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McLEAN AND CO.
12 Steps to Save on Your Mortgage
10 Step Strategic Plan
WORKING FOR FAMILIES TAX CREDIT PAYMENTS OVER LABOUR WEEKEND
As banks will be closed on Monday 25 October 2010 the weekly Working for Families Tax Credits (WfFTC) payment due on Tuesday 26 October 2010 will be paid early.
The payment will show in the customer's account on Saturday 23 October. There will be no change to the cut off day; this will remain Thursday 21 October, 6pm.
Customers with an eftpos card or access to internet banking and phone banking will be able to access their payment on Saturday 23 October 2010. All other customers will be able to access their payment on Tuesday 26 October 2010.
The next scheduled weekly payment will be made on Tuesday 2 November 2010.
12 STEPS TO SAVE ON YOUR MORTGAGE
Acknowledgement- this has been copied from an article by Consumers Institute.
1. Make the regular repayments as large as possible
Make Lump-sum Payments
Keep The Repayments High
Take Advantage Of The Competition
Check Your Statements
Keep The Mortgage Alive
Beware Flashy Promises
Borrow As Little As Possible
12. Consider a mix of fixed and floating interest rates
10 STEP STRATEGIC PLAN
A successful strategic plan could be created by using the following steps:
Step One –
Be the best.
The result of a well-developed and executed strategic plan is to develop a competitive advantage. Just what is a competitive advantage? Business lingo aside, it is simply the answer to: What can your company potentially do better than any other company?
Understanding your competitive advantage is critical. It is the reason you are in business. It is what you do best that draws customers to buy your product/service instead of your competitor’s.
Extremely successful companies deliberately make choices to be unique and different in activities that they are really, really good at and they focus all of their energy in these areas. You may decide to incorporate your competitive advantage into your mission and/or vision statements.
Step Two – State yourPurpose.
To write a mission statement, answer the questions: What is our business? What are we trying to accomplish for our customers? What is our company’s reason for existing?
Step Three – Visualize theFuture.
Step Four – TakeStock of your Position
Assess your strengths and weaknesses by answering these questions: What do we do best? What do we not do best? What are our company resources – assets, intellectual property, and people? What are our company capabilities (functions)?
Assess your opportunities and threats by answering these questions: What is happening externally that will affect our company? What are the strengths and weaknesses of each competitor? What are the driving forces behind sales trends? What are important and potentially important markets? What is happening in the world that might affect our company?
Step Five – Profile yourCustomers.
Step Six – Write yourGoals and Objectives.
Step Seven – Assess yourResources.
Step Eight – TakeAction.
Step Nine –
In step six, you wrote goals that were measurable. Put these measurements and targets on a scorecard which acts as an instrument panel guiding your company towards achieving your vision. With the scorecard, you can actively track your progress on a monthly basis.
Step Ten – MakeStrategy a Habit.
Make the plan a living document. It does not have to be perfect or 100 percent complete to start using your strategic plan. A business without a plan is like a car without a steering wheel. A rough draft is better than no plan at all. Put your plan on paper so you can look back on 20
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If you fail to make the payments due under a mortgage on your home, the lender (the "mortgagee") has the right to recoup the loan amount through exercising the powers contained in the mortgage contract. Usually this is done through the power to sell the property.
The mortgagee must, however, fulfil certain strict legal requirements, including serving you (the "mortgagor") with the proper notice. If these requirements aren’t met then you may be able to apply to the court for a remedy.
Before taking action the mortgagee must serve you with a notice under section 92 of the PROPERTY LAW ACT 1952. This notice must adequately inform you of:
The date specified must be at least four weeks from the date on which the notice is given. But if the mortgage contract specifies a period for this that is longer than four weeks, the date specified in the notice cannot be earlier than the end of that longer period.
If you receive a notice from your mortgagee that does not comply with the legal requirements, you may be able to apply to the court for an injunction to prevent the sale going ahead. Further, if the mortgagee exercises the power of sale before the date specified in the notice, you may also be able to apply to the court for a remedy.
The mortgagee has a statutory duty to take reasonable care to obtain the best price reasonably obtainable as at the time of sale. If the mortgagee breaches this duty, you can apply to the court for a remedy.
