How do I claim on my insurance?
You can make a claim on insurance through:
Direct contact with the insuring company.
A financial adviser by following the steps below.
Step 1: You can let us know that you wish to make a claim by emailing us or phoning your adviser directly.
You can also have your financial adviser action your claim on your behalf.
We’ll then give you the forms you’ll need to complete your claim.
Step 2: Make sure you fill out all the forms you receive, as this will help to assess your claim as quickly as possible.
Once the forms are completed you can send them to the required email address, fax number or postal address that is provided with the forms.
Step 3: Once your completed forms have been recieved, a case manager will be appointed and will start to assess your claim, managing it right through to the final assessment.
Your case manager will keep you informed throughout the process, meaning you’ll always deal with someone that is familiar to you.
In most cases your adviser will be right there helping out with the claim process to keep you up to speed.
How long can it take before I get my benefits?
That depends on your benefit type and waiting period.
Lets take income protection for example:
If you had a 30 day waiting period on your income protection plan, your benefit does not start until the 31st day. So with this if you were to take two and a half months off work, your first benefit payment may not get to you until two months from the accident or sickness. Remember that waiting periods on income protection plans do no back date to the begining of the incident.
In most cases it is easier to get your adviser to re-explain your benefits to you.
Who pays the benefits?
The insurer or insurance company.
Complete Capital only finds the best products to suit your needs.
We do the shopping around for you, giving you more time to focus on other things.
When is it worthwhile claiming?
Anytime that a benefit is payable... CLAIM IT. Whether it is big or small. Don't wait months down the track and then decide to claim as doing it this way could make your claiming process harder. If you are still unsure about claiming, contact your adviser and they will run you through it all.
Do my premiums increase if I claim?
Some cases yes. It really depends how it is set up. Just remember that if you are paying for a cheap product, the other things that you don't see in black and white could be the policy's downfall. Or... if you are paying for a higher product, it will porbably come with all the extras that matter the most.
Life Insurance - Stepped vs Leveled premiums.
A stepped premium is so called because it is recalculated at each policy renewal and, as the name suggests, usually goes up, according to risk factors such as age.
However, in some situations, the premium will actually drop because of your age. Why? Because insurance facts support that your age is less of a risk than the previous year. For example, a young man who grows out of being wild and reckless and settles down to raising a family of his own.
A level premium, on the other hand, is calculated on your age at the start of the policy and the premium remains consistently level as you get older.
You may pay more than stepped at the time you take the policy out but the premium does not increase. In saying that, it can, in fact, go up if you increase your cover or if the company decides to review the whole contract but this is rare.
Why do comparisons?
It is always a good idea to compare your insurance products. If you can save on your premiums or get a better plan... why would you not change? Although there may be eligibility limits comparing products on the market is the best way to know how your existing cover stands. At Complete Capital we can get this all done for you and it is delivered with honest reviews.
Home buyers - How much money can I borrow?
We’re all unique when it comes to our finances and borrowing needs. Get an estimate on how much you could borrow with our Home Loan Quote in 30 seconds. Or contact us today, we can help with calculations based on your circumstances.
Home buyers - How do I choose the loan that’s right for me?
Our guides to loan types and features will help you learn about the main options available. There are hundreds of different home loans available, so talk to us today.
Home buyers - How much do I need for a deposit?
Usually between 5% – 10% of the value of a property, which you pay when signing a Contract of Sale. Speak with us to discuss your options for a deposit. You may be able to borrow against the equity in your existing home or an investment property.
Home buyers - How much will regular repayments be?
Because there so many different loan products, some with lower introductory rates, talk to us today about the deals currently available, we’ll find the right loan set-up for you.
Home buyers - What is the First Home Owner Grant and can I get one?
This is a grant available to Australian citizens or permanent residents who wish to buy or build their first home, which will be their principal place of residence within 12 months of settlement. Contact us directly to find out how much grant money you could receive.
Home buyers - What fees/costs should I budget for?
There are a number of fees involved when buying a property. To avoid any surprises, the list below sets out all of the usual costs:
Stamp Duty — This is the big one. All other costs are relatively small by comparison. Stamp duty rates vary between state and territory governments and also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself. To find out your total Stamp Duty charge, visit our Stamp Duty Calculator.
Legal/conveyancing fees — Generally around $1,000 – $1500, these fees cover all the legal rigour around your property purchase, including title searches.
Building inspection — This should be carried out by a qualified expert, such as a structural engineer, before you purchase the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties. A building inspection and report can cost up to $1,000, depending on the size of the property. Your conveyancer will usually arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
Pest inspection — Also to be carried out before purchase to ensure the property is free of problems, such as white ants. Your Contract of Sale should be subject to the pest inspection, so if any unwanted crawlies are found you may have the option to withdraw from the purchase without any significant financial penalties. Allow up to $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
Lender costs — Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. We will let you know what your lender charges but allow about $600 to $800.
Moving costs — Don’t forget to factor in the cost of a removalist if you plan on using one.
Mortgage Insurance costs — If you borrow more than 80% of the purchase price of the property, you’ll also need to pay Lender Mortgage Insurance. You may also choose to take out Mortgage Protection Insurance. If you buy a strata title, regular strata fees are payable.
