The hardline stance is curtailing Sydney's already lacklustre property market by delaying home purchases and forcing home owners to sell their homes before buying a new one.
Industry experts said lenders were increasingly blocking home owners from bridging finance - intermediate loans that finance the purchase of a new property while existing property is sold.
Previously a common strategy for people selling one home and buying another, banks now claim bridging finance can produce bad debt while other lenders do not even offer the product. "These loans are now very hard to get, basically because it is just not worth it for the banks," a mortgage industry expert said.
"Effectively it becomes like a second mortgage on the first property and banks just don't like increasing the amount of money they lend because they have no security to attach that extra money to.
"Once upon a time when banks weren't getting a good margin, they would have to lend as much as they could. Now they are getting a much better margin, they are less inclined to approve riskier loans."
The static property market is another reason why banks are loath to approve bridging loans.
Several lenders are believed to have been caught out approving such loans to home owners, only for the eventual sale price of the old home to fall well short of what was agreed to.
"To put it simply, the economics are against bridging loans and banks don't want to be increasing their [bad debt] provisions," the expert said.
Mortgage Choice broker John Manciameli said the banks' aversion to bridging finance may be due to the fact Sydney homes are taking a lot longer to sell, elevating the lenders' risk profile into alarm-bell territory.
However, representatives of the major banks yesterday maintained they were "open for business" and were continuing to offer the product.
Unfortunately, they would not provide any figures that would support the claims.
Article sourced from the Daily Telegraph and was written by Andrew Carswell.
Friday, October 1, 2010
Friday, January 16, 2009
Confessions of a Real Estate Millionaire by Dymphna Boholt
Before We get into a Rant about George Bush's handling of the american economy, I would like to Introduce Dymphna's new book: Confessions of a Real Estate Millionaire
Here, Dymphna Boholt delivers you the appropriate skills required to achieve real estate wealth and success,
Maybe George Bush should have taken a leaf from her book.
What a great lesson for the might United States to learn! If you dabble in the affairs of other countries, you can’t take care of your own. That is exactly what happened to George Bush’s America. While he was waging war, his country was falling apart.
As Bush saw fit to invade Afghanistan and Iraq, he also saw fit to offer generous no bid contracts to a couple of US companies who were run by his friends and cronies. While he was focused on pumping billions of dollars into Iraq and the subsequent companies contracted to clean up the mess, he was taking money out of his own people’s pockets and leaving less money for the government of America to operate. Now, look at what has happened.
For the past six years the US stock market grew at an unbelievable rate. Every month the market was making record gains. However, during this time of what seemed to be an economic boom, the American people felt little financial growth. Why…Because the money was being funnelled to foreign countries and corrupt corporations.
Bush was submitting something like 80 billion dollars a month into the war on Iraq. With all that cash leaving the borders of its own country, the US was left in a state of vulnerability.
We all know what happened. Eventually, it all came crashing down. Bush’s economy couldn’t sustain Bush’s war. There was simply too much money changing hands at a rapid pace. The largest of largest corporations that were operating with no government started to fail. Billions had to be seized from the American people to protect the interests of Bush and his wall street friends.
A month after the financial collapse of the United States, the crisis is worsening. The initial 750 billion dollar bailout of Wall Street corporations financed by the taxes of main street citizens, has now grown to over a trillion dollars with future outlooks of three to four trillion more before it is all over.
Dymphna Boholt is outraged at the incompetence of the Bush administration. How dare him try to dictate the affairs of other countries when he can’t control his own country. Let this be a lesson to the United States. Worry about your own country before spreading your imperialism across the world. Other countries are capable to take care of their own affairs. That is what the U.N. is for. Let the organisation work.
Here, Dymphna Boholt delivers you the appropriate skills required to achieve real estate wealth and success,
Maybe George Bush should have taken a leaf from her book.
What a great lesson for the might United States to learn! If you dabble in the affairs of other countries, you can’t take care of your own. That is exactly what happened to George Bush’s America. While he was waging war, his country was falling apart.
As Bush saw fit to invade Afghanistan and Iraq, he also saw fit to offer generous no bid contracts to a couple of US companies who were run by his friends and cronies. While he was focused on pumping billions of dollars into Iraq and the subsequent companies contracted to clean up the mess, he was taking money out of his own people’s pockets and leaving less money for the government of America to operate. Now, look at what has happened.
For the past six years the US stock market grew at an unbelievable rate. Every month the market was making record gains. However, during this time of what seemed to be an economic boom, the American people felt little financial growth. Why…Because the money was being funnelled to foreign countries and corrupt corporations.
