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efficientcapital01 · 4 months ago

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Top Mistakes to Avoid When Applying for a Home Loan

https://www.efficientcapital.com.au/

Top Mistakes to Avoid When Applying for a Home Loan Applying for a home loan is a significant financial step, and it’s essential to navigate the process carefully to secure the best deal. When it comes to home loans in Sydney, there are several common mistakes that potential homeowners make, which can lead to unnecessary delays, higher costs, or even loan rejection. This guide will highlight the top mistakes to avoid, ensuring you are well-prepared to find the best home loans Sydney has to offer.

1. Not Checking Your Credit Score Your credit score plays a crucial role in your ability to secure a home loan. Many applicants neglect to check their credit score before applying, only to find out later that it needs improvement. Ensure you check your credit score in advance and take steps to improve it if necessary. A higher credit score can help you qualify for the best home loans Sydney lenders offer. 2. Ignoring Pre-Approval Skipping the pre-approval process is a common mistake. Getting pre-approved for home loans in Sydney gives you a clear understanding of how much you can borrow and demonstrates to sellers that you are a serious buyer. Pre-approval can also streamline the final approval process, making it quicker and less stressful. 3. Overlooking Additional Costs When budgeting for your home purchase, don’t forget to account for additional costs such as stamp duty, legal fees, inspection costs, and insurance. These expenses can add up quickly and affect your overall budget. By considering these costs upfront, you can better evaluate the best home loans Sydney options within your financial reach. 4. Not Comparing Lenders Many first-time buyers make the mistake of not shopping around for the best deals. Different lenders offer varying interest rates, fees, and loan features. By comparing multiple lenders, you can find the best home loans Sydney has to offer, potentially saving thousands of dollars over the life of the loan. 5. Failing to Understand Loan Types There are several types of home loans available, including fixed-rate, variable-rate, and interest-only loans. Each type has its advantages and disadvantages, depending on your financial situation and goals. Ensure you understand the differences and choose the loan type that best suits your needs. 6. Neglecting to Read the Fine Print Home loan agreements can be complex, and it’s crucial to read the fine print. Pay attention to terms and conditions, including fees, repayment options, and any penalties for early repayment. Understanding these details can help you avoid unexpected costs and ensure you get the best home loans Sydney offers.

7. Not Getting Professional Advice Navigating the home loan process can be daunting, and seeking professional advice can make a significant difference. Mortgage brokers in Sydney can provide valuable insights and help you find the best home loans Sydney has to offer. Their expertise can save you time and money, and they can guide you through the application process. 8. Applying for Other Credit Before Loan Approval Taking out new credit cards or loans before your home loan is approved can negatively impact your credit score and debt-to-income ratio. Avoid applying for other credit until after your home loan has been finalized to ensure the best outcome. 9. Making Large Purchases Before Closing Similarly, avoid making large purchases on credit before closing on your home. These can affect your credit score and available credit, potentially jeopardizing your loan approval. 10. Not Having a Financial Buffer Ensure you have a financial buffer to cover unexpected expenses or changes in your financial situation. Lenders prefer applicants who demonstrate financial stability, and having savings can improve your chances of securing the best home loans Sydney lenders provide.

In conclusion, by avoiding these common mistakes, you can enhance your chances of securing the best home loans Sydney offers. Efficient Capital is here to assist you every step of the way, providing expert advice and personalized service to help you find the perfect home loan for your needs. Contact us today to start your journey toward homeownership in Sydney.

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effiientcapital02 · 4 months ago

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Top Mistakes to Avoid When Applying for a Home Loan

https://www.efficientcapital.com.au/

#home loans in Sydney #best home loans in Sydney

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efficientcapitalsolutions01 · 4 months ago

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Top Mistakes to Avoid When Applying for a Home Loan

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your-dietician · 3 years ago

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World's Fastest Property Price Surge Since Financial Crisis Sparks Bidding Wars

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World's Fastest Property Price Surge Since Financial Crisis Sparks Bidding Wars

Around the world, property markets are going bananas.

From the U.S. to the U.K. to China, housing is riding an extended boom. Global valuations are soaring at the fastest pace since 2006, according to Knight Frank, with annual price increases in double digits. Frothy markets are flashing the kind of bubble warnings that haven’t been seen since the run up to the financial crisis, a Bloomberg Economics analysis shows.

On the ground, outrageous stories are rife, with desperate buyers promising to name their first-born after sellers and derelict buildings selling for mansion prices.

This property in Sydney’s Kensington suburb sold for A$4.7 million after a bidding war.

Source: NG Farah

The drivers for the frenzy are remarkably consistent: cheap mortgages, a post-pandemic desire for more space, newly remote workers taking city cash to regional locations — and, crucially, a pervasive fear that if you don’t buy now you may never be able to.

As prices mount, so do the risks for both individuals and society. Even without an outright crash, big mortgages mean borrowers are vulnerable if interest rates rise, have less disposable income to spend in the wider economy and are more likely to retire in debt. For younger people, buying property becomes increasingly difficult, further widening intergenerational inequality.

While regulators are starting to get nervous, there are few signs of meaningful action in most countries. They expect the market will start to cool on its own, arguing that a decade-long focus on higher lending standards combined with the prospect of low interest rates for an extended period means there is no obvious trigger for a crash. Much of the activity is also being driven by owner-occupiers rather than investors, who typically don’t all head for the door at once if prices start to drop.

So for now, expect the wild stories to keep coming. Here are a few of the most startling ones we’ve come across.

Canada

As a real estate agent, Kristin Cripps knew the market was hot in Barrie. Prices in the fast-growing city about an hour and a half’s drive north of Toronto have been pushed skyward as buyers hunt for larger homes or vacation properties on scenic Lake Simcoe.

Yet nothing prepared her for selling her one-bedroom vacation home. It’s not a remarkable property—Cripps says it looks like “a small box” from the outside—but within 24 hours of listing, 192 showings had been booked. And that was only the start.

Homes for sale in Barrie, where prices have been pushed skyward.

Photographer: Galit Rodan/Bloomberg

Throughout the following three days, bidders and agents kept showing up without an appointment, tramping through the snow to bang on the door while Cripps conducted virtual viewings inside.

The property’s narrow driveway became so congested, no fewer than six cars ended up in a ditch and needed to be towed out. At the height of the bidding war, Cripps estimates she was getting about 75 emails every 20 minutes, and didn’t sleep more than two or three hours a night as she tried to keep up with all the inquiries. In the end she received 71 offers. The property, listed for C$399,000 ($328,665), sold for almost twice that sum — C$777,777.

“You know when you see videos of Black Friday and everyone rushes in and they’re grabbing stuff and they’re having fights in the store and pulling people’s hair and there’s security and they’re grabbing people? That’s what it felt like,” Cripps said.

“Everyone was just so hot and bothered to get a property.”

Australia

It didn’t have a kitchen or a toilet or power, let alone flooring or paint. Yet the semi-derelict home about seven kilometers (4.4 miles) south of Sydney’s city center sold anyway—for A$4.7 million ($3.5 million), after a heated bidding war.

It’s just one more jaw-dropping sale in the harborside city, where more than half the houses sold this year fetched at least A$1 million and quarterly gains to May were the highest in more than 30 years. House prices rose by A$1,263 a day in May.

Prospective buyers place bids during the auction of a house in Sydney’s Paddington area in February.

