Related articles
Date Published : Monday, April 21, 2008
As home loans get harder to afford - and the property market continues to fluctuate - it can be hard for homeowners to secure a mortgage.
The credit crunch has, over recent months, shaken the home loan market up and, as a result, getting on to the property ladder - or climbing further up - can be something of a risky situation.
However, a recent study by Mortgage Choice found that many people who are not romantically linked, usually friends or relatives, are choosing to share a mortgage because of the tight housing market.
Over the last few years, joint home loans have grown in popularity with homeowners in Australia and the UK, as house prices grow and lending criteria shrink.
The company found that 34 per cent of its franchises had reported a significant increase in joint borrowings, up from 32 per cent in its previous survey.
NSW Law Society president Hugh Macken told Australian Associated Press: "People need to go into these things not just with their eyes wide open but also with a very detailed understanding of the rights and obligations of everyone involved in the transaction."
Currently, those looking for a mortgage could choose a loan from Aussie Home Loans, which offers consumers any time of home loan for up to five years.
Its product portfolio includes standard variable rate mortgages, fixed rate loans and non-conforming home loans.
Compare loan deals.
- Finance News
- Credit Cards
- Banking News
- Loans News
- Insurance News
- Investments News
- Insurer reveals top tourism destinations in Victoria
A motor and travel insurance provider has revealed the results of a poll it carried out to find out the most popular tourist attractions in Victoria.
- Woolworths plots growth
Woolworths, the retail giant responsible for the Everyday Money credit card, has revealed details of its growth plans.
- Mortgage rate cut 'unlikely'
Many mortgage and loan customers might be paying attention next month to see what decision the Reserve Bank of Australia makes on the interest rate.
- More mortgages please, says treasurer
There could be a greater level of investment in residential mortgages in Australia, if the federal treasurer gets his way.
- Banks becoming more selective, says ANZ
Despite confidence in the Australian banking system coming relatively unscathed through the global credit crunch, many institutions have become more cautious in their lending.
- Woolworths plots growth
Woolworths, the retail giant responsible for the Everyday Money credit card, has revealed details of its growth plans.
- Credit card interest rates 'remain constant'
A newly published survey of credit cards on the Australian market has highlighted that interest rates have held firm on the majority of offers.
- Credit card spending 'cools down'
Plastic credit cards in Australia have no danger of melting through over use as consumers begin to tighten their belts, new figures have shown.
- Protect yourself from credit card fraud
Almost half a million Australians were the victim of identity theft last year and there are a number of ways to protect yourself, your identity and your hard-earned cash, it has emerged.
- Nervous Australians could change their attitudes toward debt: RBA
The challenging economic environment could lead to Australians are not splashing their cash and building up a nest egg, according to Reserve Bank of Australia (RBA) governor Glenn Stevens.
- Australia to weather the storm, says IMF
Australia's economy is in a healthy enough state to see it make it through the global downturn in one piece.
- Australia to weather the storm, says IMF
Australia's economy is in a healthy enough state to see it make it through the global downturn in one piece.
- Public and government 'confident in face of global economic turmoil'
As the global economy takes a battering, Australians could be forgiven for fearing the worst when it comes to their own nation's money matters.
- Public and government 'confident in face of global economic turmoil'
As the global economy takes a battering, Australians could be forgiven for fearing the worst when it comes to their own nation's money matters.
- PM warns crisis is 'far from over'
Prime minister Kevin Rudd has warned the country that the global financial crisis still has a long way to go before it is over, it has emerged.
- Mortgage rate cut 'unlikely'
Many mortgage and loan customers might be paying attention next month to see what decision the Reserve Bank of Australia makes on the interest rate.
- More mortgages please, says treasurer
There could be a greater level of investment in residential mortgages in Australia, if the federal treasurer gets his way.
- Banks becoming more selective, says ANZ
Despite confidence in the Australian banking system coming relatively unscathed through the global credit crunch, many institutions have become more cautious in their lending.
- Retail banks - champing at the bit?
When many people come to take out a loan or a mortgage, their first inclination might be to turn to their own bank. On shopping around, they could find that better deals lie elsewhere.
- Global credit crunch 'will affect your everyday life'
As the credit crunch begins to bite in certain parts of the globe, many Australians might be wondering what it means for them.
- Insurer reveals top tourism destinations in Victoria
A motor and travel insurance provider has revealed the results of a poll it carried out to find out the most popular tourist attractions in Victoria.
- Health insurance spending to rise in 'ageing population'
Spending in areas such as health insurance and travel insurance could be set to increase as the proportion of the Australian population at retirement age increases, according to a new report.
- We are not AIG, claim IAG
Australia's largest home and car insurer Insurance Australia Group (IAG) has moved to assure shareholders and the media that it is not troubled insurance giant AIG, nor is it related to AIG.
- Insurance premiums could climb as much as 15%: KPMG
There could be a double-digit increase in insurance premiums in the near future, it has been reported.
- Pension contributions 'continue to fall'
Consumers struggling with their mortgage and credit card repayments are forgoing contributing to their superannuation savings, it has been reported.
- Australia to weather the storm, says IMF
Australia's economy is in a healthy enough state to see it make it through the global downturn in one piece.
- Australia to weather the storm, says IMF
Australia's economy is in a healthy enough state to see it make it through the global downturn in one piece.
- Public and government 'confident in face of global economic turmoil'
As the global economy takes a battering, Australians could be forgiven for fearing the worst when it comes to their own nation's money matters.
- Public and government 'confident in face of global economic turmoil'
As the global economy takes a battering, Australians could be forgiven for fearing the worst when it comes to their own nation's money matters.
- PM warns crisis is 'far from over'
Prime minister Kevin Rudd has warned the country that the global financial crisis still has a long way to go before it is over, it has emerged.
