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How to Hire a Car in Australia | What You Need to Know

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If you plan to visit Australia, you need to know that a car will be essential for easy transport. How much time you will be spending in the country also matters when it comes to your mode of transportation. If you are staying for weeks, hiring a car will do you good, but if you plan to stay for months or even years, purchasing a car will be economical. Australia is considered one of the countries where people are allowed to drive at a young age. At 14, you can drive under your parent’s supervision. Most states will offer you a driver’s license at the age of 17. These qualifications, however, change when it comes to hiring a car in Australia. Here is what you need to know

1. You must be 21 or older

Car hiring companies will only allow you to hire a car if you have attained 21. If you are an Australian citizen, this means that your license will be three years old. If you are a visitor, you should have an open license that has been operational for at least one year. additional charges are given to people below the age of 25 and above the age of 75.

2. A car hire insurance is mandatory

If you are planning to travel to Sydney and need car hire for special events, you need to understand that an excess cover is necessary. This insurance will cover you against damage to the car and other properties.

3. You pick the car when it’s a full tank, and it’s expected to return that way

Whether you pick the hired car at the airport or a designated point, the hiring company will bring the car when it is fully fueled. It is expected of you that it is as it was when you received it on the day of returning. If you are coming from overseas, it will be better to book a classic car hire in Sydney online.

4. You need to stay in contact with the hiring company the whole time

When you hire a car, the hiring company has the right to know where you are taking their car and what you are doing with it. For example, it is prohibited to take a rented vehicle into ferries. That is why you need to have GPS either on the car or your mobile phone.

5. Adhere to the road rules

Australian roads are well taken care of, and any mistake you make on the road will warrant infringement notices sent to the hiring company. Be assured that this will cost you a lot. Here are some basic rules you should never forget.

  • Keep left when driving.
  • Don’t make left turns on any red signals.
  • Drunk driving is a crime. If you exceed the 0.5% limit, then you are on the wrong side of the law.
  • Seat belts on all seats are compulsory.
  • Never use your mobile phone when driving.
  • Pay your fines before leaving the country. Failure might lead to the refusal of car hires or the cancellation of your visa to the country.

10 Tips to Find the Best Massage Therapist in Australia

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The whole process of massage will be determined by the skill of the massage therapist you chose. Therefore, it is essential to consider some factors before scheduling a session, as this will dictate if the event will be a great one.

1. Ask for referrals

Your family or friend who mostly gets massages can get you information on why they love going for the sessions. In addition, they can provide you with a list of professionals who can attend to you.

2. Reading of reviews

It is always good to go through reviews online and see what others have to say regarding location, surroundings, and the quality of services rendered before settling for a choice.

3. Check availability

The type of meeting, variety of services being provided, and the days convenient for you will help you decide. The schedule for appointment booking and letting your therapist be aware can enable you to get a good spot.

4. Inquire about experience and licenses

Please check on their experience to ensure that you acquire the best services. Some therapy methods also require specialized training; hence, it is always important to ask to get a general idea of your ideal therapist.

5. Attend Pre-massage Consultation

Going for consultations will enable you to make the right choice since a proper analysis is done on you, past medical issues, and what you want to achieve is determined. With this, proper targets will be placed for your program.

6. Determine your need first

The various therapies are tailored for a specific situation and expectation. For example, patting off the upper body or spine stretch is meant for a specific office syndrome. The service will base on the training of the professional on how to conduct the therapy. You can also find a remedial massage in Brisbane Northside is for relaxation.

7.Consider the location

It is essential to look around you first. The distance and your willingness and frequency to travel will make a difference if you create time to fit into your schedule.

8. Communicate with your therapist

Good communication will ensure you get the best experience; hence it is essential to have a genuine conversation with your therapist.

9. Knowing your preference

The service to be provided will be based on your preference in terms of the gender of the therapist and the nature of the atmosphere you like. Some people prefer home-based sessions. You will know your therapist well and how helpful they can be.

10. Inquire about the costs

Ensure that you have asked about the fees of the therapy and if there are discounts. It will enable you to work within your budget. Different modalities vary in rates, and some may have concealed charges.

Final thoughts

With the above tips covered, positive results can be achieved, and there is a need for people to be more driven towards their physical health. A relaxed body can increase productivity and mental stability. Consider paying a visit to your therapist frequently for improved wellness of the body.

Melbourne Spring Racing Carnival Economic Impact

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the cup for racing

Have you heard of the Turnbull Stakes, The Sandown Guineas or the Moonee Valley Cup? These races run during The Melbourne Spring Racing Carnival. It is among the biggest and best events that appear on the sporting calendar. Organised in Melbourne, it occurs during the spring season and attracts many contestants from all over the continent. Besides the race, the carnival brings lots of foods, wine, fashion, and entertainment worldwide. As such, the economy in Melbourne and the cities around blossom during this time of the year. This article explores the economic impact that Melbourne Spring Racing Carnival has on the city and its environs.

