President: Norm de Grussa 2013 - 2014

Rotary club of

WANNEROO 1 9 T H A U G U S T 2 0 1 3 B U L L E T I N N O : 8

Wanneroo Tavern

Guest Speaker

19th August 2013

Wanneroo Rotary Club Committee 2013—2014

President: Norm deGrussa

Secretary: Graeme Smith

Treasurer: Andrew Kininmonth

Youth Services: Owen Douglas International Service: Debbie Singh

Vocational Service: Neil Cook

Membership: All Members

Sergeant: Phil Cousins Attendance: Jacob Etoka

Belgrade Village: Colin Griffiths

Program: Peter Miskelly Bulletin, Publicity

& Photography: Ray Perkins

President Elect: Andy Anderson

Apologies: If unable to attend meeting, an apology is to be lodged with Jacob Etoka before 12 noon Monday.

Contact details for Jacob email: mmungaetjab@yahoo.fr or mobile 0413104989

DISTRICT 9455

P.O.Box 47, WANNEROO 6946

August 2013

Mon Tue Wed Thu Fri Sat Sun

1 2 3 4

5 WANNEROO TAVERN

GUEST SPEAKER: DAVID WRIGHT

RIDING ACROSS AUSTRALIA

6 7 8 9 10 11

12 FORUM

WANNEROO COUNTRY CLUB

13 14 15 16 17 18

19 WANNEROO TAVERN

Cancellation: Open Topic—Membershio

20 21 22 23 24 25

26 VOCATIONAL VISIT

COLIN GRIFFITHS “TANDOORI CHICKEN”

“HOW TO LIGHT FIRES” AND WOOD SPLITTING

27 28 29 30 31

DWW CLEANING

Andrew & Jacob

Chairman Colin Griffiths

Duty officer Peter Miskelly

Duty officer Rebecca Williams

Vote of thanks Jacob Etoka

Reserve Andy Anderson

Reserve

Fellowship

Guest speaker

Topic WOOD SPLITTING DEMO

Duty Roster 26th August 2013

Rotary 19th August 2013

President Norm: Welcomed Anson from Taiwan and tonight for his first visit with us Akin Kilic from Turkey. Akin flew in from Turkey on Friday and went straight out to the outbound student briefing weekend and he is now residing at President Norms home. Madeline was again welcomed to our club and also Mark and Kate Douglas the parents of Laura Douglas who was one of our previ-ous outbound students joined us for the meeting. Our Guest speaker for the evening was Robert James who spoke about the pit-falls of what and what not to do if you were applying for finance. Akin spoke to us in broken English but we are sure that before long he will be an accomplished speaker. Akin is attending the Bullsbrook High School and he has settled in nicely and will be studying hard. Owen Douglas: Anson spoke to us in regards to the past week and the week-end and still says he is enjoying Australia very much. I think he is a bit nervous that we drive on the opposite side of the road to back home. He assured us that he has already some very good memories. Owen went to a football game between Perth and East Fremantle at the International ground and had a lunch where one of the guest speakers was Joe that teaches at the Edmund Rice School and he coaches the Banksia Grove Soccer team that we sponsored. We had a mention at the lunch as Wanneroo Rotary being a donor for the Banksia Grove Soccer Team. There is a Banksia Grove AFL Team of girls mainly African and there is a clip on you tube that can be viewed. Dennis Commetti did the voice over for the publication. Secretary: Graeme Smith brought us up to date. International: Debbie Singh: Just got back from Thailand and her trip to Chang Mai where she delivered the Wheel Chair for Kids donation to the girl that really appreciated it. Further info later in this bulletin. Treasurer: Andrew Kinninmonth; everything is being brought up to date with all dues flowing in.

