shedding light on the steps involved and the benefits of loan closure.

What Is A Personal Loan?

A personal loan is a financial product that allows you to borrow a fixed sum of money from a bank or lender. It's typically unsecured, meaning you don't need collateral to secure the loan.

CommBank offers a range of personal loans tailored to various financial needs, giving you the flexibility to choose the one that suits you best.

Understanding Personal Loans With CommBank

CommBank, or the Commonwealth Bank of Australia, offers a diverse array of personal loans designed to cater to various financial requirements.

These loans provide customers with access to the funds they need for a multitude of purposes, such as debt consolidation, home improvements, or unexpected expenses.

CommBank personal loans come with flexible terms, competitive interest rates, and straightforward application processes.

Whether you're a customer seeking financial support or looking to better comprehend your borrowing options, CommBank's range of personal loans stands ready to assist in achieving your financial goals.

Types Of Personal Loans At CommBank

Commonwealth Bank (CommBank) offers a diverse range of personal loans to cater to various financial needs. Here's a brief overview:

Personal Unsecured Loan: This loan type doesn't require collateral. Features include fixed or variable interest rates, flexible loan terms, and the option to make extra repayments. Eligibility typically depends on your creditworthiness and income.

Secured Car Loan: Ideal for purchasing a vehicle, this loan is secured by the vehicle itself. It offers competitive interest rates and flexible repayment terms. Eligibility criteria may include proof of income and vehicle details.

Fixed Rate Personal Loan: This loan comes with a fixed interest rate for the loan term, offering predictability in loan repayments. Eligibility is often based on credit history and income.

Each of these CommBank personal loans is designed to suit specific financial needs and comes with its own unique features and eligibility criteria.

Why Should You Close Your Personal Loan?

Closing your personal loan offers several compelling advantages. Here they are:

Firstly, it grants you financial freedom by eliminating the burden of monthly payments, freeing up your cash flow for other priorities. 

Secondly, it can significantly improve your credit score as successfully paying off a loan demonstrates responsible financial behavior. A higher credit score can open doors to better financial opportunities in the future. 

Lastly, closing your personal loan means you'll be saving on interest, as you won't be accruing additional interest charges. This not only saves you money but also allows you to achieve your financial goals more efficiently.

Benefits Of Closing Your Personal Loan

Closing your personal loan comes with a multitude of benefits, including:

Financial Freedom: By paying off your loan, you free up your monthly budget from hefty repayment obligations. This newfound financial flexibility allows you to allocate your funds towards other essential expenses or savings goals.

Improved Credit Score: Successfully closing your personal loan reflects positively on your credit history. It demonstrates responsible financial behavior, potentially boosting your credit score. A higher score can grant you better access to future loans and credit at more favorable terms.

Interest Savings: Loan closure means you stop accruing interest charges. Over time, this can translate into significant savings, ensuring that you keep more of your hard-earned money in your pocket.

Reduced Financial Stress: Shedding the burden of loan payments can alleviate financial stress, providing peace of mind and reducing anxiety about meeting monthly obligations.

Enhanced Financial Security: With your loan behind you, you can focus on building a more secure financial future, whether through investments, savings, or pursuing other financial goals.

In essence, closing your personal loan isn't just a financial milestone; it's a step towards greater financial well-being, stability, and the pursuit of your financial aspirations.

The Simple Steps On How To Close Your Personal Loan With CommBank

Now, let's delve into the steps to close your personal loan with CommBank.

Step 1: Assess Your Loan Status

Before you proceed, it's essential to know the current status of your personal loan with CommBank:

 - Check your outstanding loan balance. 

- Verify if there are any penalties for early loan repayment.

Step 2: Create A Loan Repayment Plan

Create a solid repayment plan to clear your loan efficiently:

 - Calculate the total amount required to close the loan.

 - Consider your current financial situation and budget.

 - Explore different payment options, such as lump-sum payments or regular installments.

Step 3: Contact CommBank

Communication is key when closing your personal loan:

 - Reach out to CommBank's customer service through the provided contact details.

 - Inform them of your intention to close the loan and inquire about any specific instructions.

Step 4: Make The Payment

Execute your repayment plan by making the necessary payment:

 - Explore various payment methods, including online, in-branch, or phone payments.

 - Ensure the payment is accurately credited to your loan account.

Step 5: Verify Loan Closure

After making the payment, you'll want to confirm that your loan has been closed:

 - Understand the typical timeframe for loan closure.

 - Regularly monitor your bank statements to ensure the loan balance reaches zero.

Step 6: Collect Necessary Documents

Gather essential documents as proof of loan closure:

 - Documents may include a loan closure statement or letter from CommBank.

 - Maintain these records for your financial records.

Step 7: Monitor Credit Report

Continue to manage your financial health post-loan closure:

 - Monitor your credit report to ensure it accurately reflects the closed loan.

 - A positive credit history can benefit your financial future.

Additional Tips And Considerations

In this section, we'll explore some valuable additional tips and considerations to enhance your financial well-being after closing your personal loan.

Tax Implications

Consider the tax implications of closing your loan. While personal loan interest is typically not tax-deductible for individuals, loan closure might impact your tax situation.

