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BFCSA
MORTGAGE
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What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Denise

Denise

Denise Brailey has dedicated the past 20 years of her life to being a Consumer Advocate - a voice for the people and former President of RECA (Real Estate Consumer Association. She has helped thousands of investors and is currently President of the BFCSA (Banking & Finance Consumers Support Association). Denise was also awarded and presented with the Rona Oakley Award for Consumer Protection in 2010.
Housing curbs reflect genuine concerns, says ABA's Anna Bligh Australian Financial Review Apr 3 2017 11:00 PM James Eyers   New Australian Bankers' Association chief executive Anna Bligh says it won't be her Labor background that helps the banks fend off a royal commission but actions that convince customers they are valued as much as shareholders. The former Queensland premier has also backed moves by financial regulators targeting interest-only loans, saying they have presumably acted on "genuine and well-evidenced concerns". Just a few hours into her first day on Monday as boss of the banking industry association, Ms Bligh warned that political pressure on the sector isn't going to abate any time soon because it reflects real customer anger that has resulted in an "erosion of trust" in the industry. "I think the public want to see action and I know the government wants to see more action from banks," she...
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VIDEO: Twelve Months of Investigations, Impact and Outrage By Scilla Alecci Apr 3, 2017 https://panamapapers.icij.org/20170403-anniversary-fundraising-campaign.html   One year ago, ICIJ launched the biggest investigation in journalism history: the Panama Papers. ICIJ and more than 100 media partners published hundreds of stories revealing the offshore financial secrets of many of the world’s richest and most powerful people. The investigation sparked protests, resignations, arrests and fierce debate around the world. And that was just the beginning.   Where Are They Now? A Year Later, Mixed Fortunes For Panama Papers Line-Up By Will Fitzgibbon Apr 3, 2017 https://panamapapers.icij.org/20170403-anniversary-where-are-they-now.html   When the International Consortium of Investigative Journalists and more than 100 media partners began publishing the Panama Papers investigation on April 3, 2016, almost no country was untouched by its revelations. Governments in more than 70 countries have launched over 150 investigations, inquiries, audits and probes into the affairs of thousands of people and corporations...
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One Nation co-founder David Ettridge accuses party of abandoning him with legal debt AM By Michael Edwards Updated about 2 hours agoTue 4 Apr 2017, 10:09am http://www.abc.net.au/news/2017-04-04/one-nation-co-founder-accuses-party-of-abandoning-him/8412890   Watch the Four Corners episode on ABC iView.    Video: Dane Sorensen says if the public knew how One Nation operated they would not want anything to do with the party David Ettridge, a co-founder of One Nation, has accused the party of abandoning him with huge debts from when he was jailed alongside Pauline Hanson. In 2003, Mr Ettridge and Ms Hanson were imprisoned for electoral fraud but released months later after their convictions were quashed by a Queensland Court. Mr Ettridge said his legal ordeal cost him his house and his personal wealth. He told the ABC's Four Corners program he had sought compensation from One Nation — joining a number of former officials and candidates speaking out about the party's administration....
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How to Hide the Crashing Prices in Miami’s Epic Condo Glut by Wolf Richter • Apr 3, 2017 • 14 Comments http://wolfstreet.com/2017/04/03/hidden-crashing-prices-of-miami-condo-bubble-glut/   Granular data shows why the numbers on the surface don’t add up. Condo sales in Miami-Dade County have plunged. Condos on the market have surged. Supply has hit 14 months. Developers are sitting on completed units they can’t sell, and months’ supply in their projects has reached several years. With this kind of supply-and-demand imbalance – sales down 25% from February 2014, inventory up 90% since early 2013 – you’d expect prices to head south. But the median price of condos in February, according to the Miami Association of Realtors, increased 6.3% year-over-year. This is the mystery we’ll shed some light on (chart by StatFunding): StatFunding conducted an analysis of sales price per square foot in four condo projects with 2,634 units in Brickell, an area of Miami...
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Banks blocked from Apple access 03 April 2017   http://www.financialservicescareer.com.au/news/banks-blocked-from-apple-access   The big banks have lost a battle to gain access to NFC in iPhones. The Australian Competition and Consumer Commission (ACCC) has denied a request by CBA, Westpac, NAB, and Bendigo and Adelaide Bank to band together to bargain with Apple and boycott its Apple Pay platform. “The ACCC is not satisfied, on balance, that the likely benefits from the proposed conduct outweigh the likely detriments. We are concerned that the proposed conduct is likely to reduce or distort competition in a number of markets,” ACCC chairman Rod Sims said in a statement. “While the ACCC accepts that the opportunity for the banks to collectively negotiate and boycott would place them in a better bargaining position with Apple, the benefits would be outweighed by detriments.” The banks already enjoy access to NFC chips in Android devices, allowing them to produce...
