Melinda Arko

The Countdown is on!

Well there is only 7 days until the Mortgage Industry Regulation kicks in! All Mortgage Brokers will fall under the watchfull eyes of ASIC under the Australian credit license (NCCPA)! I for one welcome this legislation and think it has been long overdue. It will streamline the industry and raise our professional standing in the community!

The question I have is if we have to be licensed under ASIC then why do we need to be a member of the MFAA or the FBBA at a cost of $500 per year what do they really offer us as finance professionals that we do not get from our Aggrigator and other PD events? Financial Planners do not need to be a member of the FPA in order for them to conduct their daily tasks so why do we? Is it just to keep these guys in business or is it the banks who continue to dictate to the world their terms of engagement. The big four are certainly mandating we must be a member of the MFAA or the FBBA! Why aren't the aggrigators stepping in here and asking ASIC the question?

As I said I support legislation 100% it is a good thing for our industry but the MFAA well I don't get it!

ANy other thoughts out there?

Bring on the legislation and new generation mortgage brokers!

Have a great day!

Another Rate Rise is on the cards!

This week the Australian Bureau of Statistics released their Consumer Price Index figures for the March 2010 quarter. The Consumer Price Index measures the level of price inflation and the results showed that over the last 12 months, prices had inflated by 2.9%. When volatile items are removed from the results a 2.9% increase has also been recorded. The Reserve Bank’s target for inflation is between 2% and 3% on an annual basis and given this, inflation of 2.9% is on the high side of their target range and may be cause for concern. Given these results, the likelihood of another interest rate increase when the Reserve Bank Board meets next Tuesday has probably increased due to these figures.

(Source RPData and ABS 30/04/2010)

Selling? Have you completed your Sustainability Declaration?

With the growing concern about the impacts of climate change and the need to improve the sustainability performance of existing housing in Queensland the government have introduced the need for sellers to complete a "sustainability declaration" as at 1January 2010.

The sustainability declaration identifies the property's environmental and social sustainability features in the areas of energy, water, access and safety.

The checlist is easy to complete and you do not need a builder to sign off on it. 

Here is a Fact Sheet about the new "sustainability declaration" for your reference - Download Sustainability-declaration-fs

Here is the declaration checklist - Download Sustainability-declaration-form

Here is a reference guide to completing the declaration - Download Sustainability-reference-guide-new

If you would lik to find out more nformation about the Sustainability Declaration process give us a call on 1300 771 358

First Home Owners Update

This is just a quick reminder for those seeking to get the full First Home Owners Bonus Grant that after September, those entering the market will only be eligible for half the boost until the end of the year.

First-home owners entering contracts between July 1 and September 30 will continue to receive the boost and will get a total of $14,000 when they buy established homes and $21,000 for new homes.

The boost will halve for those entering into new contracts from October 1 until December 31, with those buying established homes receiving a total of $10,500 and $14,000 for new homes.

So if you are wanting to take advantage of the Grant call us now 1300 771 358 or email enquiries@respinsiblelenders.net.au

Cash Flow Queen give it to Robin Bailey

Cash flow is so much about the MindSet towards Money - Robin is now working that out!

I was featured on 97.3FM radio today!

Hi All

Wow what a morning! I was featured on 97.3 FM by Robin Bailey today and dubbed the Cash Flow Queen! Have a listen.



Cheers

Melinda

Sydney the most expensive city!

Mortgage News
Monday, 27 July 2009

Sydney is the least affordable capital city in Australia, the Second Annual Bankwest Key Worker Housing Affordability report has found. In Sydney, the median house price was unaffordable in 86 per cent of local government areas. An area is classified as unaffordable if median house prices are more than five times a key worker’s annual earnings.

In 47 per cent of Sydney’s suburbs, key workers face house prices that are more than ten times their salary. “Our research shows that key workers are still doing it tough in Sydney with most being locked out of the property market in the areas they serve,”

Bankwest Retail chief executive Ian Corfield said. “These are the essential workers Sydneysiders rely on every day to provide important services. The unfortunate reality is many are locked permanently in the rental market and are unlikely to get the keys to their own home, while others have to commute long distances.” According to the report, Campbelltown is the most affordable city with a median house price of $301,500.

So Proud!

This is my husband's cousin - we are just so so proud of you Lou! Your are just beautiful in and out. Love you honey!

Big Model

Low interest rates prompt borrowers to pay more on their mortgages!

Posted by LC TeamcloseAuthor: LC Team Name: LC Team
Email: scott.spencer@lendingcentral.com.au
Site: http://www.lendingcentral.com
About: See Authors Posts (1483), Wednesday, July 22, 2009

Lower interest rates and a return to financial conservatism has prompted a 10 per cent jump in the number of mortgage holders making over payments, with fewer struggling to meet repayments.

Genworth Financial’s 2009 national survey of 2,000 consumers conducted in late April and May revealed borrowers are reducing their level of debt across the board, with 21 per cent now debt-free compared with 18 per cent in 2008.

Of some 800 respondents, or 40 per cent of the sample, who hold a mortgage 41 per cent are overpaying their mortgage, up from 31 per cent from 2008, Genworth said.

The number of struggling home loan borrowers has also declined by five per cent over to 17 per cent this year, the survey found.

Read the full article http://bit.ly/tlPyb

Reserve Bank may cut rates again ‘reluctantly’

Posted by LC TeamcloseAuthor: LC Team Name: LC Team
Email: scott.spencer@lendingcentral.com.au
Site: http://www.lendingcentral.com
About: See Authors Posts (1480), Tuesday, July 21, 2009

Homeowners have been told not to expect too many more interest rate cuts as Australia continues to recover from an economic flu.

The good news for borrowers is the Reserve Bank of Australia (RBA) may cut rates one more time, but after that they are more likely to go up than down, the experts say.

Inflationary pressures, which usually govern the direction of interest rates, are showing further signs of easing.

Producer prices, or the costs of making goods and services, declined by 0.8 per cent in the June quarter.

This was the biggest quarterly fall since the data series began in 1998.

For the full article click on http://bit.ly/5bk6b