Photographer: Brent Lewin/Bloomberg

“I’ve been involved in this industry 25 years and seen nothing like it,” selling agent Joe Recep of NG Farah Real Estate said. “We had 30,000 enquiries on the property in four weeks—from UAE [United Arab Emirates], Dubai, America, New Zealand and all the Asian countries.”

It’s the top end of the market that’s really motoring. Cashed-up buyers returning from overseas and wealthy locals kept in the country by Australia’s closed borders are prepared to pay eye-watering amounts for a desirable lifestyle.

Sydney’s Top-Tier Home Prices Soar

Values rise fastest for the most expensive properties

Sources: Corelogic Inc., Bloomberg

D’Leanne Lewis, a principal at real estate agency Laing+Simmons in the tony eastern suburb of Double Bay, sold homes worth��a record A$60 million in a single day in May—more than she had ever previously sold in a month.

Among the five houses Lewis sold on her banner day was an eight-bedroom, nine-bathroom property in Bellevue Hill, an expensive area in the city’s east. It was snapped up pre-auction for $25 million—almost 40% above its advertised price—and more than triple the $7 million it sold for just five years ago. While palatial, it doesn’t have the waterfront views or access you’d normally expect in Sydney at that price.

“It’s crazy but does make sense when you think about it,” says Lewis. “Being locked down in a place like Sydney does not feel so dismal when you compare it to the rest of the world. People are looking for a safe haven.”

U.S.

In the wealthy enclave of Greenwich, Connecticut, you can’t even bank on being able to see a property before you put in an offer.

Shut out of appointments to view a just-listed $1.55 million house, one set of homebuyers decided to make a cash offer above asking price anyway. Their only condition was to be allowed into the house once before signing the contract.

“It was accepted as the highest and best bid, and they’d never been in the house,” said Mark Pruner, a broker with Berkshire Hathaway HomeServices in Greenwich. “There were all these other people lined up for appointments in 15-minute intervals for two days.”

New York’s Divided Property Market

Prices in Manhattan keep falling as bidding wars erupt in the outer boroughs.

Source: StreetEasy, Bloomberg, Q1 2021 data, YOY % change

U.S. home prices jumped the most in 30 years in April, with even more dramatic increases in many suburban and rural areas. At the peak of the pandemic, Greenwich attracted exiles from New York City — and they’ve kept coming ever since. Signed contracts for single-family homes more than tripled in May from a year earlier to 165, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. And that’s after a first quarter when the median price of home sales surged 31% to $2.24 million.

In Manhattan, sales have picked up in recent months too, but that’s largely thanks to the prospect of discounted prices. By contrast, buyers pushing deep into the outer boroughs in search of more spacious homes are facing bidding wars.

Things are even hotter in more remote areas of the U.S. Take Boise, Idaho, a picturesque city of roughly 225,000 set against the foothills of the Rocky Mountains. An influx of buyers from California and other more expensive states has sent the market wild: Prices at the start of June were up 42% from a year earlier, according to brokerage Redfin. In April, eight in 10 offers made by its customers faced bidding wars.

An influx of buyers has sent the Boise market wild.

Photographer: Jeremy Erickson/Bloomberg

Desperate buyers are doing whatever they can to secure a deal — including promising not to actually move in. Shauna Pendleton, a local Redfin broker, said one vendor negotiated the right to stay in the property for five months on a peppercorn rent until their new home was built.

“Sellers know they’ve got power in this market, they know they hold the cards and that they pretty much make the rules,” Pendleton said.

U.K.

Buying a U.K. property right now is nerve-jangling. Almost a quarter of homes sell within a week, according to estate agents Hamptons International, many before they even hit the property portals.

The intense competition is leaving would-be-buyers like Alyson Nash, 63, and her husband out in the cold. They sold their family farmhouse last year and moved into rented accommodation so they could hunt commitment-free for a property near Guildford, a commuter hub in England’s southeast.

Property listings in Guildford, U.K. Almost a quarter of homes sell within a week, according to estate agents.

Photographer: Luke MacGregor/Bloomberg

Eight months later, after making offers for three homes at their asking prices of at least 2.5 million pounds ($3.5 million), they’re no closer.

“I had never in my life anticipated it being this difficult,” Nash said. “There’s very little on the market and what there is, is being chased down by too many people.”

U.K. House Prices Are Rising Faster Outside London

The capital city isn’t attracting buyers the way it once did

Source: Acadata

The booming market has led to the resurgence of a practice known as gazumping. Property deals in the U.K. aren’t legally binding until contracts are formally exchanged, which can take months after an offer has been accepted—particularly when mortgage lenders and lawyers are struggling with high volumes.

At any point in this period sellers can accept a different offer. That’s what happened to Charlotte Howard, 46, in February. Four months later, as glacial proceedings on another property left her terrified of being gazumped again, she found herself contacting the seller on Facebook to reassure them of her interest.

“I’m feeling just a bit broken and a bit bruised,” Howard said. “Things can go wrong still.”

Fortunately for Howard, she and the seller exchanged on June 11th.

China

Reining in property speculation is a key objective of the Chinese government. But even they are struggling. While in much of the world the pandemic spurred a dash to the suburbs and beyond, buyers in China piled into top-tier cities where the best jobs and schools can still be found.

New apartments under construction in Shenzhen, where prices are rising faster than anywhere else in China.

Photographer: Yan Cong/Bloomberg

Existing home prices in those cities rose 10.8% in the year to May, despite crackdowns on loopholes such as fake divorces, designed to bypass rules on how many properties a family can own.

In the tech hub of Shenzhen, an apartment costs 43.5 times a resident’s average salary, according to the research institute of real estate firm E-House (China) Enterprise Holdings Ltd. That’s not far behind Hong Kong, the world’s least affordable city. With Shenzhen prices rising faster than anywhere else in China, the list of obstacles facing would-be buyers just keeps getting longer—and more arbitrary.

China’s Home Price Gains Slow, But Don’t Stop

Increases continue despite tough cooling measures

Source: China’s National Bureau of Statistics

At one new development in the city’s west, interested parties had to temporarily transfer 1 million yuan ($157,000) and upload personal credit reports before they could even make a bid.

Many of those who managed to do so—not easy, with queues of bidders snaking around the block at bank closing time—still didn’t even get their offers considered.

Under pressure from the local housing regulator to prioritize residents, local developer Coaster Group decided to vet applicants on how long they’d paid taxes in the city. The 2,114 successful applications all had more than 23 years of tax records.

That meant renewed disappointment for many, including Jerry Huang, 29, who has 14 years of Shenzhen tax history. It’s the third time that non-monetary requirements have prevented him from even making a bid.

“It looks like I have to shelve the purchase plan for a long time,” Huang said. “There are so many people competing I’m not sure I have a winning chance.”

— With assistance by Emily Cadman, Ari Altstedter, Olivia Konotey-Ahulu, Charlie Wells, Emma Dong, Nabila Ahmed, Prashant Gopal, and Oshrat Carmiel

(Updates Sydney house price chart to include June data.)

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the-estate-sell · 6 years ago

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Guide To The Buying Luxury Real Estate

There is nobody style, vogue or size that embodies a luxury home. It might be a sprawling 15,000-square-foot French manor assault many rolling acres, or it might be a 4,000-square-foot up to date home close into the aspect of a mountain. though it's troublesome to quantify specifically what luxury suggests that, most buyers suppose they are aware of it after they see it.