Closing the loan means you won't have interest expenses to deduct, potentially affecting your overall tax liability. Consult a tax professional to understand the specific implications of your circumstances.

Emergency Funds

After loan closure, prioritize building an emergency fund. This financial cushion shields you from unexpected expenses.

Redirect the funds previously allocated to loan repayments into this fund, aiming to accumulate at least three to six months' worth of living expenses for financial security.

Financial Planning

Emphasize the importance of financial planning post-loan closure. Set clear goals, create a budget, and explore investment opportunities.

Consider consulting a financial advisor for tailored guidance to secure your financial future. Thoughtful planning ensures ongoing financial well-being.

The Pros And Cons Of Closing A Personal Loan With Commbank

Here are the pros and cons of closing a personal loan with CommBank:

Pros:

Financial Freedom: Paying off your personal loan with CommBank frees up your monthly budget by eliminating loan payments, giving you more control over your finances.

Improved Credit Score: Successful loan closure can positively impact your credit history, potentially boosting your credit score. This, in turn, enhances your eligibility for future credit at better terms.

Interest Savings: By closing the loan, you halt the accrual of interest charges. Over time, this can result in substantial savings, leaving more money in your pocket.

Reduced Debt Burden: Eliminating debt reduces financial stress and brings you one step closer to being debt-free.

Cons:

Loss of Tax Deductions: If you were using your personal loan interest as a tax deduction, closing the loan might mean losing out on potential tax benefits.

Opportunity Cost: The funds used to pay off the loan could potentially have been invested elsewhere for a higher return. Consider whether this is a more lucrative option.

Loss of Liquidity: Using a significant portion of your savings to pay off the loan may leave you with reduced liquidity, potentially impacting your ability to handle unexpected expenses.

While closing a personal loan with CommBank offers numerous advantages like financial freedom and improved credit, it's essential to consider potential downsides, such as lost tax deductions and the opportunity cost of using your funds for loan repayment. Make a decision that aligns with your overall financial goals and circumstances.

Conclusion

Closing your loan offers a range of substantial benefits. It ushers in financial freedom by eliminating monthly obligations, enhances your credit score through responsible repayment, and saves you money by reducing interest payments.

However, it's crucial to emphasize that responsible financial management doesn't end with loan closure.

Maintain prudent financial habits, such as budgeting, saving, and investing wisely. By continuing to make informed financial decisions, you can harness the advantages of loan closure and pave the way for a secure and prosperous financial future.

Remember, your journey toward financial well-being is ongoing, and sound financial practices will lead you to greater financial stability and success.

FAQs:

Can I close my personal loan before the end of the loan term? Yes, you can close your personal loan before the end of the term. However, be sure to check for any prepayment penalties outlined in your loan agreement.

Will closing my personal loan affect my credit score? Closing your personal loan can have a positive impact on your credit score, as it demonstrates responsible debt management.

How long does it take to receive a loan closure letter from CommBank? Typically, you should receive your loan closure letter within a few business days after making the final payment.

Is there a fee for closing my personal loan with CommBank? CommBank may charge a small fee for loan closure, but this varies depending on your loan agreement. Review your terms and conditions for details.

What should I do if there is an error on my credit report after loan closure? If you notice an error on your credit report related to your closed loan, contact CommBank and the credit reporting agency to rectify the issue promptly.

[smithleonardo]

New homebuyers enticed into market now face perfect financial storm

New homebuyers enticed into market now face perfect financial storm

Farheen Khan and her husband Faizan Afzal are about to achieve the great Australian dream — buying a home where their children can grow up, with nearby parks and a good school. Key points: Big government incentives in 2020 lured first homebuyers into the market But those same incentives also helped drive up housing costs Now rising interest rates are adding to mortgage stress “It feels very…

[berniesrevolution]

Food coops, housing coops, credit unions, and other such institutions are sometimes referred to as the “solidarity economy.” How do these institutions relate to working-class power? Do they offer working-class people some shelter or respite from capitalism? Do they perhaps even “create the new world in the shell of the old”? Nick Driedger and Eric Dirnbach, two veteran members of many institutions of the solidarity economy, debate these points.

Eric: We all noticed this recent article about the campaign for “postal banking,” where United States Postal Service branches would offer much-needed banking services for folks who lack access to bank accounts.  The USPS actually used to do this up until the 1960s, and other countries still have it. This would obviously be helpful for many low-income people, who are forced to pay high fees at check cashing stores, and of course Wall Street banks hate the idea because they don’t want the competition. Unfortunately, according to the article, the national credit union association allied with the banks to lobby against it, which was news to me.

Now, I’m a member of a credit union and a fan of the concept. Financial institutions owned and run by their members are a great alternative to handing over our money to the standard, capitalist banks and increasing their power over us. Credit unions are in principle more accountable to their members and their communities, and have policies that are much more progressive than banks. And yet they took this bad stance against postal banking, deciding to protect their turf, just like the capitalists.

