AU2002318660B2

AU2002318660B2 - A Method of Minimising Interest Rates

Info

Publication number: AU2002318660B2
Application number: AU2002318660A
Authority: AU
Inventors: Graham MacGregor Chee
Original assignee: Mymoney Tech Solutions Pty Ltd
Current assignee: Mymoney Technology Solutions Pty Ltd
Priority date: 2002-12-13
Filing date: 2002-12-13
Publication date: 2005-03-10
Anticipated expiration: 2022-12-13
Also published as: AU2002318660A1

Description

S 2 S&F Ref: 617755

AUSTRALIA

PATENTS ACT 1990 COMPLETE SPECIFICATION FOR A STANDARD PATENT

ORIGINAL

Name and Address of Applicant: Actual Inventor(s): Address for Service: Invention Title: Graham MacGregor Chee 91 Hopetoun Avenue Vaucluse New South Wales 2030 Australia Graham MacGregor Chee Spruson Ferguson St Martins Tower,Level 31 Market Street Sydney NSW 2000 (CCN 3710000177) A Method of Minimising Interest Rates The following statement is a full description of this invention, including the best method of performing it known to me/us:- 5845c A METHOD OF MINIMISING INTEREST RATES FIELD OF THE INVENTION SThe present invention relates generally to the field of business systems, and 5 particularly to electronic investment and lending management systems.

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SBACKGROUND

SBusiness schemes have been proposed to reduce interest payable on home loans, personal loans and credit cards using offset accounts or minimisers. However, disadvantageously, the products used within the account to reduce or minimise interest must use the one provider. A further disadvantage of the current range of systems is that offsets are only available on deposits from the same provider. Existing systems and methods require that the accounts be opened together to receive the benefit and no previous credit available from having assets available.

Thus, a need clearly exists for an improved technique for reducing or minimising interest rates.

SUMMARY

In accordance with an aspect of the invention, there is provided a computerimplemented method of consolidating income from specified assets including financial products from multiple providers, the method comprising the steps of providing multiple, separate lending accounts from multiple providers to an owner of the lending accounts, each lending account having an interest rate charged based upon the risk and nature of a borrowing; providing a consolidator account; receiving into the consolidator account income funds from multiple, separate asset accounts from multiple providers of either the same owner or another owner of the asset accounts, each asset account having an associated income based on the respective asset; selectively making a partial or full application of the income funds in the consolidator account to at least one lending account to offset interest payable at least partially on [R:\LBCC]05628.doc:wxb L the lending account and reducing the consolidator account by the partial or full application of the income funds made to the at least one lending account.

In accordance with another aspect of the invention, there is provided a

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5 computer-implemented method for providing an effective interest rate on at least one 00 debt from at least one lending provider, if there are two or more separate debts, the a debts remaining non-consolidated, the method comprising the steps of providing a Sconsolidation account that can receive income value based upon separate assets of an

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owner received from at least one asset provider; producing an effective interest rate on the at least one debt of either the same owner or another owner by applying at least a portion of the income value based on the respective asset to interest payable on the at least one debt and varying the income value placed in the consolidation account as percentage of assets, a fixed rate, or an amount determined to reduce a delivery rate of interest on the at least one debt.

In accordance with a further aspect of the invention, there is provided a computer-implemented method of providing a Consolidator Account for receiving an income value based upon a fixed or variable amount dependent upon specified separate assets of an owner including financial products from multiple providers, the method comprising the step of receiving in the Consolidator Account the income value as credit for the separate assets of the owner but not utilised against a loan, the Consolidator Account being available to be used with at least one lending product of either the same owner or another owner comprising one or more of home loans, personal loans, credit cards, and commercial loans from multiple providers to offset interest payable at least partially on the lending product.

In accordance with yet another aspect of the invention, there is provided an apparatus for consolidating income from specified assets including financial products from multiple providers, the apparatus comprising means for providing multiple, separate lending accounts from multiple providers to an owner of the lending accounts, each lending account having an interest rate charged based upon the risk [R:\LIBCC]05628.doc:wxb and nature of a borrowing; means for providing a consolidator account; means for receiving into the consolidator account income funds from multiple, separate asset accounts from multiple providers of either the same owner or another owner of the asset accounts, each asset account having an associated income based on the respective asset; means for selectively making a partial or full application of the 00 income funds in the consolidator account to at least one lending account to offset interest payable at least partially on the lending account and means for reducing the 0 consolidator account by the partial or full application of the income funds made to the at least one lending account.