Ongoing costs — You will need to include council and water rates along with regular loan repayments. It is important to also take out building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan, but make sure you actually take out enough building insurance to cover what it would cost if you had to rebuild. Likewise, make sure you have enough contents cover should you need to replace everything if the worst happens.
Refinancing a Home Loan - Can I get a mortgage where I pay less than I’m paying now?
With lenders adjusting their rates outside of the reserve bank now is a great time to shop around check that you have the right loan for your needs, we are a great starting point. It will depend what interest rate you’re currently paying, what type of home loan you have (e.g. fixed, variable, interest only, line of credit) and what features you want in your loan. We can quickly explain your options.
Refinancing a Home Loan - Can I consolidate credit card or other debts into a home loan?
This is one of the reasons many people refinance. The advantage is that you pay a much lower interest rate on a mortgage than for most other forms of debt – e.g. credit cards, overdraft facilities, personal loans etc. Providing you have sufficient equity in your property, you may be able to consolidate all your debt on a home loan. If you take this option though it is important to make sure you maintain your repayments at their current level or you could end up paying more over a longer period of time. Speak with us today to discuss your personal needs.
Refinancing a Home Loan - What fees/costs are involved in switching mortgages?
Penalty fees could apply if you’re paying off your current mortgage early, especially if you’re exiting a fixed home loan. But these may be offset by repayment savings when you switch home loans. We’ll walk you through any fees that will apply in your circumstances.
Why invest in property?
Australians are among the most active property investors in the world, with an average of one in every three new mortgages each month arranged for investors. Most of these investors are ordinary people with ordinary jobs earning ordinary incomes. So, why is property investment so popular?
Capital growth. Capital growth is the increase in value of property over time and the long term average growth rate for Australian residential property is about 9% a year. Importantly, because property markets move in cycles, property values go through periods of stagnation as well as decline. This is why taking an investment view of at least 10 years is important. Note: if your investment property increases by 7.5% a year, over a 10 year period it will double in value.
Rental income. Rental income, also known as yield, is the rent an investment property generates. You can calculate this by dividing the annual rent by the price paid for the property and multiplying it by 100 to produce a percentage figure. As a general rule, more expensive properties generate lower yields than more moderately priced properties. There is also usually a direct, inverse relationship between capital growth and rental income. Those properties producing a lower rental yield will often deliver greater capital growth over the long term.
Tax benefits. The Federal Government allows you to offset against your taxable income any losses you incur from owning an investment property. For example, if the amount you receive in rent from tenants is $5,000 less than the cost of servicing the mortgage, and paying rates, water and other fees associated with the property, at the end of the year you can add that $5,000 to the amount of income on which you don’t have to pay tax. If you work as an employee, with income tax automatically deducted from your pay, this means you’ll receive a refund from the Australian Taxation Office (ATO) after the end of the financial year.
Low volatility. Property values generally fluctuate less than the stock market. Many investors say they experience greater peace of mind for this reason.
Leverage. Property enables far greater leverage than many other investments. For example, if you have $100,000 in savings, you could invest it in a portfolio of shares, or use it to buy a property worth $500,000 by taking out a mortgage for $400,000. If shares go up by 10% during the year, your share portfolio would be worth $110,000 and you would have gained $10,000. If property goes up by 10% during that same year, your property would be worth $550,000 and you would have gained $50,000.
You don’t need a big salary to invest. If you are buying to invest, lenders will take rental income as well as your own income into their assessment. If you already own your own home and have some equity in it, you may be able to use this as a deposit, meaning that you can buy an investment property without having to find any additional cash. If you don’t own your own home and feel you may never be able to afford one, buying an investment property may be a good stepping stone to one day being able to afford your own home.
TAX Depreciation Services.
As a building gets older and items within it wear out, they depreciate in value. The Australian Taxation Office (ATO) allows property investors to claim a deduction relating to this wear and tear on to the building and plant and equipment items it contains. Depreciation can be claimed by any owner of an income producing property. This deduction essentially reduces the investment property owner’s taxable income – they pay less tax.
To see or download the full details and forms click the link:
Expression of Interest Form and
Application Form
Why do I need to know what is on a Financial Services Guide?
The Financial Services Guide is one of the most important documents that must be understood thoroughly.
This form outlines who you are dealing with and who they are licenced to.
It shows how the adviser is compensated and has a section for complaints.
This form outlines information that is important to clients.
To see or download the Financial Services Guide Form click the link:
download FSG
Why do I need to know what is on a Duty of Disclosure form?
Not knowing what is on this form can really hurt you from being paid a claim.
This form informs the client that in the event of a claim, if all the questions are not answered correctly then a number of different things could happen. In most cases if this happend then the client would end up being the one getting hurt the most.
To see or download the Duty of Disclosure Form click the link:
download Duty of Disclosure
Disclaimer
All general insurance enquiries are referred to II-A INSURANCE BROKERS.
Level 4, 309 George st, Sydney NSW 2000, AFSL 307107.
The information provided is general information only and all information has been prepared without taking into account your objectives, financial situation or needs, and you should consider if the information provided is appropriate for you before making a decision. You should consider the relevant product disclosure statement before making a decision about the product.
