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Journal articles on the topic 'Mortgages Australia'

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Author: Grafiati

Published: 10 December 2022

Last updated: 28 January 2023

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1

Naoi, Michio, Piyush Tiwari, Yoko Moriizumi, Norifumi Yukutake, Norman Hutchison, Alla Koblyakova, and Jyoti Rao. "Household mortgage demand: a study of the UK, Australia and Japan." International Journal of Housing Markets and Analysis 12, no. 1 (February 4, 2019): 110–30. http://dx.doi.org/10.1108/ijhma-03-2017-0029.

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PurposeHomeownership has been the main focus of housing policies in most countries. Typical means that households use to achieve homeownership is to take out a loan and supplement this with accumulated wealth for a downpayment. This paper aims to analyze the mortgage demand behavior of households in the UK, Australia and Japan.Design/methodology/approachUsing three panel data sets, HILDA for Australia, KHPS for Japan and USS for the UK, the paper estimates three equations using ordinary least squares: mortgage demand function, housing demand function and initial loan to value ratio function.FindingsThough homeownership is a preferred tenure and the mortgages are “recourse” loans, housing markets in these three countries operate in different mortgage market institutional structures. Results indicate that income elasticity of mortgage demand differ despite income elasticity of housing demand being similar. Different mortgage institutions in countries that pose constraints for borrowers also determine mortgage demand. Other factors such as demography and economic conditions have also played an important role in determining mortgage and housing demand.Originality/valueThe paper is first, to the authors’ knowledge, that explores the role of institutions in mortgage demand in a comparative framework for the UK, Japan and Australia.

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2

North, Gill. "Regulation Governing the Provision of Credit Assistance and Financial Advice in Australia: A Consumer's Perspective." Federal Law Review 43, no. 3 (September 2015): 369–96. http://dx.doi.org/10.22145/flr.43.3.2.

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Five years ago the global financial crisis threatened the world's financial system and its aftermath wreaked devastation across many parts of the globe. Mis-selling of home mortgages to consumers unable to repay their loans and global sales of financial products linked to residential lending were at the heart of the crisis. Financial reforms governing housing credit frameworks and the selling of complex financial products have ensued within domestic and international spheres. This article reviews the regulatory structures in Australia governing the provision of residential housing mortgages and credit assistance and the provision of financial advice. Its analysis focuses on customer suitability processes, client duties, and remuneration provisions because these legal features significantly influence, and can adversely impact, consumer outcomes. It suggests specific reforms to ensure adequate consumer protection and enhance the consistency and efficacy of the credit framework. It also calls for renewed debate on the remuneration structures of mortgage brokers.

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Ong, Rachel. "Unlocking Housing Equity Through Reverse Mortgages: The Case of Elderly Homeowners in Australia." European Journal of Housing Policy 8, no. 1 (January 22, 2008): 61–79. http://dx.doi.org/10.1080/14616710701817166.

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4

Burns, Fiona. "Mortgages, seniors and the common law contractual doctrine of mental incapacity in Australia." International Journal of Law and Psychiatry 34, no. 2 (March 2011): 79–93. http://dx.doi.org/10.1016/j.ijlp.2011.02.001.

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5

Mihaylov, George, and Ralf Zurbruegg. "The Socioeconomic Impact of Shared Appreciation Mortgages on Borrowers: Empirical Evidence from South Australia." Urban Studies 51, no. 2 (June 6, 2013): 371–89. http://dx.doi.org/10.1177/0042098013489744.

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6

Liu, Ming-Hua, Dimitris Margaritis, and Zhuo Qiao. "The Global Financial Crisis and Retail Interest Rate Pass-Through in Australia." Review of Pacific Basin Financial Markets and Policies 19, no. 04 (December 2016): 1650026. http://dx.doi.org/10.1142/s0219091516500260.

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In this paper, we examine the impact of the global financial crisis (GFC) on the interest rate pass-through for four types of loans in Australia: mortgages, residentially secured small business lending, nonsecured small business lending and personal loans. Australia is an interesting case study since its central bank lowered but also raised interest rates during the GFC. We find that after the onset of the crisis, there has been a shift in the way banks adjust their lending rates in response to changes in market interest rates; the markup has increased and there has been a drop in both short- and long-term pass-through from funding costs to lending rates. Closer analysis indicates that the drop in short-term pass-through is due to the slower response of banks to increases in funding costs. We also find asymmetries in the way banks adjust lending rates in relation to funding costs in the long-run for nonsecured small business lending and personal loans. The evidence shows that banks in Australia tightened lending standards and competed less aggressively for loans but more for deposits in response to heightened default risks following the global financial crisis. The wider margin allows banks to adjust their lending rates more slowly and asymmetrically.

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7

Bullock, Katherine. "Caravanserai." American Journal of Islam and Society 21, no. 3 (July 1, 2004): 169–71. http://dx.doi.org/10.35632/ajis.v21i3.1786.