This reminded me of the recent Organizing Work exposé about bad labor practices and union-busting at a number of food cooperatives. I’m also a fan of food coops and have been a member of several, and those practices are extremely disappointing. Another problematic example is the Mondragon coop network in Spain, which I think is really impressive, but also incorporates a second-class tier of international workers who are not member-owners and who have even gone on strike against the coop.  

Overall, these are examples of “solidarity economy” organizations behaving like capitalist enterprises. The solidarity economy can be described as a network of organizations and practices like worker coops, housing coops, community land trusts, food coops, credit unions, time banks, community gardens and other entities that are alternatives to capitalist businesses. A segment of the left, and I would include myself here, believes one strategy (along with others like union organizing) to help transition beyond capitalism is to grow this economy in opposition to capitalist practices and prefigure the better socialist world that we want. A hundred years ago they called this idea the “Cooperative Commonwealth.” But these examples of bad, non-solidarity politics undermine that ideal.

Nick: In the article you mention, we see an example of an arm of the United States government being called on to provide a new public service. The City of Cleveland specifically called on the United States Postal Service to provide banking services through post office outlets. These calls are also coming from grassroots campaigns among postal workers’ unions in the USA and Canada, who want the government to expand services, better serve rural communities and undercut payday loan companies, which are often the only way for many working people to cash their paycheques, at exorbitant rates.

I am a member of four different consumer cooperative businesses, and had my first job at one of them. The United Farmers of Alberta is an institution where I live. At one time, it was a political party, and for a number of years, a long time ago, it was the government of the province. I am a member and buy feed for my chickens and ducks there, and when I was sixteen they gave me my first job. It had benefits and clear hours and a job description. It paid head and shoulders above what most businesses in rural Alberta will pay a teenager.

I am also a member of my small town’s credit union. The manager of this credit union is a big player in the local United Conservative Party.  I pay my insurance through The Cooperators Insurance. The manager of this coop was our New Democrat (social democratic party in Canada) representative in the provincial government that just fell in Alberta a couple of months ago. In the past, I have voted for left candidates for the board at Mountain Equipment Co-op (a camping supply consumer coop popular in Canada) who wanted to push for stronger ethical purchasing guidelines and support the cause of Palestinian rights.

Cooperatives in Western Canada are political and there is politics inside of them. They are often on their local chambers of commerce, and there is both a left wing inside the cooperative movement as well as a very strong right wing.

Where I live, coops are also a part of the local history. My family in a Saskatchewan farming community have worked for generations at a consumer cooperative simply called “The Co-op,” which provides groceries and fuel in many communities. In many rural communities in Western Canada, no one would have electricity if not for early rural cooperatives. Later, government services followed, like Alberta Government Telephones (which was privatized in the 1990s). Often coops would establish services that would be picked up as public services later. The words “Cooperative Commonwealth” have a deep resonance with people and a history here. Even a lot of conservatives consider the history of the Cooperative Commonwealth Federation (forerunner of the New Democratic Party) a history working people and farmers can be proud of on the prairies.

Eric: That is a fascinating history and I’d love to learn more about coops in rural areas. Clearly coops were organized over the years to meet the needs of rural residents. Agricultural supply and electrical coops are great examples of this. More modern examples are the internet service coops.

I’m more familiar with coops in an urban setting.  I’ve lived in my housing coop in New York City for about ten years and was just elected to the board, so I’ve been thinking about this place a lot. Morningside Gardens, with almost 1,000 apartments in six buildings, was founded in 1957 and has a pretty rich history of cooperative activity, with many committees, clubs and other organizations formed. Folks started a cooperative workshop for woodworking and ceramics, a nursery school and a retirement service in the 1960s, which are all still running.  The retirement service allows senior residents to age in-place and not have to move to a nursing home.

Members here have also been involved in community-issue organizing for decades, such as supporting local libraries, fighting for good subway and sanitation services, and campaigning for better local zoning to restrict luxury condos. Residents have formed several babysitting coops over the years. A theatre group was formed in the 1980s which still exists. In the last few years, several buildings have started a “Neighbors Helping Neighbors” mutual aid program, which is like an informal timebank where folks help each other with household tasks.

We had a food coop for over 30 years; that closed in the 1990s. I spent some time reading our old newsletters to learn about it and write up a history. The food coop members advocated for better consumer protection and product labeling laws in the 1960s and 1970s when the entire grocery industry was against more regulations. The coop also supported the United Farm Workers grape boycott and the Nestle baby formula boycott. In the 1960s, it started a credit union, which lasted for 15 years, so low-income members could have access to loans they couldn’t get at a bank. The coop also helped start at least two other food coops nearby, with funding and technical assistance. It made a small profit in most of its years and often returned a rebate to the members, thus keeping money in the community and out of the hands of a billionaire grocery boss.  And it was a union shop. One of my neighbors worked as a bookkeeper there in the 1970s and 1980s and still gets the union pension today.

All this seems really positive to me and was enabled to a large extent by the cooperative setting. Of course, some of this activity could happen in a similarly-sized apartment complex of renters, owned and managed by a landlord, but a lot of it wouldn’t. Bosses and landlords monopolize power, decision-making and wealth. Workplace and tenant unions fight to expand worker and tenant power, of course, but ultimately the boss or landlord still owns the property and extracts the surplus value and rent. The process of people running their own key institutions requires a lot of volunteer work, but this cooperation I think builds skills and confidence and creates more opportunities and the desire to work together on other projects.