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South-east Australia's property boom is rolling on, with Sydney posting its biggest annual home price increase since 2002, and Melbourne, Canberra and Hobart hot on its heels. Key points: ·         Hobart had the biggest quarterly price rise of 5.6pc; Sydney and Canberra above 5pc ·         Sydney's annual price gain of 18.9pc was the biggest, followed by Melbourne's 15.9pc ·         Rental yields in Sydney and Melbourne at fresh record lows of 2.9 and 2.8pc CoreLogic's March home value index showed an 18.9 per cent rise in Sydney prices over the past year, including a 5 per cent rise over the first three months of 2017 alone. Melbourne had a 15.9 per cent annual price rise, while Canberra and Hobart also had double-digit yearly gains. The acceleration in south-eastern Australian home prices will provide more headaches for authorities, with the bank regulator APRA already having tightened mortgage lending requirements further on Friday. However, CoreLogic's...
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This site is brilliant for ‘back then’...Barnaby Joyce  did all the ranting in the 2013 Opposition re SUB PRIME LOW DOC LENDING...then LNP won the election 2013 and Barnaby was then gagged by Tony Abbott!   Its shows that BJ understood perfectly well that the mortgage loans were dangerous to Mums and Dads.  He notes the mechanics that Bankers were using alternative income verification procedures   27 May 2013     https://barnabyisright.com/tag/rmbs/   From ceiling insulation to school halls to “green” loans to computers in schools to set-top boxes, every “investment” that our Treasurer touches, ends up totally ‘Franked’. From the SMH: Arrears on mortgage repayments spiked to a record high in the first three months of 2011, as more Australians struggle with rising costs, Fitch ratings agency says. Arrears on prime residential mortgage-backed securities (RMBS) of 30 days or more hit a record high of 1.79 per cent in the first quarter, from 1.37...
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ASIC has done nothing. Of the $1.6 billion in LIC shares issued between 2006 and 2012 a significant proportion has been lost due to this form of securities fraud.   Massive fraud in Australian listed company 18 April 2013   https://barnabyisright.com/2013/04/18/massive-fraud-in-australian-listed-investment-company-lic-sector/   Serendipitously discovered this during my cyber surfing this morning; a presentation “outlining massive fraud in the Australian listed investment company (LIC) sector”: The Great Australian Investment Ponzi The A$16 billion Australian listed investment company (LIC) sector has become one of the largest Ponzi schemes in history, surpassed only by Bernie Madoff and MMM. For years, the dividends from the LICs have been financed by the LICs issuing shares, with the LICs thus paying their returns by seeking new investor funds. The LIC’s manipulate their share prices by buying each other and themselves, in the process creating inflated reported net tangible assets (NTA). The companies named include: Washington H Soul...
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Warehouse line of credit From Wikipedia, the free encyclopedia   A warehouse line of credit is a credit line used by mortgage bankers. It is a short-term revolving credit facility extended by a financial institution to a mortgage loan originator for the funding of mortgage loans. https://en.wikipedia.org/wiki/Warehouse_line_of_credit The cycle starts with the mortgage banker taking a loan application from the property buyer. Then the loan originator secures an investor (often a large institutional bank) to whom the loan will be sold, whether directly or through a securitization. This decision is generally based on an institutional investor's published rates for various types of mortgage loans, while the selection of a warehouse lender for a particular loan may vary based on the types of loan products allowed by the warehouse provider or investors in the loan approved by the warehouse lender to be on the line of credit. After an investor has been...
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APRA cracks down on 'shadow bank' lending Australian Financial ReviewMar 31 2017 5:47 PM Jonathan Shapiro   Banks have been warned not to channel loans through smaller, unregulated "shadow banks" as a way of avoiding the crackdown on risky home lending. It's a move aimed at weakening the forces that contributed to the 2008 financial crisis in which risky mortgages were originated outside the banking sector and packaged into bonds that were sold to banks.  In its letter to the banks outlining a new wave of lending restrictions aimed at cooling a heated housing market, Australian Prudential Regulation Authority chair Wayne Byres has told the banks that it is monitoring the growth of "warehouse facilities" or short-term loans provided to other lenders. He said it would be concerned if these warehouse loans were growing faster than the banks' own mortgage book or if the loans held in these warehouses were of...
