Every now and then a bank does something that bucks the trend and takes customers by surprise. Today we’ll look at two cases that recently made national headlines and how you can reduce your chances of getting caught out.
While the below two examples may not relate to your home loan specifically, they do serve as important lessons nonetheless.
Why? Because there’s every chance banks will make other changes to loan products in the months ahead as COVID-19 continues to put pressure on the economy.
The first example we’ll discuss today is ME Bank’s decision to reduce limits on its customers’ redraw accounts without giving any prior warning.
The move came as a complete shock to customers, with many publicly expressing their anger at no longer having access to thousands of dollars needed to help them get through difficulties they were facing due to COVID-19.
While ME Bank says it stands by the decision, it admits it messed up and didn’t do the right thing by its customers in terms of communicating the move.
“The job we did to explain a complex product, what we were doing and why we were doing it, was simply not good enough,” ME Bank said in a statement.
“Please accept our most heartfelt apology.”
The financial regulator APRA has since gotten in touch with ME Bank to request a “please explain”, as have the trustees and chief executives of major super funds that are ME Bank’s shareholders.
So, what’s the take-out?
Well, redraw accounts certainly have their benefits.
But like most products, they can come with certain terms and conditions that can catch you out, such as the example highlighted above.
So when you’re deciding on a home loan product for you and your family, we can inform you of any catches buried deep within the T&Cs that you should be mindful of.
The other big move made by a lender this month is Commonwealth Bank automatically reducing repayments for 730,000 of its customers to the minimum required under each loan contract.
The bank recently sent an email advising its customers of the change, saying customers must opt-out if they wanted to continue to make repayments above the minimum amount.
This goes against the grain of what usually happens, which is where the onus is on the customer to contact the bank and ask for their monthly payments to be reduced when interest rates fall.
Now, on the face of it, it kinda looks like good news, right?
After all, CBA says the move will release an average of $400 a month for customers and inject up to $3.6 billion cash into the economy over a 12-month period.
But as ANZ CEO Shayne Elliott pointed out in November, he strongly believes in not automatically reducing the repayment amount because it allows customers to repay their debt sooner, and pay less interest over the life of the loan.
“It’s the responsible thing to do, as a bank. It’s in [customers’] best interest in the long term to repay their debt,” he says.
CBA and ME Bank justified their moves by saying they were implemented to “help” and “protect” customers.
But the best way to truly help and protect yourself is by being proactive and informed – not relying on the banks to roll out one-size-fits-all policies they say are in your best interests.
For families doing it tough right now, CBA’s decision to automatically reduce payments will come as a welcome relief.
But if you were meeting your monthly repayments fine until now and would like them to stay as they were, then it’s important to let CBA know so you don’t pay more interest on your loan over the long run.
If you’d like a hand reviewing your loan and exploring your options in light of COVID-19, please don’t hesitate to get in touch – we’re always here to help when you need us.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
Two months and counting (down). That’s how long your business has to make use of the $150,000 instant asset write off before the end-of-financial-year June 30 deadline.
Early last month, just as coronavirus was ramping up in Australia, the federal government increased the instant asset write-off threshold from $30,000 to a whopping $150,000 as part of its economic stimulus package.
Under the scheme, businesses can immediately write off the cost of assets such as vehicles, tools, equipment and – thanks to the recent threshold increase – heavy vehicles, tractors and machinery.
Better yet, the threshold applies on a per asset basis, so eligible businesses can immediately write off multiple assets.
Not only was the threshold increased, but the scheme can now be accessed by businesses with an annual turnover of up to $500 million (up from $50 million).
Assets that could be immediately written off include a concrete tank for a builder, a tractor for a farming business, or a truck for a delivery business.
But it’s not enough to simply purchase the asset to be eligible. The new or second-hand asset must also be first used, or be installed and ready for use, this financial year.
Now, it’s important to keep in mind that “write-off” doesn’t mean “free asset”.
Basically, this initiative allows you to immediately claim all the tax deductions you would have claimed over the life of the asset.
This can help with your business’s cash flow, as getting the cash back sooner means you can re-inject it straight back into other parts of your business.
Say ‘gday’ to Bruce, who runs Fair Dinkum Farms in the Darling Downs and has an aggregated annual turnover of $25 million for the 2019‑20 income year.