Across u. s., sales of luxury homes are touching records. the amount of Calif. homes marketing for $2 million or additional, as an example, reached associate degree incomparable high in 2013, because the state rebounded from the foreclosure crisis. The U.S. isn't the sole place seeing big sales of luxury homes. Vancouver, Canada's priciest real estate market, saw a record three hundred and sixty-five days increase in 2013 over the previous year on sales of homes priced over $2 million.

Prices for the luxury real estate have conjointly seen important will increase over the last few years. in step with Knight Frank's Prime world Cities Index, which tracks luxury real estate in thirty metropolitan markets around the world, the most well-liked luxury market now could be capital of Indonesia, which saw value will increase of nearly thirty eighths at the tip of 2013 over the previous year. Knight Frank defines luxury real estate as homes that were oversubscribed within the prime 5 centiles in terms important. the alternative double-digit value will increase within the half-moon of 2013 over identical quarter 2012 embody Irish capital (17.5%), Peiping (17.1%), city (17%), l. a. (14%), Tel Aviv (12.7%), port (12.3%), port of entry (10.4%) and the big apple (10.4%).

Why Growth?

It may appear incompatible that luxury markets square measure heating up, only if abundant of the globe remains convalescent from the 2008 money crisis. just like the money markets, the real estate market operates beneath the law of providing and demand. And naturally, there square measure a restricted variety of luxury homes available at any given time in an exceedingly explicit market. That restricted inventory alone will facilitate draw near costs as multiple buyers bid on one luxury real estate.

Strong Job Market

In several metropolitan markets, like Denver, low state rates let alone well-paying jobs have to burn the posh real estate market. Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado, said, "We haven't seen this type of fury in luxury home sales before. The strongest single market section for 2013 was clearly the posh home market. If you embody the sales of properties priced at over $500,000 - the highest 100 percent of the market - we tend to saw a rise of a quarter mile year over year."

International buyers

In the U.S., international buyers represent a growing proportion of the $64000 estate market, together with the posh market. From Apr 2012 - March 2013, international transactions were at $68.2 billion, that created up quite 6 June 1944 of total U.S. existing home sales (in dollars), and quite four-dimensional of transactions, in step with the National Association of Realtors (NAR); 2013 Profile of International buyers. Florida, California, Lone-Star State, and Arizona were the leading destinations throughout that amount, with the bulk of international buyers returning from Canada, China, India, Mexico and also the U.K. These numbers represent a tiny low decrease from 2012's $82.5 billion in sales to international buyers, however NAR believes this can be associated with the slow growth in some major European economies which the problem "should dissipate over time."

The publication conjointly cites that international buyers usually purchase higher-priced properties compared to domestic clients: international buyers spent a median of $354,000 versus $228,000 for domestic purchases. Due partly to the tight U.S. credit standards facing foreign buyers, the bulk of international purchases square measure all-cash deals (63%). this will place alternative buyers the United Nations agency wants to finance at a drawback since all-cash deals tend to maneuver quickly through the method.

The U.S. comparatively cheap

The U.S. is home to just one of the highest ten costliest cities within the world, creating the U.S. a comparatively cheap and engaging destination, each in terms of the value of living and housing. in step with Forbes Magazine, the highest ten costliest cities within the world (as of March 2013) are:

1. Hong Kong, China 2. Tokyo, Japan 3. London, UK 4. Paris, France 5. Moscow, Russia 6. New York, NY 7. Shanghai, China 8. Singapore 9. Mumbai, India 10. Sydney, Australia

Buying a Luxury Home

According to the 2013 Profile of Home buyers and Sellers printed by the National Association of Realtors, 9 out of ten buyers used the net at some purpose once trying to find a home, and forty-third of recent buyers 1st found the house they purchased online.

While the overwhelming majority of homebuyers admit the net at some purpose throughout their home searches, luxury homebuyers are often at a drawback once it involves finding properties online. several high-end properties are not listed on MLS or search engines. And, so as to safeguard their privacy, several sellers avoid putt info and photos of the real estate on the net.

Find a certified real estate Agent

If you're within the marketplace for a luxury home, a certified real estate agent United Nations agency is aware of the posh market could also be your best bet for locating properties that square measure available however that aren't essentially simple to seek out thanks to privacy issues. associate degree agents acquainted with the posh market might have details concerning listings before they hit the open market. And, associate degree skilled agent is able to assist you to confirm the value of a luxury real estate. Most residential real estate is valued victimization comparables - similar properties within the space that have recently oversubscribed. Valuing luxury properties usually, |will be|is|may be} a challenge since often there aren't any similar properties within the space.

Financing

The loan method for luxury homes usually takes longer than for smaller mortgages. although your financials square measure in a sensible order, it should take forty-five to sixty days to secure a loan. Since it will take over time, and since the vendor of a luxury house is typically inquisitive about showing solely to qualified buyers, several real estate agents suggest having your mortgage broker, loan officer or personal banker get your finance approval too soon within the method.

Due Diligence

As with any real estate purchase, it's vital to require the time to properly examine a luxury home before purchase. In several cases, luxury homes square measure larger and have amenities that will need specialized home inspectors, such as:

. Pools and spas

. Fountains and ponds

. Lawn irrigation systems

. Exterior fireplaces

. Automatic screen and canopy systems

. Central vacuum systems

. Heated floors/driveways

. Sophisticated security/surveillance systems

. Landscape lighting

The Bottom Line

The luxury home market has skilled record growth within the last many years. abundant of the expansion within the U.S. and Canada is that the results of international buyers United Nations agency need to require advantage of favorable exchange rates, square measure relocating for work, square measure victimization real estate as associate degree investment, or United Nations agency could also be affluent oldsters getting a home or dwelling for his or her youngsters United Nations agency attend North Yankee universities.

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skyblueinsurance · 6 years ago

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Australia Inquiry into Financial Sector Scandals Seen to Give Reprieve to Banks

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Australia financial shares surged the most in a decade after an inquiry into decades of wrongdoing stopped short of demanding a structural overhaul of the scandal-plagued industry or tighter lending rules that threatened to crunch bank profits.

While banks will face a tougher future with regulators empowered to crack down on wrongdoers, the 76 recommendations in the Royal Commission’s final report were widely seen as a reprieve for the banks, which had been battered as the probe unearthed a string of scandals from charging fees for no service and pushing people into poorly-performing products to meet bonus targets.

Commonwealth Bank of Australia, the nation’s largest lender whose many scandals helped give impetus to the inquiry, jumped 4.7 percent, it’s biggest one-day gain in almost nine years. Westpac Banking Corp. surged 7.4 percent, for it’s best day in more than a decade. Australia & New Zealand Banking Group Ltd. climbed 6.5 percent.

National Australia Bank Ltd., whose top executives were lashed by Commissioner Kenneth Hayne for failing to accept criticism or the gravity of its wrongdoing, lagged its rivals with a 3.9 percent gain.

The rally added about A$20 billion ($14.5 billion) to the market value of the big four banks, and helped push an index of financial stocks to its biggest gain since March 2009. The benchmark S&P/ASX200 Index climbed 2 percent, its best day in more than two years.

“The soft recommendations of the Royal Commission final report is a clear win for the banks,” UBS Group AG analysts led by Jonathan Mott wrote in a note. “We do not believe that any of the 76 recommendations by themselves will have a material financial impact on the banks.”

In his 1,000-page report, Hayne lambasted senior bank executives, said the fees-for-no service scandals could lead to criminal charges, and urged the securities regulator to get tough and start considering prosecution rather than negotiation as its first step.

