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Tips to building credibility as a leader

Posted on August 17, 2016 by admin

Quite often, an employee’s level of satisfaction can be traced back to his or her leaders. Indeed, research shows that only 49 per cent of employees trust their senior managers.

As all leaders should know, trust goes hand in hand with credibility. Credibility is something that all leaders must aspire to obtain, as it positions leaders as highly dependable sources of expertise and information.

Here are some suggestions new leaders can use to build their credibility:

Engage in active listening
When you’re responsible for managing people at work, tuning out of what they’re saying can be dangerous, as you risk missing important information like feedback or updates. If your staff also believe you’re not listening to them, they won’t confide in you in the future, which can prevent them from producing their best work.

Actively listening isn’t an easy task at first, but can be learned with a few healthy habits. Keep distractions to a minimum or move the conversation away from computers or mobiles when colleagues are speaking to you.

Get straight to the point
With studies now showing that humans have shorter attention spans, as a leader, when you speak to your team, cut to the chase to ensure they remember all the important parts. While you’re keeping things brief, make sure your team knows that you’re also receptive to questions and feedback.

Remain consistent
An important thing for leaders to think about is consistency. When you are consistent with your staff, you gain credibility. Therefore, make sure you can do what you’ll say you do. Before making any promises, consider if you can take it on. Knowing when to say no can create a balanced sense of priority among your team.

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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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