Mortgage News Recap
June 22nd, 2008The recap of mortgage, home loan and housing news in Australia.
The top stories for the week ending 22/06/08:
ACCC releases Advice on dealing with Mortgage Stress
ACCC
After reports of real estate buyers seeming to be trying to take advantage of those under mortgage stress by offering under market value buyouts the ACCC has released opened a section on it’s website to help struggling home owners. The section provide some practical steps for home owners to take if they are experiencing financial difficulties before they consider selling their home including information about dealing with your lender, refinancing and selling.
The section also provides information on getting independent advice with links to financial counselors, community legal centres and legal aid offices.
Visit Managing your Mortgage - ACCC »
Big four banks split on rate outlook
Herald Sun
Colin Brinsden reports that two of the major banks consider a rate rise by the RBA in August as a likely event. Both the Commonwealth Bank and ANZ predict an August rate rise while NAB and Westpac see rates as stying on hold. View Article »
RBA believes economy is cooling
The Age
Oil and food prices will keep the inflation figure high, but rates are on hold for this year writes Malcolm Maiden providing a review of the latest release of the minutes from the RBA board meeting. View Article »
RBA better placed than Fed to fight inflation
The Age
The differences between Australia and the US outweigh the similarities, but the economies now share a striking feature writes Scott Murdoch as inflation in the US equals the current Australian rate of 4.2% (albeit with differences in the way it’s calculated). View Article »
RMBS arrears at record high: S&P
Business Spectator
The proportion of securitised mortgages in arrears by 30 days or more has reached a record high at 1.45 per cent in March 2008, 1.37 per cent higher than in February, according to Standard & Poor’s Ratings Services. View Article »
Australian, N.Z. Dollars Head for Weekly Gain on Rate Advantage
Bloomberg
The Australian and New Zealand dollars headed for weekly gains on speculation the nations will maintain their interest-rate advantage over the U.S. as the Federal Reserve may delay raising borrowing costs. Many, as does Joseph Capurso, a currency strategist at Commonwealth Bank, see parity with the US dollar just months away. View Article »
From the RBA
Economic Conditions
An Address to the American Chamber of Commerce in Australia by Reserve Bank Governor Glenn Stevens ViewTranscript »
Minutes of the Monetary Policy Meeting of the Board
Transcript of the minutes from the 3 June 2008 meeting View Transcript »
