Could one Small Mistake Cost you a Home Loan

Did you know that just one forgotten electricity bill or unpaid mobile phone invoice could make or break your home loan application? Did you also know that an unpaid bill of just $100 or more can smear your credit file for up to seven years?   The fact is, it doesn't take much for your credit file to end up with a black mark against it.   Kristy Sheppard confirms that Mortgage Choice's home loan advisors meet with would-be borrowers on a daily basis, who are shocked to learn that their credi...
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Home Loans that you Can Consider

Todays post is a guest submission from Chris Hamilton over at Mortgage Brokers Online. Home loans offer different terms and conditions. To finance your purchase of a new home or the renovation of your existing residence, you must find a suitable home loan for it. Here are the different home loans that you can consider. As the name suggests, the fixed home loan has a stable payment mode though the market interest rate changes. This gives a borrower repayment stability for the duration of th...
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Refinance your loan or keep paying through retirement?

Two main topics hit the New Year mortgage news this week, one of which was downright depressing but fortunately the other gave me a hint of optimism about our home loan. Perhaps I'll need a New Year's resolution or two to be able to make the most out of the alternatives to my current mortgage. Anyway, let's start with the bad news: one report out this week suggested that a huge proportion of Australians will still be paying off their mortgage after they've retired. Almost half - 49 per cent, ...
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Mortgage exit fees get banned, we can switch home loans freely

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. Fear no more! For home loans taken out from July 1, 2011, the federal government has just announced t...
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No rate rise; Choice says change banks

Since today is the first Tuesday of the month, the Reserve Bank met again and made a decision on whether or not to raise interest rates. And the verdict is good for us mortgage holders - the official cash rate has remained on hold which means it is unlikely that any banks will increase their interest rates. And since there is no meeting held in January, that means we know where we stand with home loan repayments until at least February 2011. The Reserve Bank board statement made it clear that...
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What profit is the bank making from your mortgage?

Here's a topic I don't like to think about too much, but I couldn't resist reading a weekend article in The Daily Telegraph talking about banks and their profits - and in particular how much profit banks make on home loans. Now, I obviously know that banks aren't so kind as to simply want to help me out with my quest to own a home and/or investment property, but I have to admit that the figures suggested by this article did make me wonder why banks have got so stingy they don't even give out fre...
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Even tennis champions have mortgage trouble!

It's not often we head into celebrity territory on the Mortgage Seek blog, but the big mortgage news this week is that former Aussie tennis champion Mark Philippoussis has become a victim of the mortgage stress plaguing many of the major Australian cities. Somehow it's comforting to hear that the rest of us normal people are not alone in dealing with mortgage dramas, but that's no doubt fairly small consolation to Mark Philippoussis. The story goes, according to The Herald newspaper, that Phi...
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Many Aussies looking to change their mortgages, but be careful

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. In fact, news this week from mortgage brokers is that they have been flooded by home owners trying to find out if there is a b...
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Mortgage stress in Brisbane and Melbourne

Last week you might recall that I was sympathising with Sydney-siders who have the worst mortgage stress in Australia. Apparently a lot can happen in a week because the new figures are now showing that Sydney people are no longer the worst off - this dubious honour now goes to mortgage holders living in Brisbane, with those paying off home loans in Melbourne being very close behind. Of course, many Sydney mortgage holders are still struggling but they're no longer top of the table! According ...
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Sydney-siders top for mortgage stress

If you've got a home loan and you live in Sydney, then unfortunately you win as belonging to the group of Australians suffering most from mortgage stress at the moment. Mortgage holders in Brisbane and Melbourne, on the other hand, are apparently in the best situation, all according to a recent Moody's survey. Sydney-siders with a mortgage have the highest rates of delinquency, defined in the survey as being more than 30 days behind with repayments (in other words, missing one or more mortgag...
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Australia’s an interest rate rise circus at the moment

If you'd been reading The Australian newspaper's website last week instead of ours, you might have thought for a short time that the Reserve Bank had raised the cash rate after all. According to the clever nit-picker that is Media Watch, The Australian obviously had a "interest rates have risen" story ready to go the second the Reserve Bank announced a change - as many had expected them too - but then they kept rates on hold! In some kind of technological confusion, The Australian still managed ...
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Mortgage rate stays on hold, for now

Another sigh of relief for my back pocket as the Reserve Bank made a decision on Tuesday to leave the cash rate unchanged! Shortly before their Tuesday meeting the odds seemed to be on a rate rise, and the major banks sound like they were all very keen for there to be an increase - they are complaining about the higher deposit rates and lower mortgage rates that they are currently dealing with (and not liking). However, none of the major banks wanted to be "the bad guy" who put up interest rates...
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Will a rising Aussie dollar save our mortgage repayments?

Will interest rates rise in the near future or won't they ... that's the million dollar question and one we have mulled over a lot - even as recently as last week we were contemplating what the futures market had to say about the probability of the Reserve Bank raising the cash rate and banks following suit with hikes in home loan interest rates. Now let's throw another variable into the mix: the value of the Australian dollar. This week the press have been talking about the Australian dollar...
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Do you follow your home loan lender on Twitter?

Social media is everywhere these days and in case you didn't realise, even banks are getting into Facebook and Twitter. Something that we used to consider as just part of our after hours fun and a way to catch up with friends is becoming all-pervasive and there are even studies out there on how banks are interacting with us, their customers, via social media. A recent study looked at five months of tweets (messages sent on Twitter), and looked at things like how often Australians tweeted abou...
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September Reserve Bank meeting keeps rates steady for now

There was no interest rate rise at the August meeting of the Reserve Bank: and snap, same again this week, again the cash rate has remained at 4.50 per cent after the Reserve Bank board got together for their first Tuesday in September meeting. The reason why is pretty neatly summed up by the RBA governor, Glenn Stevens, himself, in the monthly media release that follows the Reserve Bank meetings: The current setting of monetary policy is resulting in interest rates to borrowers around their...
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