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Developing a code of conduct

Posted on November 23, 2016 by admin

A well-written code of conduct is essential for every business – it can provide guidance to staff as well as stating your business’ values and ethical principles.

A code of conduct provides staff with clear guidelines for expected behaviour in a variety of situations, for example, attending work-related social events or taking business trips. A workplace code of conduct can cover any areas of behaviour and generally includes a standard of conduct and practice, values, ethical principles, accountability and disciplinary actions for violation of the code.

Here are some tips for writing a code of conduct:

Involve all staff and management
Consult staff members and management from all departments for their input on ethical guidelines and performance. A good way to get employees involved is to hold a meeting to discuss your ideas and encourage feedback.

Be specific
Provide specific scenarios of acceptable and unacceptable behaviour to clarify your points and make the code easier to understand. Ensure your examples are relevant to the situations your employees are likely to encounter.

Deal with breaches promptly
Enforcing the code demonstrates your business’ commitment to implementing the code. Any breaches to the code should be dealt with promptly and must be consistent across the board. Set a good example by ensuring you and senior staff members follow the code – this ensures credibility of the code as a formal policy.

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Avoiding mortgage default

Posted on August 26, 2020 by admin

As individuals struggle with cash flow through the coronavirus, the Australian Bankers Association records that repayments on almost 500,000 mortgages have been deferred for six months. While repayments can be delayed, they cannot be avoided altogether.

Lenders can send you a default notice the day your repayment is overdue. However, they could also wait until your repayment is overdue by 90 or more days. When you receive a default notice, you are given 30 days to repay the amounts you have missed in addition to the regular repayment on your loan. Individuals who are struggling with their home loan repayments can avoid mortgage default by considering the following.

Contact your lender
Lenders are generally willing to work with you through financial hardship. Don’t be afraid to contact your lender to discuss your situation and find out what options are available for you. Lenders are often willing to negotiate short-term variations to repayment schedules that both parties can agree to. However, make sure that you do not agree to unrealistic repayment conditions that cannot be met.

Many Australian banks are offering a six-month deferral on mortgage repayments (including interest) for customers who are experiencing financial hardship as a result of COVID-19. If this is you, contact your bank to see if this is an option.

Apply for a hardship variation
Mortgage holders may be able to change the terms of their loan or temporarily pause or reduce their repayments under a hardship variation. A hardship variation can still be requested after you receive a mortgage default. To apply for one, contact your lender’s “hardship officer” and tell them that you wish to change your loan repayments due to financial hardship. This will usually require you to explain why you are struggling to make payments and to estimate how long your financial problems will continue to determine how much you can afford to repay.

After submitting a hardship variation request, your lender must contact you within 21 days with the outcome of your request. They may ask you for more details regarding your request; in this case, they must contact you again within 21 days from when you provide the additional information.

Consider selling your home
Selling your home is a tough decision, but in some cases this may be the better option if your circumstances are unlikely to improve. If you get to the point where your lender takes possession of your home and sells it, it’s likely that you won’t make as much as if you sold it yourself. When you sell your house on your own terms, chances are you will get a better price and avoid having to pay the legal fees passed on by your lender. Inform your lender if you decide to sell your home; they may ask for proof, such as a copy of the contract with your real estate agent or property advertisements.

Renting out your home until you can afford to make repayments again may also be an option if you are able to live somewhere else during this period.

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