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Rich Lister Jonathan Munz has made a $2.5 million profit from selling the Portsea house he purchased just two years ago to former rich lister Russell Knowles. Mr Munz, whose estimated $1.1 billion fortune put him 50th on last year’s Rich 200, sold his mansion at 3808 Point Nepean Road for $13.5 million last Monday…
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Despite conceding that risks in the property market remain “heightened”, the key bank regulator will remove the speed limit on investor lending. KEY POINTS: APRA is targeting the quality of home loan serviceability, ditching previous investor speed limits Bank boards will be made more accountable for the quality and operation of mortgage lending Westpac revealed…
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Jason Hannagan had to sell his home and an investment property after a financial lender gave his family a loan they could not afford to repay. Mr Hannagan’s family took out a $590,750 loan from a lender called Pepper Money in 2012. He estimated the family’s monthly income was about $9,500 and their monthly expenses…
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Westpac’s share price has nosedived after the release of explosive documents detailing widespread failings in not only the quality and riskiness of its home loans, but the way they are processed. KEY POINTS: Westpac shares tumble 4pc after APRA finds it has the worst record of the big banks in the integrity of its home…
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The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has just concluded its hearings. One result of the Royal Commission has been that the reputation of some major banks and their brands have been severely tarnished in the eyes of the public. Evidence showing misleading conduct and charging for services which…
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The Illawarra Mercury , 8/3/2018, reports that the South Coast housing market has defied Sydney’s falling trend in housing values. It quotes new data from Domain’s June Quarter 2018 House Price Report which indicates that house and unit prices on the South Coast are continuing to rise, despite predictions the market would drop. The reports…
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1. Know why you’re investing in property Get clear about your reasons for choosing to invest in property instead of other asset classes such as shares. Most investors know why they want to invest in property but some do it for the wrong reasons, such as trying to keep up with their neighbours or friends…
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This is Derek, a real life solo dad who achieved his goal with an alternative lending solution. Derek, father of two, was recently separated. It was an emotional time and he missed two mortgage repayments as finances took a bit of a back seat. When he got back on track he wanted to sort out…
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Resolutions, like goals, are best when they’re specific. When you set a resolution or a goal, think of it as picking destinations on a road trip: If you just say you want to head west, you’re probably going to waste a lot of time and fuel getting there; however, if you say you want to…
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It is the first of the big four banks to raise interest rates for all its variable home loans this year, although many smaller banks had already moved to higher rates to ‘offset higher costs’. Scott Morrison the new prime minister says people who are unhappy with their bank’s decision to raise mortgage rates should…
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