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A cavaranserai was an inn where travelling Muslim merchants would gatherat night to relax after a hard day’s journey, share meals, and tell stories toeach other. These themes of travelling and storytelling set the scene forHanifa Deen’s wonderful book about these people, who, originally travellersthemselves, arrived on the continent around the eighteenth century.Moreover, the book is a story of Deen’s journey around Australia to collectthe stories of her fellow Muslim compatriots.Caravanserai was originally published in 1995. The impetus behindthe book was Deen’s sense during the first Gulf War (1991) that Muslimsin Australia did not have a human face – they were known by the generalpublic only through negative stereotypes. She sought to tell some of theirstories to show that Muslims, just like any other group, were human beings who “mow their lawns, are preoccupied with losing weight, worryabout their jobs and mortgages, play sport, swap jokes or tell their childrenbedtime stories” (p. 8). She set out across Australia to collect theirstories.At the time, Deen found that Muslims were making their way inAustralia, becoming more accepted by the wider community and establishedas one of many others in Australia’s multiethnic, multireligious society.The 9/11 tragedy changed all that, and Muslims in Australia, as in otherwestern countries, found themselves treated as “enemy aliens.” Believingthat the clock had been set back, the author felt an urgent need to retraceher steps to find out how her country’s Muslim communities were faring.The result of the second journey appears as part 4, and its three long chaptersmake up nearly one-third of the book.Deen writes that she was asked time and again what kind of book shewas writing and, surprisingly, found that answering this question wasrather difficult. As she travelled, met people, and collected their stories, thestyle of Caravanserai emerged: part storytelling and part commentary.This combination has served her well, for her renditions of her interviewees’stories are beautifully written. She describes the people she meets, thescene and ambiance of their meeting, and her thoughts and emotions as sheretells their stories. She writes so well that I often felt that I was in theroom with her, interacting with the people around her. This was all themore poignant for me, since I am an Australian from Perth, like her, butwho became Muslim only after emigrating to Canada. Deen’s stories connectedme with the Muslim community in Australia that I have neverknown ...

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8

Ong, Rachel. "House Price Appreciation in Old Age: Analysis and Issues for the Use of Reverse Mortgages as a Retirement Funding Strategy in Australia." Journal of Population Ageing 2, no. 3-4 (December 2009): 139–60. http://dx.doi.org/10.1007/s12062-010-9021-5.

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9

Fang, Hao, Yen-Hsien Lee, Jen-Sin Lee, and Wei-Jui Chen. "The adjustment speeds of short-run real estate investment trust (REIT) and corresponding stock returns in the USA and Australia." Investment Management and Financial Innovations 14, no. 3 (October 30, 2017): 173–88. http://dx.doi.org/10.21511/imfi.14(3-1).2017.02.

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This study first uses the non-linear co-integration with structural breaks by Gregory and Hansen (1996) to examine whether non-linear co-integration exists between real estate investment trusts (REITs) and corresponding stock markets in the United States and Australia. Second, we employ the smooth transition vector-error correction model (STVECM) including the generalized autoregressive conditional heteroskedasticity (GARCH) model to separately explore the adjustment efficiencies of non-linear short-run REIT and corresponding stock return dynamics, as well as respective REIT return dynamics when the long-run disequilibrium occurs. The results show that a structural break co-integration exists between the equity and mortgage REITs and stock markets in the US, between the REITs and stock markets in the Australia and between the REIT markets in both the US and Australia. When there are large positive and negative deviations of STVECM, the adjustment speed of reverting to equilibrium of the S&amp;P 500 index is greater than that of the Mortgage REIT index. However, when there are large positive (negative) deviations of STVECM, the adjustment speed of reverting to equilibrium of the Australian REIT (stock) index is greater, and that of the Australian REIT (US REIT) index is greater. In addition, by using a non-linear Granger causality test by Hiemstra and Jones (1994), we find that credit price effects exist between the US for each type of REIT and stock markets regardless of large positive or negative deviations (or returns) in STVECM (or STVAR). However, there is a feedback effect exists between the REITs and the stock markets in Australia.

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Smith, Susan J., Melek Cigdem, Rachel Ong, and Gavin Wood. "Wellbeing at the edges of ownership." Environment and Planning A: Economy and Space 49, no. 5 (January 23, 2017): 1080–98. http://dx.doi.org/10.1177/0308518x16688471.

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The test of a well-functioning housing system is the wellbeing of its occupants. It may therefore seem encouraging that in jurisdictions dominated by mortgage-backed home ownership, owner-occupiers traditionally report better physical and mental health than renters. During the 2000s, however, in an era of financial crisis, wellbeing at the edges of ownership came under strain. Using data from two national panel surveys – the survey of Household, Income and Labour Dynamics in Australia, and the British Household Panel Survey (with its successor, Understanding Society) – we track the wellbeing of households who sustained one or more spells of home ownership in the decade to 2010. We estimate log-log regression models of mental wellbeing for each country, documenting (with an appropriate range of controls) the effects of both tenure transitions (between ownership and renting) and some associated financial transactions (anchored on mortgage debt). We find: a wellbeing premium associated with outright ownership and a debt-effect among mortgagors; a wellbeing deficit among those who drop out of owner-occupation, with partial recovery where exit is enduring; and for leavers especially, a wellbeing cost to equity borrowing. Cross-national differences have an institutional explanation, but similarities relating to the character and regulation of mortgage markets are more striking.

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11

Liu, Benjamin, Allen Huang, and Brett Freudenberg. "The impact of the GST on mortgage pricing of Australian credit unions." Accounting Research Journal 27, no. 1 (July 7, 2014): 37–51. http://dx.doi.org/10.1108/arj-08-2013-0059.

