Getting money together to buy your first home can be a big ask. As well as a deposit (ideally 20% of the house price), you also need to consider stamp duty and other expenses like conveyancing fees. And if you have less than the recommended deposit, you’ll also need to pay lenders mortgage insurance (LMI)…
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It’s been a trying time for many people, with our collective mental health taking a toll as the COVID-19 pandemic rolls on. The Melbourne Institute says one-in-three Australians are now reporting financial stress, while one-in-five are feeling ‘mental distress’. It’s well known that our financial wellbeing and mental health go hand in hand. Severe or…
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Whether you breeze through tax time or dread the extra admin, receiving a tax refund makes the effort worthwhile. For many of us, getting a financial boost will be even more welcome this year, and you might be looking around for the best ways to spend it. Plan how you’ll spend your tax refund wisely…
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It could take months, even years, to clear debt – especially if you used your credit card and you know you’ll be slugged with snowballing compound interest each month you don’t pay it off. Things might get worse if another emergency comes up and you don’t have the means to pay for it. Before you…
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Scams and cybercrime are booming in the wake of the COVID-19 pandemic, leaving thousands of people out of pocket. Investment scams in particular have surged, costing victims more than $26,000 on average. What is an investment scam and why are they booming? An investment scam involves being conned into parting with money on the promise…
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There’s no denying that being proactive with your super may be key to increasing your retirement savings. As an investment vehicle, super can offer significant benefits thanks to the magic of compounding interest. It also provides one of the best tax structures available. Why super offers much promise for retirement saving Adding more into super…
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One of the quirks of Australian society, including its taxation system, is that it puts home ownership at the centre of physical, emotional and financial well-being. There’s an aura about owning your own home. It’s why we talk about it at BBQs, go to open-houses when we have no intention of buying, and are amazed…
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If you’re one of the many Australians financially impacted by COVID-19, who have deferred $218 billion worth of payments this year – fear not. Your credit score is unlikely to be affected by payment deferrals or mortgage holidays due to the current state of the world. While that’s good news, it’s still important to maintain…
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Downsizing the family home is often part of the longer-term financial plans for many older Australians. But did you know that you could consider investing the proceeds of the sale of your family home to your super – depending on your age and circumstances – as a downsizer contribution? What is a downsizer contribution? If…
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In the right hands, a self-managed superannuation fund (SMSF) can be a beneficial way to build wealth for retirement. Whilst they are not for everyone, it is important that when thinking of starting an SMSF, individuals need to understand the benefits and responsibilities they take on by having an SMSF. What is an SMSF? An…
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