In accordance with a further aspect of the invention, there is provided an apparatus for providing an effective interest rate on at least one debt from at least one provider, if there are two or more separate debts, the debts remaining nonconsolidated, the apparatus comprising means for providing a consolidation account that can receive income value based upon separate assets of an owner received from at least one asset provider; means for producing an effective interest rate on the at least one debt of either the same owner or another owner by applying at least a portion of the income value based on the respective asset to interest payable on the at least one debt and means for varying the income value placed in the consolidation account as percentage of assets, a fixed rate, or an amount determined to reduce a delivery rate of interest on the debt.

In accordance with yet another aspect of the invention, there is provided a computer program product having a computer readable medium having a computer program recorded thereon for consolidating income from specified assets including financial products from multiple providers, the computer program product comprising computer program code means for providing multiple, separate lending accounts from multiple providers to an owner of the lending accounts, each lending account having an interest rate charged based upon the risk and nature of a borrowing; computer program code means for providing a consolidator account; computer program code means for receiving funds into the consolidator account income funds from multiple [R:\LIBCC]05628.doc:wxb asset accounts from multiple providers of either the same owner or another owner of F the assets, each asset account having an associated income based on the respective asset; computer program code means for selectively making a partial or full application of the income funds in the consolidator account for at least one lending 5 account to offset interest payable at least partially on the lending account and

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00oO computer program code means for reducing the consolidator account by the partial or Mc, full application of the income funds made to the at least one lending account.

ri In accordance with still another aspect of the invention, there is provided a computer program product having a computer readable medium having a computer program recorded thereon for providing an effective interest rate on at least one debt from at least one provider, if there are two or more separate debts, the debts remaining non-consolidated, the computer program product comprising computer program code means for providing a consolidation account that can receive income value based upon separate assets of an owner received from at least one asset provider; computer program code means for producing an effective interest rate on the at least one debt of either the same owner or another owner by applying at least a portion of the income value based on the respective asset to interest payable on the at least one debt and computer program code means for varying the income value placed in the consolidation account as percentage of assets, a fixed rate, or an amount determined to reduce a delivery rate of interest on the debt.

BRIEF DESCRIPTION OF THE DRAWINGS A small number of embodiments of the invention are described hereinafter with reference to the drawings, in which: Fig. 1 is a flow diagram illustrating a method of reducing interest payments paid on loans and lending facilities utilising specified assets in accordance with an embodiment of the invention; Fig. 2 is a block diagram of a general-purpose computer, with which the method of Fig. 1 may be implemented as software carried out by the computer.

[R:\LBCC05628.doc:wxb DETAILED DESCRIPTION A method, an apparatus, and a computer program product are disclosed for reducing the interest payments paid on loans and lending facilities utilising specified assets. Relevant loans and lending facilities include home loans, personal loans, credit cards, commercial loans, investment loans, and lines of credit, amongst others.

(THE NEXT PAGE IS PAGE 7) [R:\LIBCC]05628.doc:wxb -7- Relevant assets include personal superannuation, corporate superannuation, self managed superannuation, master trusts, insurance bonds, infrastructure trusts, managed funds, term deposits, or wrap accounts. The process aims to reduce the effective rate of interest paid by crediting to an individual, and separate account related to the individual, using the partial or full rebate of fees received as a broker, securities dealer, investment adviser, or product manufacturer.

In the following description, numerous specific details are set forth. However, from this disclosure, it will be apparent to those skilled in the art that modifications and/or substitutions may be made without departing from the scope and spirit of the invention. In other circumstances, specific details may be omitted so as not to obscure the invention.

In the embodiments of the invention, asset accounts of personal superannuation, corporate superannuation, self managed superannuation, master trusts, insurance bonds, infrastructure trusts, managed funds, term deposits, or wrap accounts are multi provider. Similarly, the liability accounts of home loans, personal loans, credit cards, commercial loans, investment loans, lines of credit are multi provider.

This fee offset is paid against the interest rate that is charged on the individual product. The partial and full rebate is variable, based upon the assets and method of calculation, and can increase and/or decrease in relation to the size of the asset holding.

The embodiments of the invention enable any product provider or distributor of products and services to utilise a consolidation account and offset the interest from a non-related lending and credit provider. Multiple product providers can be used that are non related and the interest payable from multiple product providers and non related can be reduced. Also the system can be established before a loan or credit account is required. This enables the account to gather credits that can be utilised to be offset against a loan or credit account when the account is established.

