Australia will be changing to a new Comprehensive Credit Reporting (CCR) system from March 12 this year. There will be some significant changes which will impact the home loan process. By understanding the reforms early you can improve your chances of getting a better mortgage. Currently, Australia operates under a negative credit reporting system, which means that only credit enquiries and credit infringements are recorded. Basically meaning only “bad” information about the person are recorded. This has made it difficult to assess the risk of borrowers with good histories, as a minor infringement, such as a single missed telephone bill …

At its meeting today, the Board decided to leave the cash rate unchanged at 2.5 per cent. Growth in the global economy was a bit below trend in 2013, but there are reasonable prospects of a pick-up this year. The United States economy, while affected by adverse weather, continues its expansion and the euro area has begun a recovery from recession, albeit a fragile one. Japan has recorded a significant pick-up in growth, while China’s growth remains in line with policymakers’ objectives. Commodity prices have declined from their peaks but in historical terms remain high. Financial conditions overall remain very …