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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: 13% of all property sold - buyers were Foreign Investors (double that of last year) FIRB snoozing creating disaster for next generation of young adults.

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Highly paid regulators snoozing once again.............this time on Foreign Investment: Tenants in our own country?  Yes indeedy!  FIRB wouldn't have correct data.   Time for consumers to rise up against these perils.  No-one in the next generation of adults has any CONFIDENCE in being able to work work work and afford a home...........housing is all about grouping together in commune type living and putting up with mattress on floor and paying low rent.  They feel locked out of the home ownership arena.     This email address is being protected from spambots. You need JavaScript enabled to view it.

 Treasury data shows foreign buying rocket

 1 July 2014

Leigh Van Olsen

 Another day, another report on the huge surge of foreign investment in Australian property, this time from The Australian

In the first nine months of this financial year, sales to foreigners are almost double the total from the whole of last year and represent a record 13 per cent of the total value of property sold. In Victoria, purchases by ­foreigners made up a massive 23.2 per cent — almost a quarter of the total value of property sold in the state over this period. The data — extracted from Treasury figures and supplied to a parliamentary inquiry by RP Data — undermines claims that foreign investment is an ­insignificant share of demand.

Surely this evidence from RP Data debunks, once and for all, the notion that foreign purchasers of Australian property are an insignificant share of demand and are not working to price locals out of the market. It also accords with the latest NAB property survey, which found that foreigners accounted for nearly 10% of demand for pre-existing dwellings in Australia (see next chart).

When viewed in light of recent reports from the Australian Bureau of Statistics, real estate agents, industry professionals, and UBS investment bank, it is clear as day that the official Foreign Investment Review Board (FIRB) data on foreign property investment is inaccurate.

Further, when combined with the fact that FIRB has, since 2010, failed to prosecute any foreign buyer for breaching the foreign ownership rules, and the admission by FIRB that it is incapable of monitoring/enforcing whether a foreign temporary resident has sold their home within three months of departing Australia, then there can be no doubt that the regulatory regime governing foreign investment in property is broken and fundamental reform is desperately required in order to restore faith and integrity to the system.

Thankfully, the chair of the House of Representatives Inquiry into foreign property investment, Kelly O’Dwyer, appears to have taken these concerns on board, yesterday flagging that the inquiry report would recommend “new application fees, tighter enforcement of the prohibition on acquiring fixed homes and possibly extra stamp duty for foreign investors”. This is a wise move, as foreign investment into Australian property, and housing affordability more generally, is fast becoming a hot political issue. Young Australians also have a right to expect the government to implement measures to make housing more accessible by increasing supply, as well as clamping down on excess demand, whether from foreigners or local tax-advantaged speculators


The Corrected CBA-HIA housing index


May 30, 2014By Leith van Onselen

Over the past two days (here and here) I have uncovered how the the CBA-HIA housing affordability index, which shows Australian housing affordability at its most favourable level since March 2002 (see next chart), is built on highly dubious data.

The main issue centres around its dwelling price series, which is based on home loans financed by the CBA during the quarter, and curiously shows that Australian home prices have been falling, despite every other data provider (including the ABS) reporting strong price growth (see next chart).

As shown above, the CBA-HIA measure of median dwelling prices curiously claims that home values fell by 2.7% in the three years to March 2014, whereas the official ABS property price index shows an 11.3% increase in dwelling values over the same period.

A lower dwelling price, other things equal, results in a lower monthly mortgage payment and a higher affordability rating.

To illustrate the impact on affordability in greater detail, I have reconstructed the CBA-HIA housing affordability, substituting the CBA-HIA’s faulty dwelling price data with APM’s stratified median house price series. Like the ABS, APM have reported strong price growth, which contradicts the falling values used by the CBA-HIA (see next chart).

By adopting the identical methodology as CBA-HIA (i.e. 90% LVR, same mortgage rates and same income), but substituting APM’s house price series for the CBA-HIA’s, you can see that Australian housing affordability has in fact been falling since June 2013 (see next chart).

This is yet more evidence that the CBA-HIA housing affordability index is bogus, and Australian consumers have been mislead by the mainstream media, which published the CBA-HIA results unchallenged.



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