CLAIM DENIED ?
Insurance companies sometimes don ’ t tell the full facts
INJURED … Car Accident ? At Work ? Shop Fall ?
NO WIN / NO FEE
WE STAND UP FOR YOUR RIGHTS
WE ARE YOUR PERSONAL INJURY LAWYERS
* CONDITIONS APPLY
McDonnell Schroder get results fast !
www . mcdonnellschroder . com . au
McDonnell Schroder Solicitors and Conveyancers Shop 3 , 103 Railway Terrace Schofields OR our Blacktown office - 121 Main Street , Blacktown T : ( 02 ) 9622 1155 E : admin @ mcdonnellschroder . com . au
LAW & ORDER
Injured in a motor vehicle accident ?
with Anthony McDonnell of McDonnell Schroder
What is a minor injury ?
The definitions of minor or nonminor injury were legislated in the Motor Accidents Injuries Act 2017 . It applies to injured persons injured in a motor vehicle accident occurring in NSW from midnight 1 December 2017 . Examples of minor injury
1 . Soft tissue injury ; these are injuries to the soft tissues of your body such as your muscles . The most common soft tissue injury after a Motor Vehicle Accident ( MVA ) is a whiplash injury , which often results in neck pain .
2 . Psychological or psychiatric injury ; in general , if the injury is not a recognised psychiatric injury , it is a minor injury . However , there are two psychiatric conditions under this law , that are minor injuries : Adjustment Disorder and Acute Stress Disorder .
The insurer initially decides whether your injury is minor or non-minor . Recent statistics
have shown that injured persons have greater success in having their injury classified as a non-minor injury if the injured person is legally represented . Another reason to not just accept an insurer ’ s decision !
Even if legally represented an insurer may maintain its decision that it is a minor injury .
There is an insurer internal review available . Personally , in my experience it tends to just confirm the insurer ’ s original decision .
However , after the internal review there is a further appeal to the Personal Injury Commission . Again , in my experience there is a much-improved chance to have your injury classified as non-minor .
The difference in compensation between minor and non-minor can be substantial ; at least it is worth obtaining legal advice .
There are accredited specialist lawyers in Personal Injury Law who are highly qualified to give further detailed advice in all areas of personal injury law , including motor vehicle accidents and workplace injuries .
Mr McDonnell of McDonnell Schroder Solicitors is a Personal Injury Law accredited specialist , contact McDonnell Schroder on 9622 1155 .
This article is written in a general non-specific manner . Always contact your solicitor for specific legal advice .
FINANCE
What rising interest rates mean for your mortgage
by Angela Dye Richmond Residential
We are being bombarded with the fact that interest rates are on the rise and we are surrounded with financial doom and gloom but it ’ s not as bad as you think . Let ’ s go back a few steps and look at where we really are .
Yes , rates are rising , this was inevitable . They cannot stay at all-time lows forever . So , what does this mean for you and your mortgage ?
When you got the loan from your bank you needed to qualify with them to be approved , which means you met their criteria for the loan . One of these criteria is serviceability , which means your bank
uses your income and liabilities along with your personal budget to determine if you can repay the loan .
Interest rates form part of the formula in the bank ’ s serviceability calculators . They know how the rates work . Rates go up and down over time depending on factors within our economy . Instead of using the rate you receive on your loan , the bank builds a buffer into the borrower ’ s rate for servicing purposes only , to ensure that in future you can afford the loan you are applying for .
The buffer can be up to 3 per cent above your loan ’ s rate and is not passed onto the borrower . So you see the bank will not lend you money you cannot afford .
If your financial situation is the same as when you settled your loan , then you should still be in a position to pay your mortgage each month .
The interest on your loan is compounding . That means you pay interest on interest . The question you need to answer is , do you want a low rate ? Or do you want to pay less dollars ?
Most people want to pay less dollars . To do this , you need to increase the frequency of payments on your loan . There ’ s no need to pay more . Unless you want to !
To learn more follow @ Richmond Residential on Facebook and LinkedIn .
32 ISSUE 146 // JULY 2022 theindependentmagazine . com . au THE HAWKESBURY INDEPENDENT