To satisfy the duty the mortgagee must adequately market the property, which may involve advertising outside the local area, giving notice of the property’s advantages (including the potential for any development), and setting a realistic reserve price based on the property’s valuation.
The mortgagee can exercise the power of sale in one of three ways:
If the mortgagee chooses to exercise its power of sale through the High Court Registrar, it must apply to the Registrar and notify the Registrar of the name and address of the mortgagor and of any other mortgagee. The Registrar must be satisfied that the mortgagee is entitled to exercise its power of sale.
A mortgagee is entitled to buy the mortgaged property only if the sale is conducted through the Registrar.
There is a small degree of protection afforded to you, the mortgagor, through the "redemption price" – this is the price at which you may redeem the land to be sold. At any time before the Registrar’s sale you may pay the redemption price or the amount due and owing under the mortgage; the mortgagee must then release the mortgage.
The redemption price is set by the mortgagee, and must be specified in the mortgagee’s application to the Registrar to conduct the sale. Any advertisement for the mortgagee sale must state that the redemption price is available at the Registrar’s office and can be obtained before the auction.
Each week, national law firm Simpson Grierson answers commercial property questions which can be emailed and headed "property problems". This week's question is answered by senior associate Phil Shannon who can be contacted at firstname.lastname@example.org
Q. I am looking at a number of properties to buy and a couple of them are being sold by way of mortgagee sale. I have never bought a property from a mortgagee but understand from other people that there are some differences in the way the property is sold. I am a cautious investor and do not want to assume too much risk in my contracts. As a buyer, what is the difference between a mortgagee sale and a normal sale of property?
A. As the sale is being undertaken by the owner's bank or finance company there are some potential issues that mean you need to take more care than you would in a normal property transaction.
A lender owes certain duties to the home owner when exercising its power of sale. There is a general duty to obtain the best price reasonably obtainable at the time of the sale. This includes advertising the property correctly and undertaking adequate marketing. However, although this duty of care is owed to the owner, the protections available to a buyer in a mortgagee sale are more limited.
When buying a property in a mortgagee sale, you should check whether the agreement for sale and purchase is conditional on the mortgagor failing to repay his or her debt by a certain date. Even in an "unconditional" agreement for sale and purchase, there may be a clause allowing the mortgagee to cancel the agreement if the mortgagor discharges the debt, or brings a legal action to stop the sale from going ahead. This means in some cases you will not be certain that the sale will go ahead until the actual settlement date.
It is also important to check who the agreement for sale and purchase is with. From the time the lender gains the right to exercise its power of sale, the owner is not able to sell the property without the lender's consent. It is therefore unwise to enter into an agreement for sale and purchase with an owner without checking that the bank has consented.
An agreement for sale and purchase in a mortgagee sale is usually different from the standard contract that you have seen in your other property deals. The lender will require removal of some of the more common contractual provisions.
As the lender wishes to dispose of the property as soon as possible, it may be unwilling to negotiate the terms of the agreement, or allow the purchaser to make it conditional. It may be difficult to make the agreement subject to finance or a builder's report, which means that you need to arrange finance and be satisfied as to the condition of the property before entering into the agreement.
Another potential pitfall is that a lender's agreement for sale and purchase will not usually guarantee vacant possession. You should find out whether the mortgagor is still occupying the property, or whether there are existing tenants. If this is the case, it may become your responsibility to make the previous occupiers vacate the property after settlement.
Furthermore, there is usually no vendor's guarantee for the condition of the property, including compliance with the building code.
If you are able to inspect the property before the sale, it will not necessarily be in the same condition on the settlement date.
The owner has the right to remove any chattels that would usually be included in a sale and purchase agreement.
You as the purchaser must bear the risks for any defects or damage to the property, so it may be a good idea to adjust your offer to take this into account.
You should also insure the property as soon as the agreement for sale and purchase is signed, so that you are not out of pocket in the event of damage to the property.
Given the numerous potential issues associated with buying a property at a mortgagee sale, it is important to do your homework before signing an agreement for sale and purchase.
Find out as much as you can about the property, read the agreement carefully, and discuss the proposed purchase with your solicitor.
The information contained in Commercial Property is intended to provide general information in summary form current at the time of printing. The contents do not constitute legal advice and should not be relied on as such. Specialist advice should be sought in particular matters.