Housing loan numbers begin to fall for first home buyers

(source: REIA Housing Affordability Report, September Quarter 2009)

Although there were no significant changes in housing affordability in the September quarter, the total number of loans began to decrease, particularly in the first home buyer market.

The number of loans to the first home buyers decreased by 11.7% to 48,507 loans. Despite this decrease in the September quarter, over the year, loans for first home buyers nationally increased by 72.8% and the total number of loans increased by 41.3%.

The Australian Capital Territory remained the most affordable state or territory in which to buy a home, where the proportion of income required to meet loan repayments increased slightly to 17.2%.  This is 11.8 percentage points below the national average. New South Wales remained the least affordable state or territory in which to buy a home, where the proportion of income required to meet loan repayments increased to 31.2%; 2.3 percentage points above the national average.

For the September quarter, Tasmania and Queensland showed the biggest improvement in housing affordability, with the proportion of income required to meet loan repayments decreasing by 1.3 percentage points. Housing affordability in Victoria declined the most, with the proportion of income required to meet loan repayments increasing by 0.9 percentage points for the September quarter.

RBA’s rate rise catches industry unawares

Source: mortgagebusiness.com.au

The Reserve Bank of Australia’s decision to raise interest rates yesterday by 25 basis points took most by surprise.

According to Mortgage Business’ recent straw poll, 71.8 per cent of brokers didn’t expect the RBA would raise rates in October. Of the 351 respondents only 25.4 per cent tipped the RBA to raise rates while 2.8 per cent were unsure. Read More »

Iden Money: Home loan specialist in Western Sydney

Iden Money lends in all areas of Australia but specialises in lending in Western Sydney, because that’s where we are based. The following suburbs are close to our base in Parramatta, which means that we know the areas well and it makes it easy for us to call on you to help with your purchase and your home loan application. We can be contacted via our enquiry form on this website or by calling us on 8844 8989 until 9.00pm every night. We promise you the very best of attention.

If you live in the following suburbs and are looking for a Home Loan / Mortgage or Leasing Broker, then contact us to get the best deals. Having served thousands of happy customers, we assure you that we will help get the right loan for you. Read More »

New suburbs to alleviate housing shortage in Sydney’s West

NSW State Minister Kristina Kenneally yesterday revealed the government’s plan to create new suburbs in Western Sydney area. The state government is planning to re-zone 3300 ha of farms and rural lands in The Hills, Blacktown, Liverpool and Camden. The subdivided land is said to be sold for $200,000 apiece.

As one of the preferred lenders in the Western Sydney area and based in Parramatta, Iden Money welcomes the move and is looking forward to servicing more borrowers to fulfil their home loan requirements.

Looking for home loan specials?

What are home loan specials?

Home loan specials can be considered as promotional offers or packages that applicants could avail when applying for home loans. Although offered by most financial institutions, not all lenders have home loan specials.

Because of the big impact of home loans on the financial situation of applicants, banks and financial institutions have crafted a way by which people could get the best deals when it comes to such loans. Thus, the birth of home loan specials. Read More »

Housing Affordability in Australia

(This article looks at housing affordability on a national basis, covering data available as at March 2009 and analysing each state and territory individually. Historical data back to 1986 is also included.)

QUESTION:

Why is it that you can buy your dream home in one region of Australia for far less than in another region? Not just in different states but in different regional areas within states?

What drives market house prices? The answer is many things, but a few have considerable influence on the amount of money you have to pay for a house in the area you want to live.  Some major factors are: Read More »