Welcome to Autumn!
Wow I can’t believe the last couple of months have gone so quick. I certainly have hit the ground running with FHG my new brokerage, working with new accounting firms as well as working with my old clients and helping them get their borrowings sorted.
I think firstly I will give a few lines to the Royal Commission, I know I have spoken with many of you already about what it all means. So very quickly what this means for any of my clients is this… Nothing changes for you…yet…
There has been so much noise around this I know and if you’re like me you’re sick of it. At the end of the day both sides of government have done what they always do and flip flop around the recommendations and what they will or wont do and I truly believe that this will be the state of play until we have had an election and have a new/old government.
I want to make this very clear, I work for YOU. I do not favour any one lender. The lender that gets your loan is the one that is going to do the best job for you based on the situation. I always disclose what I get paid from them and I am always available to you after the loan is drawn to give it a health check, try and get a better rate or look at any scenario’s or questions you might have. It is what I do for you and until I will continue to do this at no charge to you until it is no longer feasible.
At the end of the day what happens to the current system should be driven by the consumer because it you who this affects. There are a few things you can do. Make your opinion known to your local member and perhaps sign the petition https://www.brokerbehindyou.com.au/support-your-industry/
In other news the world of borrowing and lending has not changed greatly. The effects of the comprehensive credit reporting are still being felt. I do strongly urge you all to check your own credit reports via www.equifax.com.au you can also register with them for a small monthly fee to be alerted to any enquiries or changes to your credit file. I think it’s especially important given the implications of fraud and identity theft.
I have listed below some of the things you will see on a credit report I have taken this excerpt from Neil Baker - Complete Credit Repair. If you need assistance or have any questions about what might cause problems with borrowing, I can certainly refer you to someone who can help.
Repayment History Information” (RHI) is being shown on all Credit Reports. It shows details for all finance facilities. This includes mortgages, personal loans and credit cards. It does NOT show RHI for non-finance accounts such as telephone, utilities, rates etc. YET. When a person’s RHI shows very late payment history, it has a very negative effect on their credit report score to the point where, in some instances, no score is given. Sometimes, bad RHI, will be viewed as worse than a default. If a finance facility is due for payment on a given date, there is a grace period of 14 days before the credit report RHI shows it as late. The last 24 months payments is shown as to be either paid inside the 14 days grace period or late on a sliding scale. The following number system is used by placing a number next to each of the 24 months payments. RHI Code Description 0… (zero) The consumer credit is not overdue – current up to, and including, the 14 day Grace Period 1… 15 to 29 days overdue (after the grace period has been applied) 2… 30-59 days overdue 3… 60-89 days overdue 4… 90-119 days overdue 5… 120-149 days overdue 6… 150-179 days overdue X… 180+ days overdue C… Closed…The account is closed, was closed, during that period or was not opened yet during that period. Closed account RHI stays on for 24 months R… Not reported…Repayment data was not yet reported for this period A… Not Associated P… Pending – purchases made with a credit or debit card that are pending (for up to 5 days) but have been deducted from your available funds until the merchant finalises the payment. T…Transferred – a balance transfer of your debt with one lender to another usually to save on interest repayments on a credit card or store card. O…Other
Five sets of info’ is shown for each Finance Facility…1. Date account opened. 2. Credit limit of the account. 3. Type of credit 4. Date account closed. 5. Repayment history information (RHI).
I hope that this newsletter finds all of you and your families well and happy.
I am always here if you want me to review anything or have a chat.
Justin Cornock 0412 008 048
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