November 2016

DIRECTOR'S MESSAGE

Adrian WhiteThe year is quickly wrapping up, with the Christmas period just around the corner and the end of the year in sight.

I would like to take this time to  remind you of your invitation  to our Annual General  Meeting, which will be held on Thursday 24 November 2016 at Rydges On Swanston, 701 Swanston St, Carlton, commencing at 5.30p.m. For more information visit bankvic.com.au/news.

Regards, 
Adrian White 
Director



SPECIAL HOME LOAN OFFER

Whether you’re looking to reduce your monthly loan repayments, renovate your home or consolidate a number of higher interest debts, it might be time you considered refinancing your home loan.

Refinance your existing owner-occupied home loan from another financial institution to BankVic and you’ll receive our special Introductory 2 Year Variable Rate of 3.79%p.a  (comparison 4.44%p.a)1.

What’s more, submit an application before 30 November 2016 and settle by 31 January 2017 to get: 

  • $1,000 cash back 
  • No loan establishment fee (Save $600) 
  • No account-keeping fees 
  • No penalty fees for early or additional repayments 
  • Flexible repayment options - weekly/fortnightly or monthly

To find out more about this offer or apply, go to bankvic.com.au/cashback


BANKVIC IN OUR COMMUNITY

Blue Ribbon Charity Ball

Blue Ribbon FoundationAs passionate supporters and long term sponsors of Blue Ribbon Day, we are excited to once again purchase tickets to attend the Blue Ribbon Charity Ball on Friday 11 November.

What is sure to be a night to remember, Victorians from all walks of life will gather to raise funds needed to assist our public hospitals with ongoing essential upgrades.

Walk for Monash Children's Hospital

Walk for Monash Children's Hospital


EVERYDAY FINANCE AND YOU

Super and Splitting UpSuper and Splitting Up

Relationship breakdown can have a significant impact on your financial position. This article outlines the process of superannuation splitting and options available for separating and divorcing couples.

When couples split up, what happens to your superannuation probably doesn’t rank very highly on your list of concerns. But as with most assets of the relationship, arrangements will need to be put in place for how it is treated following the separation or divorce.

The superannuation splitting laws are very specific in how superannuation is treated when a marriage or de facto relationship breaks down.

Step 1: Valuing the superannuation 

A request is submitted to the superannuation trustee to value the superannuation entitlement before it can be split. The Superannuation Information Kit available from familylawcourts.gov.au contains all of the details and forms needed for the entire valuation and splitting process.

Different methods apply for different types of funds. In most cases, the super fund will engage an accountant to value the fund and may charge a fee to cover the associated costs.

Step 2: Decide the method of splitting

Once the fund has been valued, the size of the two split amounts must be determined. This will be either by agreement between the two partners of the relationship, or by court order.

Reaching an agreement with a former partner enables you to retain control of your own decisions and can reduce the stress and financial implications of involving the courts. If both parties have reached an agreement, an application for a Consent Form can be lodged with the Family Court.

If no agreement can be reached, the case will progress to court for a determination of how much and in what manner the superannuation will be split.

The fund trustee needs to be kept informed of proceedings to enable it to attend the court hearing and, if required, make an objection under the procedural fairness provision. Once the superannuation order is made, whether by consent or after a hearing, it is important to provide a sealed copy of the order to the trustee.

Step 3: Splitting superannuation 

Splitting does not convert superannuation to cash. It remains subject to superannuation laws including preservation and other regulations. One portion is generally rolled over to another account in the same super fund in the name of the “non-member spouse”, or transferred to another super fund altogether. When a relationship breaks down, it’s likely that your financial circumstances will change. If this could affect you, talk to us so we can assist you through this time.

Sources: 
www.familylawcourts.gov.au 
www.ag.gov.au


AMERICAN EXPRESS FOREIGN EXCHANGE SERVICES

American Express Foreign Exchange Services


COMPETITIONS

CGU Renewal Insurance Competition Winner

Congratulations to Frank Caridi who is our official winner of the $1,000 quarterly CGU Insurance draw.  


CALENDARS

Family Calendar 2017We are delighted to provide our valued members with a 2017 Family calendar.

For members wanting a copy of the 2017 calendar, you can download or request a copy from the BankVic website at bankvic.com.au/calendars or give us a call and we can send you a copy.

Additional calendars are also available at branches for a gold coin donation.  

 


NEXT ISSUE...

Keep an eye out in December for

  • Making “interest-free” deals work for you


 

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