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Useful Links

Alan Greenspan, Chair of the Federal Reserve Board, in his February 5, 2002 Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate said:

“An informed borrower is simply less vulnerable to fraud and abuse”.

Never rush or be pressured into making hasty decisions

Never sign on-the-spot contracts

Examine all legally binding documents. Don't listen to the salesperson's version. There is a lot of money at stake - your money

Financial literacy helps borrowers avoid predatory practices

We hope you find these links useful.

h Consumer Credit Administration Amendment (Finance Brokers) Act 2003 (NSW)

The Act requires that finance or mortgage brokers enter into a written Finance Broking Contract with consumers before commencing finance broking. The contract must contain, among other things, full details of the credit required by the consumer, full disclosure of all commissions and other benefits received from lenders, and full disclosure of referral fees, incentives and other benefits paid by the finance broker to third parties for referrals, and vice versa.

h Uniform Consumer Credit Code ("UCCC") (Commonwealth)

The UCCC covers the obligations of credit providers, such as banks, building societies, credit unions, finance companies and businesses to disclose, by law, all relevant information about your arrangement in a written contract. This includes interest rates, fees and charges, and other information, which was often hidden in the past.

The UCCC only covers credit provided to Australian residents and strata corporations that is intended for personal, domestic or household purposes. However, loans for business and investment purposes are not regulated by the UCCC.

h First Home Owners Grant

The Federal Government introduced the First Home Owners Grant on 1 July 2000 to compensate first-home buyers for increases in building and housing costs. It is available to Australians who are buying, or building, their first home, and who have not previously owned a home, either jointly, separately, or with another person. Grant assistance is not means tested, and consists of a one-off $7,000 payment.

Governments conduct random checks and cross-match government data  and have prosecuted many applicants for defrauding the system.

h First Home Plus Scheme

The First Home Plus Scheme is a New South Wales Government initiative and provides exemptions, or concessions, on transfer duty for eligible first-home buyers. This includes vacant land on which you intend to build your first home.

As with the First Home Owners Grant, many have been prosecuted for defrauding the system.

h Office of State Revenue (NSW)

This site includes information on taxes, stamp duties, rebates and concessions relating to the property market, the First Home Owners Grant and First Home Plus Scheme, as well as calculators for calculating tax and stamp duties.

h Understanding Money Pays Off

This Financial Literacy Foundation website was established by the Australian Government to give all Australians the opportunity to better manage their money. It offers useful, general information on investment and money matters.

h FIDO - Financial Tips and Safety Checks

The Australian Securities and Investment Commission is the consumer protection regulator for financial services. It provides valuable information for consumers on topics such as: Managing Your Loans and Mortgage; Protecting Yourself, Your Family and Your Property; and Dealing with Debt.

h NSW Office of Fair Trading

This site offers useful tips on buying and selling real estate and takes complaints about real estate agents and auctioneers.

h The Colourful Language of Money

The ANZ Bank offers this useful online glossary of financial terms.

h Reserve Bank of Australia

Variations to the official cash rate made by the Reserve Bank determine what interest rate you pay for your mortgage. See our chart on monitoring the official cash rate.

h Credit Ombudsman Service Limited

The Credit Ombudsman Service Limited is a consumer complaints resolution scheme approved by the Australian Securities and Investment Commission. It provides consumers with an alternative to legal proceedings for resolving disputes with finance brokers who are members. CLS is a member.

h Banking and Financial Services Ombudsman

The Banking and Financial Services Ombudsman may consider a dispute on behalf of individuals, or small business, if it is about a financial service provided by a member bank or financial institution, or an affiliate, such as a finance broker.

h Property, Stock and Business Agents Act 2002 (NSW)

This act discusses the obligations and boundaries of real estate agents (and auctioneers) at auction and within private treaty sales.

h Insolvency and Trustee Services Australia

All you need to know about bankruptcy, debt agreements and personal insolvency.

h Consumer Credit Legal Centre NSW

The Consumer Credit Legal Centre is a community legal centre that assists consumers of financial services, particularly disadvantage consumers, to assert their rights effectively, and which protects their legitimate interests.

h Mortgage and Finance Association of Australia

This website tells you which brokers have been expelled from this organisation.

h Neil Jenman

A real estate professional of many years experience, Jenman tells it like it is in the property market.

h Archicentre Australia

Archicentre is the building advisory service of the Royal Australian Institute of Architects. It provides fact sheets on structural problems, as well as Kidsafe home safety, bushfire design, and tips on water-wise living and energy-wise living.

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