It Generates Business Opportunities for the Locals

At the onset of the carnival, you can feel the heat from Melbourne. Local businesses begin to brace up to receive visitors and host them in the best possible way. They will start preparing all categories of cuisines and drinks. The hotel industry also blooms as these visitors find a place to stay during the carnival. Most hotels are usually fully booked by this time, hence making full returns for the owners. It is a beautiful time for the locals to reap massively.

It Boosts the Economy by Far

Festivals such as carnivals attract visitors. Visitors will be spending money while in the city, which boosts the local economy (on-site and the environs). For example, those attending the carnival will spend on admission fees, parking fees, food, beverages, and souvenir sales. If every person spends at least $40 per day, this translates into rich pockets for the locals. Looking at a broader perspective, the visitors will make stops at the local gas stations, restaurants, and souvenir shops. When night time comes, they will be spending time at the hotels within the city, bringing more revenue to the locals. Even the Turnball stakes go up. It is a win-win situation.

It Promotes Tourism in Melbourne

When visitors come to the city for the carnival, they are tourists. They will spend time at the carnival for a few days, bringing more money to the city. If they are not at the festival, they will visit the nearby attractions such as museums, national parks, theme parks, and resorts for some outdoor fun. It is a great time to explore Melbourne. As they move around, they will spend on different things such as food and hotels, contributing to more profits to the locals. It is a touristic event that wins better returns for Melbourne. If one sees great spots in Melbourne, they will tell more people about them, promoting tourism. Even better, they might plan to revisit the city and further explore.

It Brings Pride to the Community

How does it feel when you host visitors in your home? Visitors always come with great things. Hosting the Melbourne Spring Racing Carnival alone is a prestigious title. The greatest thing about it is that it comes with goodies and profits for the locals in business. In preparation for the event, Melbourne’s administrators’ prep the city and venue in order to accommodate the visitors. It is a plus for the residents.

Carnivals are great. The Melbourne Spring Racing Carnival has been happening every year and has brought loads of benefits to both the attendees and contestants. While they focus on the core values of the business, Melbourne rejoices from the huge economic benefits. It is a touristic event that stimulates tourism growth, the growth of the business, and Melbourne’s economy at large.

How to buy stocks in the Australian stock market

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stock market crash with covid and stock picks recovery

The current stock market is in turmoil with a lot of volatility in share prices here in Australia, however there is a growing number of people who think getting in now could be profitable for them in the long term. So how do you get into the stock market ? How do you buy shares to take advantage of the current stock market tumble.

There are two different ways that you can get into the stock market  and buy and sell shares

1. Sign up with bank share trading account that allows you to buy and sells shares

2. Sign up with a stock broker that specifically allows you to buy and sell shares.

There are other ways to buy shares like buying a bunch of blue-chip stocks or buying an ETF (which is also buying a bunch of shares) – but we will come to that later.

Banks as a stock trading buy and sell platform

Most big banks allow you to sign up with them for a stock trading account so that you can buy and sell shares. If you are already signed up with one of them, just enquire with them. Here is a list of banks that facilitate stock trading

1. Commonwealth bank ( Comsec – their share trading platform)

comsec trading australia

2. National Australia Bank ( Nabtrade – their share trading platform)

nabtrade

Below we give you further details about brokerage fees these bank charge and also prices for some popular dedicated share trading platforms.

How much money do I need to start trading the stock market?

Technically, there’s no minimum amount of money needed to start investing in stocks. But you probably need at least $500 — $2,000 to really get started right.

How do I make money in the stock market?

There are many ways to make money in the stock market, however the most simple method to understand this is when you buy a share today that cost you $500 , but its worth tomorrow is $600 and so you sold it – then you just made $100

To break that into much more realistic detail and give you an example

Eg. Say you got $500 to invest

Westpac bank shares are $15 each today, so you bought 32 Westpac shares

32 Westpac shares X $15= $480 + (add $10 bank fees for buying)

Total cost is $490 to buy the shares

Three days later (or six months later), there is a bit of recovery and Westpac share price rises and is $20 each share.

You had bought $32 shares earlier; you sell it today for $20 (that’s a $5 increase in the share price)

32 shares x $20 =$640 – $10 bank fees

You have $630 from your sell

Sell price $630 – Bought price $490 = Your profit $140

The bank does not charge you anything for holding the shares, but charge you for each buy and sell, which bring us to our next point -broker fees.