Bush was submitting something like 80 billion dollars a month into the war on Iraq. With all that cash leaving the borders of its own country, the US was left in a state of vulnerability.
We all know what happened. Eventually, it all came crashing down. Bush’s economy couldn’t sustain Bush’s war. There was simply too much money changing hands at a rapid pace. The largest of largest corporations that were operating with no government started to fail. Billions had to be seized from the American people to protect the interests of Bush and his wall street friends.
A month after the financial collapse of the United States, the crisis is worsening. The initial 750 billion dollar bailout of Wall Street corporations financed by the taxes of main street citizens, has now grown to over a trillion dollars with future outlooks of three to four trillion more before it is all over.
Dymphna Boholt is outraged at the incompetence of the Bush administration. How dare him try to dictate the affairs of other countries when he can’t control his own country. Let this be a lesson to the United States. Worry about your own country before spreading your imperialism across the world. Other countries are capable to take care of their own affairs. That is what the U.N. is for. Let the organisation work.
Thursday, December 4, 2008
Obama, and Dymphna Boholt on Expections
According to Dymphna Boholt Right now, America is in a world of hurt. Their economy is tanking, their military is stretched thin, and their reputation around the world has been greatly damaged. America voters made a big statement last week. They decided they wanted the United States to go change course. Collectively the American people spoke, and Obama was the voice of their answer.
Dymphna Boholt estimates that Over 70% of the American population believes Obama will heal the deep wounds of the US. Starting with the economy, Obama was already planning an economic stimulus package, even before he was officially elected. His plan is to give the American people and American companies a tax rebate similar to the one handed out during the summer. Apparently, that wasn’t enough. While George Bush is worried about bailing out Wall Street, Obama’s focus is on helping those on Main Street.
Dymphna Boholt belived that Obama’s philosophy is to get money in the hands of the American consumer. He believes that America will become prosperous from the bottom up. By pumping money and tax cuts to the middle class, more consumers will purchase goods made by American companies. Basically, his plan is a complete reversal of the previous eight years which continued to pump money to the greedy corporations while leaving the American public to suffer.
Obama also has a different view on the war in Iraq. He believes enough is enough. Instead of trying to take over a sovereign country, his approach is one of diplomacy. There is something we haven’t seen much of lately. Instead of bombing countries he doesn’t like, he is going to try to reach out with an olive branch of peace, in order to calm the America haters around the world.
For the World’s sake, let’s hope he can successfully put an end to this debacle. I believe Obama has the right take on Iraq. Get the troops out, place UN peacekeepers in the area, and allow the government of Iraq rebuild the country the way they see fit.
Obama has some big obstacles to overcome, and some big shoes to fill. Americans have put all there hope and faith in this one man to repair their broken nation. Lets hope the world will support him in his efforts of rebuilding.
Dymphna Boholt estimates that Over 70% of the American population believes Obama will heal the deep wounds of the US. Starting with the economy, Obama was already planning an economic stimulus package, even before he was officially elected. His plan is to give the American people and American companies a tax rebate similar to the one handed out during the summer. Apparently, that wasn’t enough. While George Bush is worried about bailing out Wall Street, Obama’s focus is on helping those on Main Street.
Dymphna Boholt belived that Obama’s philosophy is to get money in the hands of the American consumer. He believes that America will become prosperous from the bottom up. By pumping money and tax cuts to the middle class, more consumers will purchase goods made by American companies. Basically, his plan is a complete reversal of the previous eight years which continued to pump money to the greedy corporations while leaving the American public to suffer.
Obama also has a different view on the war in Iraq. He believes enough is enough. Instead of trying to take over a sovereign country, his approach is one of diplomacy. There is something we haven’t seen much of lately. Instead of bombing countries he doesn’t like, he is going to try to reach out with an olive branch of peace, in order to calm the America haters around the world.
For the World’s sake, let’s hope he can successfully put an end to this debacle. I believe Obama has the right take on Iraq. Get the troops out, place UN peacekeepers in the area, and allow the government of Iraq rebuild the country the way they see fit.
Obama has some big obstacles to overcome, and some big shoes to fill. Americans have put all there hope and faith in this one man to repair their broken nation. Lets hope the world will support him in his efforts of rebuilding.
Wednesday, November 19, 2008
DYMPHNA BOHOLT on Bush's Legacy
Dymphna Boholt has spoken out against the economic ineptitude of the president of the United Sates, George Bush. His policies led to a severe lack of oversight and regulation in the US markets that has led to an unheard of recession; A recession that has effects on us as well.
