December 2008
6 posts
Home starts fall ahead of rates cuts
Housing starts fell 10.7% in the September Quarter, adding further to the shortage of dwellings which is helping to underpin property values and rentals.
ABS data shows dwelling starts were down 9% in the year ending September, with 141,700 homes built - compared to estimated demand of 190,000 per year.
The decline in dwelling starts in the September Quarter was caused primarily by interest rate...
Housing loans rise 2%
Housing finance commitments rose almost 2% in October (seasonally-adjusted) to $17.65 billion, according to data from the Australian Bureau of Statistics.
This included a 1.3% rise in loans for owner-occupation, with over 48,000 new finance commitments made during October.
Big rise in consumer confidence
Consumer confidence has risen strongly, with a key measure showing a 7.5% rise in the past month.
The Westpac-Melbourne Institute index climbed 6.5 points to 92.0 in the December survey, following a 4.3% rise in November. It says the fall in interest rates and petrol prices has helped to override the media’s tide of negative news on the global economy.
Westpac chief economist Bill Evans...
Lender offers home loans at 6.03%
Direct lender MyRate.com.au today announced a 100 point reduction in its already low variable rate product effective 19 December.
MyRate’s fully featured standard variable rate home loan rate is now 6.03%p.a. (or 5.99% pa for loans above $600k) with no fees on standard applications.
November 2008
7 posts
"Fightback" loan offers 3.99% fixed rate
Mortgage finance lender FirstMac Limited has launched “a retaliatory strike” against the big banks, with the announcement of its “Fightback” loan, with an introductory one-year fixed rate of 3.99%.
FirstMac says the mortgage product will have wide appeal to home buyers and property investors. It says the introductory rate is the cheapest fixed-rate loan in the Australian...
Consumer sentiment rose in November
Consumer sentiment improved 4.3% in November, with the Westpac-Melbourne Institute Index of Consumer Sentiment rising from 82.0 in October to 85.5 in November.
Westpac chief econmist Bill Evans says that since the October survey there have been two major interest rate cuts by the Reserve Bank and an increase in the First Home Owners Grant as part of the $10.4 billion stimulus package from the...