Bank repossessions in australia

Top mortgage repossessions headlines

No large scale defaults predicted

May 11 09 1:28 PM EST

One of Australia's biggest mortgage insurers is confident that despite expected interest rate hikes and rising unemployment, we will not see large sca...
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Help for homeowners in financial hardship

Apr 29 09 11:07 AM EST

Households with mortgages of more than $500,000 will soon be able to legally request changes to their credit contract.
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A Bank repossession is basically what it says on the tin where the bank has gone through the whole repossession process which includes hefty costs that are then added to the price of the property and nearly all Spanish banks are looking receive 100% of the total debt. With a distressed sale this happens before the bank goes to repossession and again by its very nature the owner needs to sell quickly with the main reason he needs to get the equity out of the house before the bank repossesses the property or the Owner desperately needs the money for another reason. However the most acute distressed sales happen where the Owner has three months or less before the bank repossesses their property” explained Nick Stuart Managing Director of Spanish Hot Properties.

Mortgage stress could rise

Apr 24 09 1:08 PM EST

By the end of the year it is estimated that one in six households will be in mortgage stress.
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Australia: mortgage defaults increasing

A recent survey of Australian banks has shown that mortgage defaults and home repossessions have been rising recently, prompting a number of relief measures. However, the country's major banks have reported that many borrowers are taking advantage of recent rate cuts by paying more than required on their mortgages, thus limiting the effect of introduced stimulus packages

Despite interest rate cuts, home loan defaults are on the rise.

The global economic crisis continues to negatively affect the Australian economy, with unemployment expected to keep rising in 2009. A survey has shown that, against this backdrop, mortgage defaults and home repossessions have been rising recently, albeit from historically very low levels. One of the major banks in the country, St.George, has revealed that its home repossessions rose to 132 in March. During the long property price boom, the bank's repossession numbers hovered at around 80 per month. The other large Australian banks have had similar experiences.

Comments

How to get a cheap Bank repossession properties ?

It would appear that repossesions are a good way to get a property under current market value, however how would you find out about them ? Is this information available to all of us ? Is the purchase any different because it's a repo ie are lenders a bit more wary ? Solutions : If it property is being reposessed the seller (mortgage company) also considers the speed of sale - if they "could" get a higher price with another buyer they will also consider how quickly the sale could go through. Therefore some latitude is given to agents in what offer is accepted (eg an agent can say that buyer "x" is well known to them and can proceed quickly. Buyer "b" offered 10k more but is an unknown quantity. Bank Repossesion Houses List Database These days repo's don't really go much cheaper we had one only 3 months ago and it went well over asking price. If you were to ask an agent to give you a call when one is available its very r...

Fashion chain Lisa Ho in Australia in administration

Who is Lisa ho ? Lisa Ho is an Australian fashion designer born in Albury, on the New South Wales and Victorian border. She is married to Philip Smouha. Wikipedia Lisa Ho Designs is the latest Australian retailer to fall in financial trouble , with the high end fashion chain placed into administration last week. Dressed in a black outfit, a stony-faced Ms Ho faced creditors yesterday for the first time since the business that she founded 30 years ago was placed into administration earlier this month. It is understood she did not address the creditors. Administrators appointed for fashion house Financial firm HLB Mann Judd has confirmed it was appointed as administrator of the high-end fashion chain last Wednesday. The administrator will sift through the company’s assets and liabilities and look for a suitable buyer. A creditors’ meeting is scheduled for May 20, and in the meantime all 10 stores will reportedly con...

Bernard Roux entrepreneur's Eurocopter 120B is up for sale after being repossessed by the Commonwealth Bank

If anyone thought the Victorian businessman and founder of the Hyde Hill polo team , Bernard Roux ( Image results for Bernard Roux ) , has been quiet in the skies recently, there could be an explanation. The financial crisis appears to have affected not only MFS founder Michael King but also some of the former opponents of his Elysian Fields horse polo team.The French-surnamed entrepreneur's Eurocopter 120B is up for sale after being repossessed by the Commonwealth Bank earlier in the year.A tender for the helicopter has been called by the auctioneer Grays ''under instructions from a leading bank'', after the Roux-controlled Inchalla Nominees was tipped into administration earlier in the year. Inchalla had a $1.1 million loan taken out over the chopper. Roux's Hyde Hill polo team often competed against King's Elysian Fields team and even Jamie Packer's Ellerston. Roux runs the finance concern Fleetsmart Australia and often copped a few noise...

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