Gadens Connect | 2020 Edition Four

This edition of Gadens Connect provides the first update from the new financial year for our clients in the financial services industry. COVID-19 has continued to impact business across Australia and we are continually working to support our clients where needed. We have seen our clients undertaking resumption activities with customers and preparing to deal […]

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Simplifying access to credit – a win for lenders!

As Australia continues to recover from the COVID-19 pandemic, the Morrison Government announced proposed changes to access credit. The proposed changes, outlined in the article below, seek to simplify the system between consumers and lenders, making access to credit easier for consumers and small businesses. Read the full article below.   Our Banking & Finance team […]

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COVID-19 | Victoria extends rental eviction moratorium

Rental Eviction Moratorium Extended – 31 December 2020 In response to the second COVID-19 wave in Victoria, the Victorian Government announced on 20 August 2020 that the rental eviction moratorium under the COVID-19 Omnibus (Emergency Measures) Act 2020 (Vic) (Covid-19 Act) would be extended until 31 December 2020. The moratorium protects both residential and commercial tenants suffering financial distress […]

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COVID-19 | ASIC publishes expectations of retail lenders when loan repayment deferrals end

On 13 August 2020, the Australian Securities and Investments Commission (ASIC) issued letters to lenders, notifying them of ASIC’s expectations once the mortgage deferral period expires next month. Lenders had offered the six month mortgage repayment deferral period to their customers, in response to the COVID-19 pandemic, which debt is estimated to be worth billions […]

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Gadens Connect | 2020 Edition Three

In the third edition of Gadens Connect, we bring you the second quarter update for 2020. These last few months have seen us all adjusting to a new ‘norm’ and the challenges the COVID-19 pandemic has continued to bring to business and life in Australia. In this edition, we focus heavily on the impact of […]

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COVID-19 | The Banking Code of Practice – COVID-19: Special Note

In these uncertain times, the financial services industry is experiencing unprecedented levels of customer queries and financial hardship requests. As a result of the high volume of customers in distressed circumstances, on 25 June 2020 ASIC approved temporary changes to the Banking Code of Practice (the Code) so that Banks can continue to provide suitable […]

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COVID-19 | Banking & Finance Update – Part 2

The COVID-19 Omnibus (Emergency Measures) Act 2020 (Vic) (COVID-19 Act), which commenced on 25 April 2020, has introduced temporary amendments to the Residential Tenancies Act 1997 (Vic) (RT Act). These amendments came into effect on 29 March 2020 and will continue 6 months after the commencement of the COVID-19 Act. Part of the amendments have […]

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Gadens Connect | 2020 Edition Two

Welcome to the second edition of Gadens Connect, and our first quarter update of 2020. This year has seen many challenges for lenders, from bushfires to the more recent COVID-19 pandemic. We know you have been working hard to support thousands of affected customers and we are here to work with you, and support your […]

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COVID-19 | Banking & Finance Update – Part 1

In these unprecedented times of COVID-19 the financial services industry is undergoing a number of legal changes. These changes aim to provide greater protection for consumers and implement new processes and procedures in light of the social distancing rules. Part 1 of this legal update looks at the introduction of electronic signatures on affidavits and […]

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COVID-19 | Asset Protection

The issue of asset protection often doesn’t materialise until it’s too late, however the current COVID-19 crisis should serve as a reminder that all those who personally own a business, are company directors, or even those in professional services should take legitimate steps to protect their assets. Much like when Kerry Packer told everyone who […]

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Gadens Connect | 2020 Edition One

Welcome to Gadens Connect – a newsletter to share insights, trends and opportunities for our clients in the financial services industry. In this edition we share some key performance insights from 2019 and provide an overview of topics including updates to our GPSR platform (automation and integration solutions), MIP sale obligations and updates to the […]

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Considerations for an early release of superannuation request

Quite often a lender will receive a request from their customer to support an early release of superannuation to assist with mortgage repayments and pay outstanding arrears in situations where the lender has commenced enforcement action for possession of the mortgaged property. Click here for full size image.               […]

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