Australian Home Prices May Rebound on Low Rates, Easy Credit

(Bloomberg) —



a house with trees in the background: Residential properties stand along a street in Brisbane, Australia, on Tuesday, May 7, 2019. Australian central bank chief Philip Lowe dashed expectations of an interest-rate cut, looking through recent weakness in inflation to hitch the policy outlook to a labor market that he says remains strong.


© Bloomberg
Residential properties stand along a street in Brisbane, Australia, on Tuesday, May 7, 2019. Australian central bank chief Philip Lowe dashed expectations of an interest-rate cut, looking through recent weakness in inflation to hitch the policy outlook to a labor market that he says remains strong.

Australian home prices may have bottomed out and could be set to rise through the end of the year on the back of lower interest rates and easier credit, according to Bloomberg Intelligence.

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Property prices have fallen just 3% since the Covid-19 crisis began, defying concern of a steeper slide. A plan to ease responsible-lending rules and mounting speculation for further loosening of monetary policy in coming months may unleash a wave of borrowing, Bloomberg Intelligence analyst Mohsen Crofts said in a report Wednesday.

What Bloomberg Intelligence says:

Home prices may have reached a near-term bottom in most

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Bank credit growth slows again in July, but consumer credit is officially in contraction

Consumer debt is down sharply because consumers have been borrowing less and have been paying down lots of debt. Since March, consumers have been borrowing between $20 and $15 billion CAD each month, but they’ve been paying down between $20 and $25 billion CAD each month at the same time. In July, we see that consumer credit issuance is down over 11% from the same time last year, but credit destroyed (or paid down) is down only 8%.

We’re seeing a similar thing happen in the business credit market. Businesses are borrowing less and have substantially increased their debt repayments. In July, credit issuance was down over 5% from the same time last year, but credit destroyed up is over 20%! If this trend continues, the bank business credit market will be in contraction before the of the year. This will have profound implications for the labor market.

Finally, all

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Saskatchewan Party outlines new home renovation tax credit as first election promise

SASKATOON — Saskatchewan Party Leader Scott Moe is promising to bring in a new tax credit for home renovations if his party is re-elected.

Moe says he believes the credit would help drive the economy and make renovations more affordable — key themes of his campaign for the Oct. 26 vote.

Homeowners would be able to claim about 11 per cent on up to $20,000 worth of renovation-related expenses between Oct. 1 and the end of 2022.

The Saskatchewan Party says the credit would save people up to $2,100 and cost the province $124 million over two years.

Moe says the credit would benefit the economy by encouraging people to spend money and hire for building.

He made the announcement in Saskatoon, one of the cities considered an election battleground.

More specifically, he was in the NDP-held constituency of Saskatoon Riversdale along with the party’s candidate.

That seat belonged to

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Home renovation tax credit proposed by Sask. Party, NDP proposes wealth tax

The Saskatchewan Party is promising a new home renovation tax credit while the NDP said it would bring in a wealth tax as the election campaign came to Saskatoon on Wednesday.

Scott Moe, the leader of the Saskatchewan Party, said homeowners would be able to claim a 10.5 per cent tax credit on up to $20,000 of eligible renovations under his proposed tax credit.

“In this year’s budget, we reduced the PST on new home construction,” Moe said in a statement.

“We also want to provide a break to those who are fixing up their existing home. This new home renovation tax credit does just that.”

Read more:
Saskatchewan election tracker 2020

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The tax credit would include permanent additions to a homeowner’s primary residence but does not include items like furniture, appliances, hot tubs, tools or maintenance, Moe said

The cost of the program — which

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Big purchases for your business, should you use credit cards or loans

Personal loans or credit cards, which is a better financial product for making big purchases?

By: Hitesh Khan/

Image credit: Hloom via Flickr

Should you use a personal loan or credit card when making major purchases? Assuming that you have good credit and can qualify to borrow money, here are some things to consider when choosing between the two financial products.

Best interest would determine the financial product you should use for big purchases

The first thing most people look at when borrowing money is the amount of interest being charged. It usually isn’t a problem to find personal loans with fixed rates. Having a fixed interest rate means there won’t be any surprises when you receive your loan statement. You’ll always know exactly how much to set aside each month for your loan payments.