[R:\LIBCC]03448.doc:sdb Consolidator Account The embodiments of the invention relate to the establishment of a Consolidator Account (also referred to as a "consolidation account" hereinafter), to assist personal and non-personal borrowers to reduce the interest rates paid on borrowings. The borrowings may include home loans, personal loans, credit cards, margin lending accounts and commercial loans. This is described in greater detail with reference to Fig. 1 illustrating a method 100 of reducing the interest payments paid on loans and lending facilities utilising specified assets.

The functioning of the account is for a securities dealer, investment adviser, bank, non bank entity anybody that is regulated, authorised or registered to distribute, advise, deal or sell the products), financial planner, credit card provider to establish a relationship with a client to borrow proceeds for a home loan, personal loan, line of credit or to issue a provider with a credit card. All of the products that are available as credit products charge a rate of interest for borrowing and use of funds. The client borrows the funds and is charged a rate of interest based upon the security, risk, and type of borrowing.

The securities dealer, investment adviser, bank, non-bank entity, financial planner, or credit card provider opens a Consolidator Account for the borrower in step 110 of Fig. 1. The Consolidator Account can be a multi-product or individual product account. This Consolidator Account preferably shows all the accounts listed individually and the interest rate charged and also the account that is to be credited for repayments. The accounts are shown individually, as it enables, the credits that are generated from the asset accounts to be allocated to either one liability account, across all liability accounts or only to a selected number of accounts. This enables tailoring and selection for the available credits to particular interest payments.

At the same time as opening the Consolidator Account, the securities dealer, investment adviser, bank, non bank, financial planner, or credit card provider obtains details of the client's financial assets, in step 112 of Fig. 1. Such assets may include superannuation, managed funds, term deposits, investment trusts and wrap accounts from multiple providers multi providers).

[R:LIBCC]03448.doc:sdb The securities dealer, investment adviser, bank, non bank, financial planner, or credit card provider determines the amount to be credited to the Consolidator Account on a predetermined monthly) basis, in step 114 of Fig. 1. This is determined by the amount of products transferred to the account, the size of the assets, and the type(s) of assets. The calculation can be undertaken based upon the expected increase in assets due to contributions. This credit amount is flexible and is determined by the securities dealer, investment adviser, bank, non bank, financial planner, or credit card provider.

As the interest required to be paid is calculated on a daily, weekly or monthly basis on the borrowed amount, the Consolidator Account transfers funds from the account to the lender's nominated account reducing the effective interest rate paid on the borrowed funds or outstanding credit, in step 116 of Fig. 1.

The borrower of the liability continues to make the nominated payment as set down by the lender.

The Consolidator Account has the ability to allocate the credits within the account to one particular liability account or to be allocated proportionately in relation to the interest payments.

The Consolidator Account also has the flexibility to accept varied credits determined by the securities dealer, investment adviser, bank, non bank, financial planner, or credit card provider as new products are obtained or the amount of assets are increased. The variation of credits to the account are determined by the securities dealer, investment adviser, bank, non bank, financial planner, or credit card provider.

Additional asset products can be added at any time.

The Consolidator Account has the flexibility to accept varied liability accounts determined by the securities dealer, investment adviser, bank, non bank, financial planner, or credit card provider as new products arc obtained, or the amount of liabilities is increased or decreased. The variation and interest is determined by the borrower.

[R:\LIBCC]03448doc:sdb The Consolidator Account can have a different owner of the financial assets allowing credits to be received in the account than the owner of the liability accounts.

This is determined at the establishment of the account with securities dealer, investment adviser, bank, non bank, financial planner, or credit card provider.

Further Details The embodiments of the invention preferably provide a financial process and operational method of consolidating financial products of personal, partnership and corporate assets including investment products such as corporate superannuation, personal superannuation, allocated pensions, managed funds, life insurance policies, insurance bonds and wrap accounts from multi providers. A liability account may include borrowing accounts such as home loans, personal loans, credit cards, commercial loans and development loans from multi providers. Lending products may have an interest rate charged based upon the risk and nature of the borrowing.

The Consolidator account preferably receives funds into the account based upon the consolidation of asset financial products and from a partial or full application by the distributor or seller of the product. The account is reduced by a standard and/or varied amount at the discretion of the originator of the Consolidator account each time that a payment is required to be made to the lender of the loan and credit products. An agreement may be in place that ensures that payment continue to be made based upon the financial assets continuing to be consolidated and under the control of the seller and or distributor. Credits continue to be received in the account until a loan product is available.

