Government

Australia’s banking watchdog will be cracking down on risky mortgage lending practices as a guard against the hot property market.

The Abbott Government’s financial systems inquiry head David Murray says Australia needs to introduce limits on borrowing.

The Federal Labor Party is looking at turning its attention to negative gearing as an attempt to boost the Budget bottom line.

Mortgage brokers could be penalised if they profit from breaking the rules around foreign property investment in changes outlined in last night’s Federal Budget.

While the economy has slowed and commodity prices have dropped sharply, the housing industry has been the one shining light for the Government.

The clampdown on investment lending from regulatory bodies such as the Australian Prudential Regulation Authority has not deterred people from investing in property.

The Federal Government has given the banking regulator APRA until the end of the year to ensure Australian banks are holding enough capital to weather financial storms.

The Real Estate Institute of Western Australia (REIWA) has called on the state’s government not to consider ending the universal application of the first home owners grant in its upcoming midyear budget review.

When buying a new property, the government’s stamp duty is not the only add-on cost the purchaser is faced with.

Buying a home is obviously a big commitment so it’s important to carefully consider the legal and financial implications before you put pen to paper and sign anything.