Executive Summary:In my business report I leave be stating and discussing the five major pecuniary macrocosms in Australia. I everyow be giving detail on iodin in particular and the opposite types of gives available to consumers. I get come forth a alike inform consumers on the rights and responsibilities of buy upers who crawfish out out a bring. I provide overly comp atomic number 18 and prise the quaternary different types of reference point cards available, their intrest say, the yearly payments and the intrest freehanded period. 1.Financial Institutions:In Australia in that respect be at least four primary(prenominal) pecuniary institutions. These be:? trusts: A deposit is a pecuniary institution that acts as a gestatement constituent for customers and to sop up and lend money. They provide a long weave of monetary answers including strains management, superannuation and redress services. Some examples of banks take ANZ, Westpac, NAB and land bank. ?Building societies: is a financial institution that is owned by its members that murderers banking and other financial services specially mortgage lending. Some examples of building societies atomic number 18 IMB, Greater building companionship, Newcastle Permanent building society, ABS building society and Hume building society. ? assurance Unions: is a non-profit financial institution that is in hush-hush owned and in which members vote the bored of directors. Some examples of consultation unions atomic number 18 teachers reliance union, Qantas credit union and Sydney credit union. ?finance companies: is a financial institution which provides business brings for business growing and whatsoever face-to-face imparts for the perchase of cars, etc. An examples of a finance companie is the AFSD. ? insurance policy companies: is a social club that glumers protection and coverage from lost, thieving or fire. There are two types of insurance companies. The se are life insurance and normal insurance.! Some examples of insurance companies are AAMI, Allianz, AMP, NRMA and CGU. 2.Types of brings:The Commonwealth Bank provides a wide range of contributewordwordwordwords and financial services. Some of the different types of imparts complicate:?Personal lends (Fixed regularize): A private loan is a loan offered by the Commonwealth Bank to clients who wish to purchase ain items alike(p) computers, televisions and mobile phones. ?Tertiary disciple loan: A tertiary disciple loan lets full- epoch tertiary students at University, TAFE, Agricultural College or registered training organisations to relieve money to pay for gives, books, computers, cars, etc. ? commercial enterprise loan (fixed loan): A business loan is a loan that is offered to fund the business? growth, expansion or finance. The Commonwealth Bank provides the BetterBuisness for these purposes. ? situation loan (Variable rate): Commonwealth bank provides a wide range of home loan services like low busy rate ho me loans and packages. The loan is offered to flock who want to buy, build, empower and renovate a home. Rates and hires:When applying for a loan in that location are also some place and some tippytoes that you pass on to pay on extend of the loan quittances. These are different for each loan. Personal loan (fixed rate):? constitution tap $cxxxv?Guarantee tilt $120? superfluous assay recompense $5.40?Cancelled cheque earnings $10?Loan service stipend $10 monthly? slowly payment tiptoe $45?Overdrawing approval compensation $30?Repayment redraw tippytoe $10?Switching angle $70?Administrative fee $50?Deferred establishment fee? new(prenominal) electronic banking fees?Government chargesTertiary scholar loan:?Establishment fee -There is no establishment fee for a Campus Loan. ?Early refund fee ? there is no early repayment fee and if they pay off the loan early there is little kindle. Buisness loan:?Establishment fee $180?Cancelled cheque fee $10? deeply payment f ee $50?Government charges?Switching fee $70?Administr! ative fee $50?Deferred establishment fee?Loan service fee $12 monthlyHome loan:12 Month Discounted Variable RateThis enables customers to define a head lower on paying off the home loan. The discounted rate is only if available for new loans, and at the end of the discounted period the interest rate converts our current bill variable rate. Alternatively, you go off choose another home loan option (a geological fault fee applies). ?Establishment fee $250 up front or $450 for the variable loan?Service fee $8Loan Term and inwardness:Personal loan:?When you borrow a in the flesh(predicate) loan fom the Commonwealth bank you push aside borrow amidst $5,000 and $50,000. The loan barrier is from 1-7 years. Student loan:?For a student loan you throw out borrow up to $5,000. This loan has no repayments till you graduate. Buisness loan:?For a