The embodiments of the invention also provide a financial process and operational method to reduce the effective interest rate on a home loan, personal loan or credit card debt from multi providers. This is put in place by utilising the Consolidator Account. This Account may receive money from the securities dealer, investment adviser, bank, non bank, financial planner, credit card provider based upon the assets received from corporate superannuation, personal superannuation, allocated pension, managed funds or wrap accounts from multi providers. The monies placed in [R:ALIBCC]03448.doc:sdb -11the Consolidator account may be varied as percentage of assets, a fixed rate or an amount determined by the securities dealer, investment adviscr, bank, non bank, financial planner, credit card to reduce the delivery rate of interest on the home loan.

The information may be stored in an account and value within a bank account, cash management account or cash management trust. The account may be liquid and accessed and used to reduce the effective interest rate. The credit allocated by the securities dealer and/or investment adviser is not paid to the borrower of the home loan, for example. On the same basis as the client makes the home loan repayments, whether that be weekly, fortnightly, monthly or yearly, the Consolidator Account may be reduced by the amount of the credit of income placed in the account by the securities dealer or investment adviser. The amount of the reduction in the interest rate of the home loan is electronically matched based upon the amount received in the account. The repayments made by the client are calculated on the initial effective variable or fixed rate set and established by the bank and/or non-bank lenders. The repayments received are added to the amount credited from the Consolidator account and the loan term is reduced as a result of extra repayments being made.

In accordance with another embodiment, a Consolidator Account may receive value into the account based upon a fixed or variable amount based upon the assets consolidated. This account receives credit in the accounts for the assets but not utilised against a loan. The Consolidator account may be available to be used with a combination or individual liability products. These include home loans, personal loans, credit cards, and commercial loans from multi providers.

The Consolidator Account may also be transferable to be used for another personal or non-personal account. The Consolidator Account may be multi liability and can comprise all liability products where an interest rate is charged on borrowed funds or credit is issued and interest charged, or can comprise an individual product where an interest rate is charged or credit is issued and interest charged from multi providers.

[R:\LIBCC]03448.doc:sdb -12- Preferably, the Consolidator Account is multi asset; the Account may receive variable credit at the discretion of the distributor of the asset financial products. The consolidator account can receive credit based upon all asset products or through individual products for credit. The amount of credit placed in the funds is at the discretion of the distributor of the products from multi providers.

The Consolidator Account may involve an automatic matching account that receives credit at the discretion of the distributor and the matching of the interest rate of the liability accounts from multi providers.

The Consolidator Account may allow discretion to select the liability account that the credit is to be allocated from multi providers. The credits placed in the account to reduce the interest rate can be allocated to one or more products. The credit allocated to the interest does not exceed the credit that is available in the account.

The Consolidator Account may be delivered through an online service. The owner of the financial products may have the facility to access and view the credits that have been allocated from the distributor from multi providers of asset products.

The distributor may include a bank, non-bank entity, securities dealer, fund manager, financial planner or investment adviser.

The Consolidator Account may have a unique account number that corresponds with a bank account, a cash management account, or a cash management trust. Credits and debits to the account may be controlled by the distributor or originator of the liability products and can be from multi providers of products including asset and liability.

Computer Implementation The embodiments of the invention are preferably implemented using a computer. In particular, the processing or functionality of Fig. 1 can be implemented [R:\LIBCC]03448.doc:sdb as software, or a computer program, executing on the computer. The method or process steps disclosed for reducing the interest payments paid on loans and lending facilities utilising specified assets are effected by instructions in the software that are carried out by the computer. The software may be implemented as one or more modules for implementing the process steps. A module is a part of a computer program that usually performs a particular function or related functions. Also, a module can also be a packaged functional hardware unit for use with other components or modules. An example of a computer system 200 with which the embodiments of the invention may be practiced is depicted in Fig. 2.

In particular, the software may be stored in a computer readable medium, including the storage devices described hereinafter. The software is preferably loaded into the computer from the computer readable medium and then carried out by the computer. A computer program product includes a computer readable medium having such software or a computer program recorded on the medium that can be carried out by a computer. The use of the computer program product in the computer preferably effects an advantageous apparatus for reducing the interest payments paid on loans and lending facilities utilising specified assets in accordance with the embodiments of the invention.

