The Reserve Bank of Australia’s Statement on Monetary Policy released in February revealed that the household savings ratio was at its highest point in more than 20 years. According to the central bank, Aussies are tucking away 10% of their disposable income – that’s a massive swing from the mid-noughties when we were spending about 2% more than we earned..... Keep Reading »
After last week’s news about banning horrendous exit fees on mortgages taken out from July 1 next year, I’ve been wondering about whether I need to look into my current mortgage arrangements – even though I won’t be eligible for the no-exit-fee deal, the talk is that even for existing mortgages it could well be worth changing. The Herald Sun had a useful article this week on moving your mortgage and its step by step approach is pretty logical – do the research (online), then get information from someone like a mortgage broker, do some number crunching to figure out the short and long term effects of switching loans, and then, before you move, give your existing lender a chance to match the deal – if they don’t, move on! But that’ll have to go on my 2011 things to do list, I think!.... Keep Reading »
Just last week we were talking about the fact that few Australians consider changing their home loan provider, even though the figures would suggest that it’s possible to save a lot of money by doing so. Definitely one of the reasons that not many people think about this – me included – is that we are concerned about the high exit fees we might have to pay if we get out of our mortgage early..... Keep Reading »
It’s probably inevitable that with a cash rate rise from the Reserve Bank and the subsequent interest rate rises on home loans – especially from some banks like the Commonwealth Bank whic hiked their rate by almost double the Reserve Bank’s increase – there will be home loan customers who are thinking about switching to a different home loan, hoping for a better deal..... Keep Reading »
In November 2007 someone came to the nation and spoke directly to the heart string that’s connected to the hip pocket of the average Australian – “working families that I talk to right across this country of ours say to me they’re under real financial pressure, from rising interest rate payments on the mortgages, from soaring rents, soaring grocery prices, petrol prices and of course the cost of child care as well.” (more…)
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What a start the year 2008 has had with the news out of the US economy continuing to worsen being strongly reflected in the global stock markets, not excluding our own with substantial falls reducing the market to mid-late 2006 levels and a return of volatility.
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