Cristina Liddle - Home & Investor Loans

10/02/2021

Something important to consider!

February 10, 2020

What happens to your Super when you die?

Most people are familiar with the idea of leaving the house, the boat or the stamp collection to someone in (or sometimes outside of) their family through their Will. But what about superannuation – what happens when you die and how can you make sure that your superannuation balance is distributed how you intend?

Your estate
The assets that you own form your estate and are distributed according to your Will. You can choose to give your assets to anyone. If you don't have a valid Will, your assets are distributed according to legislation.
Your assets are property you own personally like bank accounts, shares, managed funds, real estate and lifestyle assets (such as cars and boats). Assets held by companies or in trusts do not form part of your estate.

Your super
Although superannuation is held in your name it's not yours – the super fund trustees hold it in trust for your benefit. If you die, superannuation legislation requires them to pay the money to your dependants. This means to your spouse, your children, someone who is financially dependent on you or someone living in an interdependent relationship with you.
The aim of this legislation is to enable the trustees to pay out the super quickly on the production of a death certificate. In most cases, this is quicker than finalising your estate. Sadly, in some cases, family disputes mean that even a superannuation payment can be delayed.

What can you do?
It is important to know that the super fund trustees should consider the intentions of your Will in making a decision, so make sure you have one and that it is up-to-date. You might also be able to instruct the trustee directly of what you want to happen, under a "binding nomination" or similar facility.
It is also worth thinking about telling your beneficiaries what you intend, as this will give them the chance to prepare for the outcome rather than be surprised at a difficult time. And, as always, seek advice on a tailored plan for your personal circumstances.

John Vaitsas P (07) 3012 9634
E [email protected]
A Level 22, 127 Creek Street, Brisbane QLD 4000

04/02/2021

First home loan deposit scheme update

What is the First Home Loan Deposit Scheme (FHLDS) New Home Guarantee (NHG)

The New Home Guarantee (NHG) is a new initiative by the Australian Government to expand the FHLDS to support first home buyers purchase new homes.

The NHG provides an additional 10,000 FHLDS places for the FY20/21 financial year. CommBank and NAB have been allocated half (up to 5,000) of the new guarantees between them.

The additional places will provide a guarantee for customers to build a new dwelling or purchase a newly built dwelling with a deposit of between 5 and 20 per cent of the property's value.

Eligible customers can use the NHG guarantee in conjunction with other government programs, however it cannot be used in conjunction with a regular FHLDS guarantee.

The New Home Guarantee cannot be used in conjunction with HomeBuilder where the HomeBuilder funds are required to complete the build.

Initial Eligibility Requirements for FHLDS and NHG

· Australian citizens who are at least 18 years of age. Permanent residents are not eligible. Note: Both applicants must be Australian Citizens in joint applications and confirmation of Citizenship is required before submitting your application.

o If born In Australia: Customer must provide an Australian Birth Certificate issued by Births Deaths and Marriages or their current Australian Passport

o If born Overseas: Customer must provide their current Australian Passport or Australian Citizenship Certificate

· Singles with a taxable income of up to $125,000 per annum and couples with a combined taxable income in the preceding financial year of up to $200,000 per annum. Incomes will be assessed on the previous financial year's Notice of Assessment (NOA).

o Couples are only eligible for the Scheme if they are married or in a de-facto relationship. Other persons buying together, including siblings, parent / child or friends, are not eligible for the FHLDS. A de-facto relationship is defined as:

o Not legally married to each other; and

o Not related by family; and

o Have a relationship as a couple living together on a genuine domestic basis.

· Customers must have a deposit of between 5% and 20% of the property's value. For land and construction applications, the minimum deposit required is 5% of the as-if complete valuation. For purchases of established or off-the-plan dwellings, the minimum deposit is 5% of the property purchase price. However, where a higher valuation is accepted for assessment, 5% of the valuation will be required as a deposit.

· Applicants must intend to move into and live in the property as their principal place of residence (i.e. they must be owner occupiers) within 6 months of settlement taking place. Note: Active Australian Defence Force member applicants are not required to occupy the property after entering into the loan if they cannot meet this requirement because of their duties and:

o at the date of the loan agreement, the customer intended to live in the property

o If a customer applies as a single under the scheme but has a spouse or de facto partner who is in the ADF, the requirement for the property to remain owner occupied will not be exempted.

o If a spousal or de facto couple apply where only one applicant is in the ADF, the exemption will still apply.

· Applicants must be first home buyers who have not previously owned or had an interest in a residential property either separately or jointly with someone else.

02/02/2021

Latest RBA Announcement!

Today the RBA met for the first time in 2021 and have decided to leave the cash rate unchanged at 0.10%.

Our central bank will have been encouraged by recent better than expected unemployment and CPI numbers. It will also be keeping a close eye on rising house prices, lending growth, the continued impact of COVID-19 on our major trading partners, the Australian dollar and its effect on exporters and the looming reduction to government support packages.

Rates are at a record low and lenders continue to offer very competitive rates. An RFS broker can answer your questions and look at your circumstances to make sure you’re prepared for what could be coming next. This could mean refinancing or approaching your lender for a better rate. Because an RFS broker does this type of work every day, they have a pretty good idea what lenders can do to win or keep your business.

31/12/2020

Goodbye 2020, and here's to 2021!!!
Wishing you all the very best for the new year and hope you've all had a wonderful Christmas.
Much love to you all, Cristina

07/07/2020

Breaking News - RBA Cash Update for July 2020

The RBA has announced that the cash rate will remain unchanged for July with the rate remaining at 0.25%. The RBA is mindful of rising concerns around unemployment post-JobKeeper, falls in housing and home loan approvals, decreasing property values and decreasing credit growth. The RBA maintains the...

03/07/2020

Happy Friday!!!
The RFS Finance email server is being migrated to a new and updated system, so I am not receiving any emails until this has been completed. Please bear with me as there will be a delay in getting back to you.
Thanks for your patience 😊

01/07/2020

2019/2020 you were good but here's to "2020/2021"!!!

05/06/2020

Happy Friday!
There's some awesome grants available to First Home Owners and new Home Builds! Give me a call to see if you are eligible!
Here's some extra info:- Building a home for your family is an exciting time. So don’t let your mortgage get you down! We can help you find suitable home loan options. Check out our article on buying off the plan.
https://cliddlerfsfinance.smartonline.com.au/home-loans/building-a-new-home/

04/06/2020

Breaking News! Check this out:- The Government has just announced another grant to assist First Home Buyers and those already with their Own Home. In short:
HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations.

Give us a call if you'd like to know more or see if you're eligible!

HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations. You will...

02/06/2020

UPDATE:- The cash rate decision for June has been announced by the RBA with the rate unchanged at 0.25%.

The cash rate decision for June has been announced by the RBA with the rate unchanged at 0.25%. The Bank withstood calls for further reductions, with some commentators suggesting negative interest rates remain a future possibility. Whilst the RBA will be mindful of concerns around the rising value o...

28/05/2020

Paying it forward today and supporting an awesome business who supports RFS too!!!
Go and see Pete the butcher superstar at Summerville Quality Meats. I guarantee you the service is 110% and of course best quality meat!!! Can't wait to tuck into my crumbed lamb cutlets tonight, omg delicious!!!!!