The ban on bank exit fees, which may be recorded on a contract as deferred establishment or early repayment fees, applies only to all new home loans taken out after 1 July 2011. Some home loans already do not have them and some lenders have made the ban retrospective.
Think carefully before making any moves.
Ensure that you as the consumer understand the exit fee ban applies only to new home loans taken out after 1 July, not existing loans, and that there are still other switching costs and home loan aspects that must be considered.
Educate yourself as the borrower about what it means for you as satisfaction with your home loan commitment comes after making a well informed decision
Monday, June 27, 2011
Property millionaires, are U one?
The property market is one of the main reasons why more and more Australians are becoming millionaires, according to an annual report by Capgemini and Merrill Lynch.
Dorus van den Biezenbos from Capgemini Australia says the total number of millionaires in Australia rose 11.1 per cent to almost 193,000 in 2010.
Despite the current downturn in the property sector, the long-term rewards of real estate and hard investing are putting more Australians on the millionaire map –and property is fast becoming a better alternative to make money than a wage.
"We see the real estate market as a big contributor to the positive growth number of millionaires in Australia," van den Biezenbos says.
"GDP grew by 2.8 per cent last year, compared to 1.3 per cent in 2009, so that's good growth.
"Market capitalisation also showed a gain of 15.3 per cent."
The combined wealth of Australia's millionaires was also up 12.1 per cent to $550 billion.
In another positive sign for investors, our neighbours are becoming richer too. The Asia-Pacific region has also taken over second position and is now just behind North America, in terms of millionaire population.
"They've taken over the place from Europe now with 3.3 million millionaires, whereby Europe has 3.1 million millionaires."
Dorus van den Biezenbos from Capgemini Australia says the total number of millionaires in Australia rose 11.1 per cent to almost 193,000 in 2010.
Despite the current downturn in the property sector, the long-term rewards of real estate and hard investing are putting more Australians on the millionaire map –and property is fast becoming a better alternative to make money than a wage.
"We see the real estate market as a big contributor to the positive growth number of millionaires in Australia," van den Biezenbos says.
"GDP grew by 2.8 per cent last year, compared to 1.3 per cent in 2009, so that's good growth.
"Market capitalisation also showed a gain of 15.3 per cent."
The combined wealth of Australia's millionaires was also up 12.1 per cent to $550 billion.
In another positive sign for investors, our neighbours are becoming richer too. The Asia-Pacific region has also taken over second position and is now just behind North America, in terms of millionaire population.
"They've taken over the place from Europe now with 3.3 million millionaires, whereby Europe has 3.1 million millionaires."
Subscribe to:
Posts (Atom)