Blog - Page 4 of 16 - Pearl Financial
Nov 11

Government Urged To Take Action For Elderly Financial Abuse

By Shane | News

The ABA (Australian Banking Association) is calling on governments across Australia to establish new laws to protect people from Elder Financial Abuse, as new research shows that 87% of Australians believe that they can do more at a government level to eradicate this form of abuse.

The ABA launched a campaign to Stop Elder Financial Abuse with the support of Bauer Media to fight against elder financial abuse with a new campaign reporting that 57% of Australians are concerned that someone they know will be the victim of Elder Financial Abuse.

The Stop Elder Financial Abuse campaign, which is backed by a petition, calls on governments across the country to take a stand that would protect people and provide support from this kind of abuse as well as establish a National Power of Attorney (POA) register to confirm if POA documents are legitimate and current and assign a safe place to report elder financial abuse.  

According to the ABA, 1 in 10 older Australians experience elder abuse in any given year.

The ABA is now inviting on groups, major organizations, and individuals to take part in addressing this major issue.

There are stories from bank staffs that there have been situations wherein they sometimes attempt to prevent when they see money being drained out from the accounts of the pensioners. They think that something is happening behind those transactions as the money is being used for items that are not in line with the elder’s needs and wants. Their pensions are being used for holiday getaways or expensive jewelry. However, the victim is unwilling or does not take any action to report what is really happening.

Russell Westacott, the CEO of Seniors Rights Service, has expressed his support on the new campaign. He stated that at least 2 to 3 elders every day are a victim of this abuse. Most of them take the blame that they let it happen and are often used by their son, daughter, or grandchild.

The Launching Of Financial Abuse Training For Brokers

The Stop Elder Financial Abuse campaign relies on the work that the ABA has been using to lessen Elder Financial Abuse.  This follows the ABA’s update of their Banking Code of Practice to introduce a higher standard of customer care when dealing with individuals and small-business customers.  

The Broker and Banking industries have agreed on a standard procedure to identify the signs of financial abuse in a co-borrower arrangement. Started on the 1st day of July, those in the mortgage market are obliged to take extra care with clients who may be vulnerable. It includes age-related impairment, cognitive impairment, elder abuse, family or domestic violence, financial abuse, mental illness, serious illness, and any other personal or financial situation causing significant disadvantage.

While disability, dependence on others, and dementia can represent vulnerability for older people, it is the combination of other factors, such as poor-quality relationships or low social support, that can increase the risk of Elder Financial Abuse.

Aug 07

RBA Have Made Their August Cash Rate Announcement

By Shane | News

The RBA (Reserve Bank of Australia) has announced their August cash rate. The central bank has kept its Cash Rate on hold its record low of 1.0% as they wait for the effect of the rate cuts from the previous months (June and July) on the economy that with two 25 basis point cuts totaled to 50 basis points.

The basis point cuts came after almost 3 years without any changes, and it was linked to the weakening of the labor market and for the low inflation rate. Whereas the cash rate hold today was already expected because economists have been predicting to have up to two more cuts before this year ends.

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Jul 24

CBA Have Already Cut Savings Rate

By Shane | News

CBA, Australia’s largest bank has reduced interest rates on its savings accounts by up to 0.25%. It is the last of the four big banks to cut savings rates following the cash rate cut of RBA.

For the CBA NetBank saver account, the new intro rate which covers the first 5 months is 2.05% from the old intro rate of 2.20% which cut the rate to 0.15%, and the rest will have an ongoing rate of 0.15%

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man sliding down a cliff being chased by a ball of debt overhang
Jul 16

What Will Be The Effect Of Household “Debt Overhang” In Australia?

By Shane | News

What Is Debt Overhang?

A Debt Overhang happens in a household when the household spending is significantly greater than the household income. It is up to the point that the household can’t already take on additional debt to finance other expenses. Household debts consist of the debts of all members of a household. It includes consumer debt, mortgage loans, home equity loans, auto loans, student loans, and credit cards.

Debt overhang is certainly a liability. The effect of this is that you can’t buy even the most important things. It serves to prevent current investment since all of your income would all go to your existing household debt leaving you only with just a small incentive that will make it so hard for you to recover from your difficult situation.

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Jul 15

How Will The Last Election Affect Australia’s Property Market?

By Shane | First Home Buyer , Home Loans

Housing in Australia is crucial to the economy’s growth and the welfare of the people. Australia is always a matter of the moment relating to the Property Market.

The housing finance industry had influence significantly the global market in the past decades. It is because of the increase in demand for housing and homeownership. However, in recent years, Australia has experienced a sudden decrease in demand in the property market.

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large home lit up in the early evening.
Jul 11

Types Of Home Loans In Australia

By Shane | Home Loans

There Are Various Home Loan Types to Choose From

It can really be overwhelming for anyone who plans to buy a property, most especially if it is your first time. It is crucial to know all the available loan options before deciding to make a purchase.

As the years go by, the demand for home loans is continuously increasing. So nowadays, there are different types of home loans that are being offered by banks and lenders. These home loans can cater to many people, however, it is required to thoroughly understand the loan options available in accordance with your needs.

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Business owners in apartment discussing property investment while looking at a computer
Jun 08

Four Property Investment Motivations For Business Owners

By Shane | Fundamentals

Entrepreneurs are naturally ambitious and driven people. If you consider yourself an entrepreneur, you might feel like you already have enough on your plate and that you don’t have the time, money or capacity to seek out any investment opportunities. It doesn’t mean that you can’t invest in property. As long as you consider the following four factors, you won’t regret making the decision.

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May 23

First-Home Buyers Have Big Opportunities

By Shane | First Home Buyer

With home prices falling in the Sydney and Melbourne property markets first-home buyers could find some big opportunities, especially if they have their deposits ready now. Throughout this year, most real estate pundits believe property values in the capital cities will stay relatively flat in 2019, even though Domain’s Property Price Forecast(1) has some cities possibly posting modest gains. There’s also less competition for first-home buyers with many would-be investors having left the market after the banks tightened their lending practices and reduced opportunities for short-term capital growth. In this scenario, first-home buyers have an opportunity to buy a property before prices start to rise again.

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