Now say if that investment was $5000 instead of $500 your profit could be $740 in one trade

How much does it cost me to buy and sell shares?

stocks to check

Every broker and every bank have different set of prices for buying and selling shares. It really comes down to ease of use, broker fees and availability of stocks to trade on each platform. Here is short comparison of some top bank and broker fees

Share trading fees – Banks

Commonwealth Bank – Comsec Fees:

For shares under $1000 in value – $10 each transaction

For trades between $1,000 and $10,000 – $19.95 each transaction

This is called the brokerage fee

Website https://www.commsec.com.au/support/rates-and-fees.html

National Australia Bank – Nabtrade Fees:

Up to and including $5,000 – $14.95 each transaction

From trades between $5,000.01 – $20,000 – $19.95 each transaction

Website https://www.nabtrade.com.au/investor/pricing

Share trading fees – Brokers

Two popular brokers apart from Banks are Self wealth and Ig markets. They both allow trading in Australian stocks as well as international stocks and CFD.

Self-wealth trading fees:

Brokerage fee for every trade, regardless of size – flat $9.50 (Only Australian Shares)

self wealth trading

Website https://www.selfwealth.com.au/online-trading/

 

IG markets Trading fees:

Trading Australian shares – $8 per trade or 0.1% whichever is higher

For US markets – US$10, or 2 cents per share

ig markets australia

Website:https://www.ig.com/au/charges

With IG markets you can do Australian and US stock market trading and also trade in CFD’s for which you have to sign up separately with them.

Other share trading platforms worth mentioning are ANZ share trading, Bell Direct and CMC markets.

Other new low brokerage share trading platforms introduced lately   is superhero, Raiz & Comsec pocket.

Most banks and stock trading brokers provide additional data and tools for company and stock analysis, creating watchlists, setting price alerts, creating specific set price buys and more. Features offered can differ from platform to platform.

With Comsec and Self wealth – All trades are CHESS sponsored

There are two ways for shares to be held:

CHESS Sponsored Shares – Shares that are registered with a stock broker (CommSec or another broker). CHESS Sponsored Shares are allocated a Holder Identification Number (HIN) by the broker.

Issuer Sponsored Shares – Shares that are managed by the issuer of those shares via the issuer’s Share Registry. Issuer Sponsored Shares can be traded through any broker, providing conditions set out by that broker are met. Issuer Sponsored Shares are allocated a Security Reference Number (SRN).

In reality it does not make much difference to your trading profit, if it is chess sponsored or issuer sponsored.

Risky Stock Trading with penny stocks

There is a difference between big companies and small companies (smallcaps) and with small companies come more risk in comparison with blue chip stocks like BHP, Westpac.

Some traders can get lucky and pick a small company stock that can become a winner.

Take for example FMG – Fortescue Metals Group (iron ore miner)

This stock was once trading for between $2 and $3 – Today the price is $10

Say you dropped $5000 when it was $2, so you got 2500 shares of FMG

You sold it when it reached $10 today x 2500 shares=$25,000

You just made $25,000 from $5,000, however this is very rare- though people have gotten lucky with their stock picks and made money.

FMG was once a small cap with lot of debt and considered risky, but now they have paid up their debts and are considered much safer than they were before.

ETF’s

Another popular method of buying into shares right now is called ETF’s . With buying an ETF you have options like buying into a group of shares  where you can also invest by putting money in a regular basis  as low as $50 a month/week. Some providers/brokers also allow you to invest  in ASX 50 or a lumpsum into a group of blue chip stocks.

ETF’s are available through bank trading platforms

Learning how to trade the stock markets is essential, before you decide to have a punt on your hard-earned money.

The stock market can make you money, but it can also take your money and put you at a loss. Doing dummy trading, joining stock trading groups and researching companies for three to six months is a good idea before jumping right in. Good luck!

Article written by Jeff – I blog about stock trading – Check my stock market blog over here

How to Control Emotion While Trading

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stock market crash with covid and stock picks recovery

Most people consider trading as an easy job where you just need to buy and sell and you will get tons of money by which traders buy expensive stuff. Even in Hollywood movies, they show traders like this and people often do not get to know how trading is. Trading ads what you are going to find but when you are surfing the internet is like you just need to click and you will be in profit. But if you also consider trading like this then you are still in a dream. There are lots of variables goes through in traders mind and this profession is not as easy as it looks in ads and movies. Controlling your emotion is the hardest task when you are a trader. In this article, we are going to talk about the ways how you may able to control your emotions.

The ups and down

Think out the first day when you ride on a rollercoaster and how was the feeling that time. We know it was scary so you can consider the trading market like riding a rollercoaster because you do not know when and where the next turn can take. So when you are in the trading industry you must have to be able to deal with losing as well as winning and sometime it may occur within few seconds and this is the hardest part to keep your mind focused no matter how well or worst the situation is. To become a winning trader in Australia, you must need to take this type of pressure very easily and without this, you cannot go far just with the best trading strategy in the world. So your first step of becoming a winning trader has to be mastering your own emotions so that it can’t control your decisions.