The computer system 200 may include a computer 250, a video display 210, and input devices 230, 232. For example, an operator can use a keyboard 230 and/or a pointing device such as the mouse 232 to provide input to the computer as the input devices. In addition, the computer system can have any of a number of other output devices including line printers, laser printers, plotters, and other reproduction devices connected to the computer. The computer system 200 can be connected to one or more other computers via a communication interface 264 using an appropriate communication channel 240 such as a modem communications path, a computer network, or the like. The computer network may include a local area network (LAN), a wide area network (WAN), an Intranet, and/or the Internet 220.

[R:\LIBCC]03448.doc:sdb The computer 250 may include a central processing unit(s) 266 (simply referred to as a processor hereinafter), a memory 270 which may include random access memory (RAM) and read-only memory (ROM), input/output (IO) interfaces 272, a video interface 260, and one or more storage devices 262. The storage device(s) 262 may include one or more of the following: a floppy disc, a hard disc drive, a magneto-optical disc drive, CD-ROM, magnetic tape or any other of a number of non-volatile storage devices well known to those skilled in the art. Each of the components of the computer 250 is typically connected to one or more of the other devices via a bus 280 that in turn can consist of data, address, and control buses.

The computer system 200 is simply provided for illustrative purposes and other configurations can be employed without departing from the scope and spirit of the invention. Computers with which the embodiment can be practiced include IBM- PC/ATs or compatibles, one of the Macintosh (TM) family of PCs, Sun Sparcstation a workstation or the like. The foregoing is merely exemplary of the types of computers with which the embodiments of the invention may be practiced. Typically, the processes of the embodiments, described hereinafter, are resident as software or a program recorded on a hard disk drive as the computer readable medium, and read and controlled using the processor. Intermediate storage of the program and intermediate data and any data fetched from the network may be accomplished using the semiconductor memory, possibly in concert with the hard disk drive.

In some instances, the program may be supplied to the user encoded on a CD-ROM or a floppy disk, or alternatively could be read by the user from the network via a modem device connected to the computer, for example. Still further, the software can also be loaded into the computer system from other computer readable medium including magnetic tape, a ROM or integrated circuit, a magneto-optical disk, a radio or infra-red transmission channel between the computer and another device, a computer readable card such as a PCMCIA card, and the Internet and Intranets including email transmissions and information recorded on websites and the like. The foregoing is merely exemplary of relevant computer readable mediums. Other [R:LIBCCJO3448.doc:sdb computer readable mediums may be practiced without departing from the scope and spirit of the invention.

In the foregoing manner, a method, an apparatus, and a computer program product for reducing the interest payments paid on loans and lending facilities utilising specified assets are described. While only a small number of embodiments are described, it will be apparent to those skilled in the art in view of this disclosure that numerous changes and/or substitutions can be made without departing from the scope and spirit of the invention.

