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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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BFCSA: Housing turnaround 'not in sight'- slowing economy worsens

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Housing turnaround 'not in sight'

Australian Financial Review Apr 2, 2019 3.30pm

Duncan Hughes


There is no turnaround in sight for property prices as a slowing economy worsens the "grinding down" for at least the remainder of the year,  according to analysis by global investment bank Morgan Stanley.

Prices have been falling for 18 consecutive months, with the decline in Melbourne surpassing those of 1989, when Bob Hawke was prime minister and Madonna topped the charts with Like a Prayer.

The federal budget was unlikely to include any measures that would kick start prices or buyer confidence, Morgan Stanley said.

A turnaround remained “some way off”, with key indicators pointing to a broadening of weakness. This was despite a seasonal bounce to national auction clearance rates, albeit off much lower volumes.

“Prices look like they are continuing their grind down. We see little prospect of conditions improving over 2019,” warned the bank, which expects a peak-to-trough decline after inflation of about 20 per cent.

The underlying weakness was being exacerbated by a sharp economic slowing, despite long-term fixed mortgage rates falling to below 4 per cent, the benchmark rate for cheap loans.

In addition, banking, government and federal opposition housing policies were unlikely to provide any immediate support, especially during the lead-up to the federal election.

The Reserve Bank of Australia was likely to respond to deteriorating conditions by cutting base rates from record low 1.5 per cent, probably in November and another cut next February.

Expected government budgetary tax stimulus was likely to stimulate demand and targeted measures to support housing are unlikely.

The ALP’s announcement that it will bring forward negative gearing and capital gains tax policies to January 1 could result in some investors buying to beat the deadline, but any impact was likely to be limited in an environment of tight credit and falling prices.

“We are seeing signs of entrenched weakness,” the report said.

For example, discounting in Sydney of about 6 per cent was reaching Perth levels, currently about 6.5 per cent.

Rental conditions remain subdued with median rents effectively flat.

House prices fell by about 7 basis points in March, to be down about 9 per cent from the peak.

In Sydney, prices fell by about 9 basis points in March, or nearly 14 per cent from the peak. Melbourne prices slipped about 8 basis points for the month taking the slide since the peak to more than 10 per cent.

 “March is seasonally the strongest month for price growth, so we will be watching to see whether price declines accelerate into April,” the report said.

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