House purchases up 0.8 percentFrom: AAP June 09, 2006 TOTAL personal finance commitments rose 1.0 per cent in April, seasonally adjusted, to $6.865 billion compared with an unrevised $6.799 billion in March, the Australian Bureau of Statistics said today.
Total commercial finance, seasonally adjusted, fell 21.1 per cent in April to $27.411 billion from an downwardly revised $34.722 billion in March.The purchase of dwellings by individuals for rent and resale rose by 0.8 per cent, adjusted.
Lease finance fell 3.5 per cent in April, to $537 million compared with a downwardly revised $557 million in March.
Source: AAP
Saturday, June 10, 2006
Friday, June 09, 2006
Australia's average mortgage is now $300,000
The average Australian Mortgage is now over $300,000, according tpo the latest figures released by Australian Finance Group, which reveal that the average new Australian mortgage broke through the $300,000 mark in May 06. The average new mortgage in May was $301,000; up from $264,000 in May 05, This represents an 11% increase in the past 12 months.
Driving the trend is Western Australia, where the average new mortgage rose to $319,000 - a 35% rise over the past year. AFG, the nation's largest mortgage broker, also recorded its biggest ever proportion of mortgages advanced to investors in WA, where 48% of new loans were for investment purposes. Queensland figures also showed strong increases, with the average mortgage in that state sitting on $297,000, up from $243,000 in May 05. Other states showed less dramatic increases, with NSW shifting from $367,000 in May 05 to $371,000 in May 06. Victoria showed an upward trend from $248,000 last year to the current figure of $276,000.
The report also showed that for the first time, more than 20% of new borrowers are choosing fixed interest rate mortgages. This trend is not surprising as borrowers brace themselves against possible future rate hikes. Overall, however, it appears that May's interest rate rise has had little impact on the nation's mortgage market.
"We had our best month ever in May, so there's no sign at all that the rate rise has had an impact on our business," said Malcolm Watkins, executive director of AFG. "While the $300,000 may not be a definitive figure, it's strongly indicative of what the market is doing, especially with the continuing resource boom driving WA."
Driving the trend is Western Australia, where the average new mortgage rose to $319,000 - a 35% rise over the past year. AFG, the nation's largest mortgage broker, also recorded its biggest ever proportion of mortgages advanced to investors in WA, where 48% of new loans were for investment purposes. Queensland figures also showed strong increases, with the average mortgage in that state sitting on $297,000, up from $243,000 in May 05. Other states showed less dramatic increases, with NSW shifting from $367,000 in May 05 to $371,000 in May 06. Victoria showed an upward trend from $248,000 last year to the current figure of $276,000.
The report also showed that for the first time, more than 20% of new borrowers are choosing fixed interest rate mortgages. This trend is not surprising as borrowers brace themselves against possible future rate hikes. Overall, however, it appears that May's interest rate rise has had little impact on the nation's mortgage market.
"We had our best month ever in May, so there's no sign at all that the rate rise has had an impact on our business," said Malcolm Watkins, executive director of AFG. "While the $300,000 may not be a definitive figure, it's strongly indicative of what the market is doing, especially with the continuing resource boom driving WA."
Wednesday, June 07, 2006
Sydney mortgage broker charged
Sydney mortgage broker Mr Adrian Camilleri has been charged with managing a corporation while being banned from doing so, the corporate watchdog says.
Adrian Camilleri was charged with five counts of managing a company while disqualified, the Australian Securities and Investments Commission [ASIC] said today. It said the charges against Mr Camilleri, from Westmead in Sydney's northwest, related to five companies, includingExpress Loans and Finance Pty Limited.
Express Loans and Finance was a mortgage broking business, while the other companies were used to purchase investment properties.
Between February 2003 and July 2003, Mr Camilleri made decisions that affected a substantial part of the businesses connected to the five companies, ASIC alleged.
At the time Mr Camilleri was an undischarged bankrupt and was, therefore, disqualified from managing companies, it said.
The charges follow an ASIC investigation. The matter will next be heard in Downing Centre Local Court on June 20.
Adrian Camilleri was charged with five counts of managing a company while disqualified, the Australian Securities and Investments Commission [ASIC] said today. It said the charges against Mr Camilleri, from Westmead in Sydney's northwest, related to five companies, includingExpress Loans and Finance Pty Limited.
Express Loans and Finance was a mortgage broking business, while the other companies were used to purchase investment properties.
Between February 2003 and July 2003, Mr Camilleri made decisions that affected a substantial part of the businesses connected to the five companies, ASIC alleged.
At the time Mr Camilleri was an undischarged bankrupt and was, therefore, disqualified from managing companies, it said.
The charges follow an ASIC investigation. The matter will next be heard in Downing Centre Local Court on June 20.
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