Make Money Investment

The South Australian Liberal Party says a reshuffle of its parliamentary frontbenche will allow it to more effectively tackle the Government on key issues.

The resignation of Liz Penfold has allowed Michael Pengilly to take on the portfolios of tourism, consumer affairs and veterans’ affairs.

Aboriginal affairs goes from Mitch Williams to Duncan McFetridge, and Dr McFetridge gives up tourism.

The party’s leader, Iain Evans, says the switch does not mean Mr Williams was performing badly.

“No, Mitch Williams has four other portfolio areas so has also got a reasonable workload, it’s simply a matter of portfolio fit,” he said.

“Duncan has a particular interest in Aboriginal affairs, Michael Pengilly has a particular [interest] in tourism so we think the portfolio fit will work well.”

‘I’m selling my house, but my building society tells me I’ll have to pay them more than 2,000 ? as I’ll have to pay 3 per cent of my mortgage balance as a penalty. I bought the house in February 2006 on a two-year fixed-rate deal, and with that kind of fee, I’ll end up owing more than the original loan, even though I’ve been paying it off for 16 months. Can this be true?’ CM, by email

Fixed-rate mortgages are a trade-off. You know how much you’ll pay for the next two, three or five years, but the deal is that you stick with the mortgage for that term. If you don’t, you’ll get stung by the early redemption charge.

From the point of view of the lender, it seems logical. They incur costs from arranging the loan on the wholesale financial markets – if you pay off your mortgage early, they can’t lend that money to someone else.

Charging penalties also allows mortgage companies to offer very attractive rates. As Melanie Bien, director at mortgage brokers Savills Private Finance points out, base rates are now at 5.5 per cent and could rise to 5.75 per cent. Your fixed rate is below the base rate, so you have already saved money on your monthly interest bill.

That said, you may be able to avoid this charge – or even get the fee added to your new mortgage. First, check if you can “port” your mortgage to the new property. Almost all lenders allow this with fixed rates, as long as the property meets their valuation rules and your earnings can still cover the loan. This is likely to be your cheapest option, as the fee for transferring the mortgage should be quite small.

If you need a larger loan, talk to your lender or an independent mortgage broker. It could well be that they can offer a second chunk of financing, in addition to transferring your existing fixed rate. The additional borrowing could be on another fixed rate, or you could look at tracker or capped-rate loans.

Take advice, because you’ll need to look at the cost of arranging new loans once your existing two-year fixed-rate mortgage expires, and these fees can be expensive.

If none of these options work, at least property prices have moved in your favour. “Prices have risen considerably since February 2006 when you bought your property, so you’ll be able to cover the fee out of the extra equity in your home,” says Ms Bien.

Confused about your mortgage options? Forxed by jargon? E-mail mortgageclinic@independent.co.uk

Note: we will not reveal your identity, and we cannot give specific advice

A new push has begun to get Australian crews on board the aquaculture ship, the Destiny Queen, with unions looking to legal avenues to force the move.

The abalone production ship operates in South Australia’s Spencer Gulf and has been using Ukrainian and Chinese crews since replacing Australian workers in 2004.

Maritime Union of Australia state secretary Jamie Newland says the latest action will include lobbying the State Government for help while legal options are also being looked at.

“We’re investigating the various legislation that the vessel operates in to see whether there is something that we could push forward with and perhaps rectify this bad situation where a company can operate in South Australian waters and blatantly refuse to employ Australians and pay lower wages and less conditions,” Mr Newland said.

The Destiny Queen’s owners have been unable to provide a spokesman for comment.

President Bush’s Weekend Getaway Bush Spends 61st Birthday at Camp David, His 387th Day at his Presidential Retreat By JENNIFER PARKER

July 6, 2007

As the temperatures rise in Washington, D.C., many in the nation’s capital make haste to weekend cottages or nearby beaches.

President George W. Bush is no different.

