The bank's annual survey of around 900 people who took out a mortgage over the past year showed that 41 per cent submitted loan applications that were not completely factually accurate — so-called "liar loans".
It’s a great time to buy property with record-low interest rates, but homebuyers are cautioned to avoid these mistakes when shopping for loans.Kathy Skantzos
With unprecedented cuts to Aussie home loans and ultra-low interest rates, now could be the ideal time to buy, but buyers have been warned to shop around before committing to a mortgage.Canstar’s group executive of financial services Steve Mickenbecker told news.com.au that homebuyers should not be getting a loan for anything around the 3 per cent mark or above. He said home loan rates are down at around 2 per cent – an ultimate low we haven’t seen before – and buyers shouldn’t be going any higher. “We’ve not seen a minimum anywhere around that. In 2015, the average interest rate was around 5 per cent and in 2020 the national average was 3.32 per cent. That’s…
How mortgage hunters could be dudding themselves out of the best deal, all because of an unfounded fear.Rebecca Le May
Many mortgage hunters have an unfounded fear of non-bank lenders and could be dudding themselves out of the best deal.After the Reserve Bank of Australia slashed the cash rate to record lows earlier this month, it was the smaller, little-known outfits Athena, Reduce Home Loans, Homestar Finance, Homeloans.com.au and Pacific Mortgage Group that led the charge in passing on interest rate cuts to customers. RateCity research director Sally Tindall said non-bank lenders had helped drive prices down across the entire home loan market, particularly in recent months as record numbers of mortgage holders moved to refinance, especially when it came to fixed rates. “Right now, the lowest fixed rate loan on the market is just 1.…
House prices were on the cusp of one of the biggest falls in decades, hit by what was shaping up to be a near-lethal combination of mass unemployment and zero immigration.
After decades of a seemingly unstoppable real estate bubble, the prospect of a sustained fall in housing prices brought a glimmer of hope to those under 35 that home ownership may become a possibility if they could hold on to a job.
Even relatively conservative analysts were forecasting house price declines of 20 per cent and back in May our biggest bank, the Commonwealth Bank of Australia, pencilled in the prospect of a 32 per cent collapse.