Australians turn to mortgage brokers as the property market heats up

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As more Australians emerge from lockdowns, the property market continues to surge ahead.  The latest research[1] from MyState Bank indicates that Australians are viewing mortgage brokers as highly valued partners in securing a home loan during this time. The research also highlighted greater comfort in a ‘virtual loan’ process as well as seeking a loan outside... Read more continue reading

States bolstering coffers at expense of housing affordability

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Stamp duty has become the antiquated blight of the Australian housing sector as prices soar and governments continue to penalise home buyers with higher taxes which is leading to a reduced number of properties on the market. Real Estate Institute of Australia (REIA) and SQM Research have released a market analysis, Stamp duty: The relationship... Read more continue reading

Westpac sells Lenders Mortgage Insurance business to Arch Capital and enters 10 year supply agreement

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Westpac Group has announced it will sell Westpac Lenders Mortgage Insurance Limited (WLMI) to Arch Capital Group (Arch) and enter into a 10-year exclusive supply agreement for Arch to provide Lenders Mortgage Insurance (LMI) to the Group. The sale price will be at book value[1] which will be determined at completion. The transaction also includes... Read more continue reading

Seller confidence rebounds as buyer demand continues to surge

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Research released from Westpac shows more Australians are thinking about selling their home now than before the pandemic, with low interest rates, improved consumer sentiment and strong economic forecasts fuelling confidence in the housing market. More than a third (35%) of homeowners are planning to sell in the next five years, with over one in... Read more continue reading

Australia is a significant part of the global equity release trend

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The growing attraction of equity release for retirees in Australia is part of a global trend, according to the recent Global Equity Release Roundtable 2020 survey. The 2020 survey, published by the European Pensions and Property Asset Release Group, predicts that the global Equity Release market will treble in the next decade to more than $US50... Read more continue reading

Young Australians look to swap housemates for home ownership

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New research from Westpac shows that COVID-19 is continuing to shape Australian home ownership goals, with the number of first home buyers looking to enter the property market in the next five years doubling from 7 per cent before the pandemic to 16 per cent[1]. No longer wanting to pay rent (54%) is the major... Read more continue reading

Household Capital passes on more than the RBA interest rate reduction to remain the lowest available home equity retirement funding provider in Australia

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Australia’s leading home equity retirement funding provider, Household Capital, has announced a further cut to its interest rate. In response to this week’s RBA cut of 0.15 percent, Household Capital made a deeper cut, lowering its rate by 0.20 percent to a home equity access rate of just 4.95 percent. Dr Joshua Funder, Chief Executive... Read more continue reading

Resimac’s new solicitor partnerships support brokers with digital solutions

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Leading non-bank mortgage provider Resimac has enhanced its lending processes by leveraging new partnerships and adapting the latest technology to ensure brokers can continue to originate home loans without the need to meet with borrowers face-to-face.  The enhancements are facilitated by its new panel solicitor partnerships, with MSA National and First Mortgage Services (FMS). In... Read more continue reading

5,000 reasons why you should trust your Mortgage Broker

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Mortgage brokers must meet the best interests duty from 1 July 2020 or risk a fine of 5,000 penalty units or $1.05 million.This means you must show you have your client’s best interests at heart. Who is a mortgage broker? A mortgage broker: is either a licensee or credit representative; carries on a business of... Read more continue reading

Non-bank lenders to provide a greater share

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One of the hallmarks of the Australian corporate lending market has been the bank dominance of the sector, with the domestic banks currently holding around 70% market share. Due to the large balance sheet capacity and accompanying capital required to operate in the market, barriers to entry are significant. However, Andrew Lockhart, Managing Partner at... Read more continue reading