The 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.
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:
To find out more about this offer or apply, go to bankvic.com.au/cashback
As 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.
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.
CGU Renewal Insurance Competition Winner
Congratulations to Frank Caridi who is our official winner of the $1,000 quarterly CGU Insurance draw.
We 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.
Keep an eye out in December for
1. TERMS & CONDITIONS: This special offer is available for Owner Occupied Home Loan Refinance applications (from other financial institutions) only, received from 1 October 2016 to 30 November 2016 and must be settled by 31 January 2017. Minimum loan amount $150,000. Eligible members who refinance their loan to BankVic during the campaign period will receive $1,000 cash back deposited into the loan account and their establishment fee waived. The cash bonus applies to new home loans and is not available on existing BankVic home loans for top ups or switching loan products. This offer is limited to the first 50 eligible members. A special 2 year introductory variable rate applies. After this time the loan then reverts to the Standard Variable Rate. WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Each home loan comparison rate has been calculated on a home loan of $150,000 over a term of 25 years, secured by freehold property, located within the metropolitan area and associated costs. Each loan application is subject to our standard credit assessment and approval criteria. Fees and charges apply. Information on our terms and conditions, interest rates and fees and charges are available on application or request. This newsletter has been prepared by Police Financial Services Limited – trading as BankVic. The relevant Product Disclosure Statement (PDS) and your personal circumstances should be considered when making a decision to acquire the insurance product(s). The PDS for the relevant product is available at any BankVic branch. We receive a commission for insurance product sales. Details of the commission we receive can be found in our Financial Services Guide (FSG). Police Financial Services Limited ABN 33 087 651 661 AFSL 240293 Australian Credit Licence 240293 (BankVic) 9.16 6187bv
Police Financial Services Limited ABN 33 087 651 661 AFSL 240293 Australian Credit Licence 240293
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