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So who do you believe the ABA or Katy Gallagher??Senator calls out ABA over ‘tricky’ charges By Andrew Starke 1 Day ago https://www.rfigroup.com/australian-banking-and-finance/news/senator-calls-out-aba-over-%E2%80%98tricky%E2%80%99-charges Senator Katy Gallagher says the Australian Bankers Association’s (ABA) rejection of key recommendations of the Khoury Review will hurt banking customers by retaining unfair practices. She called on the major banks to stop “tricky” interest charging and commit to allowing the online cancellation of credit cards. “In his review, Mr Khoury said that charging interest on a portion of a credit card balance that has been paid on time is ‘unacceptable’ and must be prohibited,” said Gallagher. “It is substantively unfair in applying interest and (if understood) would be perceived by customers as just plain ‘tricky’ (page 83, Independent Review - Code of Banking Practice).” Other recommendations of the independent review rejected or not agreed to in full by the ABA includes a clear recommendation to allow simple...
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Is the Global Taxman Coming?     by Don Quijones • Apr 1, 2017    http://wolfstreet.com/2017/04/01/global-bank-transaction-tracking-crack-down-tax-evasion/ But who are they really going after? By Don Quijones, Spain & Mexico, editor at WOLF STREET. Credit Suisse is once again under international investigation for allegedly helping its clients evade the prying eyes of national tax authorities. This comes after the bank was fined $2.6 billion by the U.S. government in 2014 for helping Americans evade taxes. Helping high net worth private clients and corporations evade taxes, and then getting caught is not unique to Credit Suisse. Fellow Swiss megabank UBS and UK giant HSBC were fined hundreds of millions of dollars for their troubles. The banks are not just helping their clients evade taxes. In a report titled Opening the Vaults, UK-based charity Oxfam International revealed this week that in 2015, Europe’s 20 largest banks registered over a quarter of their profits in tax havens...
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Mortgage lenders fear rules will erode profits:  Now for some more fake stats By Elizabeth Fry 30 March 2017   https://www.rfigroup.com/australian-banking-and-finance/news/mortgage-lenders-fear-rules-will-erode-profits   Deloitte's annual Australian mortgage survey revealed lenders’ biggest fear was that higher regulatory capital demands and tighter lending standards will erode profitability. With regulators poised to cut the lending growth cap, participants in the survey released Thursday said lenders were nervous of prudential policy implications on capital, pressuring prices. “It is worth pointing out that the prudential changes being put in place are to help sustainability and security,” Deloitte financial services partner James Hickey said. “It was interesting that not many people saw unemployment rising as a concern, nor house prices falling. So maybe we all looked at the market from a positive perspective. Clearly, however the regulator is seeing something in the macro economic conditions.” CoreLogic’s Australian head, Lisa Claes, said there are valid concerns about financial stability...
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Death threats and smear campaigns, the lot of a whistleblower Adele Ferguson 1 April 2017 http://www.smh.com.au/business/death-threats-and-smear-campaigns-the-lot-of-a-whistleblower-20170331-gvax60.html The culture of "don't dob in a mate" strikes at the heart of our poor treatment of whistleblowers. From an early age we are told to keep quiet and avoid the stigma of being a snitch or a troublemaker. But the fundamental question that needs to be asked in the joint parliamentary inquiry into whistleblowers is: why should whistleblowers be protected? There are numerous examples of the contribution whistleblowers have made to society in exposing wrongdoing. But for all the good they have done, few come away unscathed. The Commonwealth Bank financial planning whistleblower Jeff Morris has lodged a submission to the inquiry which is nothing short of alarming. What he went through reads like a Stephen King thriller. In it he talks about a decision by a certain person at CBA "to finally get...
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To see what else APRA might consider, he said all people needed to do was “look across the Tasman”.  Must have been what Triguboff did!   Banking regulator ‘not finished’ targeting property market, expert warns 31 March 2017 https://www.domain.com.au/news/banking-regulator-8216not-finished8217-targeting-property-market-expert-warns-20170331-gvappq/   A move from the banking regulator on Friday to restrict risky lending in the housing market is expected to cool the market, but we can expect more restrictions to come, experts say. The announcement from the Australian Prudential Regulation Authority (APRA) will affect borrowers looking for interest-only loans – where the property owner only makes mortgage repayments on the interest part of the loan and not the principal. Banks will be forced to restrict these loans to 30 per cent of total new residential lending and any interest-only lending at a loan-to-value ratio above 90 per cent would require “strong scrutiny and justification,” the APRA statement said. The changes will affect...
