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New rules for uncollected goods from 1 July 2020

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New rules for uncollected goods from 1 July 2020

Since 1 July 2020, new rules have applied to manage uncollected goods that are left behind or abandoned by their owner. The new rules aim to make it easier to return goods to their owners, or to lawfully sell or dispose of them if needed.

The new rules provide a lawful process to sell or dispose of goods left behind in boarding houses, community schemes and neighbourhood schemes. Previously, there was no process to sell or dispose of these goods.

The Uncollected Goods Act 1995 also applies to:

  • Holiday Parks
  • Residential Land Lease Communities
  • Residential Tenancies
  • Retirement Villages
  • Strata Schemes

How a person can dispose of uncollected goods will depend on the estimated value and the type of goods involved. There are separate requirements for important personal documents and motor vehicles.

For more information on the new rules and how they apply, visit the Fair Trading website

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What is equity?

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Buying an investment property with equity

What is equity in the property?

Simply equity in a property is the difference between the current market value of your property and how much you owe on it.

 

For example:

If your home is worth $1,000,000 and the current debt on her home loan is $500,000, then you have $500,000 worth of equity in your house.

So while you may have thought of your home as a never-ending series of monthly loan repayments, with every payment you make, you are building up your equity and over the last couple of years, with the market pushing property values, your home equity is lucky to have grown considerably.

 

HOW TO CALCULATE YOUR USABLE EQUITY

Keep in mind that it’s possible to borrow more than 80% if you don’t mind incurring the cost of mortgage lender’s
insurance.

Assuming you stick to the 80% ceiling, let’s do the sums to work out how much you can actually borrow:

  1. Your home’s value ($1,000,000) x 0.80% = $800,000
  2. Your debt is $500,000, so subtract this from the amount the bank will lend up to $800,000 and you are left with $300,000.
  3. This means you have $300,000 is usable equity.

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Scam alerts

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Scam Alerts

This year NSW Police Cyber Crime Unit has reported a rising number of property frauds involving the use of false bank accounts.

The scam can occur when an agent emails the purchaser the trust account bank details for the deposit, or the vendor emails the agent the account details for the settlement funds.

The scammer will intercept this email and modify the payment details providing alternate banking information linked to an account the scammer has access to and sends this back to the purchaser or agent, who then pays the money into the fraudulent account.

Often the email the offender sends to the purchaser or agent mimics the original email sent from the agent or purchaser, with small changes to give the appearance of legitimacy.

Once the money enters the account, it’s generally spent within a week before the account is closed.

Real estate agencies should have procedures in place to reduce the potential for fraud in real estate transactions.

How to avoid fraud

  • Do not provide trust account bank details to purchasers solely by email. Email is not secure and can be compromised without knowledge meaning your email could be intercepted and your trust account bank details modified, so the purchaser pays the funds to the scammer and the funds are lost.
  • Agencies should use at least two forms of contact to verify all transactions and provide the trust account details personally, verbally by telephone, or by text message. If the purchaser insists on receiving account details by email, warn them that there are risks and to contact you or your agency directly to verify the account details before it is paid. Don’t send this advice by email or it may be modified by scammers.
  • When settlement occurs, also be wary of account details provided by vendors by email. Obtain the vendor account details as part of the managing agency agreement and always follow up changes by email with a telephone call to verify the details prior to making any payment.

For more on avoiding fraud, visit Fair Trading’s Fraud prevention guidelines and the Supervision guidelines.

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Central Coast Market

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Central Coast Market

If you have been keeping up with your market research, Central Coast has most likely popped up on your radar and if it hasn’t yet, it has now.

A Core Logic RP Data’s quarterly rental review indicated that the central coast region hit a massive 7.9% rent rise last year which was significantly higher than the national average growth of 2.9%.

The employment opportunities in the area are continuously growing due to investments in infrastructure upgrades and services such as the $368 million upgrade to the Gosford Hospital which created 1000 new jobs. Other infrastructure upgrades are predicted to create roughly 30,750 new jobs over the next 15 years. Central Coast is just over an hour away from Sydney CBD and with the NorthConnex tunnel almost finished, parliamentary secretary of the Central Coast, Adam Crouch, stated that it is expected to take 15 minutes off that commute.

The Central Coast has a population of 333, 627 people and covers 1680km2. It has access to quality schools, shopping centres, restaurants, sporting facilities and is perfect for buyers/renters looking for a relaxed beachside lifestyle. The beautiful coastline spans across 81km and over half the area is filled with lush forests, national park sanctuaries and aquatic environment. There are a diverse range of attractions and activities that you can add to your lifestyle if you live there, such as coastal and forest walks or even surf lessons.

Covid-19’s Effect on The Property Market

With lots of uncertainty in the property market, it is important to look at the facts, figures and the trends of areas. The Central Coast has seen an ‘unexpected upward trend’ reported by McGrath researchers, as Sydney buyers and tenants are looking to get closer to the coast. This demand has allowed the central coast market to continue to thrive. This is because the market values in Sydney are dropping as the properties were overpriced in the first place which was partly influenced by a high demand from Australian and overseas buyers increasing Sydney’s already competitive market prices. This made it harder for people to afford properties in that area and with prices now dropping people are losing the value of their property and money forcing most people out of the area and into more ideal markets such as the central coast. In terms of investment in NSW you will find that there are much better places to invest than Sydney when the yield is calculated.

How can we at Imagine Wealth Investments help you?

  • We offer full turn-key house & land packages including dual keys across Central Coast and other areas around NSW and QLD that provide great investment and living opportunities.
  • Often our clients are people who work long hours and have little time to adequately plan their finances, investments and taxation, let alone do anything about it. People come to us for our professional objective advice. We provide a comprehensive range of services to allow you to bring all your financial needs under one umbrella. We do the research to make life easier for you.
  • We have associates who specialise in tax planning, lending option, risk planning and legal work. Our team provides the necessary resources to educate you on how to use your money wisely and to your advantage.
  • If you are interested in looking at the properties we have to offer or any of our other services, please contact us.

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— Written By Samuel Emerson

Contact Details

Mobile: 0410173042

Email: samuel@imaginewealth.com.au

or contact us on

Office: (02) 47 226970

Email: wecare@imaginewealth.com.au

 
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