In May, Bruce finally splashes out and purchases the second-hand tractor he’s had his eye on for a while now for $140,000, exclusive of GST, for use in his business.
Under the new $150,000 instant asset write‑off, Fair Dinkum Farms can claim an immediate deduction of $140,000 for the purchase of the tractor in the 2019‑20 income year.
This is $136,101 more than he could have immediately claimed under normal arrangements, as Bruce would have only been able to claim $3,899 using the diminishing value method over a 12 year period.
At the company tax rate of 27.5%, old mate Bruce will pay $37,427.78 less tax in 2019‑20 than he would have if the instant asset write-off scheme wasn’t in place.
This will improve Fair Dinkum Farms’ cash flow and help Bruce’s business withstand the economic impact of the coronavirus.
Now, there’s a limit relating to cars that we should note.
If you purchase a car for your business, the instant asset write-off is limited to $57,581 (the business portion of the car limit) for the 2019-20 income tax year.
You cannot claim the excess cost of the car under any other depreciation rules.
Also, say the vehicle will be used 80% of the time for business purposes and 20% for personal usage, you can only claim deductions for 80% of the asset.
When purchasing an asset under this scheme, it’s crucial to select the correct finance product.
And that’s where we can help out. We can present you with financing options for the instant asset write-off scheme that are well suited to your business’s needs now, and into the future.
So if you’d like help obtaining finance that’s gentle on your cash flow, and helps you achieve your long-term goals, please get in touch this month well ahead of the deadline – we’d love to help out.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
It’s fair to say it’s an unusual time to be a first home buyer. But there are still opportunities out there for those whose jobs haven’t been affected by COVID-19.
Here are five key talking points we’ve been regularly discussing with first home buyers in the current market.
Many first home buyers have been saving their home loan deposit over the last 5-10 years, trying to reach that magic 20% figure where you don’t have to pay Lenders Mortgage Insurance (LMI).
But a new path recently opened up for first home buyers: the FHLDS.
Places in the scheme, which started on January 1, are still available and can allow eligible first home buyers to purchase a property with a deposit of just 5% without having to pay LMI.
If you’d like to take advantage of the scheme, give us a call and we can help you through the process.
This will depend on your individual situation and how much coronavirus has impacted your household’s bottom line.
Interestingly, though, the latest Australian Bureau of Statistics data doesn’t suggest it was any tougher for first home buyers to get a loan in February than the previous few months.
Indeed, over the month, home loans for owner-occupier first-home buyers increased by 0.4%.
That said, COVID-19 didn’t really start impacting the Australian economy until March, so we’ll keep monitoring the data for you in coming months.
One of Australia’s largest insurance groups, QBE, has temporarily suspended offering LMI to specific groups of new mortgage borrowers, such as those working in hospitality, tourism, gyms and beauty salons.
The good news is that Australia’s other major LMI provider, Genworth, told the AFR it has no plans to change its existing position on LMI, stating that it trusted lenders to “apply responsible lending standards and assess applications on their merits”.
Also, if you’re taking out your first home loan through the FHLDS, remember that the whole point of the scheme is that you don’t have to pay LMI – so that’s another reason to consider applying.
In the current COVID-19 climate, it’s safe to say that lenders will be scrutinising your income and will require sound evidence that your income will be stable.
This shouldn’t create too big a headache for those employed in essential services, such as a Coles permanent employee, a pharmacist, or an IT professional in a government department, for example.
But others in less coronavirus-proof industries may find it more difficult to prove their income is stable.
For example, some lenders are no longer accepting bonus income for borrowers outside essential services, unless their employer can write a letter to say that the bonus will continue to be paid out at the current level.
Your best bet is to give us a call – we can run through your situation and help you identify any areas that may be an issue in advance.
There’s no shortage of recent stories out there of valuations coming in lower than the contract price, and the gap is proving difficult for some off-the-plan buyers to make up.
So if you’re a first home buyer and you’re worried about a lower valuation then please get in touch. We can run through the options that may be available to you to make up the shortfall, including going through the FHLDS (mentioned above).
Buying your first home can be a bit overwhelming at the best of times, let alone during a period of uncertainty and rapid change. Rest assured though that we’re on top of it.
So if you’d like us to help you explore your options and secure a competitive home loan then please get in touch – we’re ready to jump into action and make it happen for you.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
SME businesses in need of working capital due to the coronavirus outbreak can now access unsecured loans “more cheaply and more freely” than ordinary business loans.
