Suspected home loan frauds plague Westpac, ANZ

Two of Australias biggest banks are investigating alleged fraud by several home loan borrowers who rely on foreign funds. According to the Australian Financial Review, both banks discovered that they have approved hundreds of home loans backed by fraudulent Chinese income documents and allegedly manufactured with the help of mortgage… Read more“Suspected home loan frauds plague Westpac, ANZ”

How you can beat the payday lending trap with low-cost alternatives

Borrowers in Texas and California searching for quick cash have a new option:¬†a database of low-cost alternatives¬†to high-interest payday loans. The database, built by NerdWallet and searchable by ZIP code, lists more than three dozen community organizations that provide financial assistance to borrowers in the form of small-dollar loans or… Read more“How you can beat the payday lending trap with low-cost alternatives”

Affordability worsens, but positive developments lie ahead

Housing affordability worsened over the past 12 months as homeowners now spend a larger proportion of their income on monthly mortgage repayments, Moodys Investor Service says. Australians spend an average of 27.6 per cent of their monthly income on mortgage repayments, up from 27 per cent in the 12 months… Read more“Affordability worsens, but positive developments lie ahead”