George Bush had a policy of letting businesses operate however they wanted to operate. His take on the governments’ role was to stay out of the way and let the markets take care of themselves. He failed to realize that markets are run by human beings, and human beings are sometimes corrupt, looking for an opportunity to make a few dishonest bucks.
The US’s financial problems are headline news around the world. However, it is important to remember that there were tremors of economic pain growing underneath the surface for years.
Need I Dymphna remind you of a little known company called ENRON? Does anyone remember what Enron did? They “cooked” their balance sheets and hoarded large sums of money for their corporate officers. Well, their evil practices caught up to them, and thousands of Americans lost their retirement savings.
Economic greed has swept across America in the past seven years of the Bush administration. Bush’s economic policies have left the air ripe for greedy corporations to sweep in and take advantage of the American people, while making record profits. Does Exxon Mobile ring a bell? Exxon Mobile hasn’t been cooking its sheets or unlawfully laundering money like some other American companies. No, Exxon just took advantage of a much needed commodity of the American people. That commodity was oil.
Keep in mind that George Bush is from Texas, the capital of oil production in America. It is no wonder his friends in Exxon Mobile were protected from high taxes and other regulations that could have helped control the price of gasoline in America. Exxon raked in more profits last quarter than any other company in the history of the United States had ever brought in. And they did it on the backs of record high gas prices, causing the American consumer to make a choice between food, or means of transportation to get to work.
The American financial crisis that has swept the globe is not a new one. It has been brewing for years. The list of greedy corporations and corrupt corporations are to numerous to name here. Let’s hope that the next administration can do something about this wave of corporate greed that has overtaken the once proud United States. The entire world, it seems, is at its mercy. Well thats it from Dymphna Boholt for this week.
George Bush had a policy of letting businesses operate however they wanted to operate. His take on the governments’ role was to stay out of the way and let the markets take care of themselves. He failed to realize that markets are run by human beings, and human beings are sometimes corrupt, looking for an opportunity to make a few dishonest bucks.
The US’s financial problems are headline news around the world. However, it is important to remember that there were tremors of economic pain growing underneath the surface for years.
Need I Dymphna remind you of a little known company called ENRON? Does anyone remember what Enron did? They “cooked” their balance sheets and hoarded large sums of money for their corporate officers. Well, their evil practices caught up to them, and thousands of Americans lost their retirement savings.
Economic greed has swept across America in the past seven years of the Bush administration. Bush’s economic policies have left the air ripe for greedy corporations to sweep in and take advantage of the American people, while making record profits. Does Exxon Mobile ring a bell? Exxon Mobile hasn’t been cooking its sheets or unlawfully laundering money like some other American companies. No, Exxon just took advantage of a much needed commodity of the American people. That commodity was oil.
Keep in mind that George Bush is from Texas, the capital of oil production in America. It is no wonder his friends in Exxon Mobile were protected from high taxes and other regulations that could have helped control the price of gasoline in America. Exxon raked in more profits last quarter than any other company in the history of the United States had ever brought in. And they did it on the backs of record high gas prices, causing the American consumer to make a choice between food, or means of transportation to get to work.
The American financial crisis that has swept the globe is not a new one. It has been brewing for years. The list of greedy corporations and corrupt corporations are to numerous to name here. Let’s hope that the next administration can do something about this wave of corporate greed that has overtaken the once proud United States. The entire world, it seems, is at its mercy. Well thats it from Dymphna Boholt for this week.
Monday, November 17, 2008
George Bush Financial Czar by Dymphna Boholt
After somehow winning re-election, George Bush’s ignorance and incompetence really destroyed the US economy. Were Americans that unaware of the president’s stupidity that they gave him 4 more years?
Anyway, Dymphna here and I have a few things to say about the new “financial bailout” package George Bush brought to the table? What a disaster of a plan this was! I mean, did congress not read the part of the bill that gave the treasury secretary sole authority over the 750 billion dollars, with little to no oversight? A lot of questions need to be asked in order to get to the bottom of what happened in the US, because it affects the entire World.
According to Dymphna Boholt's analysis originally, the so called bailout bill was supposed to be used to buy up bad mortgages. I talked about these mortgages and the problems they caused in earlier posts. Anyway, the treasury secretary was granted power to do whatever he wanted to with the money. The bill actually stated that not even the courts could question the secretary’s decision.
An inept congress put a provision in the bill to create an oversight board to watch over the secretary’s moves, however here we are a month later and the board has yet to be set up. Meanwhile, the secretary is out buying up bank stocks at his sole discretion.
