Blog posts

ANZ to cut 1,000 jobs
15/02/2012

After months of speculation, ANZ has confirmed it will cut approximately 1,000 domestic jobs. In a statement from the bank, ANZ chief executive Australia Philip Chronican blamed the job cull on intense pressure on margins associated with higher funding costs, lower consumer and business demand for financial services and increasing global regulation.

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Queensland investors returning
15/02/2012

Investors are flowing back into the Queensland market as prices fall and rental demand strengthens.
The REIQ has claimed the Queensland investment market has "turned a corner", with investor activity up 16% over November. The organisation said that the activity remained below historical averages, but was being driven by lower interest rates.
"After being in hibernation for most of...

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Banks’ decision threatens home lending recovery?
15/02/2012

Housing finance figures for December 2011 reveal that the November and December official interest rate cuts had a positive impact on home buyer confidence and new home lending, said the Housing Industry Association, the voice of Australia’s residential building industry.

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Massive swing back for January mortgage figures, but borrowers play wait and see on rates
15/02/2012

Mortgage sales for January were much higher than in the same month last year, when floods in Queensland, and other natural disasters impacted sales, according to AFG, Australia’s largest mortgage broker. AFG Mortgage Index shows that overall national mortgage sales increased by 40% this January, compared to last, marking a return to more normal trading levels. Sales in Queensland were up 80.6...

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More cuts needed to continue to boost home sales
18/01/2012

A surge in new home sales after the Reserve Bank's November rate cut shows that more cuts are needed to support the fragile housing market, the HIA says.
Property buyers appear to be waiting for the central bank to make a move before taking the plunge after new data shows that new home sales jumped 6.8% in November after the first interest rate cut in two and a half years.

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Feb rate cut on the cards
18/01/2012

AMP's senior economist Bob Cunneen predicts the cash rate will drop to 4.0 per cent in February. According to Mr Cunneen, the latest retail spending data suggests the Australian economy is flatlining, which should encourage the Reserve Bank to look at rates.
Data from the Australian Bureau of Statistics found retail sales were flat in November – below the market expectation for 0.4 per...

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Qld Building Boost program extended
18/01/2012

The Queenlsand Government has decided to extend the $10,000 Building Boost program. Its extension was welcomed by key industry figureheads.
“Any initiative which helps the Queensland property market is always welcomed and the extension of the boost until 30 April will likely assist hundreds of extra buyers into a new home,” Real Estate Institute of Queensland CEO Anton Kardash said.
...

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Dramatic home loan grab by non major lenders
18/01/2012

Non major lenders increased their share of the home loan market by almost a quarter in December, according to figures released today by AFG, Australia’s largest mortgage broker. AFG Mortgage Index shows an increase of 23.9% by non major lenders in the month of December, the biggest such increase recorded all year. This took the total non major market share to 24.3%, compared to an
average...

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$1000 Citibank Offer extended
06/12/2011

Spring Offer – Extended to 16.12.11

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ANZ and Suncorp gain in battle of the banks
06/12/2011

ANZ has emerged with the largest gains among major lenders, and Suncorp the largest of non-majors during the past six months of ‘the battle of the banks.’ This is according to AFG’s first Competition Index – a new quarterly bulletin designed to provide greater transparency on the mortgage market.
AFG has 10% of the national mortgage market (Source: ABS and AFG figures) and the figures...

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