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25.01.2022 Early Release of Super Up To $20,000 Recommended. If you have been allegedly affected by COVID-19, you may be able to access some of your super fund early. Eligibility -- Citizens and permanent residents of Australia or New Zealand can apply for up to $10,000 between 20 April and 30 June, 2020 and up to a further $10,000 between 1 July and 24 September 2020.... *Application can be submitted through ATO online services or myGov.* Tax Free -- You will not need to pay tax on these released supers. Thus you will not need to include these amounts in your tax returns.

25.01.2022 Update: Best Interest Duty 2020 As it was at 4.55 pm ASIC advised that the implementation of the BID would be deferred for six (6) months so to 1 January 2021 and that the final guidance on the BID RG (regulatory guide) would be mid-2020.

25.01.2022 A mandate or credit quote for every refinance is a must lolA mandate or credit quote for every refinance is a must lol

24.01.2022 How CBA Bank wants to Monopolise Finance Industry? The majority of people in the finance industry strongly question CBA Bank's recent proposition of a flat fee for service structure. It is viewed as CBA Bank's ambition to monopolise the banking and finance industry.... This is because finance specialists and mortgage brokers are a direct competition to the big banks. The CEO of Marquarie Bank, Nicholas Moore said that "competition in the finance industry has helped drive down interest rates by 2.5 per cent" that otherwise would not have occurred. However, Mr Moore does not believe in a fee for service. In fact, except for CBA Bank, all big banks support the current structure and welcome the type of competition by finance specialists and mortgage brokers. The idea of a flat fee paid by lenders is not only unsustainable, but it will also disadvantage the low-income borrowers and home buyers.

24.01.2022 2020! Fee For Service By Hayne's Report? Today, sixty percent of new home owners have engaged the services of mortgage brokers or finance specialists. That is a serious threat and a direct competition to the big banks.... Now Hayne's Report and its supporters want to quell this healthy and robust competition by rewarding the big banks. Good luck to them! Until 2020, the supporters of Hayne's Report are compelled daily to hear the growing voice of home buyers, loan borrowers and credit consumers who will never go back to the BAD olden days. Facing with the already massive backlash from financial agents and credit consumers, the bankers and the politicians will more than likely be forced to strike down this recommendation in Hayne's Report. In any case, for this finance specialist business as usual with free financial services till the Hayne's Cows come home. lol

23.01.2022 Update: APRA's Two Basic Reforms Fall Short Effective from 16 July 2019: 1. The new floor rate is now 5.75%, that is a 1.5% reduction from the existing interest rate of 7.25%.... At the new floor rate of 5.75%, it is still in fact almost 6 times higher than the official interest rate of 1.00% pa. 2. The new buffer rate is now 2.50%, that is actually a very bizzare 0.25 % hike in interest rate from the existing 2.25%. Thus, APRA continues to screw with the home buyers. The kicker is APRA's imposition on banks known as the benchmark rate which is the higher of either the floor rate or the buffer rate plus the mortgage rate. The benchmark rates are the interest rates used in the calculations for determining whether or not the borrowers can meet their loan obligations. In any case, the minimum benchmark interest rates will be at least almost 6 times higher than the official interest rate. With the jacked up buffer rate of 2.50%, it means that the banks will need to slash interest rates by as much as 1.00% to 1.50% from their mortgage rates before the socalled reforms make any discernible difference for home buyers. Not possible! As a result, the above socalled reforms are very unlikely to make any difference for the issues of high rents or housing affordability.

22.01.2022 The recision is coming... Bad for home owners who want or need to sell. But it's good for genuine home buyers for the lower prices, cheap mortgage rates and future capital growths.

18.01.2022 On behalf of everyone at the FBAA we'd like to wish you all a very safe and Merry Christmas. FBAA office will be closed from Tuesday 24th December 2019 at 1pm and will re-open on Thursday 2nd January 2020 at 8:30am. #fbaa #financebrokers #brokers

17.01.2022 $25k HomeBuilder Grant Scheme The proposed $25,000 grant is for elligible owner occupied homebuilders and substantial renovation homeowners. For example: An existing home or off-the-plan home where the contract is signed between 4 Jun 2020 and 31 Dec 2020 (inclusive) and construction commences within three months of the contract date.... Further information on eligibility and application processes for those wishing to access the HomeBuilder grant is available through the State Revenue Office Victoria. https://www.sro.vic.gov.au/own/australian-homebuilder-grant The proposed gov't scheme is designed with the view to prop up the collapsing home values in real estate markets of major capitals in Australia in the aftermath of the alleged Covid-19 Pandemic. ANZ Construction Loan The proposed $25,000 Home Builder Scheme may be used as a part of their contribution towards the building costs under ANZ construction loans. Note. It is however not used as a part of 5% genuine savings where the loan is greater than 85% LVR. Click on link below to read more. https://treasury.gov.au/coronavirus/homebuilder