Just this week, Hank Paulson, treasury secretary, decided that he wasn’t going to spend the bailout money on the bad mortgages. Hello! The world had to listen to George Bush for a week screaming “Get this bill passed or else the United States will collapse.” In haste, Bush pushed the bill and had it passed through Congress, backwards. And now the greatest economic power in the world has a socialist financial system.
Paulson, under orders of Bush, forced banks to accept bailout money in a group meeting a few weeks back. Many of the banks refused the money, but were told by the new financial czar that they MUST take the money, giving the government partial ownership of the major banks in the United States.
What was Bush thinking? This week, on news that the treasury secretary wouldn’t buy bad mortgages, the world markets plummeted. Again, some lost 5% of their value. George Bush might be finished as president of America, but the failures of his economic policies will have a lasting impact on the worldwide markets.
In Dymphna's final analysis, although world leaders are getting together to attempt a concerted fix, nothing will permanent will occur until after Bush has left Office.
Anyway, Dymphna here and I have a few things to say about the new “financial bailout” package George Bush brought to the table? What a disaster of a plan this was! I mean, did congress not read the part of the bill that gave the treasury secretary sole authority over the 750 billion dollars, with little to no oversight? A lot of questions need to be asked in order to get to the bottom of what happened in the US, because it affects the entire World.
According to Dymphna Boholt's analysis originally, the so called bailout bill was supposed to be used to buy up bad mortgages. I talked about these mortgages and the problems they caused in earlier posts. Anyway, the treasury secretary was granted power to do whatever he wanted to with the money. The bill actually stated that not even the courts could question the secretary’s decision.
An inept congress put a provision in the bill to create an oversight board to watch over the secretary’s moves, however here we are a month later and the board has yet to be set up. Meanwhile, the secretary is out buying up bank stocks at his sole discretion.
Just this week, Hank Paulson, treasury secretary, decided that he wasn’t going to spend the bailout money on the bad mortgages. Hello! The world had to listen to George Bush for a week screaming “Get this bill passed or else the United States will collapse.” In haste, Bush pushed the bill and had it passed through Congress, backwards. And now the greatest economic power in the world has a socialist financial system.
Paulson, under orders of Bush, forced banks to accept bailout money in a group meeting a few weeks back. Many of the banks refused the money, but were told by the new financial czar that they MUST take the money, giving the government partial ownership of the major banks in the United States.
What was Bush thinking? This week, on news that the treasury secretary wouldn’t buy bad mortgages, the world markets plummeted. Again, some lost 5% of their value. George Bush might be finished as president of America, but the failures of his economic policies will have a lasting impact on the worldwide markets.
In Dymphna's final analysis, although world leaders are getting together to attempt a concerted fix, nothing will permanent will occur until after Bush has left Office.
Sunday, November 16, 2008
Commercial Property Loans by Dymphna Boholt
Dymphna here with some information regarding commercial property loans. Real Estate investing is going to be a lucrative business over the next few years. Those of you who are smart will begin looking for investment properties to invest in.
Commercial loans are available to businesses and corporations, regardless of the structure. If you own a business, you can seek out a commercial loan. These loans are not only available from banks, but also from private lenders, offering a different funding source with fewer restrictions.
Even though commercial loans are available to your business, they are not easy to get. These loans are generally for larger sums, with shorter payoff times. Because of these standards, the loan application process can be grueling and complicated.
You need to start the lending process by having the property you are interested in appraised. Find a good appraiser who will give a fair appraisal value. If the property appraises for less than the loan amount, you will have a hard time getting the larger amount. That means you will have to negotiate the price down, or make up the difference by putting more money down.
Check your credit before going to the lending institution. Having this information ahead of time will help you fix any errors, thus improving your credit score. Take this opportunity to pay off or at least reduce the amount of outstanding debt you have. Too much outstanding debt could make the lender think your business is overextended, causing them to deny you credit to buy your property.
Choose the right type of commercial loan to go with your needs. There are several different types of commercial loans. If you are only expecting to be in the property for a short period of time, you could get an interest only loan. This type of loan allows you to make payments on the interest only for a few years, usually five, then you have to pay the balance. This is a short term loan and you need to have a definitive exit strategy before signing the contract.
A good long term commercial loan would be a fixed rate loan for 15-20 years. This will help you lock in a steady interest rate, and actually pay off the loan in full by the end of the contract – no balloons. This is a great way to go if you plan on being at your new property for a long period of time.
Here at Dympna Boholt, I am Hopeful, this information will help you in your search for expanding your business. There are some great deals out there right now. Take advantage of it.
