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Area | State | Median house value | Annual mortgage repayments | Av. after-tax income per household | Income remaining | |
BRENTWOOD | WA | $827,500 | $37,926 | $113,324 | $75,398 | |
WILLAGEE | WA | $596,500 | $27,339 | $97,530 | $70,191 | |
COTTESLOE | WA | $1,842,000 | $84,422 | $153,834 | $69,412 | |
KENMORE | QLD | $618,500 | $28,347 | $97,619 | $69,272 | |
NORTH DANDALUP | WA | $336,500 | $15,422 | $84,167 | $68,745 | |
VALE PARK | SA | $612,000 | $28,049 | $94,868 | $66,819 | |
NORTH FREMANTLE | WA | $1,063,000 | $48,719 | $115,475 | $66,756 | |
CHAPEL HILL | QLD | $704,500 | $32,289 | $97,619 | $65,330 | |
ARDROSS | WA | $1,065,000 | $48,811 | $113,324 | $64,513 | |
WEST PERTH | WA | $863,500 | $39,576 | $102,464 | $62,888 | |
Area | State | Median house value | Annual mortgage repayments | Av. after-tax income per household | Income remaining |
ST ANDREWS | VIC | $702,000 | $32,174 | $160,370 | $128,196 |
MORANBAH | QLD | $276,000 | $12,650 | $102,812 | $90,162 |
DAMPIER | WA | $602,500 | $27,614 | $115,641 | $88,027 |
MILLARS WELL | WA | $409,500 | $18,768 | $105,741 | $86,973 |
BULGARRA | WA | $428,000 | $19,616 | $105,741 | $86,125 |
BLACKWATER | QLD | $224,500 | $10,289 | $96,327 | $86,038 |
NICKOL | WA | $432,000 | $19,799 | $105,741 | $85,942 |
ROXBY DOWNS | SA | $351,000 | $16,087 | $101,997 | $85,910 |
PEGS CREEK | WA | $457,500 | $20,968 | $105,741 | $84,773 |
DYSART | QLD | $267,000 | $12,237 | $94,821 | $82,584 |
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Category | Winner | Score |
Best Bank | ING DIRECT | 9.05 |
Best Big 4 Bank | NAB | 7.96 |
Best Credit Union | Queenslanders Credit Union | 8.99 |
Best Building Society | Greater Building Society | 8.72 |
Best Mutual Bank | Hume Bank | 9.30 |
Category | Winner | Score |
Best Savings Accounts | ING DIRECT | 9.29 |
Best Bank Accounts | ING DIRECT | 9.24 |
Best Home Loans | Queenslanders Credit Union | 9.05 |
Best Credit Cards | Bendigo Bank | 8.44 |
Best Personal Loans | Queenslanders Credit Union | 8.85 |
Best Term Deposits | Bendigo Bank | 7.89 |
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Weekly rents among the country’s capital cities rose by 0.3% over the twelve months to the end of November, the lowest annual growth rate for the period, according to a monthly report by CoreLogic RP Data.
Only Sydney and Melbourne were able to post increases of at least 2% in rental rates for the year. In Brisbane, Perth, and Darwin, the rates fell over the 12 months.
Other capitals enjoyed an increase of less than 1.5% over the year.
The report noted that the current combined capital city rental rates for houses was at $486 a week, and $464 a week for units.
Dwelling rates for the combined capital cities rose by 0.2% to $483 per week, but only increased by 0.3% over the past 12 months.
Cameron Kusher, research analyst for CoreLogic RP Data, remarked that the rental rate growth slowdown is expected to persist over the coming months as a result of the increased supply of housing and rental stock. Kusher also pointed out that slower migration rates have reduced rental demand.
Moreover, Kusher identified the construction boom across the capital cities, a slowing population growth, and the recent increased activity of investors adding properties to rental stock as other factors inducing the slower rental growth.
“Sydney and Melbourne, which have seen the largest ramp up in new housing supply and investor activity over recent year, continued to record rental rises over the past year however, each city is seeing a slowing in the pace of rental growth relative to 12 months ago,” he observed.
