Melinda Arko

You might like this.......

This little video sums it up.

 

 

Been missing in action

Hi All

It was great to see that the RPA left interest rates on hold last week. Remember there is always a chance that interest rates will go up again soon so - so stay disciplined with your money!

I have recently moved to Sydney to take on a project for a few months and it is freezing down here compared to Brisbane. My family and I have been comuting to and from Brisbane which is a little hard on us all. Sebi is loving his visits to Sydney though as his weekends are full of fun filled activities like the Zoo and Luna PArk etc.

Stay tuned for my next post.

Mel

Aussie Banks Leave Rates on Hold

The reserve bank of Australia today left interest rates on hold for the second month in a row. The cash rate remains at 4.5%. How long will this really last?Click the link to read the article.

The Countdown is on!

Well there is only 7 days until the Mortgage Industry Regulation kicks in! All Mortgage Brokers will fall under the watchfull eyes of ASIC under the Australian credit license (NCCPA)! I for one welcome this legislation and think it has been long overdue. It will streamline the industry and raise our professional standing in the community!

The question I have is if we have to be licensed under ASIC then why do we need to be a member of the MFAA or the FBBA at a cost of $500 per year what do they really offer us as finance professionals that we do not get from our Aggrigator and other PD events? Financial Planners do not need to be a member of the FPA in order for them to conduct their daily tasks so why do we? Is it just to keep these guys in business or is it the banks who continue to dictate to the world their terms of engagement. The big four are certainly mandating we must be a member of the MFAA or the FBBA! Why aren't the aggrigators stepping in here and asking ASIC the question?

As I said I support legislation 100% it is a good thing for our industry but the MFAA well I don't get it!

ANy other thoughts out there?

Bring on the legislation and new generation mortgage brokers!

Have a great day!

Quote of the week!

Here is my quote of the week!

“Know the true value of time; snatch, seize, and enjoy every moment of it. No idleness, no laziness, no procrastination: never put off till to-morrow what you can do to-day”.
- Lord Chesterfield

The Climb

This song resonated with me today. I actually listened to the lyrics and it got me thinking about the dream killers who tell you all the time that you will never make it - don't listen to them push on and be strong you can and will achieve what ever you desire if you are (as Miley's says) prepared to take the climb!

Australian Banks Under Siege!

What is this all about?

We are all too familiar with the fees that bank charge if we exceed our credit limit or make a late payment. They often cost us between $20 and $60 every time it happens.

These fees that the banks charge are called an “Exception Fee”.  Last year banks declared to the RBA they received $1.2 billion dollars as a result of charging exceptions fees times this by 6 years that potentially is $7.2 billion dollars. WOW!

Financial Redress are launching an assault against banks to recover these costs because they believe the bank can only charge what is a reasonable charge of the actual cost the bank incurred as a result of customers exceeding their limits or paying late. Banks also have technology that can stop this from happening but they do not use it too often.

When they go to court they will seek to recover your fees in full from the last 6 years with accrued interest. A typical consumer claim may be between $1000 and $2000 and a business claim between $3000 and $6000.

Is there a cost?

· It is FREE to join.

· If unsuccessful in court it will cost you nothing.

· If successful, IMF will be entitled to recover its costs and 25% of the compensation received which will come from your refund.

How many claims can I lodge?

· As many as you like even if your accounts are now closed as long as you have been charged an exception fee.

What’s the process?

1.    Register you details on the Financial Redress Website www.financialredress.com.au

2.    An email will be sent to you with the PDS, Case Overview and FAQ’s

3.    Step 2 is the register your accounts

a.    NOTE you do not need to disclose your account numbers. All they need is the bank, type of account and the name on the account – nothing more

4.    Submit your claim

5.    You will receive another email with the “Funders Agreement” and “Solicitor’s Retainer”. You have to sign these agreements to actually be part of the class action. If you agree you will receive a final email notifying you that you are formally part of the class action and it is then over to the solicitors.

The best form of defence is for anyone against future fees is simply PAY ON TIME and DO NOT EXCEED your LIMITS. Budget properly so this just doesn’t happen at all. If you pay on time the banks can’t charge you and early payment fee!

Another Rate Rise is on the cards!

This week the Australian Bureau of Statistics released their Consumer Price Index figures for the March 2010 quarter. The Consumer Price Index measures the level of price inflation and the results showed that over the last 12 months, prices had inflated by 2.9%. When volatile items are removed from the results a 2.9% increase has also been recorded. The Reserve Bank’s target for inflation is between 2% and 3% on an annual basis and given this, inflation of 2.9% is on the high side of their target range and may be cause for concern. Given these results, the likelihood of another interest rate increase when the Reserve Bank Board meets next Tuesday has probably increased due to these figures.

(Source RPData and ABS 30/04/2010)

8 Secrets to Success

Funny Video about Debt

A funny video rgarding debt!