Australian Mortgage & Home Loan News Recap for the week ending 10th June 2007.
Recapping recent home loan and mortgage news that you may have missed:
Mortgage duty Dropped
Sunday Mail
Author Darren Giles reports on the Queenslands government moving to abolish mortgage duty. A two step process with duties being reduced by 50% after January 1 and completely removed by January 1 2009. Currently first home buyers have been receiving benefits in this area and now investors and second time purchasers will benefit.
Regulator Hits out at Reverse Mortgage Providers
Investor Daily
Author Madeleine Collins reports on ASIC (Australian Securities and Investment Commission) warning reverse mortgage providers to not practice misleading and unclear advertising after finding five cases of misleading advertisements that made claims suggesting that reverse mortgages did not need to be repaid.
Mortgage insurers feel heat
News.com – Herald Sun
George Lekakis reports that mortgage insurance claims rose 500% last year and mortgage Insurers are feeling the pinch. Article includes commentary from the two big mortgage insurers PMI and Genworth.
WA home loans hit six-month high
thewest.com.au
The number of home loans taken out by West Australians has jumped to its highest level in more than six months reports Shane Wright on the figures released by the Australian Bureau of Statistics.
Housing gets share of action
The Sydney Morning Herald
Annette Sampson looks at investing in property with Warren O’Rourke from Mortgage Choice saying that interest from investors is picking up.
Times can’t hide home truth
Sunday Mail
John McCarthy has an interesting article on housing affordability in Queensland and the need for action to bring housing back within the reach of many.
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