Now, I don’t want to overstate the situation here; this isn’t Full Communism. Of course there have always been folks who see it as just a nice place to live and are less engaged in its internal life and politics. And capitalism has intruded on our utopia. The coop was “limited-equity” for decades, meaning that apartments were priced at below market value to keep them affordable. This was because our coop originally received tax breaks and other assistance arising from the 1949 Housing Act, which was intended to create affordable housing (and has a complicated history).  Then there was a contentious, long-running debate starting in the 1990s where a majority of residents voted to shift to market-rate pricing over time.  

(Continue Reading)

[rajaproperti-blog]

Can bushfires affect the real estate market?

Can bushfires affect the real estate market? - With heavy rains hitting NSW and dramatically reducing the number of active fires in the state, australian house prices two potential disruptors to the real estate market now stand side-by-side. They beg the question of what influence increasingly severe and reoccurring weather events may have on the real estate market and whether they are having an effect already.

Over this summer, property market in sydney more than 11 million hectares have been destroyed by bushfires while over 2,000 homes have been lost from fires over the summer.

While these fires and the advent of coronavirus have been marked as two significant potential impacts on the Australian economy in the short-term, harga rumah di australia there is also the question of how these fires will affect the real estate market or whether they will have much of an impact at all. While there have been structural losses to many homes, much of the destruction has occurred to bushland in and outside of national parks, which complicates the potential for fires to have an impact on the real estate market acutely.

Read More : bisakah orang indonesia membeli rumah di australia

How will increasingly frequent and large-scale fires affect insurance premiums?

Since September last year, approximately 8,500 claims worth $700 million in losses have been made to insurance companies. rumah di australia The Insurance Council of Australia, led by chief executive Rob Whelan, warned the Australian government in January that insurance premiums could rise due to these events without effective adaptation and mitigation. This involves measures such as reevaluating where we live and how we prepare against future bushfire effects.

Climate risk analyst Karl Mallon authored a report with the Climate Council in 2019 called ‘Compound Costs: harga rumah di melbourne How Climate Change is Damaging Australia’s Economy’, noting that the property market could lose $571 billion in value by 2030 due to climate change and consequent extreme weather.

The report extended this projection to estimate a loss of property values from climate change of $770 billion by 2100. However, these projections do focus on the effects of flooding more than fires. While the Commonwealth Bank’s 2018 annual report noted the impacts of flooding, inundation, apartemen di australia bushfires, soil contraction and wind as all having a potential impact on the major bank’s lending portfolio and insurance premiums, inundation/flooding was seen as the most significant.

“High risk properties make up only 0.01% of our portfolio (by outstanding balance) in 2020,” beli rumah di australia the report states, “and rises to be around 1% in 2060 if there are no changes in the way we lend in these areas.”

“Locations affected by climate risk are expected to experience an increase in maintenance and damage costs, property in perth leading to higher insurance costs, due to flooding, storms, bushfire and drought, with rising sea levels expected to have the most significant increase.”

The relatively small scale of structural damage caused by fires compared to floods poses less of a direct risk to the insurance industry and property prices, real estate australia but there may be a strong potential for indirect impacts.

Will bushfires affect property prices?

The same report from the Climate Council warned that the effects of climate change could potentially wipe off $571 billion from property values by 2050, australia house while the Actuaries Institute warned that 1 in 10 houses could become uninsurable by the end of the century due to climate change, but predictions like these are made harder to make when you consider certain shifts in how (technological advancements, mitigation, adaptation) and where we live in the future as we continue to adjust to increasingly extreme weather events.

In the short term, there are more indirect effects on real estate prices that may be harder to measure. house in australia These include pressures placed on living standards, industries and businesses that may have a cumulative effect on markets. For instance, air quality in Canberra over the 2019/20 summer fires was so poor that in early January the very department which oversees Australia’s response to disasters and emergencies, the Department of Home Affairs,

was forced to temporarily shut its offices, while the health effects of Canberra’s compromised air quality is not yet known. australia house prices The Washington Post reported that emergency room visits for asthma and breathing problems in Sydney “increased more than 34 percent in the period from Dec. 30 and Jan. 5 compared to a year earlier.”

This raises the potential for people to consider their future options and seek new destinations less prone to such risks (though as was seen with smoke reaching New Zealand, houses for sale in australia this can be hard to escape). Whether this has an effect on prices is unclear.

Similar indirect effects might be seen when considering industries such as tourism, which are impacted by these volatile summer seasons exactly when they expect and rely on peak tourist numbers. australia property If tourism and related small business industries are hit by repeated seasons as was seen this past summer, the commercial and residential real estate markets may be affected.

The rental system sees short term pressures placed on it during times of severe natural disaster, when people forced from their homes require immediate living alternatives. property in australia As part of the recovery from natural disasters such as fires, those that can afford to repair and rebuild faster than others can financially land back on their feet faster, potentially exacerbating inequalities in the market. This isn’t restricted to individuals but entire communities, such as those on Kangaroo Island, which saw severe fires that damaged almost half of the island.

