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1 Apr 2008 - RBA keeps interest rates unchanged
Wed, 2 Apr 08In good news for home loan borrowers, the Board of the Reserve Bank of Australia decided to leave the cash rate unchanged at 7.25% at its meeting today. In making its announcement earlier this afternoon the Board cited "tentative evidence that growth in domestic demand is moderating", a "softening in business and consumer sentiment in the early part of 2008". In the Board's view these economic changes, plus a slowing in "global growth", will combine to slow inflation which the Board has been targeting with its recent monetary policy settings. Or as the RBA's website puts it, "the Board's judgment is that the current monetary policy setting is appropriate for the time being". However you put it, as home loan borrowers you can breathe easy for another month... unless your lender decides to increase rates independently. Infochoice.com.au
1 Apr 2008 - Banks fight it out for online supremacy
Wed, 2 Apr 08New market entrants have forced the more entrenched banks to improve online access for their clients. It is expected that banks will be required to spend hundreds of millions of dollars to keep pace with their customers expectations. Customers want to deal with all their banking on a single page in a clean and convenient online transaction. Australians are some of the largest users of online banking so the stakes are high for all institutions competing for both deposit and lending dollars. Source: The Australian Financial ReviewIn good news for home loan borrowers, the Board of the Reserve Bank of Australia decided to leave the cash rate unchanged at 7.25% at its meeting today. In making its announcement earlier this afternoon the Board cited "tentative evidence that growth in domestic demand is moderating", a "softening in business and consumer sentiment in the early part of 2008". In the Board's view these economic changes, plus a slowing in "global growth", will combine to slow inflation which the Board has been targeting with its recent monetary policy settings. Or as the RBA's website puts it, "the Board's judgment is that the current monetary policy setting is appropriate for the time being". However you put it, as home loan borrowers you can breathe easy for another month... unless your lender decides to increase rates independently. Source: Infochoice.com.au
1 Apr 2008 - Loan defaults on the rise
Wed, 2 Apr 08In research released yesterday by Dunn and Bradstreet the value of debt owed in the banking, finance and insurance sector jumped 300% in 2007. When the debt collector is called the average debt is now $26,000. The average debt referred was $1,400 and over the course of 2007 there was a 12% increase. The research also indicates that some businesses are facing cash flow shortages and the number of low value debts being referred relatively earlier only indicates the worst is yet to come. Dunn and Bradstreet risk analysis suggests that about 7,500 companies will fall into liquidation and more than 4,000 will file for bankruptcy to the year ending June 30. Source: The AgeIn good news for home loan borrowers, the Board of the Reserve Bank of Australia decided to leave the cash rate unchanged at 7.25% at its meeting today. In making its announcement earlier this afternoon the Board cited "tentative evidence that growth in domestic demand is moderating", a "softening in business and consumer sentiment in the early part of 2008". In the Board's view these economic changes, plus a slowing in "global growth", will combine to slow inflation which the Board has been targeting with its recent monetary policy settings. Or as the RBA's website puts it, "the Board's judgment is that the current monetary policy setting is appropriate for the time being". However you put it, as home loan borrowers you can breathe easy for another month... unless your lender decides to increase rates independently. Source: Infochoice.com.au
1 Apr 2008 - Home ownership declines
Wed, 2 Apr 08In evidence to a Senate Select Committee yesterday Federal Treasury has indicated that just half of home buyers aged 55-64 have paid off their homes. Treasury modelling has indicated that the number of people fully owning their home has declined in the previous decade from 72% to 54%. Ten percent of people aged 55 and over paid more than 30% of their income on mortgage payments or rent. This according to Treasury fits the traditional definition of mortgage stress. In the same Senate Select Committee other evidence provided gave some potential reasons for the high cost of housing. Costs imposed from all governments on a block of land in Sydney added over $120,000, Melbourne $24,000 and over $7000 in Adelaide. Source: The Age
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