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Aussies Falling Behind on Repayments While Mortgage Rates at Low

HomeLoans4The latest Fitch Rating Dinkum Index showed that the number of Australian home loan borrowers falling behind their home loan repayments rose by 40% in the December quarter of 2012.

Delinquencies also rose by 3%. These figures highlight the need for Australians to take advantage of the low interest rates currently available for home loans.

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Research Shows UK Home Repayments Down

HomeLoans3Research from Halifax revealed that the average UK total annual mortgage payment is down £980 pounds compared with 2008, as the cost of owning and running a home has increased.

Halifax data showed that average home loan payments are down 21% in comparison with five years ago, while the cost of owning and running the average home has increased from 2012 by 1.9%.

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First Home Buyers Slow to Enter Property Market

loans1First-home buyers are not rushing into the market despite low home loan interest rates and high rental prices, said Kevin Boyle on the Mozo website.

First-home buyers only made up 14.9% of all borrowers in December. This is the lowest level Australia has seen since 2004 while the property market is increasingly appealing among investors, according to reports on the Sydney Morning Herald.

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Property Prices Set to Boom with RBA Rate Cuts

NewsHome buyers should expect a double-digit explosion in asset prices as the Reserve Bank of Australia’s (RBA) cash rate cuts on property prices makes its full impact, believes Christopher Joye from The Australian Financial Review.

According to RP Data, assessments of residential transactions across Australia since 2000 showed that 2.3% of those who sold houses back in 2003, sold at a loss. That number has increased to 13.4% for all sales of 2012.

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Experts Advise Australians to Look Around for Best Home Loan Deals

Interest-Rates-7Economists predict that even cheaper home loan interest rates will soon be available, according to a survey by Bloomberg. Currently the lowest rates on offer start at 4.79%.

According to the report by Bloomberg, the majority of the economists surveyed believe that the Reserve Bank of Australia’s (RBA) cash rate will remain the same in April of this year. Only two of the experts said that the cash rate for April would be cut.

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