Finally, as part of a growing awareness of increased risks from intense fire seasons, there is the potential effect from increasing demand for homes within urban centres and decreased demand for homes in regional markets, houses for sale melbourne growing this price divide between urban and regional markets.

In the short term, however, there seems to have been little impact on regional markets from the fires. Corelogic data for December dwelling values showed .5% month-on-month growth for regional NSW, .7% growth for regional Vic and .8% growth for regional Qld, despite the large-scale fires. melbourne property It may be too soon to be assessing the effects of the fires on regional areas of those states most impacted. Larger market forces may have played a stronger short-term role in house values, such as interest rate cuts,

the loosening of loan serviceability policies, and the fact that standard variable mortgage rates are sitting at rates not seen since the 1960s, with November seeing rates at 4.8% compared to a peak of 17% in November 1989. sydney property Capital cities on the eastern seaboard weren’t affected by bushfires, which is hardly surprising, with Sydney seeing values rise by 8.2% since finding a floor in May 2019.

What is clear from this past bushfire season is that the economic considerations being factored by major industries, such as the banking sector, houses for sale sydney have moved from abstract calculations in annual reports to real impacts on regular homeowners and that calculating the effects of increasingly volatile fire seasons is more complicated than simply looking at those areas immediately affected by bushfires.

[americanproperties-blog]

8 Mistakes Not to Make When You Are Building A New Home

Don’t Confuse the base price with the actual price of the home:

Yes, while building a new home don’t mix up the base and actual price. You need to realize that you will be quoted a cost for the home itself but that you will need to plan on upgrade costs as well. During new construction homes in burlington county nj building process you will find plenty of customization options. Everybody wants to create home of their dream and the upgrade cost totally depend on the choices you make about the design of your home. There is a great chance your sale agent may sell you on the amazing “base price” of the home asking you to choose a lot and put down a deposit before you have any idea how much the upgrades will ass to the price of the home. search thoroughly and ask questions to your builder. Make everything clear before paying the price

Model homes may vary from the actual home, don’t consider it standard:

The model homes builders show you are usually al upgraded and full f amenities but it didn’t mean you will get everything in your actual new homes for sale in burlington county nj. to cope with this matter, we recommend you to write every little detail of model home from color to flooring so you can demand it from your builder. There is a chance that your builder advertises low home prices and you might shocked to find out how much of what you saw in the model was an upgrade. For example, you after the completion of your home you see upgraded countertop in kitchen costing you $10,000, upgrades in master bathroom layout, upgraded window sills, an upgraded garage door opener, upgrade central air, light fixtures other than fluorescent bar lights in the kitchen were upgraded, 2 tone pain, doorknobs, the trim, fixtures, tiles, carpet etc. moreover, while visiting you might see an upgrade even on outside that you were not told about until after you signed and put down a deposit on a lot. While these items do come in standard with the builder you eventually choose, which means you didn’t need to spend nearly as much money upgrading it to get what you want. House exceeding your budget limit wasn’t much of a deal after all.

Without verification don’t take the sales agent’s word for it on upgrade prices:

Different real estate agents could tell you base price of home you are interested in but they widely in how much they could tell us about upgrade costs and how accurate what they told you was. It is better to work with the agent who gave you good estimate and verified them in writing along with adjusting the things. Set a meeting at builder’s design center with your agent so you could get the accurate idea of how much the specific things in which you were interested cost, prior your commitment to a floor plan. Keep in mind that real estate agents work for the builder not for you and they will likely earn a commission based on how much you spend. It doesn’t mean you can’t trust on them but don’t do blind trust on anyone. in the home building process if you don’t want a disappointing surprise later on it is better to verify costs in writing early on.

Don’t forget to ask for incentives:

May be your sale agent able to offer you incentives that will reduce the total cost of your home construction. on the base price of the home, possible design center credit toward upgrades and the preferred lender incentive, don’t forget to ask your builder what promotions they are currently offering.

Builder reputation is important:

Prior beginning the process ask around about the builder you are interested in. good agents will impress you in first meeting not with their sugar-coated talk but with the right and accurate information. Before getting emotionally attach with the homes they offer ask around and google your builder reputation. There might be some flaws in your builder or may you find bad reviews online. Ask people about their opinion regarding certain builder but in case if no one seems to recommend a builder, just save yourself that hassle and find another builder. During the building process you spend enough time with your agent like choosing a lot, picking an upgrade etc. sometimes you realized that the upgrades you chose are much more expensive than the sale agent led you to believe, at times like that it is better to walk away.

Without a backup plan don’t assume your current house will sell during new build:

No matter what your Realtor tells you there always a chance your home won’t sell before completing the new one. You may be able to get financing to build a new home before you have sold your current home but factors like slow market, buyers with financing issues, appraisal problems etc.  might become hurdle in selling your current home. there is no stick rule that you must have to sell your home before staring building new home but it means you should have a backup plan in place. You must have a plan like if your home not sell in time what will you do? Whether you try to rent out? Make both house payments until it does sell? Or walk away from the new home? make sure you have a clear plan.

