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Housing lending slows down, banks relax lending criteria
It was discussed in our July 05 newsletter that the banks responded to the
slowdown in housing lending by offering interest discounts on home and
investment loans. As the the chart below shows, the decline has continued
into the second half of 2005.
In an attempt to maintain falling volumes, banks have relaxed their lending
criteria and have launched new products. For example, it is no longer a requirement to demonstrate savings pattern to obtain a mortgage for up to
95% of the property value. Another example is no deposit home loans, where you can
borrow up to 100% (not available for overseas borrowers).
Previously they were
accessible through specialised lenders only. Now St George and Westpac have
them on offer and other banks consider following the trend. From our
experience, getting a home loan approved these days is
considerably easier than 2 years ago.
Lending growth by sector
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Recent testimonials
Hi Anton, Thanks for your email informing us
of our recent property settlement. Unfortunately for us the champagne chilling
in the fridge will have to wait until tonight, as I left work early yesterday
and only received your email this morning.
Many thanks to you once again for
all your hard work and dedication - very much appreciated. thanks Anton - we
will definitely be asking you to source our next loan.
Christine& Ricky, Melbourne
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Need a professional hand with the property hunt? Buyer's agent can help.
Engaging a buyers agent when you need assistance with the property hunt
Industry Background
The buyer's agent sector within the Real Estate industry is about 6 years
young in Australia, although it has been well established for many more
years in USA and Europe Less
than 1% of all real estate businesses registered to practise in Australia
(in excess of 10,000) are buyers' agents.
The obvious difference between licensed buyers' agents and the traditional
licensed selling agents is that the buyer's agent is retained by and
works exclusively for the purchaser while the selling agent is retained by
and works exclusively for the seller.
In Australia unlike the USA and Europe, to avoid conflict of interest, the
Real Estate Act determined a licensed real estate agent can not act on
behalf of both the buyer and the seller of a property at the same time.
What an effective buyer's agent will do for you:
- Work with you to determine your objective as an investor or owner-occupier.
- Assist with your determination what the property specifications are, be it
residential, industrial or commercial.
- Save you valuable time. Will search, inspect, research and analyse each and every property that
meets your objective and property specifications.
- Save you money by negotiating the lowest possible price and the most
favourable terms and conditions on your behalf.
- Assure
you a stress-free outcome to settlement and beyond by taking care of
the entire process including the coordination of all essential
services relevant to your purchase e.g. solicitors, local councils,
strata building and structural and pest inspections and others.
- At
no extra fees, offer guidance on the most suitable property manager
(for investment properties) and/or how to best sell your current
- Ensure
your absolute confidentiality while delivering an objective,
independent service.
This article was presented by Property Search 4U, a young innovative real estate company with a focus on
providing a professional service to its clients on a personal level. They
only buy for their clients. They do not sell properties.
For
more information about Property Search 4U, its principals, services and
offices, visit them at: http://www.propertysearch4u.com.au
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Our selection of articles by The Age
Property market bounces back early
Australia's housing sector appears to be making an earlier than expected comeback
following months of sluggish growth, economists say ... more
Victoria stays bullish on homes
AUSTRALIA'S peak housing body has forecast a slower year for the residential building sector, although it
expects the downturn to be far less pronounced in Victoria... more
Welcome to the sky-high club
It might be one of the world's most liveable cities, but when it comes to
buying a house, Melbourne is not that hospitable. The city has been ranked in the top 20 most
unaffordable housing markets in the world...more
Housingsolid but apartments slipping
MELBOURNE'S housing demand is now a
tale of two cities. Approvals for high-rise apartments have crashed by 70
per cent from their 2002-03 peak - yet approvals for new houses ended
2005 on a slight upturn...more
Australian leads the way in free markets
AUSTRALIA is the most deregulated
economy in the Western world, the OECD says. In a new report aimed to whip
up enthusiasm for economic reform, it depicts Australia as its pin-up model for open markets and small government...more
Reserve chief in housing warning
SLOPPY lending practices among the banks and their smaller rivals could
jeopardise Australia's long economic boom, the Reserve Bank has warned, as new figures reveal
a growing number of Victorians are being stung by the slowing property
market...more
Why Melburnians are better off
A material wellbeing survey rates Sydneysiders high, but Melburnians higher...more
In our next newsletter
- Property market overview and news
We will be happy to discuss and research various options for your new or existing mortgage in Australia. There are plenty of deals in store for you, simply contact us by sending an enquiry.
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