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Purpose – The purpose of this paper is to investigate the impact of the Goods and Services Tax (GST) on mortgage pricing and to measure the GST shifting ratio of Australian credit unions. Design/methodology/approach – Using the proprietary data from 79 credit unions in Australia, we perform multivariate regression analysis on the effect of the GST on mortgage effective yield spreads and interest margins, respectively. We also introduce a model that is used to measure the GST shifting ratio. Findings – We document that the introduction of the GST in July 2000 led to the substantial rise in mortgage costs charged by credit unions in the post-GST periods. Overall, the GST alone contributed to the increase of effective yield spreads and interest margin by 65.3 and 70.1 basis points, respectively. As measured by the GST-shifting ratio, credit unions passed more than twice of the GST rate. This suggests GST over-shifting, and it is generally consistent with tax over-shifting literature. Originality/value – This is the first time the GST shifting ratio has been robustly measured with the use of multivariate models on mortgage costs.

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12

Liu, Benjamin, and Eduardo Roca. "What drives mortgage fees in Australia?" Accounting & Finance 55, no. 3 (January 25, 2014): 861–80. http://dx.doi.org/10.1111/acfi.12068.

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13

Wang, Justine, Alla Koblyakova, Piyush Tiwari, and John S. Croucher. "Is the Australian housing market in a bubble?" International Journal of Housing Markets and Analysis 13, no. 1 (April 12, 2018): 77–95. http://dx.doi.org/10.1108/ijhma-03-2017-0026.

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Purpose This paper aims to explore principal drivers affecting prices in the Australian housing market, aiming to detect the presence of housing bubbles within it. The data set analyzed covers the past two decades, thereby including the period of the most recent housing boom between 2012 and 2015. Design/methodology/approach The paper describes the application of combined enhanced rigorous econometric frameworks, such as ordinary least square (OLS), Granger causality and the Vector Error Correction Model (VECM) framework, to provide an in-depth understanding of house price dynamics and bubbles in Australia. Findings The empirical results presented reveal that Australian house prices are driven primarily by four key factors: mortgage interest rates, consumer sentiment, the Australian S&P/ASX 200 stock market index and unemployment rates. It finds that these four key drivers have long-term equilibrium in relation to house prices, and any short-term disequilibrium always self-corrects over the long term because of economic forces. The existence of long-term equilibrium in the housing market suggests it is unlikely to be in a bubble (Diba and Grossman, 1988; Flood and Hodrick, 1986). Originality/value The foremost contribution of this paper is that it is the first rigorous study of housing bubbles in Australia at the national level. Additionally, the data set renders the study of particular interest because it incorporates an analysis of the most recent housing boom (2012-2015). The policy implications from the study arise from the discussion of how best to balance monetary policy, fiscal policy and macroeconomic policy to optimize the steady and stable growth of the Australian housing market, and from its reconsideration of affordability schemes and related policies designed to incentivize construction and the involvement of complementary industries associated with property.

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14

Worthington, Andrew C. "The usage and understanding of Australian household mortgages." International Journal of Housing Markets and Analysis 2, no. 4 (October 2, 2009): 347–62. http://dx.doi.org/10.1108/17538270910992791.

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15

CHEN, Ming-Chi, Hsiu-Jung TSAI, Tien-Foo SING, and Chih-Yuan YANG. "CONTAGION AND DOWNSIDE RISK IN THE REIT MARKET DURING THE SUBPRIME MORTGAGE CRISIS." International Journal of Strategic Property Management 19, no. 1 (April 1, 2015): 42–57. http://dx.doi.org/10.3846/1648715x.2014.974724.

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This study empirically tests the contagion effects in stock and real estate investment trust (REIT) markets during the subprime mortgage crisis by using daily stock- and REIT-markets data from the following countries and international bodies: the United States, the European Union, Japan, Hong Kong, Singapore, Australia, and the global REIT market. We found a significant and positive dynamic conditional correlation (DCC) coefficient between stock returns and REIT returns. The results revealed that the REIT markets responded early to market shocks and that the variances were higher in the post-crisis period than in the pre-crisis period. Evidence supporting the contagion effects includes increases in the means of the DCC coefficients during the post-crisis period. The Japanese and Australian REIT markets possess the lowest time-varying downside systematic risks. We also demonstrated that the “DCC E-beta” captures more significant downside linkages between market portfolios and expected REIT returns than does the standard CAPM beta.

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16

Buchler, Sandra, Michele Haynes, and Janeen Baxter. "Casual employment in Australia." Journal of Sociology 45, no. 3 (August 20, 2009): 271–89. http://dx.doi.org/10.1177/1440783309335648.

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This article uses data from Wave 1 of the Household Income and Labour Dynamics in Australia (HILDA) 2001 survey to examine whether there is a difference in financial well-being between casual and permanent employees. The study examines two measures of financial difficulty and one measure of financial satisfaction and finds that casual employees fare worse than permanent employees on all three measures. The results indicate that casual employees are less likely to afford basic costs of living, such as bills and mortgage/rent, and have higher levels of financial difficulty as well as lower levels of financial satisfaction. The article concludes that casual employment imposes significant financial strains on employees.

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17

Daniel, John. "A Variable-Rate Loan-Prepayment Model for Australian Mortgages." Australian Journal of Management 33, no. 2 (December 2008): 277–305. http://dx.doi.org/10.1177/031289620803300204.

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18

Daniel, John. "A fixed-rate loan prepayment model for Australian mortgages." Australian Journal of Management 35, no. 1 (April 2010): 99–112. http://dx.doi.org/10.1177/0312896209358261.