The initiative is part of the government’s $40 billion Coronavirus SME Loan Guarantee Scheme, which kicked off just before the Easter weekend.
Because the government will guarantee 50% of the new loans, lenders can offer the loans “more cheaply and more freely” compared to ordinary business loans, says the Australian Banking Association.
The loans will be in the form of unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.
Furthermore, no payments are required from the business on these loans for the first six months (however interest will capitalise during the repayment holiday).
The government will provide eligible lenders with a guarantee for loans with the following terms:
– eligible SMEs, including sole traders, must have a turnover of less than $50 million
– maximum loans of $250,000 per borrower
– loans will be up to three years, with an initial six month repayment holiday
– unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.
The decision on whether to extend credit, and management of the loan, will remain with the lender.
Participating lenders are already accepting applications from SMEs. So if you’re looking to bridge a gap in your business’s cash flow, please give us a call.
We’re more than happy to discuss your eligibility and more features of the scheme.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
Found yourself with extra time on your hands? Slightly worried about meeting your home loan repayments? Want to make use of those back-to-back rate cuts? While the world has changed significantly over the past month, it’s possible to use some changes to your advantage.
Before we go any further though, we want to say we understand there’s no shortage of Aussie families doing it tough right now. And we want to reassure you that we’re here to help you any way we possibly can – including helping you apply for support packages with your lender.
So where does refinancing fit in?
Well, the many social and financial changes that have been thrust upon us recently have combined to make it a good time to consider refinancing your home loan.
Here are five reasons why you may want to consider doing so.
When was the last time you refinanced your home loan?
If your answer was ‘one year ago’ (or longer), the finance and lending landscape has changed dramatically since then and it might be time to catch up.
There have been five RBA cash rate cuts since then since June 2019 – including two last month.
And while we’re on the RBA, a recent study of theirs found that borrowers who refinance with another lender, or negotiate a better deal with their existing lender, do in fact achieve interest savings.
So if you or your partner have recently had your work hours cut back and you’re starting to worry about how you’ll meet your monthly mortgage repayments, refinancing could be a more suitable option than applying for a hardship variation on your loan.
Refinancing can also help you consolidate your other debts – including your credit card, car loans or personal loans – by combining them into a refinanced mortgage.
Not only will this give you one simple repayment to make each month (reducing the risk of forgetting payments and being slugged with a late fee), but all your debts will be charged at your home loan interest rate – which is usually much lower than credit card rates, for example.
Fixed rates have recently experienced a big drop.
In fact, Domain’s David Hyman has described the current batch of fixed interest rate loans as “staggeringly cheap”.
“Only a couple of months ago the cheapest headline rate started with a three. If you look back to this time last year rates were in the high threes,” Hyman explains.
“For someone with a half a million dollar mortgage, that is well in excess of $10,000 a year in savings. It’s never been a better time to refinance quite frankly.”
And with the official RBA cash rate now at a record low 0.25%, there isn’t a great deal of room for it to go much lower.
One of the more common reasons home owners give for not refinancing is that they simply don’t have the time do so.
But, without pointing out the obvious, I think it’s fair to say that we have far fewer social commitments taking up our time at present.
So, if you’ve compiled a list of things to do to keep busy at home, consider adding refinancing to the list.
Once you get the ball rolling on it and get in touch with us you’ll be surprised how little you actually have to do – after all, that’s our job, right?
Finally, rest assured that we’re available and here to help you any way we can.
During trying times like these we know that we need to support each other now, more than ever.
So if you’d like us to help you explore your refinancing, hardship variation, or support package options then please get in touch – we’re ready to jump into action and make it happen for you.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
Here’s some promising news for big and small businesses alike: six-month loan deferrals are now available to larger businesses on the condition that they don’t terminate leases or evict tenants for falling behind on their rent due to COVID-19.
Two weeks back, the Australian Banking Association (ABA) announced that if your small business was being affected by the coronavirus, your loan repayments would be deferred for six months.
They’ve since extended this support to businesses with loans of up to $10 million (up from the $3 million), which is expected to directly benefit a further 30,000 businesses across the country.
Now, on the face of it, it may seem like this loan deferral extension is good news for the bigger end of town.
But it comes attached with conditions that will help out small business owners across the country too, as it covers 90% of commercial property owners who have loans with an Australian bank.
