Changes to responsible lending put forward in the federal budget have drawn cries of celebration from lenders and condemnation from consumer advocates. The proposed reforms would make it easier for everyday Australians to access credit – including home loans, credit cards and business loans – by rolling back rules that require banks to conduct meticulous checks of people’s expenses before administering a loan. But with approvals for new home loans soaring and cash-strapped Australians contending...
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Mental health has been endemic in the legal profession for some time, and the well-being of practitioners is especially important right now, in the world we live in, with not only pressure from professional working lives but also personal too. It goes without saying that working as a legal professional can be very stressful, with never-ending workloads and emotionally complex challenging cases, and off course, the added stress of a pandemic added to the mix...
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First home buyers continue to surge on volume, with 12,302 first home buyers settling loans in August, equating to the highest monthly figure since October 2009. This is according to the August 2020 Lending to Households and Business figures released today by the Australian Bureau of Statistics Housing Industry Association Chief Economist Tim Reardon said the results are evidence of the short-term stimulus from HomeBuilder emerging in the housing finance data. “This is particularly evident...
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The Real Estate Institute of Australia has cautiously welcomed the Federal Budget, saying it provides an encouraging outlook for all players in the Australian property market, but is contingent on the Government’s forecasts coming to pass. “The Australian Government’s focus on creating employment and generating re-employment through various Budget measures is welcomed by REIA and is good news for tenants, investors, home owners and those wishing to sell,” REIA President Adrian Kelly said. “Economic activity...
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The Reserve Bank of Australia (RBA) has left the cash rate on hold at 0.25 per cent despite the fact many predicted the Board would announce a drop to 0.1 per cent and potentially overshadow the Federal Budget announcement.. Instead, the RBA decided to maintain the current policy settings, including the targets for the cash rate. Westpac predicted last week that they would do so, with plans to drop the rate next month. Today’s statement...
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This article from the UK confirms that ‘referral fees’ are a perennial problem. The problem with referral fees is that they are inevitably illegal secret commissions. This is because estate agents who refer clients to fee-paying conveyancers and lawyers never disclose the fact that the referral is actually a nice little earner. We have even reached the point where apps are being created by large conveyancing businesses and provided to estate agents so that they...
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First-time buyers and younger homeowners are at increasingly high risk of cyber crime. According to Experian, the number of financial applications made by third party fraudsters between January and June was 14% higher when compared with the same time in 2018. Third party fraud occurs when sensitive information is stolen from a person and used without their knowledge and against their wishes. This type of fraud is prominent online with cyber criminals using social engineering...
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It’s an unlikely pairing — an 80-year-old vendor and an online bidding platform that’s at the forefront of property sales. But that’s exactly what happened when Mint Real Estate, and founder of Openn Negotiation, Peter Clements met Cyril who was looking to sell the Claremont home his mother had lived in for over 70 years. Selling your home online at the age of 80… what could go wrong? Read the amazing story of Cyril, the...
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OPINION by Tim O’Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au A junior journalist had a couple of questions about my paper “Should you act for both parties?” delivered at the Australian Institute of Conveyancers National Conference. “What’s conveyancing?” he asked. “And what’s the difference between conveyancers and solicitors?” A pre-conference media release had assumed – mistakenly – that everyone knew conveyancing was the contract preparation, professional advice, negotiation, documentation and searches involved when you...
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OPINION by Tim O’Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au The simple answer to the above question is no. But I guess many of us will, from time to time, act for both parties in conveyancing transactions. And, frankly, many of us will continue to do so until the governments in our various states and territories legislate against this practice to properly protect conveyancing consumers. Our professional and industry bodies may skirt around the...
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