Credit card interest rates sometimes fluctuate. While you may initially be offered a low introductory

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Customers Bancorp Discloses Healthy Credit Quality & Declining Loan Deferrals; Reiterates Financial Guidance

WEST READING, Pa.–(BUSINESS WIRE)–Over the last decade, Customers Bancorp and its principal subsidiary, Customers Bank (the “Bank”), have developed a suite of commercial and retail loan products with one particularly important common denominator: relatively low credit risk assumption. The Bank’s multifamily, mortgage warehouse, and specialty finance lines of business, for example, are characterized by conservative underwriting standards and low loss rates. As a consequence of this emphasis, the Bank’s credit quality to-date has been healthy despite a highly adverse economic environment. Nonperforming assets increased slightly to $92.6 million at August 31, 2020 from $86.4 million at June 30, 2020 and are expected to fall below $80.0 million by quarter-end due to the anticipated sale of an investment CRE loan.

Further, we are pleased to disclose a sharp decline in loan deferrals since financial results for Q2 2020 were released. Excluding PPP loans, active deferments decreased to $439.0 million

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Best Credit Cards for Home Improvements in 2020

The Discover offers on this page are no longer available via CNBC. As a result, Discover offers described on this page may be out of date.

Americans pay a pretty penny to upgrade their homes every year.

In 2019 alone, homeowners spent an average of $7,560 per year on home improvement renovations, according to a HomeAdvisor report.

It’s inevitable — no matter how careful you are with your budget, unexpected costs will always arise with renovation projects large and small. But, if you use the right credit card, you can save on these expenses and even benefit from added perks like cash back, promotional financing and more.

Below, CNBC Select rounds up the best credit cards for home improvements so you can earn rewards while remodeling your home (and potentially raising the resale value) — no matter what kind of project you have planned.

Best credit cards for home renovations

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Consumer lender Home Credit posts 619 million euro first-half loss, says business turned corner

PRAGUE (Reuters) – Consumer lender Home Credit Group posted on Friday a 619 million euro loss for the first half on provisioning to cover loan losses as the coronavirus pandemic hit consumers.

The lender whose operations include China, India and other markets in South-east Asia, Russia or the Czech Republic, said it had shrunk its lending book by 20% in response to the crisis but said business had started recovering.

“I am encouraged to see that our business has already been improving since late in the second quarter,” said Chief Executive Jean-Pascal Duvieusart. “Barring further economic shocks, we expect the business to continue rebounding in the second half of 2020.”

Impairment losses jumped to 1.79 billion euros from 871 million a year ago, the company said. Non-performing loan coverage ratio rose to 197.8% from 124.1% a year earlier.

“I am confident that by keeping our business intact despite such strong

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Accurate Group Helps Credit Unions Grow Real Estate Lending Business through Faster Loan Cycle Times, Lower Costs and Innovative Technology

CLEVELAND–(BUSINESS WIRE)–Accurate Group, a leading provider of technology-driven real estate appraisal, title data, analytics and e-closing solutions, today announced the launch of a bundled solution designed to help credit unions accelerate growth and improve efficiency in real estate lending.

Accurate Group provides the digital framework and modernized appraisal, title and closing processes lenders need to remain competitive in today’s real estate lending environment. The COVID-19 pandemic is posing challenges for real estate lenders – giving credit unions a window of opportunity to seize market share from less nimble competitors by investing in innovation and automation.

Property appraisal, title and closing processes are ripe for automation and technology advancement. By creating a one-stop, bundled solution that addresses these areas with proven, market-leading technology and services, Accurate Group is helping credit unions achieve significant gains in efficiency, turn time improvement and member satisfaction. The bundled solution includes appraisal, title and

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Protech Home Medical Secures US$20 Million Senior Credit Facility With CIT Group’s Healthcare Finance Business

The MarketWatch News Department was not involved in the creation of this content.

CINCINNATI, Sep 21, 2020 (GLOBE NEWSWIRE via COMTEX) —
CINCINNATI, Sept. 21, 2020 (GLOBE NEWSWIRE) — Protech Home Medical Corp. (“Protech” or the “Company“) (TSXV: PTQ), (OTCQX: PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is very pleased to announce that it has entered into a US$20 million senior credit facility with CIT (NYSE:CIT).

Protech has entered into an Asset-Based Revolving Credit Facility with CIT’S Healthcare Finance business, part of its Commercial Finance division, pursuant to which the lender has agreed to advance up to $20 million at a tiered rate, this agreement has a four year maturity and may be extended pursuant to both parties agreement.

Commentary

“This senior credit facility with CIT is truly a momentous moment for Protech and I could not

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