Research the market

You are going to invest your money with Saxo markets, so at first, you just need to know the market well enough so that you can make buy and sell decisions very confidently. This will also help you to control your rollercoaster trading life. For example, you may be thinking about investing in a certain company and if you have a clear view about that market then you may buy or sell that companies share confidently as you know everything about that company. So knowing about the market make you more sensible and you can make a more effective trading plan and can act accordingly. People who trade bonds online knows exactly how they should research the market data. So, develop your researching ability.

Follow some successful traders

Here following does not mean coping a successful trader rather than we are trying you to research a few successful traders. How they make their trading decisions, which indicators they prefer, how they manage their risk, and from where they collect financial news. So once you get to know these things it will help you to find your own lacking and you may work on them and which will help you to boost your trading career.

Losing money is natural

You will not find any trader in the world who has a 100% winning rate in trading and so you have to understand that losing money is ok here and it is not a bad thing. You cannot avoid it no matter how good you do your analysis and how good is your knowledge you will lose now and then in this market. But the key thing that you have to do when you are losing is that you need to find out the reason you lose and work on them so that it will not repeat. Keep in mind that even if you are winning 55% of your trades then you are doing just fine and you don’t need to be tensed.

People often get emotional no matter he is earning money or losing money and earning money can make you overconfident and losing money can make your confidence level very low. So you need to control your emotion and don’t let emotion control you.

Enhancing the Body Opens the Door to Profitable Business

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looking good

When it comes to booming business fields in Australia,plastic surgery ranks high on the list. Men and women are flocking to their cosmetic clinics to find ways to improve their appearance. It could be a tummy tuck, a face lift, breast implants, or a nose job. The possibilities are endless as clients try to defy age or change a feature they have never liked.

There is Plenty of Room for Competition

Plastic surgeons don’t have to offer every type of procedure under the sun. While theAustralian Society of Plastic Surgeons offers a comprehensive list of procedures, what a surgeon decides to perform is a matter of choice and education. Surgeons may focus on reconstructive surgery, cosmetic procedures, or non-surgical procedures. Having an area of specialty can give a plastic surgeon an edge. Clients will tend to choose the surgeon who focuses on the procedure they want. If someone wants a breast procedure, whether it is a lift, reduction, or augmentation, they are going to look for a surgeon who is renowned for excellence for their procedure of choice. Plastic surgeons can also be at the other end of the spectrum as they offer every type of procedure that is imaginable.

How Successful are Plastic Surgeons in Australia?

Every year, more people are turning to plastic surgeons in Australia to transform their bodies. Looking at recentstatistics, over 313,000 breast implant procedures were performed in 2018. That number spiked nearly 14,000 from the previous year. Over a million procedures are completed each year. The increased use of social media may play a role in prompting men and women to put themselves in the hands of a plastic surgeon. When they aren’t happy with that selfie, they get professional help to polish their appearance.

Australia is in the Top Ten Countries For Cosmetic Procedures

The numbers don’t lie. With over a billion dollars spent on an annual basis on cosmetic procedures, plastic surgeons are doing well. The majority of clients are choosing liposuction, nose jobs, and breast augmentation as their top picks. However, non-surgical procedures, such as dermal fillers, are increasing in popularity as well. People are drawn to procedures that don’t involve the cost and healing that comes with surgery. They can dabble in dermal fillers to decide if they are happy with the results. If they are, they keep coming back for more every six months to two years. Plastic surgeons can count on a steady income from clients who come in for a touch up on a regular basis.

One Procedure Often Leads to Another

A successful experience with a plastic surgeon often opens the door to future procedures, another reason this field is doing so well. When a person comes in for liposuction that targets one area, there’s a good chance they’ll want to focus on another area in the future. The mother who had a tummy tuck after the baby was born could be back for a breast lift once nursing is over. For those who come in for anti-aging procedures, they’ll never stop getting older. Once they begin having procedures, they’ll be in an endless cycle to try and stay young.

Building a Reputation for Excellence is the Secret to Success

While there are many plastic surgeons in Australia, that does not mean they are all equal. Surgeons need to build a reputation that speaks for itself. Being a member of the Australian Society of Plastic Surgeons is a good place to start. Hiring staff members that meet a high level of expectations is essential. Maintaining a state-of-the-art facility is also a key component. The best plastic surgeons with thriving practices will pay attention to every piece of the puzzle in order to give clients a positive experience.

Look Before You Leap

For anyone who is considering a cosmetic procedure, it’s important to do research first. Choose a reputable practice, such as the Cosmos Clinic in Melbourne. Come in for a consultation to discuss the desired outcome of a procedure or a problem area. A qualified and experienced surgeon will perform an assessment and discuss any health concerns. Potential clients should be given several options, including the least invasive procedures. The procedure of choice should be clearly explained.