16.01.2022 No Fee For Service In 2020 -- The Government announced today through its media channel: The Government wants to see more mortgage brokers not less." "The recommendations of the royal commission would in fact hand power back to the big four banks." Said the CEO of FBAA, Peter White. "Hayne (and his supporters) simply didnt get it but its now the case that both sides of politics are now very clear on the importance of mortgage brokers." He further added.... Thus, it's all but official, a strong rebuff to Hayne's Report and its supporters on fee for service in securing home mortgages and related finance specialist's services. https://m.brokernews.com.au//government-reneges-on-trail-c

15.01.2022 Hayne's Report: Back To The BAD Olden Days. New changes to the banking and finance industry will reward the Big Banks, and punish the home buyers, loan borrowers and credit consumers with high interest rates, bank fees and account charges. Shares in the Big Banks are up by a massive 6% to 9% after the news broke today.... No surprise there. The bankers are all laughing their @?!#?off with the huge windfalls despite the socalled "Royal Commission". https://m.brokernews.com.au//trail-ban-sparks-anger-and-qu

15.01.2022 Why ALI's LPP (Loan Protection Plan) is necessary and beneficial for customers? ASIC has reviewed the Life Insurance industry, including ALI Group. The areas subject to inquiry by ASIC are as follows:... 1. Product design and disclosure statements 2. Claims experience 3. Lapse experience 4. Broker selling practices and tools 5. Broker compliance review process 6. Broker remuneration 7. Customer service call recordings 8. Customer complaints In all areas of inquiry, ASIC has not found any issues or concerns with ALI's products or its authorised representatives. Unlike the other insurers that pay only 7% of their premiums on claims, ALI group pays out 40% of the premiums on claims.

14.01.2022 New competitive fixed and variable rates are on offers across all 42 lenders, in spite of the current tightening in lending policies. Citibank's offer* of 3.55% variable rate for home loans between $500K - $1M, is only available till 2 May 2019. Citibank also offers business loans at residential rate for any loan above $500K, that is secured against property.... *This exclusive offer is only available to borrowers through finance specialists.

13.01.2022 Sending you and your family holiday greetings.Sending you and your family holiday greetings.

11.01.2022 2020 National Consumer Credit Protection Amendment Bill The socalled "principle based" bill introduces 16 new regulatory requirements on the bank and finance industry. The key principle in the amendment is the "best interest duty" that is an addition to the existing the responsible lending obligations.... Much of the new regulatory requirements are actually inline with the combined industry forum's recommendations. Looking ahead, the interpretations of "best interest duty" according to ASIC, will pose a big problem for all banks. Since they can only offer their own products, the banks will never be able to meet the "best interest duty" to the customers. On the other hand, the "best interest duty" will however act as a badge of honor for the finance specialists. https://m.brokernews.com.au//the-new-rules-of-engagement-2

10.01.2022 What The 5% First Home Loan Deposit Scheme (FHLDS) Commerced On 1 Jan 2020 Is About? The 5% deposit scheme is only available to 10,000 eligible first home buyers with the "guaranteed loans". It is supposed to help the first home owners buying their first home sooner without paying at the higher interest rates. However, there are only 27 participating banks or lenders under the scheme. The sizes of loans are capped at $600K in metropolitan and $375K in regional Victoria.... Although NAB and CBA banks started offering it from 1 Jan 2020, the majority lenders (25 of 27) are non-major banks and lenders will begin offering the guaranteed loans from 1 February. In summary, the 10,000 eligible first home buyers will not be charged at the higher interest rates for the lack of the standard 20% home loan deposit.

10.01.2022 WHO IS ELIGIBLE FOR THE VIC FHOG? 1. You are aged 18 or over (discretionary); 2. Be an Australian citizen or permanent resident.... You are NOT eligible for the first home owner grant if you or any joint applicant have already: * Received a first-home owner grant in Australia; * Owned a home in Australia prior to 1 July 2000; or, * Occupied for a continuous period of at least six months, a home in which either of you acquired. The eligibility further needs at least one applicant: * To live in the home as their principal place of residence (PPR) for at least 12 continuous months, commencing within 12 months of settlement/construction completing; * It must be a new home (or substantially renovated home) and the market sale value must be valued at under the $750,000 cap. For the full eligibility criteria please visit: http://www.sro.vic.gov.au/firsthomeowner