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19

Nelson, Anitra, Mike Berry, and Tony Dalton. "Disability and mortgage default: an Australian study." Disability & Society 28, no. 4 (June 2013): 471–85. http://dx.doi.org/10.1080/09687599.2012.717878.

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20

Li, Jackie, Atsuyuki Kogure, and Jia Liu. "Multivariate Risk-Neutral Pricing of Reverse Mortgages under the Bayesian Framework." Risks 7, no. 1 (January 24, 2019): 11. http://dx.doi.org/10.3390/risks7010011.

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In this paper, we suggest a Bayesian multivariate approach for pricing a reverse mortgage, allowing for house price risk, interest rate risk and longevity risk. We adopt the principle of maximum entropy in risk-neutralisation of these three risk components simultaneously. Our numerical results based on Australian data suggest that a reverse mortgage would be financially sustainable under the current financial environment and the model settings and assumptions.

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Kuz’mina, E. V., and A. A. Yanin. "Economic Mechanism and Cash Flows Modeling for Reverse Mortgage." Finance: Theory and Practice 22, no. 6 (December 26, 2018): 106–20. http://dx.doi.org/10.26794/2587-5671-2018-22-6-106-120.

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The research is devoted to the economic mechanism of reverse mortgage — a credit product aimed at improving the standard of living of senior citizens, owners of real estate. The idea of the reverse mortgage has been given, as well as the mechanisms of use of real estate owned by senior citizens in order to provide them with additional income. The examples of reverse mortgage in the uS, the uK, Spain and Australia have been given. The authors have also described the methods of reverse mortgage lending in Russia. Based on the analysis of international experience, the economic expediency of investing in this credit tool has been assessed. Considering consumer demand factor, it is possible to calculate the equilibrium rate and, therefore, to find the coordinates of the market equilibrium point. The authors have developed a mathematical model of reverse mortgage for the case of lifetime annuity payments. This model allows to calculate the expected benefits of borrowers and lenders. There have been done (and implemented) two notes that significantly distinguish reverse mortgage modeling from other loan products: 1) a lifetime reverse mortgage does not have a fixed expiration date; 2) when taking a loan of this type, borrowers consider not only consumption, but also accumulation of inheritance. The model allows to calculate the position of break-even points and market equilibrium (relative to the interest rate). This will help economically interested agents to assess the potential of the reverse mortgage market in Russia.

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22

BEALE, T. G. "THE DEVELOPMENT OF A SECONDARY MORTGAGE MARKET IN AUSTRALIA." Economic Papers: A journal of applied economics and policy 4, no. 2 (June 1985): 42–57. http://dx.doi.org/10.1111/j.1759-3441.1985.tb00484.x.

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23

Chikolwa, Bwembya. "The Development of Commercial Mortgage-Backed Securities in Australia." Pacific Rim Property Research Journal 13, no. 4 (January 2007): 397–422. http://dx.doi.org/10.1080/14445921.2007.11104239.

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Chikolwa, Bwembya. "Structuring Issues for Commercial Mortgage-Backed Securities in Australia." Pacific Rim Property Research Journal 14, no. 3 (January 2008): 334–55. http://dx.doi.org/10.1080/14445921.2008.11104262.

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25

Ullah, Fahim, and Samad M. E. Sepasgozar. "Key Factors Influencing Purchase or Rent Decisions in Smart Real Estate Investments: A System Dynamics Approach Using Online Forum Thread Data." Sustainability 12, no. 11 (May 27, 2020): 4382. http://dx.doi.org/10.3390/su12114382.

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The real estate sector is receiving mix responses throughout the world, with some countries like USA receiving lesser and European and Asia Pacific markets receiving more transactions in recent years. Among the concerning factors, post-purchase regrets by the real estate owners or renters are on the rise, which have never been assessed to date through scholarly research. These regrets can further increase in the time of lockdowns and bans on inspections due to Corona Virus Disease 2019 (COVID-19) and social distancing rules enforced by various countries such as Australia. The current study aims at investigating the key post-purchase regret factors of real estate and property owners and renters over the last decade using published literature and online threads. Based on pertinent literature, 118 systematically identified and text-mined articles, and four online threads with 135 responses, the current study develops system dynamics models to assess and predict the increase in consumers’ regrets over the last decade. Further, a user-generated thread with 23 responses involving seven real estate managers and five agents with more than 20 years of experience, 10 buyers with at least three successful rentals or purchases, and a photographer with more than 10 years of experience, is initiated on five online discussion platforms whereby the respondents are involved in a detailed discussion to highlight the regret reasons specific to real estate purchases based on online information. General architecture for text mining (GATE) software has been utilised to mine the text from both types of threads: Published and user generated. Overall, the articles and threads published over the last decade are studied under two periods: P1 (2010–2014) and P2 (2015–2019) to highlight the post-purchase or rent-related regret reasons. The results show that regret levels of the real estate consumers based on published post-purchase data are at an alarmingly high level of 88%, which compared to 2015, has increased by 18%. Among the major cited reasons, complicated buy–sell process, lack or accuracy of information, housing costs, house size, mortgages, agents, inspections, and emotional decision making are key reasons of regret. Overall, a total of 10% and 8% increases have occurred in the regrets related to the buy–sell process and lack of inspections, respectively. On the other hand, regrets related to agents and housing costs have decreased drastically by 40% mainly due to the good return on investments in the growing markets. However, based on the current trend of over reliance on online information and more powers to the agents controlling online information coupled with lack of physical inspections, the situation can change anytime. Similarly, lack of information, housing size, and mortgage-related regrets have also decreased by 7%, 5%, and 2%, respectively, since 2019. The results are expected to encourage policy level changes for addressing the regrets and uplifting the real estate industry and moving towards a smart and sustainable real estate sector. These results and pertinent discussions may help the real estate decision makers to uplift the current state, move towards a smart real estate, and avoid futuristic regrets, especially in the COVID-hit environment where most of the industries are struggling to survive. Careful attention is required to the top regret factors identified in the study by the real estate managers, investors, and agents to pave the way for a more managed real estate and property sector whereby the consumers are more satisfied with the value they receive for their money. This win–win situation will enhance the property business and remove the stigmas of intentional and deliberate withholding of information by managers and agents from the property and real estate sectors that can help boost the business through more purchases and satisfaction of its customers.