There should be no surprises when it comes to costs. If an individual isn’t happy with one surgeon, move on to another. Remember that having a cosmetic procedure is not about getting a bargain. It’s about getting optimal results. If that means paying a higher price, it will be worth it. Look for the practice that has been established, has many positive testimonials, and has a long waiting list. That is the sign of a successful business that is doing right by its clients.

4 Common Relocation Mistakes You Should Avoid At All Costs

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shifting homes

Source:https://www.pexels.com/photo/happy-couple-unpacking-boxes-in-new-home-4247768/

They say you commit mistakes to bridge the gap between inexperience and experience. But moving home isn’t exactly the best time for the hit and trial approach.

In fact, relocation is stressful and exhausting. One rookie mistake down the line can cost you a lot of money and energy. Therefore, these mistakes must be avoided at all costs.

In this post, we will talk about the 4 common relocation mistakes to avoid.

Not Curating A Moving Checklist

Most people underestimate the power of moving a checklist, and therefore, start the process without one. Not only does it lead to disorganisation and chaos, but chances are likely that you may forget one or the other important task that has to be done.

So, sit down. And before you start the planning process, write down everything you have to do pre-move, during the move, and post-move.

Once that list is ready, you can move ahead and start the work.

Making It A DIY Project

Many people assume that relocation is a DIY task. Mostly, because they want to save costs associated with hiring a professional moving company.

The truth is relocation is not a one man’s job. And while it may be tempting to avoid moving costs, things can get out of hand if you don’t know what you are doing. Moreover, if you are moving on your own, you will have to hire moving pods, buy various supplies and accessories, which will ultimately cost you a lot of money and energy. Plus, you may not know the tricks to move heavy furniture like the professionals.

So, it is advised that you hire reliable but cheap removalists in Sunshine Coast. Qualified movers have the knowledge and experience to tackle all kinds of relocations.

Waiting Until The Last Minute To Pack And Also, Being A PackRat

When it comes to packing, waiting last minute can lead to chaos that can further make unpacking much more difficult. So, ensure that you start packing as soon as you finalise the moving date.

Now, we are not asking you to pack everything in a go. Rather, go room by room, and wrap things at ease. Packing in haste is a recipe of disaster. So, take things slow, and label each box properly. You can also consider writing down a list of all the items every box contains.

Moreover, avoid making the mistake of packing all your belongings. You may have collected a lot of clothes, utensils, furniture, accessories over these years, but that doesn’t mean they have to gather a place in your new house too. Moving house is a perfect opportunity to declutter. So instead of being a packrat and moving everything you have, dispose of the things that you no longer need/ use.

Nobody likes to keep broken or useless goods with them. So take out some time and assess the stuff that you can donate/ sell or throw away.

For certain items that take a lot of space in your home but are needed only once a year, consider options of storage in Sunshine Coast.

Not Keeping An Essentials Bag For First Week At The New Place

A common mistake that a lot of people make is packing everything all together and forgetting to set out some essential items. Now, that can cause you extreme inconvenience.

So, make sure you pack an essentials bag with all the things you may need for the first week at your new place. With numerous things to look after, you may not get the time to unpack immediately after the relocation.

A bag with essentials can help you transition better.

TIP – Keep some clothes, toiletries, food items, towels, bedsheets, and medicines.

Final Thoughts

Moving can get stressful and overwhelming if you don’t have a set plan. So, plan everything in advance and avoid these mistakes to move without any hassles.

Hopefully, this was helpful.

Breaking Down Business Insurance: What To Consider

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insurance

Risk is an inherent part of life, and it is an inherent part of doing business. Business owners have different attitudes when it comes to risk management. But virtually all owners know that business insurance is an essential, if not legally required, component of protecting their businesses from financial ruin.

And most business owners will find that a visit to a business insurance broker helps to reduce risks that are unique to their industries. There are multiple types of business insurance. Each protects from a unique set of risks. You have to consider what kind of risks your business is likely to run into. Then, you can invest in the right business insurance to avoid financial ruin in the event that these risks become a reality.

Let’s look at some of the essential things that you need to consider when it comes to business insurance.

Commercial General Liability Insurance

General liability insurance keeps your business safe from some of the most common risks that you will encounter. Indeed, virtually all businesses have the potential to encounter liability claims from staff or customers. These claims can include injuries and property damage. In the case that either of these harms happens to a third-party in your business, you will have to prove that you were not negligent. But even if you are innocent, the legal fees to defend yourself can add up. It is good to have general liability insurance to keep your business going.

Business Interruption Insurance

There is always the potential for your business to be impacted by a disaster, whether this is human-caused or natural. Floods, fires, earthquakes and the like can all create major disruption and impact your normal revenue streams. As a business owner, however, you still need to pay bills and manage costs while disasters are being resolved. Business interruption insurance will help you stay solvent during these periods.

