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mortgage
20/03/2017
Australia’s banking regulator says the country’s housing market is in an environment of “heightened risk”, but he won’t say there’s a housing bubble. Australian Prudential Regulatory Authority chairman Wayne Byres told a Sydney conference that he wouldn’t use “the B-word” to describe the housing market. “I don’t use the B-word. I refuse to use the B-word. It implies a binary, that’s too simplistic,” Mr Byres said speaking at the Australian Securities and Investments Commission annual forum. “We are in an […]
19/03/2017
TWO down, two to go. Westpac has joined rival National Australia Bank in hiking mortgage interest rates for investors and owner-occupiers. Interest-only investor loans will be hardest hit, increasing by 28 basis points to 5.96 per cent per annum. Principal and interest investor loans will increase by 23 basis points to 5.79 per cent. The bank will also raise its owner-occupier rate by three basis points to 5.32 per cent, while interest-only owner-occupier loans will increase by eight basis points […]
19/03/2017
If you’re slogging it out in a 9-to-5 job for what feels like a pittance, you’ve got the double whammy of rising house prices and a low income, and the goal of home ownership can seem even more hopeless. According to the Australian Bureau of Statistics, the average annual earnings for Aussie employees is just over $60,000, a level at which the tax office gives you a low-income tax offset. So there are plenty of others out there scratching their […]
17/03/2017
THE Reserve Bank is prepared to do more to slash rampant investor activity in the housing market, its assistant governor has confirmed. Michele Bullock, RBA assistant governor financial system said the “essence of macroprudential policy is that prudential supervisors recognise potential system-wide risks in their supervision of individual institutions and react accordingly”. She said regulators were continuing to monitor ongoing effects of housing risks “and are prepared to do more if needed”. Ms Bullock said three years ago Australian regulators […]
15/03/2017
The Sydney and Melbourne housing markets are continuing to “defy belief” but banks have warned that government measures designed to address affordability could actually drive up prices. National Australia Bank chief economist Alan Oster said property prices were showing no signs of slowing, despite growing concerns about affordability two months out from the federal budget. The analysis from NAB shows median dwelling prices have climbed up to nine times higher than gross household incomes in Sydney and seven times higher […]