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SMEs in financial trouble urged to seek a helping hand early

Small business owners experiencing financial difficulties are often leaving it too late to seek help from a trusted adviser before going bust. That’s one of the key factors contributing to small business insolvencies being explored by the Australian Small Business and Family Enterprise Ombudsman’s Insolvency Practices Inquiry. Ombudsman Kate Carnell says it’s vital for small…

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Greater protections for borrowers under new debt collection guidelines

Borrowers struggling to stay afloat will be offered greater protection from debt collection agencies under new guidelines being applied by Australian banks. As recently reported by the ABC, debt collectors can legally sue to recover debts as little as $5,000, with one debt collection agency suing hundreds of people for bankruptcy to recover debts. “Consumer…

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Predatory payday lenders debt-trapping vulnerable Aussies: report

Predatory payday lenders are profiting from vulnerable Australians and trapping them in spiralling debt, according to a collaborative report by 20 consumer advocacy bodies. The report, The Debt Trap: How payday lending is costing Australians, projects that by the end of the year there will be $1.7 billion worth of payday loans lent out in…

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Govt moves to free-up lending for SMEs

SMEs are set to have better access to finance, with the Australian government making two key moves this month to free-up lending to small business operators. Firstly, Treasurer Josh Frydenberg says he will instruct the corporate watchdog ASIC to tell banks to waive responsible lending standards for small businesses. Mr Frydenberg says while small businesses…

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6 tips to prepare your property for valuation

Looking to refinance your home loan? A valuation is a vital part of the process. So today we’ll look at some ways you can help get your home in tip-top shape. When you refinance to try and get a better deal on your home loan, the lender you’re applying with will arrange a valuation to…

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Caps for new first home buyer scheme revealed

The property price caps in each state have been revealed for the federal government’s new first home buyer scheme. Read on to find out the maximum value of a property you can purchase under the scheme. Imagine buying your first home with a 5% deposit and not having to pay lenders mortgage insurance (LMI). Sounds…

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Are you a spender or a saver?

Are you paid weekly, fortnightly or monthly? New research indicates that how often you’re paid has a pretty big bearing on whether you’re a saver or a spender. The research, conducted by small business platform Xero, shows that Aussies who receive their salaries weekly are more likely to splash their hard-earned cash than those who…

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Crunch time: tax debts can now be reported by ATO to credit agencies

Got a large, overdue tax debt with the Australian Tax Office (ATO)? Then best listen up, because certain tax debt information can now be reported to credit reporting bureaus (CRBs). A new Australian law means the ATO will be able to disclose the tax debt information of a business to CRBs when certain criteria are…

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Frustrating bank habit triggers probe into home loan pricing

You know that infuriating habit the big banks have of failing to pass on the RBA’s cash rate cuts in full? Well, it’s finally triggered the federal government to order an inquiry into home loan pricing. The inquiry, which is being conducted by the Australian Competition and Consumer Commission (ACCC), comes just weeks after the…

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SMEs need more support from lenders to grow: RBA

The ‘pendulum may have swung a bit too far’ when it comes to the tight lending standards currently imposed on small businesses, says the Reserve Bank of Australia (RBA). Since the RBA cut the official cash rate to a new record low of 0.75% on Tuesday, most of the attention has been on whether the…

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