If you’re finding it difficult to save a 20% home loan deposit, you might still be able to borrow by paying Lenders Mortgage Insurance. We’ll run through how LMI works and what it might mean for you. How Lenders Mortgage Insurance (LMI) works Lender’s Mortgage Insurance (LMI) is insurance that a lender takes out to … Read more
Superannuation (or Super) is a percentage of your income put aside by your employer over your working life to help fund your retirement. It’s a compulsory system in Australia that requires contributions to be made, most commonly, into either an APRA regulated retail or industry superfund (run by a board of trustees) or an ATO … Read more
Marketing campaigns, agent commission, taxes… there’s a lot to consider when it comes to the cost of selling your home. We’ve laid out the main expenses for you, so you can stay on track, and on budget. Marketing costs Advertising Advertising costs vary depending on a number of factors, especially how you choose to sell and … Read more
Characteristics of goal-driven savers A ‘money mindset’ is a way of thinking about personal finance. Your money mindset can change over time, and it may help explain your spending and savings habits. Understanding this can help you build habits and strategies to better manage your money. If the following applies to you, you might be … Read more
The use of trusts by Australians to hold different assets, including investments in exchange traded funds (ETFs), managed funds, and direct shares, continues to grow. According to the Australian Tax Office (ATO), there are now more than one million trusts operating nationally, collectively holding assets that generate in excess of $400 billion in income a … Read more
Review your investments regularly to make sure you’re on track to reach your financial goals and you’re comfortable with the investment risks. Find out how to review your investments’ performance and what to do if you’re not getting the returns you expect. Monitor your investments regularly How often you review your investments will depend on: … Read more
There’s good news for first home buyers. The First Home Super Saver (FHSS) scheme which allows you to save for your deposit in your super account, is increasing its maximum release to $50,000. How it works is a little complicated, but we’re here to guide you through the steps. Here’s what you need to know. … Read more
A ‘transition to retirement’ (TTR) strategy lets you access some of your super and keep working. Setting this up can be complicated, so contact your super fund or financial adviser for advice. How transition to retirement works If you’ve reached your preservation age (between 55 and 60) and still working, you can use a TTR strategy … Read more
Find out how to save money every day and make a savings plan to stay on track. Separate and automate your savings An online savings account is a great way to grow your money faster. Unlike a transaction account, you can’t spend money directly from a savings account, so it’s harder to dip into your savings. Automate … Read more
Navigating the aged care system can be complex, so it’s best to plan ahead. Plan ahead for aged care Our ability to live independently can be suddenly compromised, especially as we get older. You never know when an accident or sudden illness could mean you or your partner require assistance to continue living at home, … Read more
What are interest rates? The interest rate is the amount a borrower pays for borrowing money from a lender, which is why it’s often referred to as the cost of borrowing. Conversely, the interest rate is also the amount earned on money deposited into a bank or financial institution, also known as the rate of … Read more
When purchasing an investment property, there are a number of factors that could increase or reduce your potential return on investment. In this case it’s not just location, location, location. When considering a property for investment purposes, the most important question to ask is ‘will be attractive to tenants?’. But how do you know what … Read more