Bank Exit Fees being removed !

Today, the National Bank has announced the abolition of home loan exit fees. These amount to close to $700 per home loan. This is the start of the abolition of all home loan exit fees. Its excellent news for home buyers, an all people with loans. One of the major hurdles for home loan switchers has been the exit fee. This is a clear signal of major competition within the home loan market.
The major “Break cost ” fees for breaking a fixed contract term home loan remain: but I reckon these are calculated in the banks favour:they could be reduced significantly, too. Obviously, if home owners can switch the home loan, then we can contemplate the best marketing home loan deals.
In the USA, one can switch the home loan to your next property, as ultimately the bank is lending to the individual.Thus you can maintain the one loan through your life, and switch it from property to property. Australian banks could easily study the bank home loan system in USA and produce better flexible loans for Austalia.

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Cooperative Banking like Vietnamese banking?

Many years ago I noticed a significant number of tenants leaving a modest terrace in Burnley, Inner Melbourne. I wondered, What is going on here?

When 15 young men all leave one home at a similar time, I gotta wonder?
After some enquiries, I discovered that the migrants [men usually] from Vietnam, sometimes operate a “Jackpot” type  cooperative banking system. This is where, say 15 guys pool their social security payments each week and “Jackpot” the capital sum once a year.Then the winner buys a business and employs one of the contributers in the business. Thus over a remarkably short time, within seven years , they are all employed and running their own businesses. Migrants have always discovered and implemented new banking and cooperative systems, when they arrived in Australia. The difficulty is often to find good paid work, and to put together the initial deposit for a home; by developing internal lending systems like the one above migrants can get into the property game. the long held Australia local equivalent is the working BBQ , where one invites around a heaps of pals, provide a free BBQ lunch is return for a working day.
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Interest rate where are they going?, effect easy home renovating

One of the hot topics must be interest rates for homes and home renovating. Are they going up or not ? And the answer is who knows? But the largest indicative home loan interest market is arguably the Futures Interest market, showing interest rates could rise 20 points by this coming Christmas. How can one check this market?
It is quoted in the Australian Financial Review, every day in the pages just after the sharemarket quotes. Or one can try the interent using www.tradingroom.com.au and scrolling across to the futures quotes.
The Reserve Bank  Australia, RBA, gives regular ambiguous commentary every month, so one can read this at www.rba.gov.au. I recommend one read the original RBA articles and dont rely on the newspaper or TV news quasi- commentary.

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New Ideas re Design Electric Cars effect on home renovating

Reading , about the new models, the Mitsubishi Imiev, { due next month } costing $62,000, closely folowed by the Tesla, Chinese EV made by BYD at $25,000, Nissan Leaf $40,000, with the Ford, GM Volt at $65,000  and Toyota models due in two years.  A  plug in Prius is also due, this has both the convenience of petrol and the low cost running of the electric power. While the Imiev is currently, too dear, its available this year, in July.  The cost  shall halve, as production volumes are expanded over the next two years. The  BYD Chinese car is much more reasonable and due, for sale, next year 2011. Apparently the Chinese are expecting to surpass the volume of production of Toyota.  The sales of Electric cars are to represent 10% of the world car market in 10 years, and 30 % of Developed country car sales {reference Delloitte}.  The subsidies  for purchase of an electric car vary from $7,000 to $9,450 in overseas countries.

The point is the electric car is arriving, and cars will remain the dominant form of transport for Suburban people. Currently there are three Imiev cars touring Australia for marketing.
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So one needs to take this  into consideration in your property decisions

NRAs scheme for homes

Hi readers , I am discovering  property investment deals yielding 5% to 8 % from this Government scheme.  These investment properties are in growth areas. I reckon tenants are keen as they are applying at the rate of 80 for each home, developers are keen and Investors are still discovering this scheme. The government is advising the home building shortfall in 2008 was 85,000 and expected to expand to 213,000 by 2013
The NRAS is  response to this shortfall investment, property, home, developers,  building,shortfall.
Reseach the website and discover for yourself .

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