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Your
Identity Theft
Do you
know that there is one key element to your identity? That critical
information is your date of birth (DOB). If you wish to minimise the
chance of an identity thief/hacker being able to fraudulently pass
themselves off as you, please be very careful about providing your
DOB. Your banker, Lawyer, Accountant and Doctor are really the only
people you should give it to, unless you lodge your own tax returns
with the ATO. For anyone else, such as gyms, clubs and online
agencies, please think about slightly altering just one of the
three numbers you provide them, e.g. day, or month or year.
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Fixed
Rate Demand Falls Again
After
hitting a four year low last month, fixed rate demand has fallen
further still.
According to the latest national home loan approval data from
Mortgage Choice, fixed rate home loans accounted for just 13.88% of
all loans written throughout the month of October - down
from 14.41% the month prior.
The last time demand for fixed rate products was this low was back in
June 2011. Fixed rate demand has fallen every month for the last
four months in a row.
We had expected to see a slight lift in demand for fixed rate
products last month, after all of the majors decided to increase the
interest rates on their suite of variable owner occupied and investor
products.
That said, while the majors all raised their rates in October, most
of the higher rates won't come into effect until November 20. When
this happens, we might start to see more property buyers opting for
fixed rate products.
Of the variable rate loans on offer, ongoing discount products once
again proved the most popular with borrowers, with this type of
product making up 52.80% of all loans written in October.
For more information, please contact Mortgage Choice in Robina,
franchise owner, Renee Polden on 07 5562 0748 or email renee.polden@mortgagechoice.com.au.
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Note to
Executors of Wills
In
Official Receiver in Bankruptcy v Schultz and Anor, a beneficiary
of a deceased estate lost their right to receive their inheritance,
which unfortunately vested with the trustee in bankruptcy. When we
are acting for executors, we first ascertain the solvency of all
beneficiaries before we recommend any distribution.
Currently, we recommend to our Will making clients to consider a
Testamentary Discretionary Trust as part of their Will, which can
diminish, and in some cases extinguish , these risks. If you wish
to explore this further, please ring Philip or Amanda at our
office.
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Binding
Nominations can Fail
A
binding nomination for a Self Managed Superannuation Fund (SMSF),
which nominates "the trustee of my estate," can fail to
comply with the trust deed. The court found in Munro v Munro that,
under the deed, the nomination had to be either to dependents of the
deceased, or the personal representative of the estate. The
wording is critical and the circumstances in which binding
nominations are advisable will always depend upon your personal
circumstances and exposure to third party risks. Before considering
making a binding nomination, or if you have any questions about
them , please feel free to make an appointment with Philip, Amanda
or Hannah.
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