Reverse mortgage scrutiny

THE Federal Government is moving to introduce stricter regulation of reverse mortgages, an increasingly popular financial product marketed to older homeowners, because of fears that people could be exploited.
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Announcing plans for national regulation of a range of financial services, the Minister for Corporate Law, Nick Sherry said he was concerned about the people taking out reverse mortgages without understanding the implications.

Reverse mortgages typically allow over-60s whose homes are unencumbered to borrow substantial amounts against the value of their property.

Repayments are deferred until they move into retirement accommodation or die, when principal and interest is typically paid out from the sale of the house.

Senator Sherry said the Australian Securities and Investments Commission had identified areas of abuse in the distribution and sale of the mortgages.

But while the products were regulated federally, mortgage brokers marketed the loans were regulated under state legislation.

Industry figures show the number of reverse mortgages grew from 15,000 in 2005 to more than 30,000 last year.

Mark Davis

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Fishers want to share wetland

Presented with the world-renowned Ramsar designation certificate at a ceremony in Dubbo on Friday, Mr Fisher said the award proved farming and the environment could go hand in hand.
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“We have lived all our lives in the Macquarie Marshes and the area is fairly unique to anywhere in the world,” he said.

“We were looking for some form of recognition or control which would help maintain the marshes and even enhance them.

“A lot of voluntary conservation orders would have locked up our land but with this (certificate) we can keep grazing and maintain the wetlands.”

The certificate is part of an international agreement signed in the Iranian city of Ramsar in 1971.

Australia was one of the first countries to sign the agreement.

“For the past two years we have had the largest breeding site for many bird colonies, including the largest colony of egrets in south eastern Australia,” Mr Fisher said.

“The first pied herons found breeding in NSW were also discovered on our property recently.”

Mr Fisher said voluntarily nominating his property for international recognition and conservation was not a form of self-praise.

“We have lost between 40 and 50 per cent of the Macquarie Marshes due to river regulations and water use in the valley,” he said.

“Learning to share the water and manage the area better will benefit everyone, not just us.”

The Fishers are only the second private landholders in Australia to submit their property as a Ramsar site.

“Making this kind of decision was very personal,” Mr Fisher said.

“But I think this is a great example of what co-operation between government and non-government groups and private landholders can achieve.

“It’s only through co-operation that we can maintain and manage the land.”

This article first appeared in Hangzhou Night Net.

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Artists added to Southbound lineup

MORE amazing artists have been added to the line-up forSouthbound 2013, including some thigh-slapping comedy acts.
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On top of the superb musicians already announced, Ajax,Alison Wonderland, Art of Sleeping, Flume and Parachute Youth have now beenadded to the bill.

Organisers have also announced the return of their comedyprogram, and have confirmed Felicity Ward, Luke Heggie, Matt O’Kine, NazeemHussain, Ronny Chieng and Sammy J and Randy so far.

These great acts will join bands already announced: AngusStone, Ball Park Music, Beach House, Bertie Blackman, Best Coast, BombayBicycle Club, Boy & Bear, Coolio, Cosmo Jarvis, DJ Nu-Mark Toy Set, DjangoDjango, First Aid Kit, The Flaming Lips, Hilltop Hoods, The Hives, Hot Chip,Jinja Safari, The Jungle Giants, Lisa Mitchell, Loon Lake, Matt Corby, MaximoPark, Millions, Oh Mercy, Rodrigo Y Gabriela, San Cisco, SBTRKT, Sharon VanEtten, Totally Enormous Extinct Dinosaurs, Two Door Cinema Club and TheVaccines.

Southboundis held on January 4 and 5 at Sir Stewart Bovell Park, Busselton.

Tickets are on sale now at www.moshtix杭州夜网.au

www.southboundfestival杭州夜网.au/tickets

Southbound is held on January 4 and 5 at Sir Stewart Bovell Park, Busselton.

This article first appeared in Hangzhou Night Net.

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Remembering the fallen

COMMEMORATIONS will start today to mark the 94th anniversary of the end of World War One.
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Local schoolchildren will gather at the Kerang cenotaph at 10.45am today for a Remembrance Day service, which originally recognised the end of World War One but has expanded to remember the lives of those who have been killed during times of conflict.

Official proceedings will occur on Sunday at the town’s cenotaph, marking the Armistice of World War One on November 11, 1918 at 11am.

Ex-servicemen and women, as well as family members and residents, will gather at the memorial for a ceremony at 10.45am and a minute’s silence at 11am.

Proceedings will continue into the afternoon with the Kerang Golf Club Remembrance Day event.

This article first appeared in Hangzhou Night Net.

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