Credit Cards: Green Bandt to ban Hole in the Wall cash bandits.

You'll "get more green out of your ATM cash machine" soon if Andrew Bandt gets his private members bill over the line.

Bandt's bill has the attraction factor

Green Andrew is proposing a ban on those $2.00 ATM transaction fees for withdrawing cash.
Politicians from the entire spectrum are liking his tune and are backing Green MP Adam Bandt's private member's bill.
Bob Katter also stuck his boot into the Government and Opposition for skinny policy offerings, though Labor Treasurer Wayne Swan has been holding its cards close to it chest. He is expected to release his plan for banking reform later this month.
Though Independent MPs Andrew Wilkie, Tony Windsor, Rob Oakeshott and Bob Katter and unaligned Nationals MP Tony Crook said Mr Bandt's bill, now before Parliament, was the most promising proposal on banking, they have yet to see the Labor Plan, but I suspect that it will be more wide ranging in terms of offering real competition to the major banks than Andrew bandt's bill. Let's wait and see on that one.

Call to action to stir Wayne Swan

The calls to action increases the pressure on Treasurer Wayne Swan, who will next month announce banking reforms that could need the support of the crossbenchers.
The banks' all claim that politicians did not understand that funding costs were going up. Wilke says that this core claim is nonsense.
Mr Katter said the surge in banking chiefs' salaries also warranted attention and could be curbed through the tax system.
Mortgage Foreclosures unfair.
He called on the government to do ''something serious'' about the system of mortgage foreclosure, which was weighted in lenders' favour.

Summary of Bandt's Bill

As it stands, Andrew Bandt's proposed bill has three main areas of saings for Australian Credit users.

1. A crackdown on Bank Fees.
2. Mortgage Rates to move in line with RBA increases
3. A ban of bank transaction fees of $2.00 per transaction.

Whatever the outcome, it looks like Australia's Parliament is in for a lively time on the floor next year, and home buyers can look forward to more and better loan offers from nonbank players, lower mortgage interest rates and lower fees, no to low exit fees on their mortgages rates, and credit card losing unfair fees. Sounds good to me.

Bad Credit: Can you refinance your home when you have bad credit rating?

A lot of people are suffering from mortgage stress right now, and they need answers right now.
They can't afford to wait for the Government to create competition in the mortgage industry, they need to refinance now, or risk losing their home to the greedy banks.
And that poses a couple of questions about credit impairment

1. If you have bad credit now, and you can't meet your mortgage repayments, how can you refinance away from that lender and get a new home loan?
2. How do I find a lender who will set this sort of home loan for credit impaired homeowners?

Mr Mortgage has a section for Bad Credit mortgage loans

When you have bad credit it does not mean that you can no longer finance, or refinance your home, it simply means that you do not conform with regular bank loan guidelines.
There are plenty of other mortgage lenders out there that have mortgage products tailored for the the credit impaired who are looking at mortgage refinancing options.

How to reduce your monthly credit repayments using a bad credit home loan


One thing you must understand about non conforming loans is that they usually have a higher interest rate. This is to compensate for the riskier loan conditions that they non conforming lenders may have to face.
So how can you reduce your monthly repayments if bad credit lenders have higher interest loans?

Basically there are three methods to reduce your monthly credit repayments.

1. First you can increase the term of the loan. This allows to spread out the repayments over a longer period of time to make the repayments easier to make.
2. Secondly you can consolidate all of you high interest short term loans into the bad credit mortgage loan. If you have credit cards loans, car loans, personal loans, second mortgages, or so called interest free loans that can cost you up to 30% pain interest rates, then combining these loans with your mortgage refinance may be the best way to reduce your monthly repayments to a size that you are comfortable with. In fact many people get into the situation of being unable to meet their mortgage repayments because of all the other debts that they have. so this may be your way to ease your mortgage stress.
3. Obviously, combining points one and two above may give you your optimum solution.

Remember a Bad Credit Rating is not a life sentence


I think its important for you to realise that bad credit is usually temporary and soon you might be back on your feet again.
I mention this for two reasons.

1. Don't think ill of yourself just because your currently have a bad credit rating. It can pass.
2. Also the bad credit home loan solution that I have outlined above should be seen as a temporary fix, say for two to three years.

Once your credit has improved again, then there is no reason why we could not assist you in getting mortgage loans with lower interest rates. So refinancing to bad credit lenders is only step one of the process.
Once you are back on your feet again, refinance to a Low Interest Loan
For more info go to the bad credit section at Mr Mortgage
Author: Rick Adlam Mr Mortgage