Don’t expect everything to go smoothly:

“No home is ever built perfectly start to finish”. In the home building process keep in mind that something will go wrong at some point in the build and expecting it will help it not feel so frustrating when it happens. During the construction visit the houses for sale in burlington as often as you can and pay attention to make sure things are going up as planned. If something goes wrong you have to know to whom you need to talk because you likely won’t get anywhere trying to talk to the subcontractors who are actually doing the work.

Don’t forget interest rate may change between now and then:

The actual interest rate you pay will likely not get locked in until 30 days before the house is done. It means it could change in the time it takes to build, affecting your payment amount. It is better to ask your lender to give you estimates one with today’s rate and a few more with slightly higher rates to make sure you will still be comfortable with your payment if things change.

[petnews2day]

EXCLUSIVE Australian banks ease mortgage norms as property market cools

New Post has been published on https://petnews2day.com/pet-industry-news/pet-financial-news/exclusive-australian-banks-ease-mortgage-norms-as-property-market-cools/

EXCLUSIVE Australian banks ease mortgage norms as property market cools

SYDNEY, Nov 10 (Reuters) – Two of Australia’s top banks have quietly relaxed some home lending standards, banking and mortgage-broking sources said, despite authorities urging prudence in recent months amid a falling real estate market.

The banks are now less conservative in counting expected rental income when assessing loan applications, said the four sources.

The changes boost borrowing power for those applicants with big rental incomes, who are typically seeking investment loans. In September, about a third of new bank mortgage lending was for investment.

Westpac Banking Corp (WBC.AX), Australia’s third-largest home lender, in May reduced a discount on assessed rental income to 10% from 20%, according to three of the sources.

National Australia Bank Ltd (NAB) (NAB.AX), the number-two lender, has resumed accepting income from short-term rentals, such as those booked through the agency Airbnb Inc (ABNB.O), two of the sources said. Media reported in 2020 that NAB had stopped the practice.

On Nov. 12, NAB will also halve its discount on rental income to 10%, including for Airbnb-like short-term rentals, the sources said.

According to long-standing guidance from the Australian Prudential Regulation Authority (APRA), banks should discount rental income declared by mortgage applicants by at least 20% to create a buffer for times when properties are vacant.

A Westpac spokesperson said the bank varied its credit policy from time to time and “any proposed change is put through a robust process to ensure it’s fit for purpose.”

NAB declined to comment.

Another of Australia’s four biggest banks, Australia and New Zealand Banking Group (ANZ) (ANZ.AX), also applies a 10% discount on rental income. A fifth source said it had done so since September 2020.

ANZ “acts diligently and prudently in setting our risk appetite and policy,” a spokesperson said in an email.

“We regularly review our lending policies and guidelines to ensure we are operating within our risk appetite and practising responsible lending practices, including meeting APRA prudential standards,” he added.

APRA declined to comment but referred Reuters to a letter it sent to lenders in June that said “in the current environment, with high household indebtedness and rising interest rates, it is important that (lenders) are prudently managing risks in residential mortgage lending.”

The Reserve Bank of Australia has repeatedly said this year that, while broader financial stability risks are low, it is important for lenders to maintain prudent lending standards.

FALLING PRICES

As seven interest rate rises applied since May take heat out of one of the world’s most expensive real estate markets, Australian banks have been fighting to grow their shares of a loan pool that has long been the engine room of their earnings.

Housing prices in September were down 1.4% from August, when the monthly fall was 1.6%, the sharpest in 40 years.

NAB, Westpac and ANZ trail market leader Commonwealth Bank of Australia (CBA.AX), which has a quarter of the mortgage market. Commonwealth continues to apply a rental income discount of 20% on mortgage applications, a sixth source said.

“Banks hold a position of power and expertise in the mortgage business, so most people rely on their assessments of what they can borrow,” said Tom Abourizk, senior policy officer at the Consumer Action Law Centre.

“With interest rates and cost of living increases, banks should be taking more care than ever to ensure they are not writing unaffordable mortgages that set people up to fail,” he added, commenting on the changes to assessment of rental income.

The most recent bank earnings showed late and impaired loans near record lows, but financial analysts warn those figures are likely to rise as inflation, increased interest rates and a rebound in unemployment take hold in 2023.

“It takes time for the impact of the rate increases to hit people and make them realise what they can and can’t afford,” said Nathan Zaia, a banking analyst at Morningstar.

“People might have A$10,000 to A$15,000 in savings, dig into it and only realise in time that they can’t manage it anymore.”

($1 = 1.5555 Australian dollars)

Reporting by Lewis Jackson and Byron Kaye; Editing by Praveen Menon and Bradley Perrett

Our Standards: The Thomson Reuters Trust Principles.