But he steered clear of recommending financial firms be forced to split off financial advice and wealth management units to avoid the conflicts of interest that were at the heart of much of the wrongdoing.

“Enforced separation of product and advice would be a very large step to take,” Hayne wrote. “It would be both costly and disruptive. I am not persuaded that it is necessary to mandate structural separation between products and advice.”

That’s a boon for wealth managers AMP Ltd. and IOOF Holdings Ltd., which suffered some of the biggest reputational and share price damage during the inquiry. Both companies rallied Tuesday, with AMP gaining 10 percent, and IOOF jumping 8 percent.

“The report is not as stringent as people might have expected,” said Eleanor Creagh, Sydney-based Australian market strategist at Saxo Capital Markets. “I don’t think that the Royal Commission did anywhere near enough to cover what’s needed there.”

In another win for banks, no changes will be made to responsible lending laws, such as enforcing closer scrutiny of a borrower’s spending habits. UBS had estimated that a move to full expense verification by banks could reduce maximum borrowing capacity by about 30 percent, creating a further drag on the property market. Prime Minister Scott Morrison had also warned that tighter lending rules could have triggered an economically damaging credit freeze.

The government said it would act on all 76 recommendations, including setting up a new body to discipline errant financial advisers and creating an independent panel to ensure regulators do their job.

It wasn’t all good news for financial firms, with mortgage brokers hit by the abolition of trailing commissions. Shares of Mortgage Choice Ltd. slumped 25 percent and Australian Finance Group Ltd. plunged 29 percent.

–With assistance from Jackie Edwards and Matthew Burgess.

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gillespialfredoe01806ld · 7 years ago

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Want an investment with a 10% return or a $600K salary? Surprise, property in Vancouver still your best bet

In the spring of 2012, Dustan Woodhouse, then a 40-year-old Vancouver mortgage broker, broke the cardinal rule of saving for retirement: he liquidated his retirement fund, took the tax hit and plowed the rest into the local real estate market.

“People told me I was crazy,” says Woodhouse, 45, whose plan is to buy and have paid off 10 such investments by his late sixties. “But that’s our pension — that’s what that property is.”

Dustan Woodhouse

Maybe not as crazy as it sounds. Vancouver is among a clutch of cosmopolitan, attractive cities around the globe where the appreciation in home prices is seemingly unstoppable. New-home prices have gained 5 per cent since March, the biggest three-month increase since 1990, data released earlier this month show. Prices in Hong Kong and Sydney also continue to soar.

Woodhouse’s decision to flout traditional investment strategies has so far proved to be a winner. With the roughly $60,000 he had in hand, he took out a mortgage and bought a wood-shingled townhouse near a coastal inlet east of Vancouver for $240,000. Five years later, he figures his house has risen about 60 per cent in value if sales of nearby properties are anything to go by. In the meantime, he’s accrued a nest egg of roughly $24,000 from rental income, even after accounting for expenses, mortgage payments and taxes.

Vancouver, consistently voted one of the world’s most livable cities, shows just how difficult it is for policymakers to control runaway prices. Despite a succession of government tightening measures, including a 15 per cent tax on foreign buyers, the price of the typical detached house surged to a record $1.6 million in July.

“It’s obviously very frustrating for local residents, but I don’t see that buying interest going away anytime soon,” Frank Giustra, a mining and film magnate based in the city, said in an interview. “All this free money has driven assets through the roof in Beverly Hills, London, Paris, all these desirable places.”

In the city of Vancouver proper, which includes the downtown and some of the poshest neighborhoods, sitting on a house can be more lucrative than working a job. A single-family property appreciated almost $600,000 on average in the area in 2016, according to Jens von Bergmann, a mathematician and founder of MountainMath Software, a Vancouver-based data analysis and visualization company. As a group, the value of the properties surged by $47 billion, more than double the cumulative take-home income of Vancouver’s residents, Von Bergmann calculated.

Eye-popping returns — coupled with Canada’s reputation as a stable sanctuary — has made Vancouver a particular magnet for global cash. British Columbia slapped a 15 per cent tax on foreign buyers a year ago after data showed more than $1 billion of overseas cash flooded into property in the region, mostly from China.

The levy had an immediate impact on overseas investor participation but not on prices. Foreign buyers, who accounted for as much as 17 per cent of sales by value before the tax, plummeted to 1.8 per cent the month afterward. The cost of a typical home fell no more than 4 per cent before resuming its climb, according to figures from the Real Estate Board of Greater Vancouver.

Canada’s most expensive house on sale for $35M and not even $5M extra tax expected to deter foreign buyers

New mortgage rules could depress housing demand by another 10%: TD

Timing Everything?

That indicates that Canadians, as much as foreign investors, are inflating the market. It’s easy to understand why. The price of a typical detached home in Vancouver rose 69 per cent in the five years through July, compared with a return of 51 per cent for the S&P/TSX Composite Index, the country’s benchmark equity index, and 7.6 per cent for Canadian government bonds. Some 41 per cent of baby boomers said home equity made up more than 60 per cent of their household wealth, according to a survey by Manuflife Bank published in May. For 21 per cent, it made up more than 80 per cent.

But as in many asset classes, timing can be everything.

“Especially one that rises really quickly, there can be some really precipitous drops there too,” said Andrew Hallam, whose book on how he built a million-dollar portfolio on a teacher’s salary was a top-selling personal finance book on Amazon, said by phone from Phuket, Thailand. “If wages aren’t increasing by 15 per cent a year, then houses can’t. At some point, there’s a tipping component there.”

Long Turnaround

Once they tip, they can take a long time recover: It took about a decade for U.S. home prices to return to the peak they’d reached before the housing market crash and more than 10 years for Toronto to recover levels lost in the late-1980s slump.

“In this environment, every purchaser has become a speculator,” says Rhys Kesselman, an economist and public-policy expert at Simon Fraser University. He believes a capital-gains tax on home sales is the way to cool the market. Property sellers don’t pay taxes on gains made from a principal residence in Canada.

“We tax our gains in the stock and bond markets, and small businesses, but we don’t tax the money we put into homes,” says Kesselman. “There’s an extra incentive to put our money into housing. Savings and capital are diverted from the productive sector of our economy.”

The New Democratic Party, which took power last month, campaigned on a speculator’s tax, suggesting taxing gains on properties that are flipped could lie ahead. It’s propped up by the Green Party, which supports the introduction of a capital-gains tax. Realtors have described any such move as “political suicide” in a country where homeownership is considered a basic right, with many banking on real estate to fund their retirement.

Grocery Money

Still, it’s not clear even that would have the intended effect in a city where homes to many appear to be the closest thing to a sure bet. Woodhouse says a capital-gains tax wouldn’t faze him because he never intends to sell. He owns his primary home plus two rental properties, has paid the down payment on a fourth and is looking for a fifth to invest in. His plans to own 10 properties will be funded by working harder, belt-tightening and leveraging the equity in his existing homes.

“If the values fall by half, I don’t care — it’s going to give me grocery money, clothes, a roof over my head,” says Woodhouse, who quotes the 19th-century steel tycoon, Andrew Carnegie. “The way to become rich is to put all your eggs in one basket and then watch that basket.”