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From a four-year low last October at 13.88%, fixed rate home loans now make up 17.39% of all loans written for the month of November, based on recent national home loan approval data from Mortgage Choice.
The return in fixed rate demand might be indirectly caused by the out-of-cycle rate hikes implemented by most of Australia’s lenders on their variable rate home loan products, suggested Mortgage Choice chief executive officer John Flavell.
“As a result of those rate hikes, an increasing number of new buyers are looking to fix at least part of their mortgage as they seek out security and surety around their mortgage repayments,” Flavell explained.
According to the report, NSW had the strongest demand for fixed rate home loans among the states. Demand for the product accounted for 24.59% of all loans written in NSW.
Following NSW, Western Australia’s fixed rate demand was at 16.81%, and Queensland was 15.83%.
On the other hand, Victoria and South Australia both had the lowest demand for fixed rate products, at 8.89% and 12.37% respectively.
Despite the improvement in fixed rate home loan demand in four of the five states, variable rate products still remain popular among consumers, accounting for 51.78% of all loans written throughout the month of November.
Flavell anticipates greater demand for fixed rate home loans in the near future.
“Australia’s lenders made it clear in October when they raised their rates that additional rate hikes could be on the cards. In order to avoid any future rate hikes and obtain some surety around their mortgage repayments, I believe we will see more Australians locking into a fixed rate home loan.”
He also added that while interest rates will likely rise in the months to come, the mortgage market is still very competitive as it is.
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Australia’s big four continue to lag behind other lenders in terms of home loan customer satisfaction, according to new research.
The overall satisfaction level of the big four’s home loan customers in the six months to September 2015 was at 80%, while for the next seven major banks the overall was 85%.
The data, from Roy Morgan’s Single Source survey, discovered that ME Bank and ING Direct are the leaders in home loan customer satisfaction.
ME Bank’s home loan customers posted the highest satisfaction level, at 92.8%, while ING Direct took 92.7%. Bank SA could barely keep up as runner-up with 88.7%, and Bendigo Bank was not far behind at 87.6%.
Of the four big banks, CBA was the leader with 82.0%. Westpac followed with 80.8%, NAB was at 78.9%, and ANZ posted 77.5%. While they reduced their home loans rates over recent years, ANZ, CBA, and NAB all have home loan customer satisfaction levels lower than that of their non-home loan customers.
Westpac alone has home loan customers who are more satisfied than their other customers, at 80.8% versus 79.8%, respectively.
In terms of overall satisfaction, CBA took the lead among the big four with 82.5%, improving by 1.4% points in September—the biggest improvement of the four. NAB came next with 81.4%, rising 0.6%.
Both ANZ and Westpac, however, took hits to their overall satisfaction levels, down 0.3% and 1.0% points, respectively.
While CBA showed marked improvement over the last year, the lender still struggles against the average posted by the other banks outside of the big four, with an overall satisfaction level of 86.7% in the six months to September.
The big four all improved in satisfaction levels over the last year, by 0.5% points. The smaller banks, in comparison, improved even more. Teachers Mutual took the top spot at 95.3%, rising by 5.2% over the year. Next was Bendigo Bank at 89.9%, up 2.0% points and Bank SA was at 87.7%, up 4.3% points. Bank of Melbourne was at 87.0%, up 5.8% points.
The CBA once again leads the big four, this time in terms of main financial institution satisfaction in September, at 84.4%. The bank also displayed the biggest improvement over the last 12 months, by increasing up to 2.0% points.
“With signs beginning to emerge that home loan rates will rise, it will be of critical importance to track how mortgage customers feel about their bank as it is likely to adversely impact on key metrics such as satisfaction and advocacy,” observed Roy Morgan Research industry communications director Norman Morris.
“We have seen in the past that if increases in home loan rates are given a great deal of adverse publicity, then a decline in customer satisfaction inevitably follows,” he added.
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