09.01.2022 What's Instore For Home Owners, Property Investors And Renters In 2020 Under The Big Banks? Majority of home owners or home mortgagors will pay more in interests for the lack of competition to the big bank's monopoly. According to the REIA (Real Estate Institute Australia), the socalled property investors are mostly ordinary people or "mom and dad" investors.... However, these property investors often maligned by fake news are now under threats from the big banks' high interest rates. With less housing availability, the renters who already spend one third of their income on rent, will be forced to pay even more on rents. A pervasive ideologically driven housing policy has already decentivised for the socalled property investors. In the mix of mass confusion and fake news, some party proposes a ludicrous housing scheme that gives the new home investors $8,500 p.a. for 15 years if they rent out their homes at 20% discount. How bizarre will it be for the home owners, property investors and renters living under the big bank's monopoly once again -- back to the BAD olden days in 2020. https://amp.news.com.au///be34eb4823e199f3a73c3e6d687e5926

07.01.2022 How To Buy Your First Home Using Your Super Funds? You can now access your super contributions to buy your first home sooner, up to 30% faster than otherwise. It is a new Government's scheme called First Home Super Saver, essentially rollover from your existing super funds. ... First Home buyers can now access up to $15,000 of each financial year's contributions, or up to $30,000 a year of existing funds. With involuntary unemployment benefit or Income Protection Policy, home buyers are covered even if unexpected life event happened. https://www.aligroup.com.au//better-understanding-the-firs

06.01.2022 Small & Medium Enterprises (SME's) Business loans don't all necessary have to have property as a security. Business owner can use the assests in their balance sheet as security instead of property.... Assets include plants, equipment, and receivables. https://m.brokernews.com.au//smes-fed-up-with-providing-pr

05.01.2022 What To Expect For First Home Buyers In Post Election 2019? Both major parties have a scheme for first home buyers to own their home sooner with only a 5% deposit rather than the standard 20%. The scheme will be available for only 10,000 first home buyers with a single income of up to $125,000 or couples combined income of up to $200,000 pa.... Both plan to lower the corporate tax rate from 30% to 25%, and an annual tax refund of up to $1,080 for people earning $50,000 to $100,000 pa. Unlike the government, the opposition promises to lower the tax rate for people earning $45,000 or less, and to raise the top tax rate by 2% for those earning $180,000 plus. https://m.brokernews.com.au//federal-election-2019-the-ind

05.01.2022 Banks In Tumult: Bank Executive Accountability Regime (BEAR) 2020 The ongoing turmoils in the bank and finance industry have caused much anxiety and instability for home buyers and credit consumers. More than ever before, they will be likely to continue seeking finance specialist's assistance.... Thus, it is a wonderful opportunity for the trusted finance specialists to guide and assist home buyers and credit consumers. https://m.brokernews.com.au//royal-commission-the-tip-of-t

05.01.2022 What's Financial Hardship Provision in the FHSS (First Home Super Saver) About? Here is a brief excerpt from ATO page that sumises its importance to first home buyers, esp. clause 6 of "Financial Hardship Provision". You may still be eligible even if you have previously owned property in Australia, if we determine that you have suffered a financial hardship that resulted in a loss of ownership of all property interests. The types of events that could result in the loss of pro...perty interests include: 1. bankruptcy 2. divorce, separation from a de-facto partner, or a relationship breakdown 3. loss of employment 4. illness 5. being affected by a natural disaster 6. being eligible for early access to superannuation. If you want to be considered under the financial hardship provision you can apply from 1 July 2018 by completing a First home super saver scheme - hardship application form. Important note: You should apply before you start saving, so that we can determine if the hardship provision applies to you. You must provide evidence with your application that demonstrates the link between the loss of your property and your hardship event. If we accept that you have suffered a financial hardship, you must also meet the following at the time you lodge your First home super saver scheme - hardship application form: 1. You must not have acquired a subsequent interest in real property in Australia since you lost the property as a result of financial hardship. 2. You must be over 18 years of age. 3. You must not have previously requested a release of FHSS amounts. Next step: First home super saver scheme hardship application form. https://www.ato.gov.au//First-home-super-saver-scheme-har/ How you can save in super? You can start saving by entering into a salary sacrifice arrangement with your employer to make voluntary contributions or by making voluntary personal super contributions. You can contribute into any super fund, although contributions made to a defined benefit interest or a constitutionally protected fund will not be eligible to be released under the FHSS scheme. It is also possible to contribute into more than one fund. Note: Some employers may not offer salary sacrifice arrangements to their employees.