fR:'\LIBCC]03448.doc:sdb

Claims

2. The computer-implemented method according to claim 1, wherein said partial or full application of said income funds involves a standard, or varied, or both, amount made every time that a payment is required to be made to a respective multiple provider of the at least one lending account.
3. The computer-implemented method according to claim 1, wherein said method implements a financial process and operational method.
4. The computer-implemented method according to claim 1, wherein said financial products comprise one or more of corporate superannuation, personal superannuation, allocated pensions, managed funds, life insurance policies, insurance bonds, and wrap accounts. [R:\LIBCC]03685.doc:SDB The computer-implemented method according to claim 1, wherein said lending accounts comprise one or more of home loans, personal loans, credit cards, commercial loans, and development loans. NO 00 6. The computer-implemented method according to claim 2, further M€3 comprising the step of ensuring that payment continues to be made based upon the financial assets continuing to be consolidated and credits continue to be received in C said consolidator account until a loan product is available.
7. A computer-implemented method for providing an effective interest rate on at least one debt from at least one lending provider, if there are two or more separate debts, said debts remaining non-consolidated, said method comprising the steps of: providing a consolidation account that can receive income value based upon separate assets of an owner received from at least one asset provider; producing an effective interest rate on the at least one debt of either the same owner or another owner by applying at least a portion of said income value based on the respective asset to interest payable on said at least one debt; and varying said income value placed in said consolidation account as percentage of assets, a fixed rate, or an amount determined to reduce a delivery rate of interest on said at least one debt.
8. The computer-implemented method according to claim 7, wherein said method implements a financial process and operational method.
9. The computer-implemented method according to claim 7, wherein said debt comprises one or more of a home loan, a personal loan and a credit card debt.
10. The computer-implemented method according to claim 7, wherein said income value comprises money from one or more of a securities dealer, an investment [R:\LIBCC]03685.doc:SDB L adviser, a bank, a non bank financial institution, a financial planner, and credit card F4 provider.
11. The computer-implemented method according to claim 10, wherein O 5 said assets comprise one or more of corporate superannuation, personal 00 superannuation, allocated pension, managed funds, and wrap accounts. (Ni
12. The computer-implemented method according to claim 10, wherein said amount is determined by said securities dealer, investment adviser, bank, non bank financial institution, financial planner, or credit card provider.
13. The computer-implemented method according to claim 7, further comprising the step of storing information in said consolidation account and income value within a related account.
14. The computer-implemented method according to claim 13, wherein said related account is a bank account, a cash management account or a cash management trust.
15. The computer-implemented method according to claim 7, further comprising the step of reducing said consolidation account by an amount of credit of income placed in said consolidation account on the same basis as making a payment of said debt.
16. The computer-implemented method according to claim 15, further comprising the step of electronically matching the amount of the reduction in the interest rate of the debt based upon the amount received in said consolidation account.
17. The computer-implemented method according to claim 16, wherein repayments made are calculated on an initial effective variable or fixed rate set and established by a bank, a non-bank lender, or both. [R:\LIBCC]03685.doc:SDB -19-
18. The computer-implemented method according to claim 16, wherein O said repayments received are added to an amount credited from said consolidation account and a term of said debt is reduced as a result of extra repayments being made. NO 00 19. A computer-implemented method of providing a Consolidator Account n for receiving an income value based upon a fixed or variable amount dependent upon Ospecified separate assets of an owner including financial products from multiple 1 providers, said method comprising the step of receiving in said Consolidator Account said income value as credit for said separate assets of said owner but not utilised against a loan, said Consolidator Account being available to be used with at least one lending product of either the same owner or another owner comprising one or more of home loans, personal loans, credit cards, and commercial loans from multiple providers to offset interest payable at least partially on the lending product. The computer-implemented method according to claim 19, wherein said Consolidator Account is transferable and can be used for another personal or non- personal account.
21. The computer-implemented method according to claim 19 or wherein said Consolidator Account is multiple liability and comprises two or more lending products each having an interest rate that is charged on borrowed funds or credit is issued and interest charged.
22. The computer-implemented method according to claim 19 or wherein said Consolidator Account comprises an individual product where an interest rate is charged or credit is issued and interest charged from multiple providers.
23. The computer-implemented method according to claim 19 or wherein said Consolidator Account involves multiple assets and can receive variable credit based on an asset financial product, said Consolidator Account able to receive [R:\LD3CC]03685.doc:SDB credit based upon all asset products, or through individual products for credit, the amount of credit placed in the funds is at the discretion of a distributor of products O from multiple providers. O
24. The computer-implemented method according to claim 19, wherein o00 said Consolidator Account is an automatic matching account that receives credit at the discretion of a distributor and the matching of the interest rate of lending accounts O from multiple providers.
25. The computer-implemented method according to claim 19, wherein a lending account to which the credit is to be allocated can be selected from multiple providers, credits placed in said Consolidator Account to reduce the interest rate being allocated to one or more lending products, wherein credit allocated to the interest does not exceed the credit that is available in the lending account.
26. The computer-implemented method according to claim 19, wherein said Account is delivered Consolidator through an online service.