“The type of businesses this applies to includes commercial landlords of properties such as local shopping centres, pubs, clubs and restaurants, who must agree not to terminate leases or evict current tenants for rent arrears due to COVID19 in order to access support,” says ABA CEO Anna Bligh.
Basically, the conditions have been designed to encourage landlords to support their tenants.
“Where landlords within this threshold do the right thing by their tenants, banks will do the right thing by them,” explains Bligh.
The new measures will apply in all sectors of the economy, on an opt-in basis, under the conditions that:
– commercial property landlords must provide an undertaking to the bank that for the period of the interest capitalisation, they will not terminate leases or evict current tenants for rent arrears as a result of COVID19
– the customer has advised that its business is affected by COVID-19
– the customer was current in terms of existing facilities 90 days prior to applying
– interest is capitalised, meaning either the term of the loan is extended or payments are increased after the deferral period.
Businesses with total loans of more than $10 million may also be eligible for relief, but this will be considered on a case by case basis.
It’s important to note that this isn’t the only assistance package that’s been made available to businesses since the coronavirus outbreak started impacting the Australian economy.
For example, the federal government’s instant asset write-off scheme’s threshold has increased from $30,000 to $150,000, and each lender has their own specific support packages available.
So if you’re a business owner – big or small – who would like to explore the options available to you then please get in touch. We’re here to help you any way we can.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
This is one article we hope you never have to read. But if COVID-19 has impacted your income to the point where you may need to pause your mortgage repayments, then we’ve broken down the banks’ deferral policies for you.
Late last week the Australian Banking Association (ABA) announced that small businesses affected by the coronavirus would have their loan repayments deferred for six months.
But when it came to home loan customers, there was no similar, wide-sweeping announcement from the ABA.
Rest assured though that all the big four banks are allowing customers who have been impacted by the coronavirus to hit pause on their mortgages for up to six months.
Many of the smaller lenders are also allowing deferral relief measures too, including Macquarie and Bank of Queensland, for example.
Below we’ve outlined the deferral policies each of the major banks are offering customers. It’s important to note, however, that these aren’t the only hardship options available to you, so if you’d like to find out more, please get in touch.
All CBA home loan customers are now eligible to defer loan repayments by up to six months. A digital registration process is available for any home loan customer wishing to defer their repayments.
Here’s a full statement on the support CBA is providing for personal customers.
“Westpac customers who have lost their job or suffered loss of income as a result of COVID-19 should contact us for three months deferral on their home loan mortgage repayments, with extension for a further three months available after review,” the bank said in a statement.
Here’s the statement and support package details in full.
Home loan customers experiencing financial challenges will be able to pause their repayments for up to six months, with NAB checking in after three months.
For a customer with a typical home loan of $400,000, this will mean access to an additional $11,006 over six months, or $1,834 per month, NAB says.
Check out their statement for more details on their support package.
If you’re experiencing financial difficulty due to COVID-19, ANZ may be able to support you by putting your home loan repayments on hold for six months, with interest capitalised (see below).
If you pause your repayments, ANZ will check in with you after three months.
ANZ have also released a statement detailing their full customer support package.
For all other lenders please check their website for more details, as APRA has recently advised they must report and publicly disclose the nature and terms of any repayment deferrals.
If you’re having trouble finding the details, google: [your lender’s name] + home loan deferral coronavirus.
Failing that, check out their website’s ‘Newsroom’ or ‘Media’ page for recent announcements.
It’s important to note the above policies only state that they’ll defer your repayments – it’s likely they won’t stop interest from accruing on your home loan.
For example, as ANZ notes in their statement, home loans with repayments paused will have their “interest capitalised”.
Basically, that means your home loan amount will continue to grow while repayments are on pause, as any unpaid interest will be added to your outstanding loan balance.
With that in mind it’s worth noting there are other options you can explore to reduce your home loan repayments each month besides hitting the pause button, so please feel free to get in touch with us if you’d like to explore those avenues.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
If your small business is being affected by the coronavirus your loan repayments will be deferred for six months, says the Australian Banking Association (ABA).
ABA CEO Anna Bligh today announced a small business relief package from Australia’s banks.
“Small businesses can rest assured that if they need help, they will get it,” Ms Bligh said.