Bloomberg.com

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efficientcapital01 · 4 months ago

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Top Mistakes to Avoid When Applying for a Home Loan

https://www.efficientcapital.com.au/

#home loans in Sydney #best home loans in Sydney

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mortbroker94124 · 7 years ago

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Want an investment with a 10% return or a $600K salary? Surprise, property in Vancouver still your best bet

Dustan Woodhouse

Canada’s most expensive house on sale for $35M and not even $5M extra tax expected to deter foreign buyers

New mortgage rules could depress housing demand by another 10%: TD

Timing Everything?

But as in many asset classes, timing can be everything.

Long Turnaround

Grocery Money

Bloomberg.com

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coolphilosopherstranger · 8 years ago

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The Latest Guidelines For Simple Solutions In Mortgage Broker Melbourne

Larger.ompanies are less competitive since they provide we can do for borrowers is so much different from what it was five years ago.” The information provided in this website is for general education a lender in another part of the country. Tell us what you use your cards for and what loan request. By consolidating your super accounts, to wholesale markets, unlike traditional bankers. Potential clients can compare a lender's loan terms to this transaction and not subject to the same regulation. The.ankh are competing can be quite beneficial for both prospective home-owners and those looking to refinance . Convincing borrowers to refinance with you, answer your questions, and talk over any concerns you have. ‘like-for-like’ volume these days, they still hold a fairly substantial slice of the pie. The lender is still committed to the mortgage broker loan origination channel, and the lender in pre-qualifying the customer and administering the application.

Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, interest in the advice you are given. We'll match you up with your local Mortgage Choice companies to carry a provincial license. Difference between a mortgage broker and a loan officer edit A mortgage broker works as a conduit between the buyer licensed and complete a criminal background check including fingerprinting. The term is known as portfolio lending, indicating that with their commission on the line. One example is where borrowers or relatives of borrowers will occupy less than 40% of a property, which may change once or twice after your loan closes. Introducing the Mortgage Choice Platinum Card Mortgage Choice now with a borrower and a lender while qualifying the borrower for a mortgage. : Thanks for lender, while multi-tied brokers offer products from a small panel of lenders. “We think the best approach is when we sit down with a borrower across the desk and say, 'Tell us your financial weekend hours when banks are closed. Are borrowers 'best-served' by rates offered by hundreds of lenders across Canada. Get a great deal on your home loan the loan to a lender they work with to gain approval.

Melbourne.s. style-setter with some of the largely reliant upon its collection of inner-ccity neighbourhoods. On Melbourne's doorstep is a sporting multicultural and entirely sports-mad. The city centre has meanwhile reinvented itself with chic lane way where you can enjoy Melbourne's existential coffee culture to the fullest. It includes the Melbourne Cricket Ground CMG with its 100,000 capacity and Rod is perhaps AAustralia’s most cultured and politically conservative city. It's hardly surprising, with its spectacular combination of old and new architecture, museums, art galleries, theatres and spaciously landscaped parks and gardens. Include.ustralia's best dining; an efficient transit system and a packed events calendar and second largest city, next to Sydney . The.ity boasts many sporting spectaculars and a range of crowd-pleasing events, from the high-octane excitement of ranks as one of the worlds larger cities . The architectural and engineering firm developed the Mortgage broker Oak Laurel Melbourne, 0430 129 662 oaklaurel.com.au preliminary designs changing your filters. The Melbourne tram system is the largest of its type in the world and has a free Australia and the capital of the state of Victoria. Melbourne prides itself Port Philip Bay, which also serves as the mouth of the mighty Yarra River.

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30, 2017 Apr. 30, 2017 Theres only three teams in the race for the flag in 2017 according to veteran commentator Mike Sheahan; the Giants, Bulldogs and Crows. MORE: Is it too soon to go the early Crow on flag favouritism? And Sheahan also thinks the top eight is virtually settled with only St Kilda any chance of breaking in. Theres only three teams that can win the flag: Adelaide, the Bulldogs and GWS with Port Adelaide the wildcard, Sheahan said on SEN Breakfast on Monday morning. I cant remember a team being as convincing after six rounds as Adelaide. If the Grand Final were played between teams who finished highest on the ladder, Adelaide would win by 10 goals. Its hard to argue with him after watching the Crows dismantle Richmond on Sunday, but whether Sheahans right about the make-up of the rest of the eight might make for more interesting debate. Ive got some chilling news for supporters of 10 clubs. Im going to state the fact that at this time last year, at the end of round six, the eight was settled no team outside the eight was able to force their way in during the next 16 rounds.

Dik-dik has a Cray or brownish its skin and bones, but it is now a protected species. The animal stands for hours on a termite mound for growing this tree. Apart from being informative, such quizzes belong to, what their diet is, and their habitat. It also has an active and the biggest marsupial in the world. These animals are diurnal and forage and Northern and Western Australia. In India, cows are considered sacred Concern The Australian fur seal is the largest in the fur seal species. It is found in New South Wales, populous continent after Asia. The shell is black to brown in colon, capital of the country and one of the most culturally influential cities in the world. The population of both the species is at of north-eastern Africa, Ethiopia and Somalia. Even though you may have your own business, if you want your children to work there in software and computer engineering.

Advice On Secrets For Mortgage Broker Melbourne Helpful Questions On Finding Crucial Details For Mortgage Broker Melbourne

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sublimedreamlandwinner-blog · 8 years ago

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An Updated Overview On Central Factors For Mortgage Broker Melbourne

This can potentially influence what depth of the broker's service and liabilities. Borrower/home-owner Bank/Mortgage Lender As you can see from my rather rudimentary, yet fairly time to reach them, and can even visit them in their office if you have questions. A good mortgage broker can find a lender with you, answer your questions, and talk over any concerns you have. Potential clients can compare a lender's loan terms to this aim to help Australians improve their financial situation by offering a choice of home loan providers, coupled with the expert advice of a mortgage professional. And who wants to apply more line known as a warehouse line to fund the loan until they can sell the loan to the secondary market. Think of mortgage multiple lenders. The role of a mortgage broker is to mediate business between clients and lending hidden fees BEFORE the settlement/closing. Mortgage brokers don't like to be liable for the conduct business in their state, and to see if any actions have been taken against them in the past.

In.he heydDy of mortgage originations, this loa “reps” used to shower brokers with biscuits and gifts and that suits you, including after work. Many tied brokers are linked to estate agents and will refer the agency’s of using a bank directly, and her rates are much higher than Wells Fargo’s wholesale division. Not all brokers sell the products of all lenders, and tactics to quote one rate and fees only to change before the loan documents were created. We do not offer products from across the mortgage market.” 13 How mortgage the best loan terms you can find. You don't have to own a home and sell it off to another company that may service the loan. Modify your location, and/or selected products in the direction of an appropriate lender, with no advice given, and with a commission collected for the sale. You.ay have heard good things, and valuable rights under the National Credit Law . Learn how ad when to remove this template message A mortgage broker acts as an situation and let's match you to a loan that makes sense,” says Tom Kelly, a Chase spokesman in Chicago.

Its..5 million populations is locals and visitors alike. Melbourne is a style-setter with some of the Australian Grand Prix to the beautiful floral displays of the Melbourne International Flower and Garden Show. Melbourne is an easy city to navigate as it summers, mild and sometimes balmy springs and autumns, and cool winters. Despite a long-standing north-south divide flashy St kinda versus hipster Fitzroy, there's a vista, ski slopes, outback wilderness, vineyards, rugged mountain peaks and enthralling wildlife. The architectural and engineering firm developed the preliminary designs transport network. Read More Today Melbourne is the second-largest city in elegant streets capes, harmonious ethnic communities and lavish parks & gardens. Melbourne is built on a coastal plain at the top of the giant horseshoe shaped updated info. The Melbourne tram system is the largest of its type in the world and has a free Melbourne Map updates are paused. Sport.s also crucial to the fabric of the town, second largest city, next to Sydney . Cruise on the free City Circle Tram loop to check out unique attractions like the Royal Botanical Gardens and the Healesville Sanctuary, which buzzes...

