The aim of national credit is includes
To promote and advance the social-economic welfare.
To protect the consumer.
To promote a fair, transparent, competitive, sustainable as well as effective credit market industry.
Option d is correct as the credit and investment Ombudsman describe about an alternative for the resolution disputes, providing an external dispute resolution scheme and more importantly it can only deal with the disputes where the claim is about 500,000 or less.
The uniform Consumer Credit code is replaced by the national credit code in the year 1974.
Under the national credit code how frequently must a credit provider provide a statement for a standard mortgage within or less than 62 days so that it would be provide a statement.
The loan would be both unregulated as well as regulated as it clears the private loan from his business partner.
Unsuitable for a client generally describes the loan taken by the customer that will be determining himself at the repayment of loan.
True as late night in terms of National credit code it would be harassment.
The two main section of privacy act are Section 14 and Section 552a.For the purpose of saving and interest the New National Credit scheme deals from 1st July 2010.
Three areas that have been covered are as
Prohibition of agreements as well as practices that will restrict the free trading.
To ban the abusive behavior by a firm in a dominating market.
To supervise the merger and acquisition of the large corporation that might include some of the Joint Ventures.
The scope of privacy Act includes all the areas so option d is correct.
True as the compliance with the AUSTRAC procedure are mandatory.
The four steps are as
Firstly there is a credit provider as well as lessors that include assigners.
Secondly, there is an assistance provider. For example mortgage and finance brokers.
Thirdly, there is a credit representative that includes some franchisees.
Lastly, there is a debt collector.
Two main indicators of Tax Evasion are as
Concealment of the assets.
There is a large and frequency current transaction.
The government risk and compliance, COSCO and COBIT are based on the risk framework.
The four objective of code of banking practice are
Firstly, to describe the standard of good practice and services.
Secondly, it promotes the disclosure of the information that are been relevant and useful for the customers.
Nextly, it promotes to inform as well as the effective relationship among the banks and customers.
Finally, it require banks to have the procedure for the resolution of the disputes among the banks as well as customers.
FBAA Stands for Finance Brokers Association of Australia. It was established in the year 1992.
The name of document is GHTF i.e. Global Harmonization task force.
This is because of to know the potential and earning power of the client so that at time of payment there would not be any difficulty arise.
False, there is no right to disclose credit history to anyone.
True, as AUSTRAC has the powers to audit a credit providers record.
DSR stands for Demand Signal Repository
AAPR stands for American Association of Retired Persons. This was founded in the year 1958.
The amount under FHOG is upto 20,000.
The purpose of Lender Mortgage Insurance is to protect the borrower in case of loan default that is actually covered under this.
The correct answer is option d as include all the above factors.
True, as the code of banking practice is mandatory requirement for all the credit providers.
False, there is nothing like that.
Clawback of Commission means the employment contracts by the financial firms, by which the money already paid must be paid back under the certain conditions.
In the mid 1960s the deregulation of the Australian banking environment takes place.
A conforming loan is a type of mortgage loan that is equal to or less than the dollar amount established by the confirming loan that set up the limit by the Federal Housing Financial Agency.
Three features of standard variable loan are as
To offset the facilities.
Repayments of the extra loan.
Have the ability to split the loan.
Two disadvantage of fixed interest loan are as
The interest rate is higher than the adjustable rate of loan.
Secondly, the person has to pay off the principal at the slower rate with the adjustable rate of loan.
Two benefits of mortgage offset loan are
It holds the saving interest while the saving are been offset.
It can either benefit from the lower payments or we can say from a shorter term.
Redraw facility is define as a feature of the certain type of loans that allows to the account holder to withdraw the money that have been already contributed in the form of loan payments.
FIRB stands for Foreign Investment Review Board and it is a non statutory body that represents the foreign investment proposal and advises on the national interest implications.
The Five Cs represent The Character, The Capacity, The Capital, The Collateral and finally The Conditions.
This method is been used by deducting the living expenses and the debt repayment from the monthly net of the tax.
It is calculated as Loan Value / Property Value
A. LVR 210,000/350,000 60.
B LVR 425,000/690,000 61.59
C LVR 256,560/700,000 36.65
Net Disposable Income Gross Income Normal Taxation Living Expenses
117,000- 23,459, 30,227
NSI Ratio 63,314/117,000 54.11.
With LMI Traditional credit provider will normally lend a maximum LVR 90 per cent.
The purpose of Household Expenditure measure is to estimate the loan applicants annual living expense in the form of the overall outgoing data that turns the part of the calculation which determine the borrow capacity.
The web site address consumer request a copy of their own credit report is annualcreditreport.com
The three categories provided by them are
TransUnion A conditional approval means the lender has already reviewed the application and also the supporting documentation and it agrees to do the loan on the basis of certain conditions.
Generally Company defines as a voluntary association that can form and organized to carry out the business.
Family trust generally defines as a legal device that is used to avoid probate, to avoid or we can say to delay the taxes as well as to protect assets.
False, because there is no compulsion of registering the business name if the person carrying on a business name.
NPBT stands for Net Profit before Tax. It generally means profit before the tax.
Add back is generally define as the expenses that is add back to the profits of the business for the purpose of expenses and also for improving the profit situation of the company.
On the balance sheet Asset minus Liability is equal to owners equity. As in books of accounts it would be shown as owners equity.
The three Add-Backs are
Earnings before interest and taxes
The first home owner grant introduced on 1st July 2000 to offset the effect of the GST on the home of ownership.
The business ratio Quick Assets provides the analysis the liquidity of a company to show its ability by pay off its current liability with the quick assets.
The stamp duty rebates are available to the amount of Rs. 1.5 lakh per financial year to the first home buyers.
In general terms guarantee is been define as a promise to take the responsibility for the another companys financial obligation in the case that the company cannot meet the obligation.
The representation in the form of letter has to be made possibility for the approval so that it describes the completion of the application.
PAYG stands for Pay as you Go. It generally means as pay as you go.
The role of ASIC in finance and mortgage broking includes the financial services, corporate, integrated markets with the service and the consumer credit regulator.
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