He will be spending his 61st birthday on Friday as he does many of his weekends — at the rustic, presidential retreat in Maryland known as Camp David.

Bush is continuing a routine that has become a big part of his presidency.

Friday marks the President’s 124th visit to Camp David since he took office in 2000.

That means, Bush has spent over a year of his presidency at Camp David — 387 days, either entirely or partially, according to Mark Knoller, a CBS Radio White House correspondent known for keeping meticulous records of the president’s vacation days.

Only one other second-term president has spent so much time at Camp David — former President Ronald Reagan spent virtually every weekend there for eight years.

Frequent Presidential Retreat

Reagan made 186 visits to Camp David, spending all or part of 517 days there, according to Knoller. Reagan also used the retreat to host important guests, including former British Prime Minister Margaret Thatcher.

Other presidents have spent comparatively less time at Camp David than Bush and Reagan.

President George H.W.Bush also frequented Camp David, often taking guests. However he spent less time there as president than his son because he served only one term as president.

Former President Jimmy Carter spent all or part of 376 days there, according to Knoller.

Carter famously brought Egyptian President Anwar Sadat and Israeli Prime Minister Menachem Begin to Camp David in 1978 which led to the signing of a peace agreement known as the Camp David Accords.

Camp David is located in Frederick County, Maryland, 60 miles north of Washington, D.C.

President Franklin D. Roosevelt, seeking relief from the humid Washington summers, founded the retreat and called it “Shangri-La.” However President Dwight Eisenhower renamed the retreat “Camp David” after his grandson, David Eisenhower.

Camp David has been modernized during the Bush administration, due to the 9/11 terrorist attacks and the ongoing war in Iraq and Afghanistan.

The White House has installed secure teleconference equipment with live capabilities that allows Bush to be there more often. Plus, the President, an avid exerciser, has installed bike trails at Camp David so he can now ride his bike in relative private.

Bush a Frequent Vacationer

During Bush’s 2000 presidential campaign, the former Texas governor argued he was a Washington outsider, and started his term claiming he would go to his Texas ranch every five to six weeks.

Indeed, President Bush has made 65 visits to his Crawford, Texas ranch, spending all or part of 418 days there, according to Knoller.

In 2005, Bush was roundly criticized for taking a lengthy vacation of nearly five weeks away from the White House — one of the longest presidential retreats in at least 36 years — when Hurricane Katrina hit the Gulf Coast and left New Orleans engulfed in floodwater.

In a 2006 Washington Post article, former White House press secretary Ari Fleischer said Bush’s response to Katrina was one of the most damaging events of his presidency.

“It caught a tired White House staff off guard,” Fleischer was quoted as saying.

Perhaps smarting from the criticism, last summer Bush spent just ten days at his Prairie Chapel ranch in Texas, where he was dogged by anti-war protests led by Cindy Sheehan, the mother of a U.S. soldier killed in Iraq.

Bush has also been criticized for not being attentive when he was on vacation at his ranch shortly before the 9/11 attacks.

On August 6, 2001, Bush was vacationing at his ranch when he was given the “president’s daily brief” containing a two-page section entitled “Bin Laden Determined to Strike in US.”

With files from CBS News’ Mark Knoller. ABC News’ Ann Compton and Jennifer Duck contributed to this report.

The National Farmers Federation (NFF) says people on the land are crying out for more certainty regarding their water rights.

Speaking in Brisbane, NFF president David Crombie said if farmers are not given more security from governments, many will have no choice but to walk off their properties.

He says the NFF is angry the national water initiative, which was agreed on by the states three years ago, has not delivered any results.

“The big issue was the national water initiative and that was fought through three years ago and signed off by everybody,” he said.

“Our disappointment is not so much who manages the outcome, it is the outcome.

“We don’t believe any level of government has clearly delivered, state or federal, and there is a lot of variation in the way that the states have handled it.

“We welcome the Prime Minister’s commitment - a $10 billion, 10-year plan - that is a big splash.”