YOUR NEWS
Costs in one direction Council levies for emergency services look set to go up, and so do council election costs.
Lane Cove Council has an invoice for a $760,000 emergency services levy – an approx. $80,000 increase. Council voted in July to call upon the NSW Government to fund the first year of this extra cost and work with local councils to change the implementation of new costs to make it fairer. Meanwhile further financial pressures on councils and therefore ratepayers come in the shape of Independent Pricing and Regulatory Tribunal (IPART) draft recommendations that councils pay a bigger share of costs of local government elections, and those looming September 2020 elections. IPART’s outline of draft recommendations say that while total election costs would be lower overall, councils would pay more than in the past and more than what the NSW Electoral Commission
The NSW Government is chasing an additional $160m across the new financial year 2019-20 from NSW councils (paying an 11.7% share), communities and people paying insurance premiums – to pay for better worker’s comp for firefighters, including volunteers, who are diagnosed with a dozen work-related cancers. NSW Councils (129 in all) were told as recently as May that their contributions would go up by $19m in 2019-20, with further increases to come in 2020-21.
Lane Cove locals proudly working with the Lane Cove community. Michael and Renee Stevens each have over 20 years’ legal experience gained in national and international law firms. We provide affordable, straightforward legal services for both your business and individual needs. • C onveyancing and property-related issues (eg. transfers between related parties, caveats, easements, consolidation of by-laws) • Drafting and updating of wills, powers of attorney and appointment of enduring guardian documents • Estate administration (obtaining grants of Probate and assisting executors to administer a deceased estate) • Commercial and retail leasing • Business sales and purchases • Drafting and updating of business documents such as terms and conditions of trade, guarantees, contractor and employment agreements • Debt recovery and dispute resolution • Notary Public services
Please call us for an obligation free chat Level 1, 102 Longueville Road, Lane Cove (with lift access) 9188 9631 I renees@srmlawyers.com.au
www.srmlawyers.com.au 4 TVO AUGUST 2019
has proposed. On average, the increase in council bills would be 62% compared to 2016-17 and around 24% compared to what the NSWEC proposed. Lane Cove Council believes the recommendations will mean a 55% increase in its election costs, which would take the 2020 election costs to $297,000 up from 2017 election costs of $192,000. Council is taking a motion to the October Local Government NSW Conference that LG NSW ask the NSW Government to review the IPART’s determination on councils' share of election costs. It is also getting quotes from private electoral service providers to compare with costs charged by the NSW Electoral Commission. See Council minutes at https://bit.ly/2GbISUz And IPART’s review and draft recommendations https://bit.ly/2KUibqU
MORTGAGE CHOICES
Do you know how much your lender has cut your rate? For the average Australian mortgage holder with a $545,000 home loan, the June and July RBA rate cuts would mean a benefit of around $220 per month - IF the lender has passed on the full 50bps to their customers. When the first cut in nearly three years was announced in June, this spurred on half the lenders on our panel to pass on the full cut, this seems to be the case again for the July cut, although not necessarily the same lenders. If you don’t know what your lender has passed on, then a Home Loan Health Check is essential. We’d encourage borrowers who haven’t reviewed their interest rates in the last twelve months to call us and see what rates may be possible. Competition in the variable and fixed interest rate market means you could be getting an even better rate than simply accepting whatever your lender is passing through. With interest rates historically low, we’d encourage borrowers to be proactive and where possible make additional principal repayments whether it be a small amount regularly or larger lump sums. As your local mortgage broking team in Lane Cove for the past 22 years, we look forward to assisting new and existing clients with all their property finance queries. Please feel free to contact us: 9420 3052, 15/43-45 Burns Bay Road, Lane Cove or email stephanie.cook@ mortgagechoice.com.au Mortgage Choice Limited ACN 009 161 979. Australian Credit Licence 382869.