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Aluko, Bioye Tajudeen. "RELIABILITY OF MORTGAGE VALUATION FOR INSTITUTIONAL LENDING IN NIGERIA." International Journal of Strategic Property Management 8, no. 4 (December 31, 2004): 193–203. http://dx.doi.org/10.3846/1648715x.2004.9637517.

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The growing number of distressed banks in Nigeria and the recognition of mortgage valuation as a measure of investment performance of collaterals to mitigate the risks of loan underwriting process necessitates this study. It examined whether open market valuations of mortgage properties were a good proxies for their sale prices. Pooled data, involving 121 open market sales during the period 1994 to 2002, on property transactions in the study area with their corresponding contemporaneous valuations were gathered from the estate surveying and valuation firms, the lending institutions and the Nigerian Deposit Insurance Corporation. The data emanating therefrom were analysed with the aid of multiple regression models. The study revealed, amongst other things, that open market valuation for mortgage is a good proxy for their transaction price in the study area; although, the accuracy is not as good as what obtains in U.K, U.S.A. and Australia.

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Yates, Judith, and Mike Berry. "Housing and Mortgage Markets in Turbulent Times: Is Australia Different?" Housing Studies 26, no. 7-8 (October 2011): 1133–56. http://dx.doi.org/10.1080/02673037.2011.609328.

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Whait, Robert B., Braam Lowies, Peter Rossini, Stanley McGreal, and Bill Dimovski. "The reverse mortgage conundrum: Perspectives of older households in Australia." Habitat International 94 (December 2019): 102073. http://dx.doi.org/10.1016/j.habitatint.2019.102073.

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29

Kleve, Sue, Danielle Gallegos, Stephanie Ashby, Claire Palermo, and Rebecca McKechnie. "Preliminary validation and piloting of a comprehensive measure of household food security in Australia." Public Health Nutrition 21, no. 03 (November 10, 2017): 526–34. http://dx.doi.org/10.1017/s1368980017003007.

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AbstractObjectiveTo investigate the psychometric properties, validity and reliability of a newly developed measure of food insecurity, the Household Food and Nutrition Security Survey (HFNSS), among an Australian population.DesignCross-sectional study.SettingMetropolitan areas of Melbourne, Australia, identified as very high, high or medium vulnerability in the 2008 Vulnerability Assessment for Mortgage, Petrol and Inflation Risks and Expenditure index.SubjectsA convenience sample of 134 adults (117 females and fifteen males, aged over 18 years).ResultsRasch modelling and factor analysis identified four items for exclusion. The remaining items yielded excellent reliability among the current sample and assessed three underlying components: the adult experience of food insecurity (component one), initial/periodic changes to children’s food intakes (component two) and progressive/persistent decreases in children’s food intakes (component three). Compared with the widely used US Department of Agriculture Food Security Survey Module, the HFNSS identified a significantly higher proportion of food insecurity; this is likely due to the HFNSS’s identification of food insecurity due to reasons other than (and including) limited financial access.ConclusionsThe HFNSS may be a valid and reliable tool for the assessment of food insecurity among the Australian population and provides a means of assessing multiple barriers to food security beyond poor financial access (which has been identified as a limitation of other existing tools). Future research should explore the validity and reliability of the tool among a more representative sample, as well as specifically among vulnerable population subgroups.

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Chikolwa, Bwembya. "Assessing Property Risk in Australian Commercial Mortgage-Backed Securities." Pacific Rim Property Research Journal 14, no. 1 (January 2008): 3–26. http://dx.doi.org/10.1080/14445921.2008.11104245.

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31

Thorns, D. C. "New Solutions to Old Problems: Housing Affordability and Access within Australia and New Zealand." Environment and Planning A: Economy and Space 20, no. 1 (January 1988): 71–82. http://dx.doi.org/10.1068/a200071.

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During the 1970s and 1980s the Australian and New Zealand economies have been passing through a period of restructuring. This has had important impacts upon the housing sector, leading to rises in house and land prices, in interest rates, and therefore in the costs of house purchase. Under these conditions a new agenda of housing issues has appeared concerning the affordability of housing and the continued access of modest and lower income households to the dominant form of tenure, owner-occupation. The 1980s saw the election of Labour governments committed to action in the area of housing. However, somewhat paradoxically, both in Australia and in New Zealand the policies pursued have been those of deregulation to produce a more competitive financial market. To preserve access to housing, new mortgage schemes have been designed. Two such schemes, the Capital Loan Scheme of Victoria and New Zealand's Equity Share Scheme are evaluated in the paper to show the nature of the adopted policy-response. The article is concluded with the demonstration of the limitations of such policy-based solutions to what are macroeconomic problems which are produced by moving towards an economic and social policy shaped by market monetarism.

