MAP Mortgage Brokers has teamed up with Oxforex to assist our their clients bring funds from overseas to Australia. Sending money can be expensive if you are using the major banks. Thankfully, by using a great service called OzForex you can transfer money faster and for a lot less. Their fee is only AUD15.00 and their exchange rates are much better than banks and other providers. Best of all you can do it anytime you like online or by phone – they are open 24-hours a day, business days! By using OzForex you will enjoy; No receiving bank fees in most countries Extremely competitive foreign exchange rates across 50 currencies Online access 24/7 Access to a dedicated Dealer by phone 24-hours a day, 5 days a week Complete exchange rate transparency No transaction fees for amounts over AUD10,000 Risk management tools through Limit Orders and Forward Exchange Contracts Exchange rate alerts via email Access to our highly regarded daily and weekly “Market… Read More

To the average consumer, the governments proposal to ban mortgage exit fees sounds like a great idea. There is no doubt that it will be popular amongst the general public who would naturally think that its a great move in the pursuit of increased competition and therefore cheaper interest rates. It is this authors submission however that removing exit fees will actually decrease competition, increase interest rates and eventually lead to the demise of the smaller non bank lenders like credit unions and building societies. It is further submitted that the move by the current government does not address the real barrier to a refinance which is the non transportability of lenders mortgage insurance, an issue discussed in previous article here. What are mortgage exit fees? Mortgage exit fees (or deferred establishment fees or DEF’s for short) are fees charged by lenders to a consumer when the consumer exits their mortgage, either by sale or refinance, within a given period of… Read More

There is always debate about whether lenders mortgage insurance is a good or bad thing.  Naturally, no one likes to pay fees especially when they amount to many thousands of dollars.  But it needs to be remembered that for many people, accumulating a 20% deposit to purchase a property while renting and in a rising market, is very difficult and without mortgage insurance the dream of home ownership would be a distant reality for many. I have done the figures many times for Australian Expats and Temporary Residents seeking a home loan in Australia and compared a person who rents for an extra 3-4 years to save up that 20% deposit compared to the person that buys now without the 20% deposit.  The amount of rent (which is dead money) one would have paid just in 6 months would easily cover the mortgage insurance that would have been incurred on purchase.  If the property market is rising then you would have also gained some equity in your property rather… Read More

RBA Rate Decision of 7 April 2010 Read More

Click here to download the report in PDF

Property Prices Explode Earlier today, the REIA released its December 2009 Median House Price series and prices have exploded! Here’s a summary of the median house price, the movement since last quarter, and the average daily price increase in the December Quarter. Status Dec 2009 Qtr (Latest Released) Change To Previous Qtr Average Daily Price Increase Comment Sydney $598,000 +$29,000 +$318.68 Strong price growth building confidence Melbourne $540,400 +$60,400 +$663.74 Amazing, but unsustainable! Brisbane $451,000 +$21,000 +$230.77 Improving as property prices awaken Perth $460,000 +$20,000 +$219.78 Encouraging as commodity prices consolidate Adelaide $385,000 +$15,000 +$164.84 Solid and quite sustainable increase Canberra $465,000 +$26,000 +$285.71 Disappointing considering Sydney Hobart $347,500 +$22,000 +$241.76 Dollar return good, but % growth great Darwin $540,000 +$22,500 +$247.25 Continues to outperform Australia $515,000 +$33,700 +$370.33 Prices continue to rise

The article below appeared in the Brisbane Times, Sydney Morning Herald, The Melbourne Age , Herald Sun, Daily Telegraph and the Australian. The data is extracted from the Australian Mortgage Index which was released yesterday. Investor demand for housing loans strong March 9, 2010 AAP Investors have returned from summer holidays to grab their largest share of housing loans since at least 1994, according to a survey by a mortgage broker. Australian Finance Group (AFG), which claims over 10 per cent of the mortgage market, said on Tuesday that 34.1 per cent of all mortgages it arranged nationally in February were for property investors. That was the highest proportion for investors recorded in the 16-year history of AFG’s survey of its brokers’ activity. “Investors are now the driving force of the market, encouraged by rising property prices in recent months, and the longer term view that a housing shortfall will continue to underpin future price growth as well as rental… Read More