[melbournenewsvine]

The best frequent flyer credit cards that can save your travel plans

The Amplify Signature – Qantas Option Card, from St George Bank, Bank of Melbourne and Bank SA, holds 90,000 points offered. Its annual fee is $279 and its rate is 19.49 percent. loading Then rounding off the top five is the American Express Qantas Ultimate Card. You get an additional 75,000 points for an annual fee of $450 and an interest rate of 20.74 percent. But note that, like the frequent flyer programs themselves, there is a lot of fine print for frequent flyer cards. For example, the American Express Qantas Ultimate Card includes $450 in Qantas travel credits annually, eliminating the annual fee entirely. Usually, all bonus points are also calculated for a certain spend within a certain time frame. Of course, your choice should not be due to prior incentives. Most frequent flyer cards are item deals, so make sure you’re happy because it’s the real best deal. To help determine this, Canstar has developed a bonus net return calculation, which specifies that the American Express Qantas Ultimate Card comes first. This is despite the high annual fees and interest rate – great evidence of why these cards can be difficult to choose at first glance. As providers compete fiercely for business, many frequent flyer rewards cards offer very high points for converting new customers.attributed to him:Peter Brigg The dollar value of Amex Card rewards and free add-ons, minus potential interest and fees over 12 months, brings in for a typical user $667.69. That’s nearly $60 higher than its nearest competitor. However, its closest competitors are also AMEX cards. In second place is the Velocity Platinum card with a net return of $608.24, followed by the Explorer credit card, with a net return of $555.60. The other interesting thing about these three cards is that they each have a relatively low credit limit for the rewards card: $3,000. Jumping to the minimum credit of $6000, we have the second highest net return: $500.76 from ANZ Travel & Adventure Rewards Card. Its annual fee also doesn’t set you back much at just $120. Next best value for money is the Premier World MasterCard from HSBC – Qantas’ Choice. The net rewards are $492.56 but you need to be prepared to take on a credit limit of $10,000 (remember that access to credit is restricted for the loan at present). Rounding out the Canstar Choices is the Ultimate Awards – Commonwealth Bank’s Rewards Option with a net bonus return of $487.53. Again, you must pay $420 in annual fees, even though the minimum credit is only $6000. An absolute smart strategy, if you have a home loan, is to put your paycheck into a balancing account along with that loan and use a high-score frequent flyer credit card for all your expenses. You just transfer money from your offset account to the card when it’s time to pay your monthly bill, using the bank’s money to save you a lot of loan interest and your pride in the single cheap vacation too. The advice provided in this article is general in nature and is not intended to influence readers’ decisions about investment or financial products. They should always seek their own professional advice that takes into account their personal circumstances before making any financial decisions. Nicole Pedersen-McKinnon is the author of How to Get Mortgage-Free Like Me. Follow Nicole on Facebook, Twitter or Instagram. Source link Originally published at Melbourne News Vine

[sounmashnews]

[ad_1] Three of the key banks have made adjustments to their rates of interest after the Reserve Bank of Australia elevated the official money charge by 0.50 per cent to 2.35 per cent.The Commonwealth Bank of Australia stated it might enhance its residence mortgage variable rates of interest by 0.50 per cent from September 16.Changes will apply to all variable merchandise, together with all work in progress functions.“We know that there is a lot of change happening for our customers right now, and supporting them through this time is a priority for us,” retail banking companies group government Angus Sullivan stated.“We have a range of tools and other support measures to help our customers manage their home loan repayment, including our new home loan change repayment tool, which helps our customers to synchronise their mortgage repayments with the day they are paid.”CBA may even enhance the rates of interest throughout a few of its financial savings merchandise.GoalSaver with bonus rate of interest will enhance by 0.60 per cent to 2.10 per cent.Youthsaver with bonus rate of interest may even enhance by 0.60 per cent to 2.30 per cent.CBA’s 18-month time period deposit particular supply of three per cent may even be prolonged.Some time period deposit rates of interest will enhance by as much as 0.75 per cent from Monday.“One of the things we are doing to help our customers better manage any pressures to their household budget associated with the rising cost of living is lifting the rates across a number of our deposit products,” Mr Sullivan stated.CBA can be extending its four-year fastened charge particular of 4.99 per cent for proprietor occupiers paying principal and curiosity with a house mortgage package deal.The three-year curiosity solely funding residence mortgage fastened package deal charge of 5.49 per cent can be being prolonged.ANZ says it should enhance its variable rates of interest by 0.50 per cent from September 16.“We understand the cost of living and changing rate environment is impacting customers in different ways and our experienced teams are here to help our customers understand what these changes mean for them,” ANZ group government Australia retail Maile Carnegie stated.“We have a number of tools available to support our customers understand these changes, including our new home loan repayment calculator and our free home loan check-in.“While many of our customers remain in a strong position, we encourage any customer who may be facing difficulties to reach out to our experienced teams as soon as they can to discuss additional personalised support.”The change will enhance month-to-month repayments by $125 on a variable residence mortgage of $450,000 for an proprietor occupier paying principal and curiosity. NAB’s normal variable residence mortgage rate of interest may even enhance by 0.50 per cent from September 16.Group government for private banking Rachel Slade stated anybody with questions or considerations ought to contact their financial institution.“An early conversation with your bank is so important to staying on track financially,” Ms Slade stated.“When customers speak to our NAB Assist team early, we see that 90 per cent of our customers are back on their feet within 90 days.”Read associated matters:Commonwealth BankReserve Bank [ad_2] Source link

[interestrateuk]

Bank claims rate rises and inflation starting to bite

New Post has been published on https://interestrate.co.uk/bank-claims-rate-rises-and-inflation-starting-to-bite/

Bank claims rate rises and inflation starting to bite

Rising interest rates and soaring inflation have taken their toll on consumers across Australia. Many are struggling to make ends meet financially, and the prospect of further rate hikes coupled with continued living cost increases is causing concerns for many households.

