ANZ and NAB increase proportion of loans through mortgage brokers

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Data from ANZ and NAB shows that they have increased the proportion of loans coming through mortgage brokers

Mortgage brokers accounted for 48% of ANZ’s home loans over the year, increasing a percentage point from 47% in the 2014 financial year. Home loan originating through the ANZ’s proprietary channels still account 52%, down a percentage point from 53% over the year to September.

NAB, which released its full-year results earlier this week, showed an increase in mortgage broker originated home loans. The NAB’s full-year results, showed that loan through mortgage brokers grew by 12% over the year to September, while those through NAB’s proprietary channels increased by only 7%.

The trends observed at both ANZ and NAB are likely to be similar in other lenders and are an indication of consumers making the choice to use mortgage broker more generally. This is also supported by data from other sources showing an increase in the use of mortgage brokers over time. With the market so complex and difficult to compare there is little wonder that consumers are using mortgage brokers to assist them.

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Private sector house approvals fall – September 2015

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Building Approvals, Australia, Sep 2015

The latest data from the Australian Bureau of Statistics show that whilst housing approvals are roughly on par with September 2014, dwelling excluding houses are well above September 2014 levels.  The number of dwellings approved in September 2015 fell 1.8% from August 2015, in trend terms. Furthermore, dwelling approvals have fallen for the last six months.

Dwelling approvals in September decreased in trend terms from August in all States and Territories except South Australia. The breakdown is as follows:

• Northern Territory a 3.3% decrease;
• Western Australia a 3.2% decrease;
• New South Wales a 2.6% decrease;
• Victoria a 1.8% decrease;
• Tasmania a 1.2% decrease;
• Australian Capital Territory a 0.7% decrease;
• Queensland a 0.3% decrease;
• South Australia a 0.4% increase in trend terms.

Approvals for private sector houses fell 0.2% in trend terms in September from August. A breakdown is as follows:

• Western Australia a 3.1% decrease;
• New South Wales a 1.2% decrease;
• Queensland a 2.2% increase;
• Victoria a 1.1% increase;
• South Australia flat, in trend terms.

The value of total building approved fell 0.6% in September, in trend terms, and has fallen for two months. The value of residential building fell 1.1 per cent while non-residential building rose 0.6% in trend terms.

TOTAL DWELLING UNITS

• The trend estimate for total dwellings approved fell 1.8% in September and has fallen for six months.
• The seasonally adjusted estimate for total dwellings approved rose 2.2% in September following a fall of 9.5% in the previous month.

PRIVATE SECTOR HOUSES

• The trend estimate for private sector houses approved fell 0.2% in September and has fallen for five months.
• The seasonally adjusted estimate for private sector houses fell 1.9% in September following a rise of 4.1% in the previous month.

PRIVATE SECTOR DWELLINGS EXCLUDING HOUSES

• The trend estimate for private sector dwellings excluding houses fell 3.4% in September and has fallen for six months.
• The seasonally adjusted estimate for private sector dwellings excluding houses rose 6.1% in September following a fall of 15.6% in the previous month.

VALUE OF BUILDING APPROVED

• The trend estimate of the value of total building approved fell 0.6% in September and has fallen for two months. The value of residential building fell 1.1% and has fallen for six months. The value of non-residential building rose 0.6% and has risen for six months.
• The seasonally adjusted estimate of the value of total building approved fell 2.1% in September and has fallen for two months. The value of residential building fell 4.3% and has fallen for two months. The value of non-residential building rose 2.9% following a fall of 9.5% in the previous month.

SEPTEMBER KEY BUILDING APPROVAL FIGURES

		Sep 15	Aug 15 to Sep 15	Sep 14 to Sep 15
		no.	% change	% change
TREND
	Total dwelling units approved	18 309	-1.8	6.8
	Private sector houses	9 520	-0.2	0.7
	Private sector dwellings excluding houses	8 566	-3.4	14.9
SEASONALLY ADJUSTED
	Total dwelling units approved	18 900	2.2	21.4
	Private sector houses	9 536	-1.9	1.5
	Private sector dwellings excluding houses	9 134	6.1	53.5

 

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RBA leaves interest rates unchanged – 3 Nov 2015

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Today, 3 Nov 2015, the Reserve Bank of Australia left the cash rate unchanged

There had been much speculation that the recent increases in the interest rates of the big four banks had left the door open for a cut to the cash rate by the RBA. However, the RBA left the cash rate unchanged at 2% for the sixth month in a row.

Some had believed that the increases between of 0.15% and 0.2% by the major Banks and other lenders would reduce property price increases in Sydney and Melbourne enough to enable the RBA to cut the cash rate to further stimulate other areas of the Australian economy but no cut to the cash rate was made today.

Naturally, the property market, particularly Sydney and Melbourne featured in the Statement by Glenn Stevens, Governor: about the RBA’s Monetary Policy Decision as did the changes in mortgage rates and the impact that they are having in controlling risk in the property market and impacts on spending and the wider economy.

