Posted: 2017-10-23 00:14
For those interested in the area, a full read of the Austrade publication would be a useful thing. It provides a decent discussion of the IF market (although some of the data seems a little out of date as market growth has been hit by the Dubai problems). The issues identified in it are similar to the ones I identified a while back – the tax and regulatory structures in Australia need to be changed to remove the artificial impediments, find or develop appropriately qualifies Islamic scholars and we need to increase the knowledge base of banking professionals in Australia.
Home and Contents Insurance is issued by Westpac General Insurance Limited ABN 99 558 769 869 (except workers compensation cover where applicable). Westpac Banking Corporation ABN 88 557 957 696 distributes the insurance, but does not guarantee the insurance. This information does not take into account your personal circumstances. Read the Product Disclosure Statement (PDF 66mb) to see if it''s right for you.
Conditions, fees and charges apply. These may change or we may introduce new ones in the future. Full details are available on request. Lending criteria apply to approval of credit products. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement , before deciding. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 88 557 957 696 AFSL and Australian credit licence 788769.
View the Home and Contents Insurance Key Fact Sheets.
Home and Contents Insurance is issued by Westpac General Insurance Limited ABN 99 558 769 869 (except workers compensation cover where applicable). Westpac Banking Corporation ABN 88 557 957 696 distributes the insurance, but does not guarantee the insurance. This information does not take into account your personal circumstances. Read the Product Disclosure Statement (PDF 66MB) to see if this insurance is right for you.
This was set up with the idea that an individual depositor could go to their institution’s website or offices and get a copy and then read it and understand their institution, and their risks, better. The problem here is that the basic format, and target audience, has not been thought through. There are not many depositors in the smaller institutions that would know the meaning of “Risk Weighted Assets”, “Tier One Capital” and the difference between 95 days past due or specifically impaired. Judging by many of the disclosures, not many of the preparers do either.
The recent (very recent) legislative changes in the US health insurance area makes this quite topical – but I have to admit it is not my specialist area. To put it mildly, these changes do not seem to have attracted universal acclaim amongst the health risk community in the US. The posts on it range from the concerned to the condemnatory. The most favourable to a post that was in favour was this one from Louise – but that could hardly be seen as a strong endorsement. Coming from a country that has a reasonable (but by no means perfect) health system I have always found it difficult to understand the US system, but the Australian one is not much easier to understand – but the political arguments are a little less shrill. But only a little.
With Westpac you can lock in your fixed rate for up to 65 days when you apply for your loan (once you have your draw down date sorted). It doesn’t cost any extra to take up, and it means any change in the interest rate during that period won’t affect you. Westpac also offers conditional approvals^ so you''ll have a good idea of what you can afford to spend. A fee may apply to break or change a rate lock agreement.
Interestingly, the Trade Minister, in releasing the document , announced the release of a new product by Westpac – I wonder when Westpac will get around to announcing it. I would not find anything on their website. My guess is that this is just a toe in the water, because if they expected it to be a significant part of their business, they would have to make an ASX release about it. In that, I think they are right. A single specialised product is not going to be big in the context of and institution that size. That said, getting some credibility and experience will be a good thing.
Home Loans - Interest Rates Home loan option Rate Choices Floating
% . Salary credit to a Westpac transaction account required. Choices Everyday Floating % . Choices Offset Floating % . Salary credit to a Westpac transaction account required. Choices Fixed % . for 6 months % . for 6 year % . for 6 year - special* % . for 68 months % . * special rate for 7 years - special* % . for 7 years % . * special rate for 8 years - special* % . for 8 years % . for 9 years % . * special rate for 5 years - special* % . for 5 years Choices Capped ^ % . for 6 year % . for 7 years ^Effective 76 November 7567 Choices Capped will no longer be available as an account option. Existing customers may continue on Choices Capped until the end of their Capped Rate Period.
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Home Loan Base Rates # for Choices Fixed
The base rate for Choices Fixed is the same as the Choices Fixed interest rate disclosed above for the applicable term of your loan as stated in your loan summary. At any time your loan is not on the Annual Fixed Interest Rate, the Annual Floating Interest Rate will apply.
The formula for calculating the Annual Floating Interest Rate is: (the Base Rate x the modifier (if any)) plus the margin (if any).
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There seems to be at least a few people reading, and using, the disclosure statements of the Big Four and Macquarie. This includes Banking Day readers, as the APS 885s for the majors are regularly reported there. However, it has not been noticed, least of all by APRA, that some institutions are not reporting at all, others are missing important data, several are late and most are not disclosing all of the data on a consistent basis.
Westpac''s home loan lending criteria and terms and conditions apply. An establishment charge may apply. A Low Equity Margin may apply. An additional fee or higher interest rate may apply to home loans if the application is accepted but does not meet the standard lending criteria. You can get a copy of the current Disclosure Statement for Westpac New Zealand Limited from any Westpac branch in New Zealand free of charge.
*Special 6, 7, 8 and 5 year fixed rate eligibility criteria: minimum of 75% equity, salary credit to a Westpac transaction account plus one other Westpac NZ product, to be approved or issued prior to drawdown date. These special fixed interest rates cannot be used in conjunction with any other Westpac home loan offers or discount packages, including previously negotiated offers, legal fee contributions or the Westpac Choices Home Loan with Airpoints™. These special fixed interest rates do not apply to loans for business or investment purposes.
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