Personal Finance

Pensioners to Receive Hike

Pensioners to Receive Hike

Nearly 4 million pensioners will receive a hike in their payments later this month to reflect the higher rate of wages in Australia.

The pension payment to singles is reported to increase by $29.20 a fortnight to $701.10 from March 20, Community Services Minister Jenny Macklin posted yesterday.

While, for couples on a combined pension the payment will raise by $44 a fortnight to $1057.

Number of first-time buyer loans in UK hit 2-year high in December

Number of first-time buyer loans in UK hit 2-year high in DecemberThe number of mortgages for first-time buyers touched the highest-mark in two years in December 2009 as p

Mortgage scales new heights

Mortgage scales new heights

The Bank of England reported unprecedented rise in mortgage demand in November, which can boost housing market, adversely hit by slow demand in the property segment.

The Bank of England granted 4.85 per cent more mortgages in November as compares to the previous month giving approval to 60,518 mortgages during the period. The mortgage approvals in November are 200 per cent higher than the 27,162 figure for November 2008, the time when financial crisis was on its peaks.

Australian Households facing Record Levels of Debt

Households across Australia are currently in record levels of debt, and for the first time ever, the figures have outraced the American levels. As per Reserve Bank figures shared, the current household debt, which is the combination of personal mortgage and debt, is almost equal to the Australian GDP.

The figures mean that every adult in Australia owes an average of $74,000, and analysts have warned that the financial crisis that hurt the Main Street in America recently, has good chances of hitting Australian families over the next year.

Mortgage Approvals Across UK Continue to Rise

Mortgage Approvals Across UK Continue to Rise

Official figures shared by the British Bankers' Association have revealed that mortgage approvals across the UK have continued to rise over time, signifying a steady and sure improvement across the country's housing sector.

The pace of the growth, however, has managed to slow down a bit, and rising unemployment could further affect the demand over the coming years.

Mortgage Holders across UK "200 Pounds a Month Better Off" Compared to Last Year

United Kingdom flag

On the back of lower interest rates and lesser mortgage payments, mortgage holders across UK are currently, according to figures shared by the Bank of England, nearly 200 Pounds better off than this time for the previous year.

The figures have been compiled through a survey which involved 2000 households, and reveal that about 50% of all mortgage payers have witnessed a cut in their monthly installments of more than 100 Pounds over the past 1 year. Also, about a quarter have managed to benefit as much as 200 Pounds.