The Finance Group - July 2009 Newsletter

Responsible Lending Laws When you take out a home loan you want the peace of mind to know you are dealing with a broker who has demonstrated knowledge, experience and integrity. It's with this in mind that the federal government has introduced the National Consumer Credit Protection Bill 2009, which puts in place new national responsible lending laws for all consumer credit. Read More >> Serious About Saving From childhood most of us are taught the value of saving money, a lesson that can now pay dividends for those entering the home loan market. As banks and other lenders tighten their lending criteria in the face of the global economic crisis, the requirement for borrowers to show genuine savings to secure a home loan is fast becoming the norm. Read More >> Budget Boost for Home Buyers The Federal Government's 2009 Budget has generated optimism in the property market thanks to a $22 billion infrastructure program and extension of the First Home Owner's Grant. Both initiatives are considered as positive steps in the move to stimulate our economy and give first home buyers a foothold in the housing market. Read More >> Redraw and Offset: A Step Ahead While interest rates remain low, it pays to stay ahead of your minimum monthly repayments by using a redraw facility or offset account. Since mortgage rates have dropped, nearly one in three suburban families continue to make more than the minimum required monthly home loan repayment*, a choice that will save years off their mortgage and thousands of dollars in interest. Read More >>

RBA Leaves Official Cash Rate Unchanged

At its meeting today, the Board decided to leave the cash rate unchanged at 3.0 per cent.

Statement by Glenn Stevens, Governor Monetary Policy RBA

The global economy is stabilising, after a sharp contraction in demand during the December and March quarters. Downside risks to the outlook have diminished, with conditions in global financial markets improving this year and action to strengthen balance sheets of key financial institutions under way. Growth in China has strengthened considerably, which is having an impact on other economies in the region, including Australia.