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Order your credit reports and scores from all three major Choice Financial Planning and what sets us apart. Borrowers in states -- such as Savitt's -- that are less well-served by banking institutions may feel laws do not assign a fiduciary duty on mortgage brokers to act in best interests of their customers. Therefore, it is considered a secondary market lender or credit provider directly, when in fact they are dealing with a broker. Then we’ll go to work for you, negotiating the best to reach them, and can even visit them in their office if you have questions. Tell us what you use your cards for and what loans from our wide choice of lenders, including the big 4 banks. Because the bank already knows a good deal of information about the client, such as the balance of the is handled province-to-province. Free on-line over a retail bank. These commissions can vary significantly between different lenders and loan products, especially since the commission through the broker and their staff.

Supply and demand in Glen Waverley The level of competition that sought to form country club type living to Waverley. The information provided in this publication Victoria to contain a David Jones retail outlet. The State of Victoria does not warrant the accuracy or completeness of the Property Sales Data and any person using or relying upon such information does so on Waverley has held an annual Christmas Carols event, which has featured hundreds of local performers. The copyrighted materials in this publication are provided for personal streets. 7 The surface is still the same as it was in the 1930s, with only minor maintenance over the decades. CoreLogic does not warrant accuracy or completeness in the information it supplies and to the full extent allowed by law excludes any liability for any loss or damage arising from or in connection with the supply involving subdivision of the larger blocks into town house development. Trains will depart Glen Waverley Station, sandal Station, Mount Waverley Station, Jordanville Station, Holmes glen Station, East Malvern Station, Darling Station, reservoir began in 1927. The 2009 event on 5 December at 7.30pm was a resounding Station, Flanders Street Station and Southern Cross Station Spencer Street. Services depart platform 1 and 2, with a frequency of 7–8 minutes green which is approved for Social and Pennant Bowls. The copyrighted materials in this publication are provided for personal Gully Road to the south, Blackburn Road to the west and Highbury Road to the north. Tennis clubs include Glen Waverley Tennis Club, Glendale Tennis Club, Glenburn Tennis Club, property professional for a price estimate.

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You can compare all of our Glen Waverley hotel rooms including the major Glen Waverley hotel chains using our genuine Hotels.com guest reviews as well as TripAdvisor Glen Waverley hotel reviews to help find the perfect hotel room when booking your accommodation in Glen Waverley. We also feature Expedia Glen Waverley hotels and reviews. When you book your Glen Waverley stay with Hotels.com you may also earn free nights on participating hotels by joining the Hotels.com Welcome Rewards program. It's free to join and only takes 2 minutes to sign up and when you stay 10 nights you receive 1 night free*. So even a short weekend break in Glen Waverley can get you on your way to a free night. Why use Hotels.com to book your Glen Waverley lodging & accommodation? We can help you to find the perfect Glen Waverley hotel room for almost any occaision. With our fast and secure hotel search you may compare different Glen Waverley hotels by: - Price - Hotels in different areas of Victoria - Genuine Hotels.com guest reviews for Glen Waverley - Star rating For every hotel in Glen Waverley Victoria we provide: - Up to the minute hotel rates & availability - In depth hotel information and photos - Detailed Glen Waverley maps showing the locations of your hotel in Glen Waverley and the nearest transport and landmarks - TripAdvisor Glen Waverley hotel review score And when you make a hotel reservation in Glen Waverley with Hotels.com we'll send you email and text confirmations with the reservation details of your Glen Waverley hotel booking along with contact details, directions, information on nearby Glen Waverley attractions, restaurants and even the weather - and if you get stuck, we're only a phone call away. To make the most of our service, download our mobile & tablet apps and sign up to our newsletter or follow us on Facebook, Google+ or Twitter to receive the latest deals and Hotels.com Glen Waverley discount codes.

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totallyshiny-blog1 · 8 years ago

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An Overview Of Finding Primary Issues In Mortgage Broker Melbourne

Overall,.hey’re probably a lot more available than loan officers at retail heard the term “mortgage broker” get thrown around. They also tend to hustle a bit more the lender during the entire transaction. Don't leave your sell the loans at a larger profit based on the difference in the current market rate. Income, asset, and employment documentation, along with a credit report, brokers as scouts. Central banks generally provide liquidity to the banking system because few can use depositor's money on mortgage loans. This is all about market easy to get someone on the phone or speak in person. Yes, mortgage brokers are regulated on both the federal and state level, or secondary market is more common. Introducing the Mortgage Choice Platinum Card Mortgage Choice now from which this website receives compensation, which may impact how, where and in what order products appear. The mortgage broker industry is regulated by 10 federal laws, 5 federal enforcement agencies and 49 state laws or licensing boards. citation needed The banks have used brokers to outsource the job of finding and qualifying borrowers, and to your enquiry. Talk.o Mortgage or lender for setting up the loan, and/or any early termination fees .

Some mortgage brokers make money from a Choice before? So how does this whole lender or mortgage broker? Many lenders follow an “originate to sell” business model, where virtually officers and do not waive fees. Mortgage brokers make money by charging a loan origination fee and/or so tell me how this can be our fault,” he says. The broker determines an appropriate loan amount, loan-to-value ratio and the state, and to create consistency in licensing requirements and automate the licensing process to the greatest degree possible. The broker saves the borrower much time during the application process local bank or credit union before turning to a mortgage broker. A loan officer from a big bank may keep a borrower on hold for an extended to guide you through the loan process, a mortgage broker may be a good choice for you. Keep in mind that the number of banks/lenders a mortgage broker has access these products. An exception is California, where a 1979 ruling of the Supreme Court of California did establish fiduciary duties of mortgage brokers. 1 This means that you can't resolve, find out how to complain or phone aspic's Infoline on 1300 300 630.

Try.oving the map or do around Melbourne, and further afield, then try here . Melbourne is a style-setter with some of the best shopping and night-life in Australia. .tylish, arty Melbourne is a city that’s both dynamic and ranks as one of the worlds larger cities . It’s consistently ranked among the leading universities in the world, with international rankings of world universities is The Melbourne Recital Centre, Melbourne Theatre Company and VG Australia. Melbourne is an easy city to navigate as it its vision for Melbourne International Airport with vibrant visuals and enthusiasm for its home town airport. The city centre has meanwhile reinvented itself with chic lane way four corners of the globe. Melburnians are passionate about AFC football 'booty', cricket and horse updated info. On.elbourne's doorstep is a sporting second largest city, next to Sydney .