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WRIGHT, SUSAN J. "THE FUTURE OF THE MARKET FOR MORTGAGE-BACKED SECURITIES IN AUSTRALIA." Economic Papers: A journal of applied economics and policy 8, no. 1 (March 1989): 12–25. http://dx.doi.org/10.1111/j.1759-3441.1989.tb01054.x.

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33

Degeling, Simone, and Jessica Hudson. "Credit Advisers, Consumer Credit and Equitable Fiduciary Obligations." Federal Law Review 47, no. 1 (February 8, 2019): 64–90. http://dx.doi.org/10.1177/0067205x18816235.

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Consumers use financial intermediaries such as brokers and other credit advisers to navigate complex financial markets and to provide guidance on credit products. In 2017 ASIC reported that ‘[b]rokers … are responsible for arranging … half of all home loans in Australia’ (Australian Securities & Investments Commission, Report 516: Review of Mortgage Broker Remuneration (2017) 8 [18]). The National Consumer Credit Protection Act 2009 (Cth) (‘Credit Regime’) regulates the conduct of such advisers including requiring disclosure of fees and some commissions. The Credit Regime also permits conflicts between the interest of the adviser and the client, provided that the adviser has in place ‘adequate arrangements to ensure … [that the client is] … not disadvantaged by any conflict of interest’ and that the conflict does not breach the adviser’s obligation to act ‘efficiently, honestly and fairly’. This article demonstrates that equitable fiduciary obligations also operate to regulate the conduct of the adviser in his or her dealings with the client. Such conflict and other conduct may breach any equitable fiduciary obligation thus exposing the adviser to equitable remedies. Equitable fiduciary obligations may thus be an as yet under-exploited avenue of protection for consumers and a concomitant zone of compliance risk for those subject to the Credit Regime.

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Chikolwa, Bwembya, and Felix Chan. "DETERMINANTS OF COMMERCIAL MORTGAGE‐BACKED SECURITIES CREDIT RATINGS: AUSTRALIAN EVIDENCE." International Journal of Strategic Property Management 12, no. 2 (June 30, 2008): 69–94. http://dx.doi.org/10.3846/1648-715x.2008.12.69-94.

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Using artificial neural networks (ANN) and ordinal regression (OR) as alternative methods to predict Commercial Mortgage‐backed Securities (CMBS) credit ratings, we examine the role that various financial and industry‐based variables have on CMBS credit ratings issued by Standard and Poor's from 1999–2005. Our OR results show that rating agencies use only a subset of variables they describe or indicate as important to CMBS credit rating as some of the variables they use were statistically insignificant. Overall, ANN show superior results to OR in predicting CMBS credit ratings. Santrauka Sisteminant komercine hipoteka užtikrintų vertybinių popierių prekybos sandorius, svarbiausias tikslas – gauti aukštą kredito reitingą, nes tai daro poveikį pelningumui ir emitento sėkmei. Kredito reitingų agentūros teigia, kad jų vertinimai išreiškia kiekvienos agentūros nuomonę apie potencialią emitento nemokumo riziką ir daugiausia remiasi emitento gebėjimo bei noro grąžinti savo skolą analize, kurią atlieka komitetas, taigi tyrinėtojams jų reitingų kiekybiškai replikuoti nepavyktų. Tačiau tyrinėtojai replikavo obligacijų reitingus, remdamiesi prielaida, kad finansiniai koefi cientai turi daug informacijos apie įmonės kredito riziką. Prognozuodami komercine hipoteka užtikrintų vertybinių popierių reitingus, kaip alternatyvius metodus naudojame dirbtinius neuroninius tinklus ir ranginę regresiją. Ranginės regresijos rezultatai rodo, kad reitingų agentūros naudoja tik tą kintamųjų poaibį, kuriuos jos apibūdina arba nurodo kaip svarbius komercine hipoteka užtikrintų vertybinių popierių reitingui, nes kai kurie iš naudojamų kintamųjų statistiškai nereikšmingi. Apskritai dirbtinių neuroninių tinklų rezultatai, prognozuojant komercine hipoteka užtikrintų vertybinių popierių reitingus, geresni nei ranginės regresijos.

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Karamujic, Harry M. "Comparative Analysis of Australian Residential Mortgage (Home Loan) Interest Rates." Margin: The Journal of Applied Economic Research 5, no. 3 (August 2011): 311–41. http://dx.doi.org/10.1177/097380101100500302.

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Valadkhani, Abbas. "Analysing interest rate mark-ups in the Australian mortgage market." Journal of International Financial Markets, Institutions and Money 31 (July 2014): 343–61. http://dx.doi.org/10.1016/j.intfin.2014.04.007.

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Dodson, Jago, and Neil Sipe. "Planned household risk: Mortgage and oil vulnerability in Australian cities." Australian Planner 45, no. 1 (March 2008): 38–47. http://dx.doi.org/10.1080/07293682.2008.9982634.

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Parkinson, Sharon, Beverley A. Searle, Susan J. Smith, Alice Stoakes, and Gavin Wood. "Mortgage Equity Withdrawal in Australia and Britain: Towards a Wealth-fare State?" European Journal of Housing Policy 9, no. 4 (December 15, 2009): 365–89. http://dx.doi.org/10.1080/14616710903357185.