The assistance package will apply to more than $100 billion worth of existing small business loans and, depending on customer take-up, could put as much as $8 billion back into the pockets of small businesses.
“This is a multi-billion dollar lifeline for small businesses when they need it most, to help keep the doors open and keep people in jobs,” Ms Bligh said.
Ms Bligh added that banks were putting in place a fast track approval process.
“Banks are already reaching out to their customers to offer assistance and packages will start rolling out in full on Monday [23 March],” she said.
The ABA loan deferral announcement came one day after the federal government announced a $15 billion commitment to enabling smaller lenders to continue supporting Australian consumers and small businesses.
The government said it hoped that the investment would enable customers of smaller lenders to continue to access affordable credit as the world deals with the significant challenges presented by the spread of coronavirus.
The government announcement came shortly after the RBA cut the cash rate to a record low of 0.25% following an emergency meeting due to coronavirus.
But wait, there’s more.
Earlier in the week the federal government announced a range of measures to stimulate SME spending via tax incentives and other initiatives.
One measure included changes to instant asset write-off provisions – the threshold was increased from $30,000 to $150,000 (ex GST) and write-off provisions were opened up to businesses with an annual turnover of up to $500 million (the previous cut-off was $50 million) until June 30 2020.
It’s fair to say there has been a lot of news to get your head around this week.
And while it can seem overwhelming during these uncertain times, rest assured that we’re keeping on top of the announcements that matter to you.
So if you’d like to explore any of the changes outlined above – including the six-month loan repayment deferral – please get in touch. We’re here to help you any way we can.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
The Reserve Bank of Australia (RBA) has cut the cash rate to a record low of 0.25% following an emergency meeting due to the impact the coronavirus is having on the economy.
RBA Governor Philip Lowe said in a statement the move was due to the virus causing “major disruptions to economic activity across the world”.
“This is likely to remain the case for some time yet as efforts continue to contain the virus,” said Governor Lowe.
Governor Lowe added the cash rate cut would help support jobs, incomes and businesses so that when the health crisis recedes, the country will be well placed to recover.
“The Board will not increase the cash rate target until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2–3% target band,” said Governor Lowe.
That’s right. And ordinarily, the RBA board only meets on the first Tuesday of every month. But as we’re all well aware, these aren’t ordinary times so an emergency RBA Board meeting was called.
The RBA last held its regular meeting on March 3 and cut rates to 0.5% because it believed the coronavirus outbreak was going to hit the economy hard.
However, over the past fortnight, global financial markets have been in freefall as countries all around world reel from the economic fallout of the COVID-19 pandemic.
It’s worth noting that lenders don’t automatically reduce your monthly repayments when they drop interest rates.
With this being the second RBA cash rate cut this month – and the fifth since June 2019 – if you need some extra financial breathing space each month due to the coronavirus outbreak then please get in touch.
We’re ready to work through your options with you, whether that be asking your lender to drop your monthly repayments, discussing budgeting tools, refinancing, or seeking hardship arrangements.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
Homeowners who have had their income impacted by the coronavirus outbreak are being encouraged to seek out hardship options with their lender.
The economic impact of the coronavirus outbreak is evolving daily, if not hourly, across the Australian financial landscape.
Businesses have closed, jobs have been lost, and casual workers have had their hours slashed from work rosters.
If you’re one of the many Australians who have been affected – or are worried that you soon will be – rest assured that you can talk to your lender about hardship options without it affecting your credit report.
Here’s a statement released by Commonwealth Bank CEO Matt Comyn, for example:
“We encourage our retail customers who may be facing hardship due to impacts of the virus to contact us so that we can provide them with assistance, for example hardship options including deferral of loan repayments.”
If you don’t believe you need to seek financial hardship, but you’d still like a bit of extra breathing room, it may be worth considering refinancing or renegotiating your home loan.
There have been four rate cuts in the past year – including one last month that reduced the RBA’s official cash rate to a record low of 0.5%.
And here’s the thing: lenders don’t automatically drop your repayments when the interest rate falls.
So if you haven’t asked your lender to reduce your home loan rate over the past year – or even the past month – then you may be able to reduce your monthly repayments by refinancing.
We understand that these are tough and uncertain times, yet rest assured we’re here for you no matter what lies ahead.
If you’d like us to help you explore either your hardship or refinancing options then please get in touch – we’re ready to assist you any way we can.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
