Mandatory data breach notification

We recently had one of our broker partners experience a data breach, which was caused by a simple mistake. However, under the new data breach laws, this was a notifiable breach - meaning we had to report it to the Privacy Commissioner.

Please read the information below to make sure you don't fall foul of this new regime, and are ready to act.

The Australian Government has established a Notifiable Data Breaches (NDB) scheme, to ensure that affected individuals are notified about serious data breaches. The NDB scheme will apply to all businesses, government agencies and other organisations covered by the Australian Privacy Act 1988 and will commence on 22 February 2018.

"Eligible Data Breach"

The new regime will require notification of "eligible data breaches". These are defined as data breaches, including data loss incidents, where a reasonable person would conclude that the breach would be likely to result in serious harm to any of the affected individuals. Serious harm could include physical, psychological, emotional, economic and financial harm, and harm to reputation.

In assessing harm, an organisation is required to have regard to a list of relevant matters such as the nature of the information, the sensitivity of the information, the kind of persons who may have obtained the information and whether the information has been protected.

Notifications obligations

If there are reasonable grounds to suspect that an eligible data breach has occurred, an organisation must:

  • within 30 days, carry out a "reasonable and expeditious" assessment as to whether there has been an eligible data breach;and

  • if an eligible data breach has occurred, notify affected individuals as soon as practicable, with a notification containing certain prescribed information,including:

    • the identity of theorganisation;

    • the description of thebreach;

    • the kind of information concerned;and

    • recommendationstotheindividualastostepstotakeinresponsetothebreach.

Where notification is required, the organisation must notify both the affected individuals and the Australian Privacy Commissioner.

Exceptions

There are several exceptions to the notification regime:

  1. Where an organisation has taken remedial action to address potential harm to individuals that may arise due to a data breach before any serious harm is caused, the breach will not be an eligible data breach and the obligation to notify will notapply.

  2. Other exceptions covering law enforcement, commonwealth secrecy requirements, data breaches impacting multiple entities and declarations by theCommissioner.

Consequences of non-compliance

The current penalty is up to $360,000 for an individual or up to $1.8 million for a body corporate. Parliament has recently proposed that this be increased up to $420,000 for an individual and up to

$2.1 million for a body corporate from 1 July 2017.

Commercial & Equipment Finance Conference

We had great pleasure in running our fourth Commercial & Equipment Finance Conference at the sensational Sheraton Mirage Gold Coast on 21/22March. Over the two days the invited 70 attendees, had the opportunity to network with our record 27 trade exhibitors as well hear from quality speakers that can assist their business in many ways.

In line with the Commonwealth games next month ,we were fortunate enough to secure one of Australia's most successful coaches in "Laurie Lawrence" who has produced many champion swimmers in his time as head coach. Also joining were "Duncan Free" former Gold Medallist in rowing and Michael Delany ( Vow Broker) former Silver/Bronze medallist in swimming.

In line with success over the awards dinner we then had Alistair Lynch who played in 3 winning premierships in a row with the Brisbane Lions and In Tasmanian Team Of The Century as a footballer.

This finished with our award winners in each state:

State

Award

Winner

WA

Group award Loan WA

Individual Luke Natoli

SA

-

Commercial Finance Australia

TAS

Group Finance Brokers of Tasmania

Individual Stephen Cox

NSW

Group Constantia Finance

Joint winners for individual Domenic Romero & William Chen

Qld

-

Fraser Financial Services

-

Overall National Winner

GFS Finance

-

Leasing referral Award

Let's Finance

We also acknowledged the top Partnership contribution award from our lender partners, that went to Pete Vala from Think Tank. The night finished with us raising over $10k for Laurie Lawrence's charity "Kids Alive program" from donated auction items.

We're back!

Protecting All Australians from financial hardship

ALI Group is excited to be working closely with YBR Group brokers to protect their clients with Loan Protection Plan - a simple policy offering three types of benefits for a wide range of critical life events.

Together, our aim is to protect more Australian home and property buyers from financial hardship.

We're here to support you and our national BDM team is available if you have any questions or require more information.

To kick-off our renewed partnership, we are holding a series of loan protection sessions in NSW, with other states to possibly follow.

Join us to find out more about Loan Protection Plan and why it's important to protect your clients against the unexpected.

Bass Hill

16 April at 10.15am - 11.15am

Bass Hill RSL

Burwood

16 April at 1.15pm - 2.15pm

Burwood RSL

Penrith

18 April at 10.00am - 11.00am

Penrith RSL

Parramatta

18 April at 1.00pm - 2.00pm

Parramatta RSL

Liverpool

19 April at 10.00am - 11.00am

Liverpool Club

Central Coast

20 April at 10.30am - 11.30am

Gosford RSL

Cardiff

20 April at 1.00pm - 2.00pm

Cardiff RSL

Wollongong

24 April at 10:30am - 11.30am

City Digger

Register today to reserve your place! RSVPs close Monday 9 April 2018.

Register Now

If you are based outside of NSW and interested in attending a loan protection session in your state, please let your state-based BDM know.

Kind regards,

The team at ALI Group

TMB Niches

Owner Occupied Variable rates from 3.65% pa and Fixed rates with 100% Offset from 3.69%

Great owner occupied P&I offerings available across three brands with Teachers Mutual Bank Limited - Teachers Mutual Bank Limited, UniBank & Firefighters. Get one accreditation and get access to all three brands - note rates and products are identical across the brands.

Popular products are summarised below

My First Home loan

  • FHOG,bonuses,Tax Refunds,Gifts,Asset Sales can be considered as genuine savings (conditions apply)
  • Available for FHB to 95% + LMI to 98% LVR
  • Up to 40 year loan term
  • Can be split with any of the 1-5 years fixed rate term at no extra cost
  • No establishment, settlement fees
  • Available for land purchase & construction
  • 100% mortgage offset available with no ongoing fees

Fixed interest rates

  • 1-5 years starting @ 3.69% P&I owner occupied
  • Available to 95% LVR inclusive of LMI at same rates as above
  • All fixed rates are available with 100% mortgage offset with no ongoing fees
  • No LVR tiering

Classic Home loan

  • Variable interest of 3.65% P&I owner occupied
  • Loan amount $150k - $1M
  • Up to 85% LVR inclusive of LMI
  • No ongoing fees
  • Unlimited extra repayments, free redraw with no minimum amount

Niches

  • No Post Code restrictions for LVR's to 80% ( Australia wide)
  • Stratum Title and Company Share accepted up to 80% LVR
  • Family Guarantee available, covers 100% of purchase price plus costs (must have a 1rm over both security properties)
  • Up to 40 hectares non income producing properties acceptable to 80% LVR
  • Unit size 35sqm up to 80% LVR
  • Business development opportunity via our niche industry markets - ie the Education Sector , University Educated clients and Emergency Service workers.

Eligibility requirements listed below: