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MFAA Prosper : Mortgage and Finance Brief 05
The Credit Provider is Pepper Finance Corporation Limited ABN 51 094 317 647. Terms, conditions, fees and charges apply and are available on request. All applications for credit are subject to Pepper’s normal credit criteria. Full terms and conditions will be included in our loan offer. The interest rate discount is only available for new Pepper Self-Employed Advantage® Loan applications submitted from 27 September 2010, and is available for a limited time only. The interest rate discount applies for the first 12 months from the settlement date of the eligible loan. The loan must be in existence for three years from the settlement date to avoid recoupment of the benefit received from the interest rate discount. The interest rate discount is current as at 27 September 2010 and can be varied or removed from offer at any time. ^Excludes the refinancing of Private and Solicitor loans. PEP11823/SYN Unlimited debt consolidation Up to 80% LVR with no LMI Refinance of existing loans^ Cash out for stated purpose As well as our great introductory rate, your self-employed customers also enjoy our exceptional low doc loan features: Available for a limited time only. Call 1800 PEPPER (1800 737 737) or visit pepperonline.com.au Refinancing may pay off The Mortgage Choice 2010 Refinancers Survey found that almost two-thirds (66%) locked into a better rate while almost a quarter (23%) saved more than $300 a month. Those most likely to switch lenders were Gen Ys, the company said. Reasons for refinancing included: • 24% - switch to a cheaper loan (combination of lower interest rate and fees/charges) • 11% - consolidate debts • 10% - fund a renovation • 9% - buy an investment property • 8% - access additional funds for other reasons (eg holiday, day to day living) The good news for refinancers was that almost half of the 1028 respondents didn’t pay exit fees. However, about 10% of respondents paid from $5,001 or more and 20% paid from $1,001 to $5,000 in exit fees. Brokers should be alert to how new laws on personal property affect them, warns a leading accountancy firm. New personal property securities legislation commencing 1 May next year will have far reaching implications for almost all businesses in the same way the GST made a splash early this decade. John Vouris, a partner in Business Recovery at Lawler Partners, says the proposed widespread changes require businesses to register their ‘security interests’ over all their assets on a 24 x 7 national online register. The Personal Property Securities Act 2009 establishes a single national law governing security interests over tangible and intangible assets, but excludes real property. Personal property can include tangibles, such as cars, boats, machinery and crops, but also intangibles, such as shares, intellectual property, receivables and contract rights. The legislative reform brings together 70 separate acts and related statutes and registration processes across Australia into one Act, and one national database of security interests operated by the Insolvency and Trustee Service Australia. Australian businesses will have only 10 months to understand the new laws and develop internal processes. Businesses will have 20 business days to register their security interests after creating a security agreement . New personal property laws likely to shock InBrief
Mortgage and Finance Brief 06