AKIN KILIC and ANSON PAI

Attendance: Jacob Etoka; commented that the attendance tonight looks good and is at 65%. Reminder that Jacob needs to be contacted if you can’t attend. Reminder that we have the meeting next week at Colin Griffith’s property. Colin is prepared if the evening is rainy as we can go inside. We have a block splitting demonstration with 2 units. Raffle Winners: 1st Prize; Andrew Kinninmonth 2nd Prize; Laurie Duffy Sargent: Phil Cousins; Raffle Winners, Madelaine for new hairdo, Tom has his license renewed, Debbie for being away, Jacob for multiple names, Graeme for being famous on traffic cam, Paul Conti and Ray for transplanting Banana trees from one property to the next. Ian and Owen for being away for a footy trip and taking their wives. Andrew for Tax Invoice issues. Chairman: Debbie Singh; introduced our guest speaker Robert James for his talk on Finance Issues. President Norm finished the introduction as Debbie’s holiday interfered with her deciphering President Norms handwriting. Robert James has been underwriting finance for the past 12 years.Roberts talk was on why finance applications can go wrong or how things that should be easy get very hard. Robert has recently returned from England and Ireland, Born in the UK and moved to Australia when he was 40 years old. Underwriting is the method of looking at a finance application files and deciding if it will be approved. Not collecting all of the information required for the approv-al. Robert explained that England and Ireland are in a lot of trouble over there as there was a lot of lending at high interest at that has caused problems. If someone offers you a high interest rate of return there is an associated ele-ment of risk and that is basically what underwriting is. Some of the things that can really screw up your finance Application are the Government being the UCCC which Western Australia had the toughest con-sumer laws in the country and everyone else was lagging behind. In 2008 the NCCP standardized the laws nationally that it represented 2 years of absolute chaos because the rules changed nearly on a weekly basis. The new rules are to protect the consumer and it makes the lenders and under-writers job much harder. Lenders need to look at our character to see how des-perate we are to borrow money. If you go online and check out various financial institutions and there is a check a box which if you tick it to allow the institution to assess you it goes on your credit file and if you have ticked more than 2 you will in all likelihood not get a loan. Due to the privacy act where a phone call cannot be made to ask why the an-swer is no. All this web shopping is not good as it is a big trap. Multiple credit card enquiries and car loans gives you a bad credit score and you have to wait at least another 6 months before you can reapply. The credit rules might be tough but they do protect the consumer. It is

mandatory now for the individual to fill out the loan application. Brokers now have to be very careful in making a loan application and if there is any doubt as the borrow-ers factual information the broker should just walk away as many have been sued over the past few years. Application forms filled in with the broker’s pen and the ap-plicant signs it with a different pen can highlight who made the application. If fraud has taken place it is always deemed that it is never the borrower’s fault it is always the broker or the banks fault. NAB bank for example was fined $50,000,000 2 years ago because their lender organised 2 loans on the same night with next door neighbors and because he didn't mention mortgage insurance to one of the borrow-ers and it wasn't taken out, when the lenders husband was killed in a car accident the neighbor said well at least you have mortgage protection insurance the wife said what? She found that the neighbor had been offered mortgage insurance and was covered if her husband lost his life and she wasn't he was going to lose her home. The lender ended up with a free house as the bank had to cover the loan and re-ceived the fine. Credit cards and high credit card limits also restrict the amount you can borrow. For every $1.00 available on your credit card reduces your borrowing capacity by $8.00 - $11.00. A $10,000 credit card has cost you $80,000 - $110,000 borrowing capacity on buying a house. Credit cards are evil in this regard. Drop your credit card balance down if you are not using the full allowance. Clients do not have access to any valuations done on prop-erty with their loan application even though they have paid for it. You are paying for the opinion for the valuation to be assessed. A valuation on a purchase is also very different to a valuation on a refinance because of the different risk analysis. On refinancing the lenders repayment history can be taken into account so a higher risk can be applied than an unknown lender. This period is the first industry led depression on house prices that has ever been be-cause after the GFC the banks told the valuers that their values were too high and everyone that goes belly up, we are going to sue you, and they did. Valuers have had to keep their values low to protect themselves from being sued by the banks and also from the sky rocketing PI Insurance Premiums. So even if the valuation is good the banks could reject it and refuse the finance. Self managed Super Funds can be beneficial for you as the super fund managers charge a lot in fees and sometimes your funds can be eroded by them. These Self Funded funds are not for everyone as the managing fees can outstrip any benefits. Vote Of Thanks: Paul Conti gave our clubs Vote of Thanks and presented to Robert James our Embossed Glass

President Norm confirmed that the 1

st and 3

rd Monday is with a Guest Speaker at the

Wanneroo Tavern, The second Monday is at the Wanneroo Tavern with no Guest Speaker and the 4

th Monday is a Vocational Visit somewhere.

DOLPHIN WISHING WELL—CLEANING ROSTER 2013

31st AUGUST CLEANING ROSTER

Kininmonth Andrew 0427084631

Jacob Etoka 0412104989

Hillarys (Supervisor)

RAFFLE TICKET 147

FOR FINANCIAL

CLUB MEMBERS

DRAWN TOMORROW

24TH AUGUST