Australian Mortgage and Loan Information

CBA to increase fixed rate lock loans by 60 basis points!

Should I lock the rate on my home loan?
This is an interesting question, and given the recent press leaks from the experts on what we should be paying for our home loans, it seems rates are unlikely to go lower. Even the RBA seems to have joined the: rates have bottomed chorus, so we are likely at the bottom of low rate the cycle. So maybe it is worth doing your sums on a rate lock.

Check with a reputable mortgage broker what rates are on offer before you jump, you may be wise to kick your old bank to the curb and find a new lender.

The main benefit of a rate lock is certainty. You will at least know what you have to pay for the period of fixed rate you choose. You may also be getting a jump on the banks, as they are likely to increase rates further if they think the market will handle it.

The downside is if rates drop further. Check out the history of rates for the last fifty years.

And finally check your loan statements, banks make mistakes every minute, make sure you are not getting ripped off. Click here for more info on loan checking software.

Unfortunately my much wished for defection from home loan copy-cat ism of one of the big four Australian Banks has failed to materialise, at least in this short term. I trust my source, I think it will only be a matter of time before you will be offered a distinct choice among the big four.

In the mean time if you are hunting for a new loan, ask your mortgage broker about the various banking/home loan package deals available. Many packages offer savings of up to .7% on standard variable loans and lines of credit. The catch is the annual fee, which sometimes is in excess of $350. However when you consider the savings in transaction account fees and loan interest if you are borrowing more than $250,000 you should be well ahead.

Before you dump your current lender, It would be judicious to inquire about transferring your existing home loan to a package with them. You could save thousands in fees and charges generated by a transfer of lender. I would also consider using some mortgage checking software to check the accuracy of your loan and credit card statements before you cast your current lender adrift. Please also read your current loan documents and try and get an understanding of what you currently have.

Be careful what you wish for? The chances are you will get it!

The signs are right for a further drop in the variable home loan rates.

My information is that one of the big four Australian Banks may be about to break ranks and cut their variable home loan interest rate dramatically. With rates already at historical lows, a further drop will provide a welcome lift to first home buyers, those with big borrowings, the economy and the many small business’s in need of a cash flow boost with cheaper credit. Check out what a rate drop will do for you.

I have been trying to embrace the teachings in The Secret dvd my wife gave me for my birthday. When I heard about the possibility of a one of the big four Banks breaking ranks over not passing on the RBA cuts I was chuffed, as one of the things I have been visualising, is a better rate on my home loan. I recently purchased a work book to record the things I want to attract. maybe it is working! I guess I will find out when the news breaks.



The Secret Vision Book is a wonderfully illustrated, easy to use e-Book that will change your thought process from unsuccessful to successful and happy using The Secret DVD philosophy. Did you know that 97% of people who watch the secret DVD or read the books from The Absolute Secret range will fail to apply the principles? Why? Because, they don’t know what to do next. The Secret Vision Book is a working system in which you can record all the things you want to attract into your life.

Once again, the popular media is full of claims that many home loan statements contain massive calculation errors. They say the simple mistakes banks and other lenders make are costing home loan borrowers big time. Incorrect date on entries, wrong interest rate, doubling up on fees and missing deposits seem to be the main culprits.

I feel like shouting at the TV when this stuff rears its head again. Get yourself some loan checking software please.

The software has been seen on…
A Current Affair
Money
7:30 Report
4 Corners
Today Tonight

If you don’t want to check your statements, be aware you may be paying a lot more of your hard earned cash to the bank than you need to. For goodness sake keep a close eye on your home loan statements.

Private sector house approvals fell 13.1% in December 2008 according to the Australian Bureau of Statistics.

Why is this good news? Less new dwellings being built, mean tighter supply and a probable increase in value for current stock, well that’s the theory anyway.

The reality is Australian home affordability is out of kilter with wages and incomes.
So instead of home ownership being right of all Australians, it is for now, an elite privilege.

I also see the Government’s tax revenue (It’s major income source) is down 19% for the September 08 quarter, yet it’s expense’s rose across the board. The Governments credit card is close to maxed out. Tax revenue will have to increase, or we may find the government shedding jobs. What will that do for property values?

