El artículo viene a decir que se ha disparado el número de australianos que piden acceso a su fondo de pensiones para lo cual necesitan permiso ya que tenían bonificaciones fiscales. Se supopne que sólo te lo dan en casos puntuales etc

Entre líneas: que la gente está "pelá" y necesita pasta aún sacándola de sus pensiones, osea el último reducto.


http://www.nzherald.co.nz/section/3/...ectid=10446225

Tens of thousands of Australian families are raiding their superannuation savings to pay off personal debts.

The amount of money taken from superannuation accounts to pay off debt has quadrupled in five years -- going from A$35 million ($39.4 million) in 2001 to A$135.3 million last year, Australian media reported.

Last year, 16,500 people applied for early access to their super accounts, and the Australian Prudential Regulation Authority approved 13,871 applications -- more than double the approvals in 2001.

Applications for early access to super are approved in cases of severe hardship. Money may also be released to prevent foreclosure of a mortgage or the forced sale of one's home.

To qualify for an early release, the individual must have received federal income support for 26 weeks and must satisfy the trustee that the money is essential for living expenses.

"If you satisfy both of the above tests, the trustee/RSA (retirement savings account) provider may, in any 12-month period, release to you one lump sum payment," the guidelines say.




And the crisis could deepen as there is a good chance of another interest rate rise. If that eventuates, a voter backlash could dash the re-election hopes of Prime Minister John Howard, who had promised low interest rates at the last election.

Labor's assistant treasury spokesman, Chris Bowen, said the new figures show that cost-of-living expenses and mortgages are hurting families.

"These figures match what I'm hearing in my electorate: people are hurting, hurting badly," said the member for Prospect in NSW.

"It also appears that people who have early payments of superannuation approved are getting a larger percentage of their payouts early -- this goes against the grain of saving more for retirement.

"These figures are more evidence that all is not rosy in the Australian economy. Interest rate increases and petrol prices are all taking their toll."


Reserve Bank figures show households owe A$160 for every A$100 of disposable income today, while in the early 1990s, they owed about A$50 on average.
Also, families spent a record 12 per cent of their disposable income on interest payments -- up from just 6.9 per cent five years ago.

- AAP


Pero tranquilos que esto no nos pasará a nosotros porque vamos a desplazar a Alemania como superpotencia europea de aquí a uno o dos años.

__________________

http://business.timesonline.co.uk/to...cle1942040.ece



Borrowers face £1bn mortgage shock

Homeowners will see the cost of their loans leap as their fixed deals come to an end and higher interest rates begin to biteAmanda Ursell and chef Franco Beer
HUNDREDS of thousands of homeowners face a £1.3 billion mortgage shock in the next few months as they come off rock-bottom fixed rates taken out in 2005.

More than 800,000 borrowers, who have so far been insulated from the one percentage point rise in interest rates since August, will see their annual mortgage bills leap by an average of £1,500 when they remortgage, according to research by Deutsche Bank.

George Buckley, the investment bank’s chief UK economist, said: “Homebuyers are in for a shock when their deals come to an end. Two years ago fixed mortgage rates offered outstanding value and the number taken out ballooned. Fixes are now around 1.1 percentage points higher than they were then, and are likely to rise further still.”

He said the repayment blow could lead to a sharp slowdown in the housing market next year, and possibly cause single-digit falls in house prices. “The sharp rise in mortgage payments faced by borrowers will almost certainly put downward pressure on house price inflation and could also slow consumer spending as households struggle to absorb the extra costs,” he said.

Related Links
Ten ways to combat rising mortgage costs
House prices slow but buyer inquiries increase
Borrowers whose deals are coming to an end are being urged to act fast. Several lenders, including Halifax and Alliance & Leicester, raised fixed rates last week and others are expected to follow suit.

Some commentators are even predicting the demise of sub-6% fixed rates, which is bad news for people who managed to fix at less than 5% just two years ago. In summer 2005, the average two-year fix was just 4.67%; it is now 5.72% and will probably hit 6% over the next few months if, as expected, the Bank of England raises rates further.

Someone with the average mortgage of £130,000 will therefore see his or her repayments rise by £125 a month or £1,500 a year – a total of £1.3 billion across the country, according to Deutsche.

Borrowers who do not remortgage in time and end up on their lender’s standard variable rate (SVR) could see their repayments almost double overnight.

Two years ago borrowers could get a fixed-rate loan of 4.15% from Lambeth building society, since bought by Portman. Someone with a £250,000 repayment mortgage over 25 years would have paid £865 on an interest-only basis.

Unless they get organised, borrowers will be moved on to the lender’s SVR of 7.49%. This means monthly outgoings will shoot up to £1,560 a month – a jump of £695 a month or £8,340 a year. If Bank rate goes up to 6%, as some economists fear, borrowers coming off this low fixed rate could see monthly repayments soar to £1,665.