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Wow uh, please form an orderly queue folks. There's nothing like the words "fire sale" to inspire confidence in this totally-not-a-bursting-bubble-nothing-to-see-here market. And this comes right after BIS Oxford Economics published a study showing 40% of Brisbane apartments and 60% of Melbourne apartments have sold at a loss since 2011. https://www.reddit.com/r/AusFinance/comments/6246at/sizzling_hot_deals_brisbane_apartments_offered_at/ Article:    http://www.afr.com/real-estate/residential/sizzling-hot-deals-brisbane-apartments-offered-at-39pc-discount-in-fire-sale-20170328-gv8q9k A marketer is offering discounts of up to 39 per cent on apartments in a newly-completed residential development in a sign that Brisbane's apartment oversupply may be biting. Two-bedroom apartments in The Hudson development on Albion Mill marked down from $805,000 to $490,000, three-bedroom penthouses cut from $1.2 million to $960,000 and one-bedroom units reduced to $335,000 from $445,000 feature on the price list David Carter from Landmark Asset Services sent to clients this week. An attached flier offered 'Sizzling Hot Deals'. "The funder has taken the project off the developer and has given us four weeks to...
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We need Heroes to unite and buck this neo Liberal system!   Sally McManus: Australian Social Democracy’s new hero   31 March 2017 John Passant https://independentaustralia.net/politics/politics-display/sally-mcmanus-australian-social-democracys-new-hero,10161   Is Sally McManus, the new secretary of the Australian Council of Trade Unions, the saviour of social democracy in Australia? Certainly, the response from the ruling class and it spokespeople suggests they see her as a threat. The most recent attack was from Brad Norington in The Australian, who misunderstood the difference between a student union and a student council in his haste to smear McManus with alt-facts. Certainly her speech to the National Press Club on Wednesday (29/3/17) pointed out a few truths to the ruling class. McManus is right that inequality is at 70 year highs. She is right that the industrial relations system is broken — not for bosses but for workers. The minimum wage, $34,980 a year is dangerously low....
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Sounds like the blueprint for compensation here...don’t tell me Medcraft and banks were not in the know!   How Bank Watchdogs Killed Our Last Chance At Justice For Foreclosure Victims 29/04/2014 9:38 PM http://www.huffingtonpost.com.au/entry/bank-foreclosure-victims_n_5228275 The results are in. The award for the sorriest chapter of the great American foreclosure crisis goes to the Independent Foreclosure Review, a billion-dollar sinkhole that produced nothing but heartache for aggrieved homeowners, and a big black eye for regulators. The foreclosure review was supposed to uncover abuses in how the mortgage industry coped with the epic wave of foreclosures that swept the U.S. in the aftermath of the housing crash. In a deal with the Office of the Comptroller of the Currency and the Federal Reserve, more than a dozen companies, including major banks, agreed to hire independent auditors to comb through loan files, identify errors and award just compensation to people who'd been abused in...
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Well it is April Fool’s Day!   How Malcolm Turnbull will make Australia great again Dave Donovan 1 April 2017 https://independentaustralia.net/life/life-display/how-malcolm-trumpbull-will-make-australia-great- It has all become very clear. Inspired by Donald Trump, Malcolm Turnbull is on a mission to make Australia great again. However, since Australia is already pretty darned good, he will first have to destroy the country in order to save it. Malcolm Turnbull is determined to make Australia great again, or his middle name isn’t Bligh. The original Bligh, as you may recall, was a British naval captain who was despised by his crew before suffering a mutiny and being put into lifeboat to perish. Yes, Malcolm Turnbull is the prime minister we needed to have. Largely because he was the only alternative at the time to Tony Abbott, who was the prime minister we should never have had and wished we never did — but that’s another story.  Like Captain...
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We should worry about corporate wrongs : judge 22 March 2017 Sarah Danckert http://www.smh.com.au/business/markets/we-should-worry-about-corporate-wrongs-not-class-actions-judge-20170321-gv3ilm.html Concerns that there are too many class actions against companies are ill founded, according to Federal Court judge Bernard Murphy. Justice Murphy applauded Australia's current class action regime on the 25th anniversary of the regime in Australia. "Provided the actions are about serious wrongs and provided they are about serious losses, as a society shouldn't we be more worried about corporate wrongdoings rather than the number of class actions?" Justice Murphy told the 2017 Corporate Conduct and Class Action Symposium in Melbourne on Wednesday. Justice Murphy's comments stand in opposition to those by some quarters from the business community that have decried the "outbreak" of class actions, particularly class actions brought on behalf of investors. But Justice Murphy said the regime gave improved access to justice for many Australians who couldn't afford to launch their own action...
