Mortgage arrears hit all-time high
22/06/08 16:18
Arrears in Australia for securitised mortgages increased to 1.45 per cent during April, its highest ever recorded level, said Standard & Poor’s Ratings Services (S&PRS).
Securitised mortgages are those 20 per cent of mortgages where the funding is sourced from wholesale debt markets as opposed to traditional banking deposits while the arrears measures means borrowers are more than 30 days late on payments.
Arrears level for sub-prime Australian loans is ten times higher at 14.7 per cent, reported S&PRS. Sub-prime loans in Australia however only make up a tiny minority of the mortgage market, estimated at only a one to two per cent in Australia compared to the 15 per cent proportion they constitute in the US.
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Securitised mortgages are those 20 per cent of mortgages where the funding is sourced from wholesale debt markets as opposed to traditional banking deposits while the arrears measures means borrowers are more than 30 days late on payments.
Arrears level for sub-prime Australian loans is ten times higher at 14.7 per cent, reported S&PRS. Sub-prime loans in Australia however only make up a tiny minority of the mortgage market, estimated at only a one to two per cent in Australia compared to the 15 per cent proportion they constitute in the US.
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Money Talk Tougher Than Sex Talk
22/06/08 16:08
Sandra Saker, who is Moneycare's manager for the greater west, said there was a ``tsunami of debt'' facing families in western Sydney and people needed to seek help early when it was possible to do something and not let difficulties escalated.
She said people had to bite the bullet and see a financial counsellor.
Several welfare groups like the Salvos provide free financial counselling services, which advise people on their options, and deal with creditors on their behalf.
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She said people had to bite the bullet and see a financial counsellor.
Several welfare groups like the Salvos provide free financial counselling services, which advise people on their options, and deal with creditors on their behalf.
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'Mortgage mates' new breed of homeowners
22/06/08 16:06
MANY Queensland first home buyers have become "mortgage mates" - the new property industry term for friends and family members who team up to beat soaring house prices and interest rates.
Low housing affordability has created a new crop of first-time property buyers in partnership with siblings, friends and colleagues to share the financial burden of ownership, the Real Estate Institute of Queensland says.
Institute managing director Dan Molloy said the number of first home buyers had dropped over the past year but many had used creative techniques to enter the market.
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Low housing affordability has created a new crop of first-time property buyers in partnership with siblings, friends and colleagues to share the financial burden of ownership, the Real Estate Institute of Queensland says.
Institute managing director Dan Molloy said the number of first home buyers had dropped over the past year but many had used creative techniques to enter the market.
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