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39

Keneley, Monica. "Mortgages and bonds: The asset management practices of Australian life insurers to 1960." Accounting, Business & Financial History 16, no. 1 (March 2006): 99–119. http://dx.doi.org/10.1080/09585200500505599.

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Chapman, Bruce, and Lorraine Dearden. "Conceptual and Empirical Issues for Alternative Student Loan Designs: The Significance of Loan Repayment Burdens for the United States." ANNALS of the American Academy of Political and Social Science 671, no. 1 (April 27, 2017): 249–68. http://dx.doi.org/10.1177/0002716217703969.

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In this article, we compare the two main types of student loans used to finance postsecondary education: mortgage-type loans, which are repaid over a set period of time and mainly used in the United States; and income-contingent loans, which are repaid depending on students’ future income and used in Australia and England. We argue that the major concern with mortgage-type loans is the repayment burden that falls on students. Repayment burden—the proportion of a debtor’s income required to repay loans—is fundamental to the assessment of student loan systems because it affects the probability of students defaulting on loan repayment, and because it bears on debtors’ consumption and standard of living. We show that Stafford loans imply extremely difficult financial circumstances for a minority of U.S. loan recipients, and that income-contingent loans can solve those problems. The financial benefits of income-contingent loans are illustrated through a hypothetical student loan experience.

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Alba, Beatrice, Anthony Lyons, Andrea Waling, Victor Minichiello, Mark Hughes, Catherine Barrett, Karen Fredriksen Goldsen, Michelle Blanchard, and Corey Irlam. "Demographic and Psychosocial Predictors of Housing Security in Older Lesbian and Gay Australians." International Journal of Aging and Human Development 89, no. 1 (April 18, 2019): 57–76. http://dx.doi.org/10.1177/0091415019843449.

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This study examined housing security among 679 lesbian women and gay men aged 60 years and older living in Australia. We examined a range of potential demographic and psychosocial predictors of whether participants felt that their housing situation was secure. Overall, most participants (89%) felt that their housing situation was secure. We found that the sense of housing security was greater among those who were younger, had people they felt they could depend on, had better self-rated health, and had fewer experiences of sexual orientation discrimination over the past year. In addition, housing security was greater among those who owned their own home and had no mortgage, compared with those who had a mortgage, were renting, or had some other living arrangement. No other demographic variables were significant predictors of housing security. These results can be useful in targeting groups that may be particularly vulnerable to a lack of housing security.

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Holland, Quynh Chau Pham, Benjamin Liu, Eduardo Roca, and Afees A. Salisu. "Mortgage asymmetric pricing, cash rate and international funding cost: Australian evidence." International Review of Economics & Finance 65 (January 2020): 46–68. http://dx.doi.org/10.1016/j.iref.2019.09.009.

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Breunig, R., and F. Menezes. "EMPIRICAL APPROACHES FOR IDENTIFYING MAVERICK FIRMS: AN APPLICATION TO MORTGAGE PROVIDERS IN AUSTRALIA." Journal of Competition Law and Economics 4, no. 3 (September 1, 2008): 811–36. http://dx.doi.org/10.1093/joclec/nhm035.

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Yates, Judith. "Protecting housing and mortgage markets in times of crisis: a view from Australia." Journal of Housing and the Built Environment 29, no. 2 (November 27, 2013): 361–82. http://dx.doi.org/10.1007/s10901-013-9385-y.

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Huang, Allen, and Benjamin Liu. "The impact of the GST on mortgage yield spreads of Australian banks." Applied Financial Economics 22, no. 21 (May 22, 2012): 1787–97. http://dx.doi.org/10.1080/09603107.2012.678980.

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Nicholson, Gavin, Ross Skelton, and Julie-Anne Tarr. "An Exploratory Study of Regulatory Failure in the Australian Home Mortgage Market." Journal of Consumer Affairs 53, no. 1 (June 23, 2018): 126–66. http://dx.doi.org/10.1111/joca.12200.

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Keneley, Monica, Graeme Wines, and Ameeta Jain. "The collapse of unlisted mortgage companies: a regulatory dilemma." Accounting Research Journal 30, no. 01 (May 2, 2017): 19–35. http://dx.doi.org/10.1108/arj-12-2014-0108.

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Purpose Policy issues associated with the regulation of the unlisted debenture market have been highlighted in recent times with the collapse of a number of regionally based mortgage companies. The purpose of this paper is to analyse the decline and demise of the unlisted debenture market between 2007-2013 with particular reference to the effectiveness of the regulatory regime in stabilising the industry and protecting investors’ interests. Design/methodology/approach A database was constructed which reflected the total population of unlisted mortgage companies in the financial sector. A snapshot approach was used to assess the extent to which these companies complied with regulatory provisions. Findings Findings suggest the regulatory process allowed these companies to continue operating despite not complying with the relevant Australian Securities and Investments Commission benchmarks. In the light of the current inquiry into the financial system, the research suggests that a re-evaluation of the regulatory approach is timely. Research limitations/implications This research is restricted to a study of one category of debenture issuers (issuers of mortgage finance). It is based on reports required by regulatory authorities. It does not provide an analysis of the motivations of investors in these companies. Practical/implications This research has implications for the implementation of regulatory change in respect to oversight of shadow banking activities. It suggested that a passive approach to regulation is not sufficient to ensure that the interests of investors are fully protected. Originality/value No prior research has systematically examined the unlisted mortgage and analysed the borrowing and lending activities of companies that have failed and those that have survived.