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Is the Auckland land bubble about to burst? By Unconventional Economist in New Zealand Economy at 2:03 pm on March 31, 2017 | 25 comments By Leith van Onselen https://www.macrobusiness.com.au/2017/03/auckland-land-bubble-burst/ New Zealand’s National Business Review (NBR) has posted an interesting article today on how New Zealand’s Australian-owned banks have halted lending for projects on development land, which risks sending developers to the wall and causing a “freefall in prices over the next two years”: Some of the country’s private finance companies say the banks literally pulled the plug six months ago making it difficult, if not impossible, to get major residential projects off the ground. The consequences are likely to be dire for landowners who have development resource consents for big-scale projects but no capital or way of leveraging their investment. Holding costs are likely to become a major issue forcing many to sell at bargain prices. But it could be...
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This is the mentality......everybody is going to end up a tenant!.....This chart from the OECD (National Accounts at a Glance) shows total household debt as percent of net disposable income in 2015. The top five: Denmark, Netherlands, Norway, Australia, and Switzerland:   The recent prosperity comes with a cost. By Nick Kamran – Letters from Norway: http://wolfstreet.com/2017/03/31/denmark-household-debt-risks-full-employment/ From the outside looking in, the Danish economy appears as blissful as the country itself, which usually tops “The Happiness Index.” The unemployment rate ticked down to 4.2% in the most recent release from 4.3% in 2016. Denmark, ranked 20th in economic complexity in 2015, has a mostly even trade balance, and $50K GDP per capita in 2016, making it among one of the richest nations in the world. Moreover, Danish GDP-per-capita growth led in the Nordics for the past ten years, from 2007 to 2016: Denmark +28.5%, Sweden +22.0%, Norway +14.6% Finland +12.2%....
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APRA IS either LYING or is criminally STUPID:     Right. No crisis in 25 years. https://www.theautomaticearth.com/2017/03/debt-rattle-march-31-2017/ • Why Australia Is Addicted To Interest-Only Loans (AFR) When the head of one of America’s largest real estate firms was shown a chart tracking the rising share of interest-only loans in Australia, he gasped in horror. As a man that has “seen many cycles”, he told an Australian bank investor that a rise in interest-only loans was a classic indicator of a dangerously over-heating market. Friday’s move by the prudential regulator to combat the rise of interest-only loans shows they tend to agree with that assessment. High but rising household debt levels, elevated property prices and ultra low interest rates has made Australian Prudential Regulation Authority Wayne Byres decidedly uneasy about the nation’s preference not to repay their loans but simply service the interest. They have therefore told the banks that less than 30%...
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Tax evasion: Hundreds of Australians identified in multi-country fraud probe Posted about an hour ago   http://www.abc.net.au/news/2017-04-01/hundreds-of-australians-identified-in-multi-country-fraud-probe/8406700   More than 300 Australians who hold Swiss bank accounts are being investigated as part of a multi-country probe into millions of dollars' worth of tax evasion. The Serious Financial Crime Taskforce said the joint international investigation had identified 346 nationals with links to Swiss banking relationship managers alleged to have promoted and facilitated tax evasion schemes.   In a statement, Revenue and Financial Services Minister Kelly O'Dwyer said the Australians in question held unnamed numbered accounts with a Swiss bank, which authorities have not named. "Taskforce agencies are working through their intelligence to determine the taxpayers in this group who have done the right thing, and those who have been concealing the true nature of their tax affairs," she said. "The fact that these accounts are unnamed means that by their very nature...
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Louis Christopher slams “weak” APRA By Houses and Holes in Australian interest rates, Australian Property   at 12:57 pm on March 31, 2017 | 29 comments https://www.macrobusiness.com.au/2017/03/louis-christopher-slams-weak-apra/   From Louis Christopher at the AFR:   “It’s weak. This is not going to be enough to slow down the Sydney and Melbourne housing boom. The boom continues if this is all it is,” Mr Christopher said. …”What we were thinking they may well have been doing was slowing down the overall investment lending credit growth limit to 5 per cent from 10 per cent. “That would have been something that definitely slowed the market down but they’re not doing that.”   SQM Research is predicting Sydney prices will rise between 11 per cent and 16 per cent in 2017, while Melbourne gains between 10 per cent to 15 per cent. “They (APRA) may well come back to market again. By the time...
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