My research into commercial properties has revealed the market to be dead in the water. Sellers are asking premium price, buyers in the main are adopting a wait and see policy.
Drive around a factory precinct near you, count the deserted properties. My gut feel is for a 50 to 60% drop in values for these properties shortly.

It is time to re-evaluate your banking, you want to cut fees, consolidate your debts, check out better deals, whatever saves you money. Get some loan checking software and use it to check your credit cards, business loans and home loans.

Government stimulus package and historically low lending interest rates will buy some time, but the risk of a massive correction in Australian house and commercial property prices is as high as it has ever been since the great depression. Over valued and in many cases in poor condition, Australian property has become decidedly on the nose internationally.

The International Monetary Fund has for some time voiced a considered opinion that: “Australian property is among the most overvalued in the developed world.“ International investors have heeded the IMF’s warning and are quitting their Australian holdings in the droves. New enquiries have all but dried up.

February 2009 is the perfect time to ready yourself for the turbulent time ahead. Consolidate your debts, sign your tenants to a longer lease, crack down on tardy payers. Repair and maintain your properties to keep them in top condition. Check your mortgage interest rate, get the lowest rate mortgage available or convert to interest only if you can and get some quality mortgage checking software.

$53 billion from stamp duty?

Talk about making money out of misery! The world wide housing price bubble is the source of all the recent financial turmoil, threatening our very way of life. Yet State and Territory governments across Australia have raised $53 billion from stamp duty on property purchases for both residential and commercial property over the past five years according to report just released by Bankwest.

Like many I have felt the pain of State Government fees such as mortgage stamp duty, title transfer fee and property stamp duty. You cannot avoid them, they are just a part of doing business in Australia. However, was not the GST going to lead to abolishment of all these State Government taxes and charges? The recent First Home Owners Boost is really just a transfer of funds from Federal to State Government coffers, as it mainly goes to pay the stamp duty!

As expensive as stamp duty is, I do not think it is a contributor to the housing price bubble as it is called by the popular press. The main reason is without doubt the easing of home loan mortgage lending criteria. In fact the easing of lending criteria full stop. The lender’s have let loose a wave of credit fuelled consumer demand on a limited finite resource of desirable property. The result: State Governments with fat budget surplus to waste and home ownership out of reach for future generations. At least interest rates are coming down!

Why not spend some of this money creating jobs in manufacturing or environmental salvage? My local engineering works and the Murray river could do with some help.

Don’t forget to take stamp duty and other government fees into account when you do your home loan calculations.

Fantastic software that will check your bank loan statements for errors.

There is a better than even chance that you could be losing hundreds of dollars due to bank errors without you even knowing it. The Mortgage Watchdog loan statement checking software can bring these errors to light and provide proof for banks and other lenders to force rebates and corrections.

The popularity of the Mortgage Watchdog software is growing rapidly, as happy users recommend it to their friends and family. The Mortgage Watchdog software has also been featured on the free to air television network current affair’s programs like the 7.30 report and 4 Corners and the ABC, Today To Night on 7 and A Current Affair on 9.

The Mortgage Watchdog bank loan statement checking software is Australian made but has a world wide application. American, British, French, German, Chinese, Japanese etc all banks operate basically on the same system as Australia so results will be comparable.

For more information a visit to the Mortgage Watchdog website is essential. You will find detailed information and operating instructions plus, a large number of credible video testimonials from customers who have been able to use the software to get back thousands of dollars of bank loan overcharges. There is also an incredible “no risk” purchase offering.

For more information, please visit the Mortgage Watchdog website.

Home loan and mortgage holders are at more risk than ever of getting overcharged interest and fees by their lenders. Essentially, getting ripped off by their home loan lenders.

The reduction in staff and extra pressure on the remaining staff have increased the possibility that lenders will make mistakes on your accounts. With interest rates falling, there is an even bigger chance that the mistakes will be in favour of your lender.

Be vigilant with your credit and home loan statements. For some years now I have been using a PC based software package made here in Australia called Mortgage Watchdog.

Mortgage Watchdog software is easy to install and use. It also has the credibility for Banks and other lenders to authorise refunds based on its calculations.

If you have a current mortgage or you have been lucky enough to have paid one out recently, I suggest you check out your lenders calculations. Put Mortgage Watchdog on your Christmas list.

Has your bank overcharged you? – Download this mortgage software to check your interest charges and claim your refund today!