business loan the loan center needs to be over $50,000. The loan circumstance is from 1-10 years. Home loan:?The loan term is up to 30 yea rs and the Commonwealth bank has a style quiz that determines what you potful afford to repay which is how they determine the amount of the loan. occupy Rates and Comparison Rates:Personal loan:?The intrest grade are from 14.95% pa and the comparison rate is 17.95% paStudent loan:?The come to rates are from 14.75% p.a and the comparison rate is 17.75% p.a. Business loan:?The intrest rates are from 10.55% pa and the comparison rate is 12.75% paHome loan:?The intrest rates are from 9.35% pa and the comparison rate is 9.56% pa. 3.Basic rights and responsibilities for consumers:As a loan borrower there are some(prenominal) rights and responsibilities that bear to be known. Some of these include:?Understanding that you get out be get yourself into debt. You provide need to pay the forefront plus the intrest charges. comment out what type of security, if all, is required. ?Find out how a coarse deal the loan is in innate. Finding both the top dog and the intrest charges and any supererogatory costs, such as fees, feeling! occupation and government charges. ?Work out the repayment amounts like how much per repayment, when each payment is due, and finding out how umpteen repayments there are altogether. ?Getting information on how the charges and any additional costs, are collected. ?Find out weather you can repay the loan in a shorter period of time and if so looking out for the penalization rates. ?Understanding the consequenses that you will be faced with if you can not make the repayments.
?An account statement of available options for consolidating your loans and a statement that you can prepay your loans without penalty at any time. ?I nformation about the maximum repayment periods and the token(prenominal) repayment amount. ?Information about the yearly and total amounts you can borrow. Responsibilities:Think about what your repayment responsibility means forward you take out a loan. If you dont repay your loan on time you might go into default, which has serious consequences and will advert your credit rating. You essentialiness make payments on your loan crystalize if you dont receive a bill or repayment notice. refer statements are sent to you as a convenience, but youre have to make payments even if you dont receive any reminders. You mustiness also make monthly payments to pay off the loan. Partial payments are not allowed. If you apply for a deferment or forbearance, you must continue to make payments until youre notified the bay has been granted. If you dont, you might end up in default. You should keep a copy of any request form you submit, and you should document all contacts with the org anization that holds your loan. You must kindle your! loan servicer when: you graduate; withdraw from civilise; drop to a lower place half time status; vary your name, address, or genial Security Number; or move to another school if you have a student loan. Do not sucker any loan documentation without guardedly reading it and apprehension its contents. If you are unsure of anything in the necessitate, study the lender for illumination or preferably get self-supporting advice from either a solicitor or financial advisor before signing. When you take out a loan must be turn over a document stating all the condition that apply to the loan. You can also receive a credit contract. Each credit contract and pre-contractual statement must include:?the amount of credit to be provided?the annual percent rate?how the interest will be measured and when it will be charged?the total amount of interest if the contract is paid out in spite of appearance septet years?the credit fees and charges and how changes will be sure?any defaul t rate of interest and how it will be calculated?the frequency of account statements?relevant commission charges?if mortgage see to it insurance applies?details of credit-related insurance?loan term?repayment schedule4.Comparison of credit cards in AustraliaBelow is a hedge of 4 different types of credit cards available to consumers, the intrest rates of these cards, the intrest free perid, annual fees, etc. mastercard visa card American articulate dinners card*(table included in attachment folder)BIBLIOGRAPHY:hypertext transfer protocol://en.wikipedia.org/wiki/Financial_institution. retrieved: 5/3/08http://en.wikipedia.org/wiki/Bank. Retrieved: 7/3/08http://www.commbank.com.au/ (i then clicked on personal and business loans for more information) Retrieved: 7/8/08http://www.anz.com/personal/home%2Dloans/rates%2Dfees/. Retrieved: 8/8/08http://en.wikipedia.org/wiki/Student_loan. Retrieved: 8/8/08 If you want to get a full essay, orde r it on our website:
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