Commissioner Kenneth Hayne has delivered recommendations from the royal commission into financial misconduct that could see consumers forced to pay upfront mortgage broker fees. The recommendations for the radical shake-up to the broking industry was not unexpected, in early 2017 The Australian Securities & Investments Commission (ASIC) conducted a “Review of mortgage broker remuneration”.READ MORE HERE These are the occasions when a peak body association has to advocate practical solutions that find a balance between its member’s interests and consumer expectations. The...
Setts+ Hub process;To ensure that your funds are disbursed in accordance with your instructions we require your Bank Account to undergo a verification service to ensure that we have your correct Bank Account. Please complete the following process to register: Please login to https://www.settshub.com.au using your credentials and select from the left hand side of the panel Bank Verification and then select Verify Account. You will be required to enter your nominated BSB, Account number. You will receive on your...
AICWA has contacted DMRIS to obtain additional information on the recent changes (Jan 1st, 2019) so as to understand requirements for landlords, buyers and sellers.DMIRs previously advised that: The 2018 edition of AS/NZS 3000:2018, Electrical Installations (known as the Wiring Rules) is now available. The new standard has been developed by Standards Australia in collaboration with industry and government. Previously in residences, all final sub-circuits supplying socket outlets and lights had to be protected with 30mA RCDs. In future, all final sub-circuits in residential...
Foreign Buyer DutyNavigating the expectations of buyers in understanding their requirement to remit foreign buyer duty is inevitable. The declaration must be made by the buyer and it is strongly advised that you do not assist buyers in making any determination on their behalf where there is any doubt. Foreign individuals are classified as an individual who is not an Australian citizen, or does not hold a permanent or special category visa. In other words, if you are either (i) Australian citizen;...
On 1 January 2019, foreign transfer duty and foreign landholder duty came into effect by amending the Duties Act 2008. The additional 7% duty applies to acquisitions of residential property where the buyer or transferee are foreign persons, including foreign companies and trusts.What does this mean to you? Every buyer or transferee that acquires or purchases land in Western Australia is now required to complete and lodge a Foreign Transfer Duty Declaration Form within two months of executing the dutiable transaction.If you represent a...
Regulated products and services From 1 July 2018, Landgate’s regulated fees are due to increase approximately 1.5 per cent,in line with the average forecast rate of the Consumer Price Index (CPI). The proposed fees are available on our website. Please be aware these are subject toapproval from the Governor in Executive Council and publishing in the Government Gazette. The final fee schedule will be on Landgate’s website as soon as this approval is received. Commercial (non-regulated) products and services From 1...
