Mortgage and Home Loan news recap for the week ending 24th June 2007.

Here is a recap of the top stories in the press this week:

Out of house and home
Herald Sun
Michael Perusco, chairman of Australians for Affordable Housing, takes a look at the rising cost of housing for renters and buyers in Australia and expresses concern over long term affordability with the possibilities of increased mortgage defaults and rental arrears.

Battle intensifies to regulate brokers
Investor Daily
Madeleine Collins of Investor Daily writes about ASICs’ ongoing crackdown on misleading advertising in the reverse mortgage market.

Aussies ‘don’t understand home loans’
The Age
The Age reports on an online poll conducted by MyRate.com.au. From 1100 people questioned 77% felt unhappy or confused with their home loan although only 38% were prepared to shop around for a cheaper deal.

NSW gets Budget tax cuts
ABC News
The New South Wales Government has announced a series of tax cuts including cutting Land tax from 1.7 to 1.6 percent next year and abolishing Mortgage duties on the purchase of owner-occupied homes in September this year, and be totally abolished by July 2009.

Stop this mortgage madness
Fairfield Champion
Kate Sullivan writes about an instance of seemingly lax lending practices.

Banks throw out loans rulebook
SMH.com.au - Business Day
An article by Stuart Washington looks at the liberal lending policies of the banks with reports from Australian Prudential Regulation Authority (APRA) prompting warnings. A survey reported that one in four borrowers face loan repayments above 30% of their gross income with reports of up to 50%. APRA also found banks have relaxed deposit requirements finding that more than 5% of loans issued in September 2006 were for above 95 per cent of the property’s valuation.