Officials from one of the leading Australian banks, the Commonwealth Bank of Australia (CBA), have claimed that higher interest rates and inflation are starting to bite. According to the bank, there has been a noticeable change in spending habits as consumers try to cut costs to cope with the ongoing situation. Recently, the Reserve Bank of Australia unveiled the first official interest rate hike in over a decade as part of the struggle to bring inflation back under control. Evidence suggests that tighter monetary policy is impacting spending on non-essential purchases.

Clear signs of cutbacks among consumers

According to data, the CBA’s household spending intentions index increased by 0.8% in August. However, despite this slight increase, bank officials said there were clear signs that consumers were starting to make cutbacks in some areas.

CBA chief economist Stephen Halmarick said: “While the index rose in August, we’re seeing weakness in discretionary spending following recent interest rate increases and a growing move to value purchasing. For instance, while grocery spending remains high, we’re hearing customers are swapping to value products in response to higher food prices.”

He added: “Spending for household services has also risen 4 percent in August, with charitable donations leading the category, likely signaling a stressful environment for many in the community.”

Spending intentions drop for travel and entertainment

Among the areas where spending intentions have declined due to the financial climate were entertainment and travel, which fell by 7.2% and 3.9%, respectively. In addition, CBA officials said there had been an increase in home loan applications in August. However, they were still significantly lower than last year.

Retail spending intentions have also fallen by 1.3% due to a drop in purchasing items such as clothing, footwear, and sports gear. However, there was an increase in intentions to spend on things such as groceries, garden supplies, and electronics.

The data came from a report covering August, the month when the central bank hiked the base rate by 0.5%. This has since been followed by another 0.5% rate increase, with the official cash rate now 2.35%, the highest for seven years. With continued monetary policy tightening planned, it could continue to rise.

[leanpick]

$1620 detail hidden in Commonwealth-backed home loan

$1620 detail hidden in Commonwealth-backed home loan

A new variable home loan rate offered by a Commonwealth Bank-backed lender may not be all it first seems. Digital lender Unloan is offering live-in homeowners looking to refinance their loans “low fees and a fast online application process” on a 3.14 per cent per annum home loan. The major selling point is that the loan reduces by 0.01 per cent each year – culminating in up to a 0.30 per cent…

[onlyexplorer]

Commonwealth Bank to raise variable mortgage rates by half a percentage point

Commonwealth Bank to raise variable mortgage rates by half a percentage point

Commonwealth Bank has taken the initiative to pass on the latest Reserve Bank rate hike in full to customers. Key points: The target cash rate increased by 0.5% The big four banks raised variable rates on home loans in line with increases in May and June Some economists predict another half-percentage-point increase in August The ABC said it would raise the standard variable interest rate for…

[theaussieway]

Australian House Prices Are Predicted To Drop10% Says CBA

The Commonwealth Bank or CBA believes house prices will tumble 10%, and it predicts when this will happen. CBA’s head of Australian economics, Gareth Aird, said he expected property price growth to moderate in the first half of next year, but 2023 would see a drop.

According to Aird, home prices in Sydney would drop by 10% over 2023 as the RBA takes the cash rate to 1.25 by the third quarter of that year. The current official cash rate is 0.10%.

The phenomenal rise in prices is not over yet, given that house prices are still rising rapidly in most metropolitan areas,” he said. “But near-term momentum indicators, coupled with the recent rise in fixed-rate mortgages, suggest that conditions will ease from now on.”

There are signs that the rise in property prices is losing momentum. One was a decision in October by the Australian housing bank. expand the buffer on the ability of borrowers to make payments on the loan at least 3 % points higher than the rate on the loan from 2.5 % points earlier.

Banks have also raised their spending on fixed-rate mortgages, reflecting their own higher cost of capital, as investor expectations for inflation have risen globally in recent weeks.

The big banks have already started raising the interest rate they charge on a fixed rate

They expect an orderly correction in home prices of around 10% in 2023 as the RBA takes the cash rate to 1.25 % by Q3 2023. The third quarter of 2023, or Q3, begins in July and goes until September.

Aird said house prices would be dependent on the RBA’s cash rate decision, which the CBA believed would rise sooner than initially anticipated. Also, he added that it is expected the RBA to start increasing the cash rate gradually from November 2022, but in the meantime, house prices would continue to rise. He said house prices were expected to peak next year at around 7 % higher than this year.

The Australian housing market is in the twilight of an incredible boom that has been fuelled by record-breaking low mortgage rates.

The phenomenal lift in prices is not over yet, given dwelling prices are still rising briskly in most capital cities. But near-term indicators of momentum, coupled with the recent move higher in fixed-rate mortgages, suggest that conditions will moderate from here.

Read Full Article: Australian House Prices Are Predicted To Drop10% Says CBA