News Archive
18 October 2008
Sell, sell, sell: rich cut losses on property
In a sign the sharemarket collapse is affecting the spending power of finance workers, real estate agents are shaving millions off their initial asking prices for homes in traditionally upmarket areas. Job losses, disappearing assets and vanishing Christmas bonuses are forcing some well-heeled types to sell, resulting in a recent spike in the number of properties for sale on the North Shore... read news item »
18 October 2008
Prices down, so live it up
Roll up, roll up, there may never be a better time to buy that multimillion-dollar house of your dreams. While the stockmarket crash and the global financial crisis have left many in dire straits, there's always a silver lining - although invariably for other people. If you've long been dreaming of a big family house in a salubrious location, some asking prices have dropped - and by not-insig... read news item »
14 October 2008
PM unveils package to stimulate economy
The federal government has announced a $10.4 billion package to help Australia counter the global economic crisis. Pensioners, low and middle-income families, and first-home buyers will be among the major beneficiaries. Prime Minister Kevin Rudd and Treasurer Wayne Swan unveiled the package in Canberra on Tuesday. Mr Rudd said the Economic Security Strategy would strengthen the Australian econ... read news item »
13 October 2008
Bargains among the wreckage
THE market may be going through a brutal downturn, but there are bargains among the wreckage. The credit crunch has led to the severest slump in global stockmarkets in decades. The ASX/200 is now down to its lowest point in more than three years and has had its worst week since 1987. The sell-off has been so severe, in fact, that increasing numbers of experts think that some of our shares ... read news item »
13 October 2008
Australian house prices unlikely to fall
Why there is unlikely to be a large across-the-board fall in Australian house prices as there has been in the United States… A number of analysts have for some time been predicting that Australian house prices will drop substantially. For example Associate Professor Steve Keen of the University of Western Sydney suggests that house prices in Australia could drop by ‘as much... read news item »
13 October 2008
Big banks cut fixed rates
Three of Australia's biggest banks have cut their fixed home loan rates. But the drops will be of no benefit to customers who locked in interest rates amid fears they would rise rather than fall. Westpac, ANZ and National Australia Bank today announced a drop in fixed rates for home loan products. Westpac, which is awaiting Treasurer Wayne Swan's approval for its merger with St George Bank, w... read news item »
12 October 2008
Consumers to gain loan watch website
Homebuyers will be able to use a new Federal Government website to compare lenders' mortgage costs over time before they commit to a specific loan. The initiative, similar to FuelWatch and GroceryWatch, is the latest move by the Government to increase competition between the major lenders and to arm consumers with more information before they get into big debt. Treasurer Wayne Swan has authorise... read news item »
08 October 2008
Savings saviour
The first rung on the property ladder may be easier to reach following the launch of a specially designed account. Banks and other financial institutions are offering a new type of savings product - the first home saver account. Designed by the Australian Government to make it easier for people to save a home-loan deposit and launched on October 1, the accounts provide a combination of concess... read news item »
28 September 2008
Interest relief: $80 a month
Home buyers could save up to $80 a month on their mortgages after the Federal Government announced a $4 billion plan to boost competition in the lending market, but it could take months for the benefits to flow through to household budgets. As prospects for quick action in the United States to tackle the worsening global financial crisis dimmed, a Treasury analysis revealed the extent to which... read news item »
28 September 2008
New savings scheme to get you closer to home
The tax breaks and handouts are worth almost $1000 a year on a $5000 deposit. There will be up to $13,800 in free grants for first home buyers thanks to a junior version of super which begins on Wednesday. Pity about the four-year wait. The Rudd Government's new home saver accounts aren't exactly a way of raiding your super for a home deposit - your home deposit can finish up in your super fun... read news item »