Glenn Steven’s statement concludes:

At today’s meeting the Board judged that the prospects for an improvement in economic conditions had firmed a little over recent months and that leaving the cash rate unchanged was appropriate at this meeting. Members also observed that the outlook for inflation may afford scope for further easing of policy, should that be appropriate to lend support to demand. The Board will continue to assess the outlook, and hence whether the current stance of policy will most effectively foster sustainable growth and inflation consistent with the target.Glenn Stevens

 

Commentary

The statement by Glenn Stevens about the decision to leave the cash rate unchanged also provide insight into possible actions of the Reserve Bank of Australia in the near future. We can interpret that “scope for further easing of policy” means that, although the cash rate was not cut today, it is very likely that it will be cut in the near future! This is the clearest signal in months that the RBA will make a cut in the near future. With the housing market price gains and banking risk under control it appears that there are few reasons left to refrain from cutting the cash rate. Unless inflation measured by the consumer price index (CPI) increases soon an interest rate cut seems inevitable.

Markets and analysts have also interpreted this as a future cut with interest rate pricing around the possibility of a third cut in the current cycle, in February, increasing to 100 per cent.

By Dr Nigel Abery (Ph.D.)

 

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The post Commercial Property Finance Brokers appeared first on Oak Laurel.

Commercial Property Finance Brokers

Oak Laurel has specialist commercial finance brokers that can assist you with your commercial property finance requirements. We have a wide network of banks, non-banks and private lenders that we can access to meet your funding needs.

We we can arrange both small and large amounts of funds. Most Australian residential, commercial, or industrial property is acceptable as security.

Obtaining the right commercial property loan facility that meets your needs can be complicated. Each lender has their own criteria, policy, guidelines and pricing and will evaluate your loan application differently. Navigating through the system does not have to be overwhelming. Our team of commercial finance brokers are very experienced with helping clients to prepare a loan applications that get approved. Our commercial finance specialists can work with you to structure finance that meets your circumstances and objectives. We will negotiate with the lender on your behalf to secure you a competitive loan package. We will guide you through the entire process.

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Foreign investment in Australian commercial property at record high

Analysis by CBRE has shown that in the September quarter, foreign investors accounted for 56% of the $8.6 billion worth of Australia’s commercial property sales. This is reportedly the highest percentage of foreign buyers in the 10 years of data that have been tracked.

It is thought that the foreign buyers have increased the total sales in the September quarter 8.5% higher than at the same time last year.

Chinese investors are responsible for the majority of the offshore purchases.  The increases of Chinese capital had been initially driven by private investors and developers. However, major institutional investors are also getting involved in the Australian commercial property market. Chinese investors are focusing on major gateway cities such as Melbourne and Sydney.

Major Australian commercial property acquisitions in the quarter include the Chinese sovereign wealth fund China Investment Corporation (CIC) paying almost $2.5 billion for a portfolio of office tower assets sold by the Investa Property Group in what is Australia’s largest ever direct office sale.  The owner of the $8.9 billion Investa platform, Morgan Stanley Real Estate Investing, announced that it has sold the property it owned through Investa.

Singapore’s Ascendas Real Estate Investment Trust was another significant investor during the period, having snapped up a portfolio of 26 logistics properties from GIC in a deal valued at $1.01 billion.

The net investment position of offshore investors now totals $24 billion.

 

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Victoria has Australia’s fastest growing population

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Victoria has Australia’s fastest population growth

The latest data released by the Australian Bureau of Statistics has shown that Victoria’s population is growing at the fastest rate in the country.

Victoria had a growth rate of 1.7%, gaining an additional 97,500 citizens in the year to March 2015.  New South Wales and Western Australia has the next highest population growth at 1.4%. See below for the population growth rates of other States and Territories reproduced from ABS data.

 

	Population at end Mar qtr 2015	Change over previous year	Change over previous year
PRELIMINARY DATA	‘000	‘000	%
New South Wales	7 596.6	101.2	1.4
Victoria	5 914.9	97.5	1.7
Queensland	4 766.7	61.1	1.3
South Australia	1 696.2	13.9	0.8
Western Australia	2 587.0	35.3	1.4
Tasmania	516.1	1.5	0.3
Northern Territory	243.8	0.5	0.2
Australian Capital Territory	389.7	4.8	1.3
Australia(a)	23 714.3	316.0	1.4
(a) Includes Other Territories comprising Jervis Bay Territory, Christmas Island and the Cocos (Keeling) Islands.

 

The majority of population growth occurs in Australia’s capital cities.

The Australian Bureau of Statistics has projected that Melbourne’s population will exceed Sydney’s by 2052 on two of the three scenarios modelled.

Under the “high fertility, overseas migration and life expectancy” scenario, Melbourne’s population would be 9.193 million by the middle of the century and Sydney’s 8.431 million.

Under the “medium fertility, overseas migration and life expectancy” scenario, Melbourne’s population would be 8.162 million, and Sydney’s 8.124 million.

Under the “low fertility, overseas migration and life expectancy” scenario, Melbourne’s population would be 7.353 million and Sydney’s 7.716 million.

Whether or not Melbourne becomes Australia’s largest city by 2052, one thing is clear, all of those people coming to Melbourne are going to need somewhere to live. The demand for housing in Melbourne is going to continue to increase and so are the prices of well located property.

 

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