Product Liability Insurance

If your business sells physical or non-physical products, product liability insurance is a must. When you are in this type of business, your customers might find a problem with your products that can be traced to your business itself. Whether the case has merit or not, going to court to defend your business properly is expensive. And your business still needs to be run well throughout a prolonged legal struggle.

Fortunately, product liability insurance keeps your business financially protected in the event of product liability cases, such as products that cause injuries or illnesses to customers. This type of insurance is important to have if you routinely sell physical products.

On the other hand, professional liability insurance is available for those business owners who provide a service rather than physical goods. This type of insurance is slightly different depending on the industry that you are in. However, the general principle is the same. The insurance will protect you from any claims that allege a customer has faced loss because of your actions.

Commercial Property Insurance

Like other types of property insurance, commercial property insurance keeps the physical premises of your business, and all of its equipment inside, protected from loss. This is a must, especially if your business has invested in costly equipment.

Invest In Business Insurance

Consider the points outlined here and start looking into what business insurance is best for your own business. Especially in the context of the coronavirus, it is important to have financial protection in the event of business disruptions. Insurance helps to keep your business safe from the unexpected. So, even though it can be costly, it is essential for any business owner who is thinking about the long-term viability of their business.

Big four banks to dish out refunds into bank accounts before June end

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No one gets money for free, but the refund from Commonwealth bank, Westpac bank, ANZ and National Australia Bank might be hitting your bank account soon.

Forget EOFY tax return refunds from the tax office, this is sweeter as you don’t have to apply for it, its your money getting refunded without any paperwork needed.

If you see this in your commonwealth bank account

Additional interest
refund
Value Date_ 25/06/2020

additional interest refund

The refund posting may look different depending on which bank you bank with.

Fancy a $10,000 refund?

Refunds can be anywhere from couple of thousand dollars to even $10,000 or more depending on how many loans you have with the bank.

Why the refund ?

If you have a refund looking like above in your bank account you could have possibly got a refund related to remediation done on your home loan, refunding you amounts of interest that was wrongly charged by the bank.

This is due to the remediation the banks have been forced to do due to the government enquiry into banks and how they treat and charge their customers.

CBA Refund on home loan interest charges 2020 for COVID19

This is not a refund, but more like a payment  for the interest on interest  you get charged for your deferred home loan repayments. Australia’s largest bank will make payments to home loan customers impacted by coronavirus to offset interest charges. 

When a home loan repayment is deferred for six months, interest is calculated and added to the loan balance each month which can result in customers paying interest on interest each month. Anyone having a home loan could possibly get this refund before end of June this year.

“This means for an average loan of $350,000, CBA will be refunding approximately $45 to offset the effect of interest on interest over the six-month period. Customer payments will vary based on their loan amount and interest rate.” Commonwealth bank representative said.

2020 – Big four’s Banks current relief packages for covid19

The four major banks in March announced they would allow home loan customers to defer mortgage repayments for six months as part of a $100 billion scheme with the Reserve Bank of Australia to alleviate stress on Australian households, as thousands are tipped into unemployment. 

CBA – Following the end of the six-month pause, home loan repayments remain the same as before, with the loan term being extended. CBA will also make a one-time payment to offset the interest on interest being charged to customers over the deferral.

Westpac – Impacted customers are being offered a 3-month pause with the option for a further 3 months after review. Home loan repayments increase after the deferral, but the loan term remains the same.

national australia bank

NAB – Following the repayment holiday, home loan repayments increase, but the loan term remains the same.

Australia New Zealand Bank

ANZ – Customers can choose to keep the loan term the same or extend it by six months, with a review at three months, with both options likely resulting in mortgage repayments increasing after the pause.

Robodebt refund: June 2020

The Federal Government has announced it will refund more than $721 million dollars in wrongly issued Centrelink debts to over 373,000 Australians.

The incorrect debt collections made between the 2015/2016 financial year and November 2019 targeted individuals who had supposedly received more welfare than their income entitled them to.

The debts were automatically calculated by special algorithms without human intervention and became known as rob debts.

How do I get my robo debt refund?

If your eligible, the amount will get credited in your account, so update your details on mygov if not done already.  Government Services Minister Stuart Robert said 190,000 individuals will be repaid starting from July 1.

Royal Banking Commission Australia

Started: 14 December 2017

Ended: 4 February 2019

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, also known as the Banking Royal Commission and the Hayne Royal Commission, was a royal commission established on 14 December 2017 by the Australian government pursuant to the Royal Commissions Act 1902 to inquire into and report on misconduct in the banking, superannuation, and financial services industry.