27. The computer-implemented method according to claim 26, wherein the owner of a financial product has a facility to access and view the credits that have been allocated from a distributor from multiple providers of asset products.
28. The computer-implemented smethod according to claim 19, wherein said Consolidator Account has a unique account number that corresponds with a bank account, a cash management account, or a cash management trust, credits and debits to the account being controlled by a distributor or originator of said lending products and can be from multiple providers of financial products including asset and liability.
29. An apparatus for consolidating income from specified assets including financial products from multiple providers, said apparatus comprising: [R:\LIBCC]03685.doc:SDB means for providing multiple, separate lending accounts from multiple C providers to an owner of said lending accounts, each lending account having an interest rate charged based upon the risk and nature of a borrowing; means for providing a consolidator account; C 5 means for receiving into the consolidator account income funds from 00 multiple, separate asset accounts from multiple providers of either the same owner or Cc another owner of said asset accounts, each asset account having an associated income based on the respective asset; C1 means for selectively making a partial or full application of said income funds in said consolidator account to at least one lending account to offset interest payable at least partially on said lending account; and means for reducing said consolidator account by said partial or full application of said income funds made to the at least one lending account.
30. The apparatus according to claim 29, wherein said partial or full application of said income funds involves a standard, or varied, or both, amount made every time that a payment is required to be made to a respective multiple provider of the at least one lending account.
31. The apparatus according to claim 29, wherein said apparatus implements a financial process and operational method.
32. The apparatus according to claim 30, wherein said financial products comprise one or more of corporate superannuation, personal superannuation, allocated pensions, managed funds, life insurance policies, insurance bonds, and wrap accounts.
33. The apparatus according to claim 29, wherein said lending accounts comprise one or more of home loans, personal loans, credit cards, commercial loans, and development loans. [R:\LIBCC]03685.doc:SDB
34. The apparatus according to claim 29, further comprising means for ensuring that payment continues to be made based upon the financial assets O continuing to be consolidated and credits continue to be received in said consolidator account until a loan product is available. 00 35. An apparatus for providing an effective interest rate on at least one n debt from at least one provider, if there are two or more separate debts, said debts Oremaining non-consolidated, said apparatus comprising: means for providing a consolidation account that can receive income value based upon separate assets of an owner received from at least one asset provider; means for producing an effective interest rate on the at least one debt of either the same owner or another owner by applying at least a portion of said income value based on the respective asset to interest payable on said at least one debt; and means for varying said income value placed in said consolidation account as percentage of assets, a fixed rate, or an amount determined to reduce a delivery rate of interest on said debt.
36. The apparatus according to claim 35, wherein said apparatus implements a financial process and operational method.
37. The apparatus according to claim 35, wherein said debt comprises includes one or more of a home loan, a personal loan and a credit card debt.
38. The apparatus according to claim 35, wherein said income value comprises money from one or more of a securities dealer, an investment adviser, a bank, a non bank financial institution, a financial planner, and credit card provider.
39. The apparatus according to claim 38, wherein said assets comprise one or more of corporate superannuation, personal superannuation, allocated pension, managed funds, and wrap accounts. [R:\LIBCC]03685.doc:SDB
40. The apparatus according to claim 38, wherein said amount is a) Sdetermined by said securities dealer, investment adviser, bank, non bank financial institution, financial planner, or credit card provider. O 5 41. The apparatus according to claim 35, further comprising means for 00oO storing information in said consolidation account and income value within a related M€3 account. ,I 42. The apparatus according to claim 41, wherein said related account is a bank account, a cash management account or a cash management trust.
43. The apparatus according to claim 35, further comprising means for reducing said consolidation account by an amount of credit of income placed in said consolidation account, on the same basis as making a payment of said debt.
44. The apparatus according to claim 43, further comprising means for electronically matching the amount of the reduction in the interest rate of the debt based upon the amount received in said consolidation account.
45. The apparatus according to claim 44, wherein repayments made are calculated on an initial effective variable or fixed rate set and established by a bank, a non-bank lender, or both.
46. The apparatus according to claim 44, wherein said repayments received are added to an amount credited from said consolidation account and a term of said debt is reduced as a result of extra repayments being made.
47. A computer program product having a computer readable medium having a computer program recorded thereon for consolidating income from specified assets including financial products from multiple providers, said computer program product comprising: [R:\LIBCC]03685.doc:SDB computer program code means for providing multiple, separate lending accounts from multiple providers to an owner of said lending accounts, each lending account having an interest rate charged based upon the risk and nature of a borrowing; computer program code means for providing a consolidator account; C 5 computer program code means for receiving funds into the consolidator O0 account income funds from multiple asset accounts from multiple providers of either M"3 the same owner or another owner of said assets, each asset account having an associated income based on the respective asset; IC computer program code means for selectively making a partial or full application of said income funds in said consolidator account for at least one lending account to offset interest payable at least partially on said lending account; and computer program code means for reducing said consolidator account by said partial or full application of said income funds made to the at least one lending account.
