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Loose change
March 5 2003 |
Sydney Morning Herald
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After an ASIC
investigation, the Queensland
Supreme Court has appointed a
liquidator to a company called
Groundhog
Not again
After an ASIC
investigation, the Queensland
Supreme Court has appointed a
liquidator to a company called
Groundhog, which took $3.5
million from 161 investors
promising returns of 10 per cent
a month. The unregistered
investment scheme sought
money to be used as "loan
funds" for a US company called
ISH Holdings Inc that claimed to
be buying tax default properties
in the US. People were recruited
through seminars and their
money transferred into offshore
bank accounts.
Fixed cut
The Commonwealth
Bank has cut its five-year fixedinterest
rate to 6.39 per cent, the
lowest in more than a decade.
CBA’s two- and three-year fixed
rates have fallen to 6.09 per cent,
while the four-year rate is now
6.29 per cent. CBA’s variable rate
remains at 6.57 per cent.
Variable cut
Aussie Home Loan’s
variable mortgage – Aussie Asset
Power – is now 6.14 per cent. Its
rate is linked to the bank bill rate.
John Symond, head of Aussie
Group, says: "Our new rate is
close to the lowest level Aussie
Asset Power has reached since
we launched it three years ago."
Adding risky business
Master
trust Navigator has introduced a
range of risk products. Apart
from structuring investments
across a range of fund
managers and assets, including
cash, fixed interest, property
and shares, advisers will be able
to offer cover for death,
disability, critical illness or injury
under the one system.
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