Welcome to the August issue of Lendcorp News.

In this Issue

	Introduction
	Boom Times Continue
	Motor Vehicle Loan Checklist
	Changes to GST Threshold
	General Motors Back in the Lead
	Earthquake Causes Shutdown
	Generation X Bosses the Best

In Other News

Credit Privacy Set To Be Tested 
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Business Confidence Hits a New High
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Introduction

WELCOME to the August 2007 edition of 'Lendcorp News'.

We hope that you find this month's newsletter informative and if you would like any other issues covered please do not hesitate to drop us a line at sales@lendcorpfinance.com.au

Kind regards

The Lendcorp Team

Boom Times Continue

Across the board the numbers are mostly positive. 

Non-farm Gross Domestic Product is now growing at the excellent rate of over 4.5 per cent annually. 

The Australian Industry Group services sector continue to expand with July being a very strong start to the financial year.

The last retail sales stats show a very strong monthly boost rising 1.4 percent with most of the increase coming from clothing and food.

Dwelling approvals are rising again with the last monthly stats showing a rebound from the previous downturn: high number of apartment's approvals are the biggest mover which rose 22 percent following a declline of 10 percent.  Private housing rose by 1 percent for the month.

 Total credit to the private sector increased by 1.8 percent during the month and is now tracking at over 15 percent for the year.

House prices in most capital cities except Sydney continue to grow with Melbourne prices rise by over 2 percent for the previous quarter.

Motor Vehicle Loan Checklist

When applying for a motor vehicle loan, bringing the right documents can help speed up the approval.

Generally lenders are looking for proof that you are a good credit risk and able to repay the loan.  This information along with your credit report and score will factor into the interest rate you are charged.

Documents can vary from lender to lender, but to get you started we have set out a check list.

• Proof of Income.  Copies of your payslips for the last month with a total of what you've earned year-to-date.
  
  For the self employed, your tax returns will confirm you income, however recent changes to policy now allow for appliants to "self certify"  their income, ie no tax return required.
  
  If you have income from rentals, legal settlements, child support, social security or other sources, take proof, they may not be required, but it may grant you a larger loan than it would based on your employment income.
  
  
• Credit and banking history.   Your lender will want to know about any other loans or financial obligations you have outstanding, and how you have handled the repayments in the past.  You may also be required to supply copies of bank statements.
  
  
• Proof of residence.  Your mortgage statement, rates or rental receipts, can be used to verify your address.
  
  
• Vehicle Information.  For a new vehicle, you will need a copy of the buyers order, which includes the purchase price, vehicle identification number, year, make and model.
  
  For a used car you will need to provide all of the above with mileage, original title, and any encumberances on the vehicle.
  
  
• Proof of Insurance.   You must provide proof that the insurance company knows abut you new purchase and the car is adequately insured. 
  

Changes to GST Threshold

Small businesses with an annual turnover of less than $2 million will see changes to GST thresholds and get access to more tax concessions, starting this financial year.

According to the Federal Ministry for Revenue, these businesses will be able to cut their compliance costs, with concessions for GST, income tax, capital gains, pay-as-you-go instalments and fringe benefits.

Changes also have been made to registering, reporting and paying GST.

The threshold for registering for GST has gone up which means only business with an annual turnover of $75,000 or more need to be  registered.

General Motors Back in the Lead

General Motors may regain their crown as the world's biggest car maker. 

It has been reported that between April and June global sales were 2.4 million vehicles, putting them in front of Toyota's 2.36 million.

The Japanese group remain  narrowly ahead and expect to be at the top spot forecasting gobal sales of 9.34 million units campared with GM's 9.2 million for the year. 

GM is not giving up, continuing to describe themselves as the world's largest automakers.

Earthquake Causes Shutdown

An earthquake in Niigata, has set things back for all eight of Japan's car makers, who had to shut down domestic production due to supply problems at Riken Corp.

Riken's factories who make piston rings and seal rings for transmission parts were affected by the damages caused by the earthquake.

Toyota Motor Corp suspended production at 12 domestic plants because car engine parts had been halted.

Toyota usually produces about 17,500 vehicles a day and will see its overall production drop by 43,000 units as a result of the two and half day out, more if the hold up lasts longers.

It could cost the industry about 65,000 units in production and $937 million in revenue.

Generation X Bosses the Best

A survey performed on 2000 people by a recruitment firm, found 67 per cent preferred working under Generation X bosses - those born between 1961 and 1981.

It was reported that Generation X were more confidant and believed in creating a flexible workplace. 

Those aged between 26-46 have a totally different skill set to previous generations.  They are admired for their ability to use technology to improve business. 

Work life balance, people skills and the idea of working smarter, not longer are ideals that appeal to this generation.

That's all for this month's edition. 

In closing, we hope you have enjoyed this newsletter and look forward to some feedback

All the best from the Team at

Lendcorp Finance

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