Commercial loans are available to businesses and corporations, regardless of the structure. If you own a business, you can seek out a commercial loan. These loans are not only available from banks, but also from private lenders, offering a different funding source with fewer restrictions.
Even though commercial loans are available to your business, they are not easy to get. These loans are generally for larger sums, with shorter payoff times. Because of these standards, the loan application process can be grueling and complicated.
You need to start the lending process by having the property you are interested in appraised. Find a good appraiser who will give a fair appraisal value. If the property appraises for less than the loan amount, you will have a hard time getting the larger amount. That means you will have to negotiate the price down, or make up the difference by putting more money down.
Check your credit before going to the lending institution. Having this information ahead of time will help you fix any errors, thus improving your credit score. Take this opportunity to pay off or at least reduce the amount of outstanding debt you have. Too much outstanding debt could make the lender think your business is overextended, causing them to deny you credit to buy your property.
Choose the right type of commercial loan to go with your needs. There are several different types of commercial loans. If you are only expecting to be in the property for a short period of time, you could get an interest only loan. This type of loan allows you to make payments on the interest only for a few years, usually five, then you have to pay the balance. This is a short term loan and you need to have a definitive exit strategy before signing the contract.
A good long term commercial loan would be a fixed rate loan for 15-20 years. This will help you lock in a steady interest rate, and actually pay off the loan in full by the end of the contract – no balloons. This is a great way to go if you plan on being at your new property for a long period of time.
Here at Dympna Boholt, I am Hopeful, this information will help you in your search for expanding your business. There are some great deals out there right now. Take advantage of it.
Friday, November 14, 2008
Barack Obama: Repair The United States’ Image , says dymphna boholt
Dymphna Boholt here. After watching the amazing rise of the young and exuberant Barack Obama, I am totally confident that the world will stabilize as this man comes to power.
Barrack’s very appearance invigorates compassion toward others. His speech and policies convey a message of hop and change that can be adopted world wide, not just in America.
I believe the world will soon be a better place based on what Barack will do to restore the image of love and compassion that the US once proudly held onto. As he stated from Berlin, in what was a speech for the ages, he is a citizen of the world. Not just America, Barack understands the importance of America coming to grips with the fact that we are all citizens of the world. In today’s climate this thought has reign in the minds of all people. I dymphna saw that speech, and was truly inspired.
The Americans have isolated themselves from world problems for years. They have sat in their hemisphere and ignored pleas of help from dying countries in Europe and Africa, only getting involved when the country has a nice supply of oil.
Barack holds the view that people coming together for a greater good can change even the worst of situations facing our planet. From hunger, global warming, threats of terrorism, and unstable financial markets, Barack believes that humans coming together can withstand any adversity.
Regardless of what the US has thought in the past, Barack will institute policies that will fund global initiatives instituted to bring about global stability. These policies will include a global poverty act. In his early days in the senate Barack signed a piece of legislation that would have the United States fund charities around the world with the intention of ending poverty wherever it exists.
I am proud that we live in this day and age where we get to watch hoe this president will govern. I know this is Australia, but still, it is going to be a glorious rise to power this man takes. And I will be there watching his every move. Hopefully, the rest of the world will support him. Lets see what this young, magnificent Politian can do in this new world of adversity.
Barrack’s very appearance invigorates compassion toward others. His speech and policies convey a message of hop and change that can be adopted world wide, not just in America.
I believe the world will soon be a better place based on what Barack will do to restore the image of love and compassion that the US once proudly held onto. As he stated from Berlin, in what was a speech for the ages, he is a citizen of the world. Not just America, Barack understands the importance of America coming to grips with the fact that we are all citizens of the world. In today’s climate this thought has reign in the minds of all people. I dymphna saw that speech, and was truly inspired.
The Americans have isolated themselves from world problems for years. They have sat in their hemisphere and ignored pleas of help from dying countries in Europe and Africa, only getting involved when the country has a nice supply of oil.
Barack holds the view that people coming together for a greater good can change even the worst of situations facing our planet. From hunger, global warming, threats of terrorism, and unstable financial markets, Barack believes that humans coming together can withstand any adversity.
Regardless of what the US has thought in the past, Barack will institute policies that will fund global initiatives instituted to bring about global stability. These policies will include a global poverty act. In his early days in the senate Barack signed a piece of legislation that would have the United States fund charities around the world with the intention of ending poverty wherever it exists.
I am proud that we live in this day and age where we get to watch hoe this president will govern. I know this is Australia, but still, it is going to be a glorious rise to power this man takes. And I will be there watching his every move. Hopefully, the rest of the world will support him. Lets see what this young, magnificent Politian can do in this new world of adversity.
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