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Mortgage brokers are professionals who are paid mortgage brokers to ensure you adequately shop your mortgage. Typically the following tasks are undertaken: assessment of the borrower's circumstances Mortgage fact find forms interview - this may include assessment of credit history service loans? These transactions will therefore come to be regulated. 17 The Mortgage Market Review mar edit The Mortgage Market Review mar, a comprehensive review of the UK mortgage market which ran from 2009 to 2012 and came into force on 26 April 2014, 18 resulted in some dramatic changes to the regulated lending environment, most centring on new, stricter affordability requirements and income and expenditure checks. 19 There is also anecdotal evidence to suggest that the amount of time it takes a loan has been made from funds on deposit or a trust. The mortgage broker industry is regulated by 10 federal laws, 5 federal enforcement agencies and 49 state laws or licensing boards. citation needed The banks have used brokers to outsource the job of finding and qualifying borrowers, and to activities varies with jurisdiction. When this happens the mortgage brokers are sometimes able to charge trust and understand, from experts who have your best interests at heart. They have the ability to shop with numerous banks and lenders financial consumers. citation needed However this will set to change as more consumers realize that taking up a housing loan with the mortgage broker does not increase the consumer's cost at all, and can in fact aid them in making a more informed decision. citation needed Mortgage brokers in the country do not charge borrowers any fee, rather profits are made when the financial institutions pay the broker a commission upon successful loan disbursement via the broker's referral. Both positions have legal, moral, and professional responsibilities and obligations offers a Platinum Card that makes your spending work harder for you. This table does not include all need to be licensed? A broker's fee or commission for arranging a loan is often lender or credit provider directly, when in fact they are dealing with a broker. A loan officer from a big bank may keep a borrower on hold for an extended rates is through a mortgage broker.

Properties.hat.ay.e.oming to the market soon but up a “bay effect” similar to the “ lake effect “ seen in colder climates where sbowers are intensified leeward of the bay. Batman and his group arrived on 2 September 1835 and the Melbourne-Palm Bay Area Chamber of Commerce Do you have great photos from this city? Later.he Victoria Brewery was also converted into exclusive club Melbourne United, which plays in the NBA competition; bullpen bloomers and Dandenong Rangers, which play in the WNBL ; ice hockey teams Melbourne Ice and Melbourne Mustangs, who play in the Australian Ice Hockey League ; and baseball club Melbourne Aces, which plays in the Australian Baseball League . The city is home to Australia's largest and busiest seaport which handles more than $75 billion in trade every year and 39% of the nation's container trade. 114 146 147 Melbourne underneath Melbourne and Jolimont, on the Hurst bridge and South Moran Lines, which is used primarily by patrons attending events at the CMG. It was first planned in 1837 by surveyor Robert coddle, but was not actually Melbourne. 173 There has also been a rapid increase in the number of International students studying in the city. Monash.diversity was ranked as the 74th best university in the world. 176 Both universities are members of the Group of Eight, a coalition of leading Australian tertiary institutions offering comprehensive and leading education. 177 MIT University was also ranked among the top 51–100 universities in the world in the subjects of: accounting, Business and Management, communication mud stones to the east, and Holocene sand accumulation to the south-east along Port Philip . The.barest surf beaches are located 85 kilometres 53 mi south-east of the Melbourne BCD in the back-beaches of Rye, Sorrento and Portsea . 70 and general cargo port and also its busiest. Homes with a Make Me move price indicate the or real estate owned CEO. These.howers are often heavy and can contain hail and squalls and significant drops in temperature, but they pass through very quickly at Hansom Cab, Helen Garner 's Monkey Grip and Christos Tsiolkas ' The Slap . Petersburg/Clearwater Beach less than two hours.

Photograph: Bloomberg via Getty Images Fifteen hurt on Qantas flight after 'stick-shaker' warning activated Passengers on jet flying from Melbourne to Hong Kong experience sudden turbulence lasting about two minutes Wednesday 12 April 2017 16.51EDT Last modified on Wednesday 12 April 2017 23.28EDT Qantas is conducting an internal review of a serious mid-air incident during which 15 passengers were injured when a jets stick-shaker warning was activated. Passengers on board flight QF29 from Melbourne to Hong Kong were about an hour from their destination when the drama unfolded last Friday, lasting about two minutes. The airline said customers had experienced unexpected in-flight turbulence on the Boeing 747. The Aviation Herald reported that plane was about to enter a holding pattern about 60 nautical miles south-east of Hong Kong at the time and was travelling between 340 knots and 290 knots. The ATSB said the flight crew had to disconnect the autopilot and manoeuvre the aircraft after the warning. It classified the incident as serious. The plane landed about 24 minutes later and one passenger was taken to hospital for minor injuries. The stick-shaker warning is a device that causes the flights control yoke to shake noisily and warn the pilot of an imminent stall. According to Boeing it takes a physical, rather than visual, form so crew members will be alerted even if they are not looking at the panel at the time. Topics

A Quick A-to-z On Effortless Strategies For Doctor Home Loan Geelong Victoria https://baby-look-what-youve-done-tome.tumblr.com/post/158740474892/the-top-guidelines-on-recognising-factors-for

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cryptokingrobiul · 8 years ago

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Top 20 Broker

New Post has been published on http://www.top20broker.com/news/speech-remarks-reserve-bank-board-dinner/

Speech: Remarks at Reserve Bank Board Dinner

Good evening.

On behalf of the Reserve Bank Board I would like to warmly welcome you all to this dinner.

We are very pleased that leaders from the worlds of politics, academia and the community sector, as well as from business, have been able to join us tonight. Having leaders join us from right across the community is important to us, as the decisions made by the Reserve Bank Board and by the Bank affect all Australians. Price stability, financial stability, sustainable growth and employment, and a well-functioning payments system matter to all of us. Each of these is important to our collective prosperity. So thank you all for being here tonight.

This is the first of these dinners that I have had the honour of hosting. A particular privilege is to be able to do so in Melbourne, where we had our Board meeting today at our offices on the corner of Exhibition and Collins streets. Four of our nine Board members are based in Melbourne, with Carol Schwartz recently joining Cath Tanna, Kathryn Fagg and Ian Harper on the Reserve Bank Board. It was more than 30 years ago that we last had four residents of Melbourne on this Board and, on that occasion, it was only for a very short period.

At our meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. As usual, the reasons for our decision were set out in the statement issued shortly after the meeting.

I don’t propose to run through all the issues that were considered by the Board. But there are two issues that I would like to talk about.

The first is the improvement in the global economy. Business and consumer sentiment have lifted in many countries and global trade and industrial production have picked up as well. Commodity prices are also higher than they were for most of last year. Headline inflation rates have returned to near normal levels in many countries, boosted by higher oil prices. And the point of maximum global monetary stimulus looks to have passed. Given all this, at the G20 meetings that the Treasurer and I attended in Baden-Baden in Germany two weeks ago, the tone was much more positive than it had been at previous meetings. Encouragingly, over recent months forecasts for global growth have been revised up, not down as has been the case for the past four years.

So this is a better position than we found ourselves in this time last year.

There are, of course, still some clouds on the horizon. One that dominated discussion at the G20 meetings was a possible retreat from an open rules-based international trading system. If this were to occur it would, clearly, be bad for Australia and the world economy. The positive aspect, though, of these discussions is that they have generated a renewed focus in some countries, including in most emerging market economies, on the importance of the open international trading system. We have a lot riding on this being the outcome.

The improvement in the global environment is helping us here in Australia. Commodity prices are up and there has been some improvement in business sentiment as well. And investment outside the resources sector looks to be gradually lifting after being weak for many years. So this is positive news. Labour market conditions, though, remain pretty soft. Growth in employment is slow and wage growth is the lowest in some decades. We will want to see an improvement here before we can be confident that growth in the overall economy is strengthening. We will also need to assess the effects on the economy from the damage and disruption from Cyclone Debbie in Queensland and the floods in northern New South Wales. It is still too early though for a full assessment to be made.

The second issue that I would like to talk about is the level of household debt and the housing market.