05.01.2022 Thinking of purchasing assets for your business? The instant asset write-off threshold has been increased to $30,000 and extended to 30 Jun 2020. If you purchase an asset (new or second hand) costing less than $30,000 and it is used or installed ready for use from 7:30pm AEDT on 2 Apr 2019, you can claim a deduction for the business portion.... Different thresholds apply for assets purchased before that date: - from 29 Jan 2019 until before 7.30pm AEDT on 2 Apr 2019, the threshold is $25,000 - before 29 Jan 2019, the threshold is $20,000. You may purchase and claim a deduction for multiple assets provided each asset is under the relevant threshold. Assets that cost $30,000 each or more can't be immediately deducted. You can continue to deduct them over time using the small business pool. The instant asset write-off is also expanded to include businesses with a turnover of $10 mil to $50 mil. per annual. Your registered tax agents can help. https://www.ato.gov.au///$30,000-instant-asset-write-off/

04.01.2022 Two Basic Reforms That Can Really Help Home Buyers! The Australian Prudential Regulation Authority's (APRA's) still too prideful and stubborn to admit it has stuffed up new home buyers. Currently there are two basic reforms that will finally attempt to address the primary reasons why rents are high, and many ordinary Australians are being forced out of the housing markets simply because they could not get a home loan to buy their own home.... 1. To be chopped, APRA's imposition on the banks and credit unions using the higher of either a 2% buffer above the mortgage rate or a minimum interest rate floor of at least 7% to determine whether the home buyer can meet their loan obligations. 2. APRA's restrictive regime known as "differential pricing" or lending policy targetting against the ordinary investors or the so-called "mum and dad investors" is now also up for the chop as it is all but totally discredited in spite of being the pet project of all Australian Fake News. This is clearly a case of who's policing the proverbial police: the housing markets should not rely on the high number of foreign Indian workers or be dependent on the high intakes of Arab immigrants either. As the massive and positive climate change protests against the foreign Indian investors, in particular Adani and other poluters that are effecting the quality of everyone's life the Fake News ignore, the issue of housing affordability also goes deep into the question of basic human rights APRA denies! https://m.brokernews.com.au//apra-considers-new-serviceabi

03.01.2022 2018 Large Insurance Company Of The Year Nothing endorses a company or a business more than its Industry's Awards. And Allianz Australia Insurance seems to have got it right three years in a row. Winning this award three years in a row and eight out of the past 11 years shows us that were on the right track in our drive to innovate our business by investing in our people and our service. Said Richard Feledy, MD of Allianz Australia.... https://www.refer.allianz.com.au/news-20180831-Allianz+wins

03.01.2022 Will New Home Owners Have A Buyer's Remorse? According to Corelogic, home values in Melbourne over the last decade have increased by 74.7 per cent. Over 20 years, theyre up by a staggering 295.4 per cent. Similarly in Sydney, they have increased by 81.4 percent over the last decade, and by 220.1 percent over the past 20 years.... Nationally, house prices have risen 44.8 per cent over the last decade, and 209.9 per cent over the past 20 years. Unlike in 2008, the present downturn in home values is due to APRA's requirements and strict rules, and not the economy which is still good. To simply put it, Theres little point worrying about what will happen to prices short term if youre intending to live in a property long term. Same goes for long-term investors." Head of Home Loans, ME Bank, Andrew Bartolo said.

03.01.2022 Cash Back Gift of Two Month Premiums in the Bank. Between 1 Oct 31 Dec 2019, ALI Group will give back two months worth of premiums on their first anniversary of an ALI Loan Protection Plan. This is in an addition to the one first month free on their loan protection policy that is taken out through a finance specialist.

03.01.2022 Bank Executive Accountability Responsibles (BEAR) or Best Interest Duty (BID)?? Last year talks of the bank executive accountability responsibilities, or best interest duty (BID) to be put on the bank executives for customer's interests. Now the govt has announced it will come into effect from 1 July 2020 without any debates.... The finance industry was optimistic about its benefits to the customers. But not everyone believes the usual and old liberal nationals to have any genuine interests for the ordinary people and home buyers. Strange, how everything with this lowly and cunning party sucks and bites you in the end! It increases the powers of the big Banks and lenders given more opportunities for them to rethink any bank approvals for an alleged "best interest" according to the customer's misfortunes in life events. Now the Banks and lenders can withdraw any home loan approval at the most inconvenient and unfortunate time in your life, ie. loss of income, accident and illness. Thus, the home buyers will be doubly cursed by this regime's new law working against them for they will find themselves without a bank approval for the new home, and the loss of their hard earned money put toward a home loan deposit. There may be mitigations, eg. plan to meet loan obligations. However, it will be an uphill battle to say the least. The new home buyers will lose and acquire more legal expenses and debts. Thanks but no thanks to the clever bastards in smog burried Canbera!

03.01.2022 In the extraordinary situation, the demand for financial aervices from finance specialists has increased... 54% of the 46% customers and investors. https://www.brokernews.com.au//homebuyers-losing-confidenc

01.01.2022 2020 ZOOM CONFERENCE What an amazingly simple, easy and user friendly ZOOM experience for business, lender product updates, and so forth. Imagine the most busy, hectic, and jam packed day and less than 5 minutes to conference, it was still as simple as 1, 2, 3 by downloading, opening ZOOM, and logging on with username and password from invite just a day before.... You're now set to showcase your business goals, knowlege and intellect with the best of them. It was really an unexpected pleasure as a fresh breeze lol