2018 CBA Junk Insurance Refund

After the royal commission, refunds for 140,000 were said to be issued to CBA customers

Commonwealth Bank will issue $16 million in refunds to 140,000 people who were sold add-on insurance right before the bank’s ‘junk’ products become the subject of royal commission hearings.

“Consumer credit insurance” has been pitched to customers as a safety net that’ll help them meet their credit card or loan repayments if they lose their job, become sick, injured or die. The financial regulator characterises them as not of much value and consumer groups simply describe them as ‘junk’.

Consumer Credit Insurance. Consumer credit insurance (CCI) covers you if something happens to you that affects your ability to meet your credit repayment. You may be offered CCI cover by your lender when it approves your credit (such as a credit card, personal loan or mortgage).

Find more about this here- https://www.choice.com.au/money/insurance/insurance-advice/articles/commonwealth-bank-refund-16m-junk-insurance-royal-commission-080318

2016 -Recent Fee for no service scandal:

The sweeping scandals – tagged by ASIC as “fees for no service” in its landmark report in October 2016 – saw the big banks and AMP targeted for practices dating back years where millions of dollars in fees were creamed off accounts for financial advice never given.

Wealth management and financial advice industries were involved and investigated in the banking royal commission for this scandal.

Commonwealth bank Wealth package refund in 2015

This happened in 2015. If you held a wealth package, you could have got a refund. The Commonwealth Bank of Australia (CBA) was said to refund approximately $80 million to around 216,000 Wealth Package customers as compensation for failing to apply fee waivers, interest concessions and other benefits since 2008.

It equated to an average refund per customer affected of around $370, which includes interest. In this case bank staff had to manually apply many of the discounts available under the Wealth Package, which in some instances did not occur.

2017 – CommInsure refunding – CCP premiums

Commonwealth Bank and insurers QBE and Virginia Surety would repay a total of over $26 million to people who were mis-sold add-on insurance, including consumer credit insurance.

CreditCard Plus (CCP) Insurance protects customers’ credit card repayment obligations in the event of death, terminal illness, disability and involuntary unemployment.

Following a review of their records, they identified that CCP Insurance may have been sold to a number of customers who may not have been eligible for all the benefits when they bought their policy. Therefore, they were refunding the premiums paid by impacted customers.

More details here – https://www.commbank.com.au/insurance/creditcard-plus/faqs.html

2020 Westpac refund for small business – Merchant terminal fee relief

The Merchant terminal fee relief was a part of Westpac’s COVID-19 support package for Australian businesses, for 3 months, starting in April 2020.

All eligible merchant customers would have received their final refund payment and westpac are working to provide you with a GST adjustment note for tax purposes in the coming weeks.

Who is eligible? -Merchant customers with a total card spend of less than $5 million per annum.

More here- https://www.westpac.com.au/help/disaster-relief/coronavirus/business/merchant-terminal-fee-refunds/

2015 – 2019 Nab Refunds

NAB’s refund program was set up in 2015, however only about $300 million has been paid back to customers.  IN 2015  National Australia Bank WAS SAID TOl refund A$25 million ($18.38 million) to around 62,000 wealth management clients who were wrongly compensated.

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2015-releases/15-194mr-nab-wealth-refunds-additional-customers-following-asic-action/

In 2019 Nab was ordered to pay back money to customers for junk insurance given to customers by shoddy financial advice. This came about by the royal banking commission.

It now expects another of its remediation Project Hunt to be finished in October.

ASIC is currently overseeing more than 100 remediation programs expected to pay out more than $2 billion to consumers on top of the almost $1 billion that has already been returned. About $10 billion has been set aside by the industry for remediation programs.

Qantas refund /Airline refund/ Flight Centre Travel agent refund

Qantas and Singapore airlines have many destination flights from Australia and there are thousands of customers still waiting for refunds directly from the airlines or then from flight centre or travel agents.

Airlines have given a mix of “travel credit” “travel vouchers” flights for future and money refunds. Flight centre has attracted court action and being looked into by authorities for delay in them giving refunds to customers.

Those customers who have accepted a travel credit voucher may not be eligible for a refund of money, however those whose flights got cancelled will be able to claim a refund.

Delayed air ticket and hotel accommodation refunds by travel agents and airlines could lead to further legal action being taken by irate customers due to interest charges escalating on credit cards.

Qantas Refunds

https://www.qantas.com/us/en/book-a-trip/flights/compensation-and-refunds-policy.html

Singapore Airline refund

https://www.singaporeair.com/en_UK/us/travel-info/charges-changes/cancellations-refunds/

Flight Centre Refunds

https://www.flightcentre.com.au/support/bookings#my-options

https://www.accc.gov.au/media-release/flight-centre-to-refund-cancellation-fees

The ACCC has received more than 6000 complaints from consumers dissatisfied with travel companies’ refund policies and cancellation fees, with thousands more contacting their local state or territory fair trading agencies seeking assistance resolving individual disputes. 

