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".
‘Liar loans’ on the rise as risky mortgages drive house price boom
Home loans buoyant, but investors subdued
What homebuyers should look for when comparing home 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 SkantzosWith 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…Simpler lending rules for home loans
Many Aussies are making a big mistake with home loans
How mortgage hunters could be dudding themselves out of the best deal, all because of an unfounded fear.
Rebecca Le MayMany 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.…How low rates killed the affordable housing dream
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.
Old home loans costing Aussies
Fixed rate home loans are at their lowest ever — but they come with a catch
It's taken several weeks, but following a number of extraordinary policy measures by the RBA (including a formal adoption of Quantitative Easing), at least one bank has taken the decision to offer a three-year fixed home loan rate of 1.89 per cent.
That's low. In fact, according to interest rate comparison site, Mozo, it's the lowest commercial fixed interest rate (with an 80 per cent Loan to Value Ratio or LVR) the country has ever seen.
Fixed rates are dropping to all-time lows because the banks are desperate for your money. So far the evidence shows they're…
Home loan customers may need to pay mortgage brokers to save money
The new fee, one of the most contentious changes recommended by the final report of the Hayne royal commission, would kill off one of the key methods brokers are currently paid — an arrangement commissioner Kenneth Hayne rubbished as "money for nothing".
Currently, most brokers are paid an upfront commission by the bank that finances the loan. The banks then also pay an ongoing fee, called a trail commission, over the life of the loan.
Under the comm…