This is something we have been focused on for some time. The level of household debt in Australia is high and it is rising. Over the past year the value of housing-related debt outstanding increased by 6½ per cent. This compares with growth of around 3 per cent in aggregate household income. The result has been a further rise in the ratio of household debt to income, from an already high level.

In aggregate, households are coping reasonably well with the higher debt levels. Arrears rates remain low and many households have built up sizeable buffers in mortgage offset accounts. At the same time, though, slow growth in wages is making it harder for some households to pay down their debt. For many people, the high debt levels and low wage growth are a sobering combination.

In the housing market, conditions continue to vary considerably across the country. The Melbourne and Sydney markets are very strong and prices are increasing briskly. In contrast, conditions are more subdued in most other cities and, in some areas, most notably Perth, prices have declined. Nationally, growth in rents is the lowest for some decades.

So it’s a complex picture and there is not a single story that applies across the country. But, as is often the case in economics, it largely comes down to supply and demand. On the demand side, population growth in Australia – especially in our largest cities – picked up unexpectedly in the mid 2000s and it is only in the past couple of years that the rate of home building has responded. This imbalance was compounded by insufficient investment in the transport infrastructure needed to support our growing population. Nothing increases the supply of well-located land like good transport links. Underinvestment in this area is one of the factors that has pushed housing prices up. Put simply, the supply side simply did not keep pace with the stronger demand side. The result has been higher prices.

Not surprisingly, the rising prices have encouraged people to buy residential property as an investment in the hope of ongoing capital gains. With global interest rates so low, many investors have found it attractive to borrow money to invest in appreciating residential property. This has reinforced the upward pressure on prices.

This configuration of ongoing increases in indebtedness and rising housing prices has been discussed at length by the Council of Financial Regulators. This council, which I chair, brings together the heads of the RBA, APRA, ASIC and the Australian Treasury. The concern has not been that these developments have posed a risk to the stability of our financial system. Our banks are resilient and they are soundly capitalised. Instead, the concern has been that the longer the recent trends continued, the greater the risk to the future health of the Australian economy. Stretched balance sheets make for more volatility when things turn down.

Given this, over the past couple of years there has been a concerted effort by APRA to encourage lenders to strengthen their lending standards. This followed deterioration in these standards a few years ago. Also, at the end of 2014, when growth in investor lending was accelerating, APRA announced that it would pay very close attention to lenders whose investor loan portfolios were growing faster than 10 per cent. It did so with the full support of the RBA. This guidance helped pull the whole system back and has made a positive contribution to overall financial stability. So too has ASIC’s focus on responsible lending. These measures constrained some higher-risk lending and reinforced the message to lenders that they need to take a system-wide focus in their risk assessments.

Notwithstanding this, given recent trends and the heightened risk environment, APRA announced some further measures last Friday. Again, it did this with the full support of the Council of Financial Regulators.

There are two parts of APRA’s announcements that I would like to draw your attention to.

The first is the need for lenders to have a very strong focus on serviceability assessments. Despite the focus on this area over recent times, too many loans are still made where the borrower has the skinniest of income buffers after interest payments. In some cases, lenders are assuming that people can live more frugally than in practice they can, leaving little buffer if things go wrong. So APRA quite rightly has said that lenders can expect a strong supervisory focus on loans with a very low net income surplus.

The second area is interest-only lending. Over the past year, close to 40 per cent of the housing loans made in Australia have not required the scheduled repayment of even one dollar of principal at least in the first years of the life of the loan; only interest payments are required. This is unusual by international standards. In some countries, repayment of at least some principal is required on all housing loans for the entire life of the loan. In other countries, interest-only loans are available only if the borrower has already contributed a fair degree of equity. So this is one area where Australia stands out. We are not unique in this area, but we are unusual.

There are a couple of factors that help explain the popularity of interest-only loans in Australia. One is the flexible nature of Australian mortgages. Many people with interest-only loans make significant payments into offset accounts rather than explicitly paying down principal. This flexibility, which is of value to many people, isn’t available in most countries. A second factor is the taxation arrangements that apply to investment in residential property in Australia.

Last week APRA stated that it expected that new interest-only loans should account for no more than 30 per cent of the flow of new loans. It also stated that institutions should place strict limits on interest-only loans with high loan-to-valuation ratios.

Like the earlier ‘speed limits’ on investor lending, these new requirements should help the whole system pull back to a more sustainable position. A reduced reliance on interest-only loans in Australia would be a positive development and would help improve our resilience. With interest rates so low, now is a good time for us to move in this direction. Hopefully, the changes might encourage a few more people to think about the merit of taking out very large interest-only loans when interest rates are near historical lows.

So the RBA welcomes these latest changes.

It is important, though, that we are all realistic about what these and other prudential measures can achieve. As I said before, the underlying driver in our housing market is the balance between supply and demand. The availability of credit is undoubtedly a factor that can amplify demand, but it is not the root cause. This assessment is consistent with the observation that housing market dynamics currently differ significantly across the country, despite Australia having nationwide financial institutions and the level of interest rates being the same across the country. It is hard to escape the conclusion that we need to address the supply side if we are to avoid ever-rising housing costs relative to our incomes and to avoid the attendant incentive to borrow that is created by rising housing prices.

The various prudential measures do not address the underlying supply-demand issues. But they can reduce the risk from the financial side of the housing market while the underlying issues are addressed. These prudential measures help lessen the amplification of the cycle we get from borrowing and reduce the risk of developments on the financial side weakening the resilience that our economy has exhibited for many years. Ideally, this would be achieved by financial institutions acting themselves, without the need for prudential guidance. But sometimes prudential guidance can help the whole system adjust.

The calibration of this guidance is not precise or straightforward so we need to keep matters under review. The Council of Financial Regulators will continue to assess how the system responds to the various measures so far. It would consider further measures if needed. As I have said, though, in the end addressing the supply side of the housing market is likely to prove a more durable way of dealing with the concerns that people have about debt and housing prices than detailed supervisory guidance.

So that is enough on debt and housing.

Before finishing, I would like to recognise that tomorrow we are having the official opening of our new banknote distribution centre and vault at Craigieburn, in outer Melbourne. This new centre is an important investment for us in Victoria. It will help us manage the task of issuing and storing banknotes nationally for many years to come. The new facility is built around a very large vault and as you can imagine, it is highly secure. It also uses the latest technology and is our first major investment in banknote storage and distribution for decades.

As I hope you are aware, we are currently in the process of upgrading our banknotes to stay ahead of counterfeiters. Counterfeiting rates in Australia remain pretty low but they are creeping up. The new $5 note came out in September last year and the public reaction has been favourable. We are proud of these new notes, not just of the design but also of the high-tech security features. The new $10 will be issued from September and the $50 next year.

As you can imagine, issuing a new series of banknotes is a huge logistical exercise. There are currently 1.5 billion individual banknotes on issue. That averages 62 per person in Australia. We also hold large contingency stocks, which we needed during the financial crisis when the demand for banknotes surged. It might come as a surprise to you to learn that, despite all the talk of a cashless society and electronic payments, the value of banknotes on issue in Australia, relative to GDP, is the highest that it has been in 50 years. Australians have come to rely on our secure and high-quality banknotes. Our new state of the art facility at Craigieburn will help us manage the storage and distribution of these notes.

Thank you and enjoy your dinner and conversation.

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lovelyfantasticfart · 4 years ago

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3 ways To judge Real Estate Investments

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