48. The computer program product according to claim 47, wherein said partial or full application of said income funds involves a standard, or raised, or both, amount made every time that a payment is required to be made to a respective multiple provider of the at least one lending account.
49. The computer program product according to claim 47, wherein said computer program product implements a financial process and operational method. The computer program product according to claim 47, wherein said financial products comprise one or more of corporate superannuation, personal superannuation, allocated pensions, managed funds, life insurance policies, insurance bonds, and wrap accounts.
51. The computer program product according to claim 47, wherein said lending accounts comprise one or more of home loans, personal loans, credit cards, commercial loans, and development loans. [R:\LIBCC]03685.doc:SDB S52. The computer program product according to claim 47, further comprising computer program code means for ensuring that payment continues to be made based upon the financial assets continuing to be consolidated and credits \O 5 continue to be received in said account until a loan product is available. 00 Mc 53. A computer program product having a computer readable medium having a computer program recorded thereon for providing an effective interest rate ,IC on at least one debt from at least one provider, if there are two or more separate debts, said debts remaining non-consolidated, said computer program product comprising: computer program code means for providing a consolidation account that can receive income value based upon separate assets of an owner received from at least one asset provider computer program code means for producing an effective interest rate on the at least one debt of either the same owner or another owner by applying at least a portion of said income value based on the respective asset to interest payable on said at least one debt; and computer program code means for varying said income value placed in said consolidation account as percentage of assets, a fixed rate, or an amount determined to reduce a delivery rate of interest on said debt.
54. The computer program product according to claim 53, wherein said computer program product implements a financial process and operational method.
55. The computer program product according to claim 53, wherein said debt comprises one or more of a home loan, a personal loan and a credit card debt.
56. The computer program product according to claim 53, wherein said assets comprise one or more of corporate superannuation, personal superannuation, allocated pension, managed funds, and wrap accounts. [R:\LIBCC]03685.doc:SDB -26- S57. The computer program product according to claim 53, wherein said Samount is determined by said securities dealer, investment adviser, bank, non bank financial institution, financial planner, or credit card provider. \O 5 58. The computer program product according to claim 53, further 00 comprising computer program code means for storing information in said Cc consolidation account and income value within a related account. 1 59. The computer program product according to claim 58, wherein said related account is a bank account, a cash management account or a cash management trust. The computer program product according to claim 58, further comprising computer program code means for reducing said consolidation account by an amount of credit of income placed in said consolidation account, on the same basis as making a payment of said debt.
61. The computer program product according to claim 60, further comprising computer program code means for electronically matching the amount of the reduction in the interest rate of the debt based upon the amount received in said consolidation account.
62. The computer program product according to claim 61, wherein repayments made are calculated on an initial effective variable or fixed rate set and established by a bank, a non-bank lender, or both.
63. The computer program product according to claim 61, wherein said repayments received are added to an amount credited from said consolidation account and a term of said debt is reduced as a result of extra repayments being made. [R:\LIBCC]03685.doc:SDB
64. A computer-implemented method of consolidating income from F specified assets including financial products from multiple providers, said method being substantially as hereinbefore disclosed with reference to any one or more of the embodiments described with reference to Figs. 1 and 2 of the accompanying O 5 drawings. 00 Mc 65. A computer-implemented method of providing an effective interest rate on at least one debt from at least one lending provider, if there are two or more 1 separate debts, said debts remaining non-consolidated, said method being substantially as hereinbefore disclosed with reference to any one or more of the embodiments described with reference to Figs. 1 and 2 of the accompanying drawings.
66. A computer-implemented method of providing a Consolidator Account for receiving an income value based upon a fixed or variable amount dependent upon specified assets including financial products from multiple providers, said method being substantially as hereinbefore disclosed with reference to any one or more of the embodiments described with reference to Figs. 1 and 2 of the accompanying drawings.
67. An apparatus for consolidating income from specified assets including financial products from multiple providers, said apparatus being substantially as hereinbefore disclosed with reference to any one or more of the embodiments described with reference to Figs. 1 and 2 of the accompanying drawings.
68. An apparatus for providing an effective interest rate on at least one debt from at least one provider, if there are two or more debts, said debts remaining non-consolidated, said apparatus being substantially as hereinbefore disclosed with reference to any one or more of the embodiments described with reference to Figs. 1 and 2 of the accompanying drawings. [R:\IBCC]03685.doc:SDB
69. A computer program product having a computer readable medium having a computer program recorded thereon for consolidating income from specified assets including financial products from multiple providers, said computer program product being substantially as hereinbefore disclosed with reference to any one or more of the embodiments described with reference to Figs. 1 and 2 of the accompanying drawings. A computer program product having a computer readable medium having a computer program recorded thereon for providing an effective interest rate on at least one debt from at least one provider, if there are two or more debts, said debts remaining non-consolidated, said computer program product being substantially as hereinbefore disclosed with reference to any one or more of the embodiments described with reference to Figs. 1 and 2 of the accompanying drawings. DATED this Fourth Day of February, 2005 Graham MacGregor Chee Patent Attorneys for the Applicant SPRUSON FERGUSON [R:\LIBCC]03685.doc:SDB