Tens of thousands more homeowners are also coming to the end of their two-year discounted rates, often paying 2.5 points below the SVR at the time, or just 5%. They could also find themselves with a hefty increase in monthly payments.

Homeowners are already making the highest mortgage interest payments since 1992, when the British economy was mired in recession. The average household buying a first home is handing over 18.7% of income to cover mortgage interest, the highest level for 15 years, the Council of Mortgage Lenders revealed last week. Existing homeowners are paying an average 16.3% of income to cover mortgage interest – again the most since the 1990s.

However, the situation could get worse. Mervyn King, the governor of the Bank of England, last week left borrowers in little doubt that there would be another quarter-point hike to 5.75% later this year, when he said he would not hesitate to “take further action” to curb inflation.

He also warned borrowers that they should not take on too much risk. “Obvious though the point may seem, it is unwise to borrow so much that the repayments are affordable only if interest rates remain at their initial levels,” he said.

The last time King gave a similar warning it sparked an abrupt housing market slowdown with monthly price falls in some areas.

The money markets, where lenders borrow to fund their fixed loans, expect another hike to 6% by the end of the year. Two-year rates have shot up by almost 0.3 percentage points over the past month from 5.92% to 6.2%.

Several lenders have used this as an excuse to dramatically increase the cost of their fixed-rate deals.

NatWest has raised its fixed rates by up to 0.5 points, Halifax and Alliance & Leicester have lifted the cost of some of their deals by as much as 0.3 points.

Lisa Taylor of Moneyfacts, a comparison website, said: “Fixed-rate deals under 6% are still readily found, but if money-market rates continue to rise at their current pace it won’t be long before we see the demise of sub-6% mortgages, unless you are prepared to paya large upfront fee.”

Borrowers coming to the end of a cheap fixed or discounted deal before the end of the year are being urged to explore their options without delay.

Even if your existing cheap rate has several months to run it may be worth reserving a good deal now.

Lise Georgeson, 44, pictured with her daughter Lea, 16, faces a repayment shock.

The university lecturer from Brentford in Essex is paying 4.79% and has decided to switch to a two-year fix from Halifax charging 5.64%, which will increase her monthly payments by about £50.

She said: “Even though some of the discount rates are cheaper, given that there is a concern that rates could rise further I prefer the certainty of a fixed rate.”

What to do when your fix ends

BILLIONS of pounds worth of mortgages will come to the end of their two-year fixed or discount term in the coming months. We answer your questions.

My deal is about to end, what should I do?

Don’t allow yourself to drift on to your lender’s standard variable rate, which could almost double your mortgage payments overnight. Even though fixed and discounted rates will be much higher than when you last took out your loan there are still some competitive deals around.

If you want protection against further interest-rate rises, go for a fixed rate. The cheapest rate on a two-year fix is 4.94% from Principality building society, although it has a high arrangement fee of £1,999 and you need to pay legal and valuation fees.

The best alternative is Cheshire’s 5.45% deal. The rate is higher, but it has a much lower £499 arrangement fee and also offers a free valuation.

James Cotton at L&C, a mortgage broker, said: “For many borrowers the Cheshire deal would work out cheaper in total. However, for larger loans of around £190,000 and above the higher fee deal could be worth paying.”

If you want longer-term security, Stroud & Swindon has the best five-year deal. It has a rate of 5.59% with a fee of £799 and offers a free valuation and legal work.

The consensus among economists is that rates will peak at 5.75% later this year, although the money markets think they will go to 6%.

If you think this is too pessimistic, you could opt for a variable deal. Halifax has a cheap tracker that is 0.51 points below Bank rate for two years, or 4.99%. It has a £1,499 arrangement fee.

Bank rate would need to rise to 6% before the Halifax deal became more expensive than Cheshire’s cheap fix.

I’ve heard you can mix and match. Is that right?

Yes. For borrowers unsure what to do, Woolwich’s 5.39% fix runs until September 30 next year, and then becomes a lifetime tracker, charging Bank rate plus 0.39%, now 5.89%.

There is a 1% early repayment penalty on the amount repaid within the first three years, but this doesn’t apply if you switch to another Woolwich fixed or capped rate after one year.

Ray Boulger at John Charcol, a mortgage broker, said: “If you think mortgage rates will peak over the next year and then begin to fall this deal is good value, especially on remortgages because it offers free valuation and legal costs.”

My deal doesn’t end for several months. Is it too early to start looking for a new loan?

You should start looking at new mortgages two or three months before your special deal ends.

Given that they are expected to get even dearer in the next few months, it may be worth reserving a good deal now.

Most lenders let you secure a deal at least three months in advance and some will stretch to six months. There is usually an arrangement fee but you can often add this to the loan and only pay it if you take up the deal. The lender is likely to require a valuation, which can cost several hundred pounds, although some offer this free.

Boulger said: “If you have three months or more until your deal ends I wouldn’t make a rushed decision. Most economists think there will be only one more increase in Bank rate so lenders may start to offer cheaper deals later this year.”

__________________