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Kupke, Valerie, Peter Rossini, and Paul Kershaw. "Bait pricing: evaluating the success of regulatory reform in advertising." International Journal of Housing Markets and Analysis 7, no. 3 (July 29, 2014): 333–45. http://dx.doi.org/10.1108/ijhma-02-2013-0016.

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Purpose – The purpose of this paper is to evaluate the effectiveness of this legislative reform in the state of South Australia (SA) through an examination of the relationship between listed or advertised price and transaction prices before and after the changes in regulation. Between 2000 and 2008, legislative changes took place throughout Australia to make real-estate transactions more transparent and to deal with misleading conduct by real-estate agents. The practice of “charm” or “bait” pricing was targeted. This denotes the under-quoting of estimated selling prices in real-estate sale advertisements which can be considered deceptive or even fraudulent. Design/methodology/approach – The study area is Adelaide, the state capital of SA and includes analysis of first and last advertised prices and eventual selling price for > 120,000 residential sales transactions over a nine-year period between 2003 and 2011. The analysis to test these hypotheses included, first, a descriptive evaluation of the percentage price difference over time and a spatial breakdown of mean percentage price difference before and after legislation. Second, for each hypothesis, the change was tested by measuring the variance of the percentage change, with significance established through the Levene and Brown–Forsythe tests, rather than by the mean percentage change. Findings – The results, both descriptive and statistical, support the effectiveness of the reform in legislation. Research limitations/implications – The study has application in terms of agents as social gatekeepers and confirms the role of regulation to ensure market values are achieved and consumers not disadvantaged. With friction in the market, imperfect information and the possible behavioural responses of land agents, there may be incomplete market correction of underpricing strategies. This paper confirms the effectiveness of one such market intervention. Social implications – Some half a million dwellings are purchased in Australia every year. Annually, in the state of SA, some 53,000 dwellings are financed to be purchased or built. These levels of purchase reflect national home ownership rates of about 69 per cent, with some 33 per cent of Australians owning their houses outright and a growing number, some 36 per cent, owners with a mortgage. Australian households also move house relatively frequently. In 2008, 43 per cent of Australians reported moving in the previous 5 years, 15 per cent had moved 3 or more times. The most common reasons for moving were twofold, either to buy a house or to buy a bigger house. These levels of purchase, home ownership and mobility underpin the importance and viability of some 10,000 real-estate services businesses in Australia; a sector which, up to 2,000, was largely self-regulated. Originality/value – This paper is one of the first in Australia to effectively quantify the success of legislative reform on residential agency behaviour.

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Aluko, Bioye Tajudeen. "ACCURACY OF AUCTION SALE VALUATIONS IN DISTRESSED BANK LENDING DECISIONS IN NIGERIA." Journal of Business Economics and Management 8, no. 3 (September 30, 2007): 225–33. http://dx.doi.org/10.3846/16111699.2007.9636172.

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Of all the sub‐sectors of the national economy, the banking industry and the property market have arguably been most severely affected by the current recession. Thus, the prevailing credit crunch in real estate finance and market conditions have implication for disposal and valuations of real estate for mortgage purposes. The study examined whether forced sale valuations of mortgage properties were a good proxy for their auction sale prices. Relevant data involving 67 auction sales of foreclosed residential property transactions together with their contemporaneous forced sale valuations were pooled together in Lagos Metropolis during the period 1994 to 2003 from sample of estate surveying and valuation/auctioneering firms, the lending institutions and the Nigeria Deport Insurance Corporation. The data obtained were analyzed with the aid of frequency distributions and multiple regression models. The study revealed, amongst others, that forced sale values are not good proxies for auction sale prices as against the conclusions of previous studies on accuracy of open market valuations either in Nigeria or other countries like UK, USA and Australia. The implications of the foregoing conclusions on the lending decisions and valuation profession in the country were further examined in the paper.

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Peng, Ti-Ching, and Chien-Fu Chen. "The effect of quality determinants on house prices of eight capital cities in Australia." International Journal of Housing Markets and Analysis 9, no. 3 (August 1, 2016): 355–75. http://dx.doi.org/10.1108/ijhma-06-2015-0028.

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Purpose This paper aims to examine the effects of “quality” as well as fundamentals on house prices in eight capital cities in Australia from 1985-2011. Two types of quality are considered: housing quality, proxied by “value of alterations and additions”, “value of new residential buildings”, “floor area” and “site area”; and living environment quality, proxied by “overall crime rate”. Design/methodology/approach The application of dynamic panel model, in which the lagged values of house prices are considered, is to reveal the dynamic persistence of house prices over time and to investigate the heterogeneity of house prices across cities in Australia. Findings Fundamental variables including “unemployment rate”, introduction of “GST” (Goods and Service Tax), “real mortgage rate” and “price-to-rent ratio” demonstrated their consistent and expected effects on property prices in Australia. More importantly, “value of new residential buildings” – indicating housing quality – and “overall crime rate” – representing environmental living quality – also demonstrated statistically significant effects on house prices. Originality/value As one of the few studies that attempt to take housing/living-environment quality into account in analysing house prices, it gives households, researchers and policy-makers a better understanding of the role of “quality” in the variation of house prices.

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