Qantas is refunding customers for flight cancellations after the ACCC COVID-19 Taskforce raised concerns with the way the airline had handled claims

CRUISE REFUNDS

Cruise Ships Australia

COVID-19 has been called one of the worst things to happen to the cruise industry in decades.

Thousands of cruise customers from big cruise companies like Caribbean Cruise, Princess Cruise, Carnival Cruises and P & O Cruises are awaiting their refunds due to cancellation of cruises all over the world.

Most cruise liners though American owned, operate from overseas tax haven countries and so has been denied by USA for financial bailouts in the COVID19 Crisis times.

Most cruise liners are offering cruise credits to their customers leaving not many options to disgruntled clients.

Princess cruises

https://www.princess.com/news/notices_and_advisories/notices/refunds-and-future-cruise-credits.html

Royal Carribean Cruises

https://www.royalcaribbean.com/faq/questions/booking-cancellation-refund-policy

P&O cruises

https://www.pocruises.com/request

Carnival Cruises

https://help.carnival.com/app/answers/list/search/suggested/1

Reference Websites

Banks:

Westpac Bank – https://www.westpac.com.au/

ANZ Bank – https://www.anz.com.au/

National Australia Bank – https://www.nab.com.au/

Commonwealth Bank – https://www.commbank.com.au/

Government:

ACCC

ASIC – https://asic.gov.au/

ATO – https://www.ato.gov.au/

APRA – https://www.apra.gov.au/

ACCC – https://www.accc.gov.au/

Search Keywords to Article:

Refund from CommBank 2020

Commonwealth bank refund

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When do I get my cruise refund

Ready for a Starter Home? 5 Things you Must Keep in Mind

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start a home and costs involved

Homeownership rates in Australia are touted to reach 64% by 2021.

Undeniably, having a place to call your own is an incredible achievement, regardless of whether you are purchasing a starter home or a forever home.

This achievement is, however, a substantial financial undertaking that calls for preparation, foresight and a lot of diligence.

Are you in the market for your first home? If yes, here are five things to keep in mind.

1. Your Credit Score Will Matter Greatly

Your credit score is among the most significant determinants of what your loan’s terms are going to be.

It’s therefore advisable to know what it is, way in advance. If it’s less than pleasant, you will have some time to try and improve it before you actually make a loan application.

Australia scores individuals on a 0 to 1200 scale, with 500 to 700 considered as average. While you might still get a financier with a below-average score, this will likely be on higher interest terms.

A good score, by and large, gets you a better offer.

2. There Will be Additional Expenses

There are several other chargeable fees over and above the actual cost of the home. Some of these include insurance, repair costs, property taxes, association fees and so on.

You should, therefore, have the budget or income to cover not just these costs, but also to cover emergency costs that might arise.

Think ahead to how you intend to furnish your home and how much house leaves you with enough to do that.

If you’re on a shoestring budget, it’s advisable to start with the basics such as living room furniture, beds and bedding and basic kitchen utensils and appliances. But don’t rush to the shop if your old stuff is still usable.

However, don’t drag dilapidated belongings into your new home. If you live in the capital, and want to throw away your mattress, consider mattress recycling in Canberra instead of sending it to a landfill.

3. A Good Realtor is Key

Each neighbourhood has unique qualities and peculiarities you should be well aware of before making a purchase.

A credible agent will have a firm handle on what these are, as well as an array of properties with different features and a wide range of budgets.

As you shop for an agent, look for one with extensive experience and coverage in the area you are looking to settle in.

4. You Need a Reputable Home Inspector

A home inspection is done to identify any problems with a house that might require repairs or overhauls.

Without a reputable home inspector, you run the risk of missing some of these issues. The last thing you need is an inspector that overlooks problem areas just to help a seller or a realtor to make a sale.

If you are referred to a tried and tested agent, you can ask them to refer an inspector to you. If not, then you’re better off finding and vetting an inspector or an inspection company by yourself.

If you buy a house with major damage, you will find yourself in a pinch months or years after the purchase as repair and labour costs can get quite high.

5. You Need to Protect Your Financial Standing

Your pre-approval will be solely set within the information given at the time you make an application.

Any amendments like a job with a different salary, additional loans or job loss can result in your loan being denied when you begin the purchase process.

As much as possible, try to hold your financial position constant so as not to jeopardize your homeownership dream.

Easy Does It

Finding and buying a house is not a process that should be rushed. When you finally decide to take the steps towards homeownership, allow yourself the gift of time.

This should enable you to shop around for a great house in an enviable neighbourhood and at a good price.

It should also allow you the time to vet agents, inspectors and lenders. Ultimately, you deserve not only the home of your dreams, but you also deserve to get a good deal on the home of your dreams.