Aussie Finance Blog

Australian personal finance news, tips and advices.

How Much Does Landscaping and Gardening Cost?

by


Tasteful landscaping and gardening are very effective in increasing the sale value of homes and property. According to a recent article on OpenAgent, an investment in colourful plants, as well as practical garden spaces, can add at least $15,000 to the value of a home. Real estate agents have long extolled the value of simple flowering plants, which quickly enhance a property’s sale value.

Professional landscaping, such as decks, garden spaces, patios, and sitting areas, with fireplaces and pools, exemplify, to potential buyers, a space ready for restful family activities. Real estate agents tell us that professional landscaping can add 6 to 7 per cent to the value of a home, whereas, if you neglect your garden, it can lower the value of your home from between 5 and 15 per cent. ... (read more)

Comfort Spending: How to beat the $1400 a year habit

by

By Rhianna Dews, Money Writer at Mozo

Despite all the benefits that come with the digital world we live in today, its fast pace has ultimately led to a rapid increase in stress and anxiety, with Beyond Blue data revealing that 1 in 7 Australians are currently experiencing an anxiety condition.

What makes matters worse is the way in which Aussies are coping with the pressure. Mozo’s 2019 Comfort Spending Report found that Aussies are spending $1,430 each year on average in attempts to dilute stress, boredom and anxiety. This works out to a massive total of $25.5 billion each year! ... (read more)

inkl: Noise Free News

by

Compensation for this post was provided by inkl. Opinions expressed here are my own.

Front page news used to be important. However, in the rush to position themselves as viable online services, many news publishers diverted resources toward gossip journalism, in-your-face advertising and even clickbait articles. The concept of newsworthy journalism and commentary has become clouded. Serious readers are often left out in the cold or diverted to pulpy headline articles about funny cats, dogs and babies at the expense of major world events. The time is right to introduce inkl, the noise-free news service that delivers only important news and information provided by the world’s leading news publishers.

By the year 2000, major newspapers had started grappling with the inevitable transition toward online publishing. Resistance from within the industry was strong, especially among ageing chief editors and business owners, but the push by savvy young entrepreneurs continued unabated. The writing was on the wall, and the new technology was ultimately embraced as the way forward. The next step was to create a profitable business model without sacrificing quality.

 

 

Newsflash: Real News is Back

Old habits die hard, with the financial bottom line dictating terms. Tabloid style journalism won the day and front page news is now often a melting pot of frivolous escapism and stories with no quality or depth. But many of us still appreciate real news and the ability to access it without first wading through a pile of trash. What to do?

inkl has heard the call loud and clear, providing both free and premium services suited to every type of reader. In fact, even the inkl Premium Unlimited Service, which garners all the top news from around the world, costs far less than a traditional newspaper. Imagine: all the biggest news easily accessed on one site. That’s inkl, with features including:

  • Email editions with headlines delivered straight to your inbox
  • Editors Picks from the most reputable news services
  • No ads, clickbait or mundane gossip
  • Browsing privacy assured
  • Deeper story perspectives supported by the best editorial staff

    • ... (read more)

    What Credit Score Is Needed to Buy a House or Car

    by

    For most of us, purchasing a house and a car are two major situations where borrowing money is essential. They are significant financial outlays that require dedicated effort to pay off over a long period of time. Banks and other lending institutions rely on our credit score for approval of loans, so what credit score is needed to buy a house or car?

    Credit scores are the safeguard banks use to protect themselves against the possibility of loan defaults. They are based on a range of data related to the borrowers previous financial accountability and present financial status. Whether we like it or not, our credit score is a personalised risk assessment, and involves disclosure of both good and bad financial dealings. The positive and negative are taken into consideration for our individual credit score.

    Banks are in competition with each other in obtaining custom, therefore their credit scoring system for loan approvals is secretive. Generally, the only people privy to the bank’s system are those working within their own risk division. For this reason, a home or car loan application that has been refused by one bank may be accepted by another bank.

     

    Credit score components include:

  • Defaults and overdue accounts
  • Positive and negative credit history
  • Arrears in credit
  • Account activity related to credit cards, phone accounts and personal loans
  • Employment and residence stability

    • ... (read more)

    What is Home Renovation Loan

    by

    Renovating a home can be one of the most fulfilling achievements for a home owner or investor. However, when things go wrong (as they inevitably do) your renovations can turn into a financial nightmare. Taking out a home renovation loan that is tailored to your needs can be one of the most astute financial decisions you will ever make.

    Understanding which home renovation loan best suits your project is the first step toward a successful outcome. The ‘plan’ in financial plan is more than just an idea; it’s an essential factor in making sure you add maximum value to your premises. Unless you have savings set aside for your home renovation, you need to understand what type of loan best suits you.

    It’s a sensible first step to talk to your lender prior to making a detailed plan. Provide your lender with a general idea of your aspirations, along with details of your present financial circumstances including fluid savings and accumulated assets. Your financier will then be able to give you an idea of your borrowing power, and arrange pre-approval for your loan. Once you know exactly how much you can spend you will be able to enter into discussions with your chosen builder.

    There are several different options for a home renovation loan. Here are a few choices to get you started.

    View image | gettyimages.com

     

    Personal Line of Credit

    This loan type is very popular for smaller projects and also ideal for long-term renovations carried out over time. A single loan application allows you to access revolving credit as you need it until you reach your credit limit. By keeping tabs on monthly statements you will be on top of expenses and you will only be paying interest on funds you have used. In other words, if you have a $20,000 personal line of credit but have only used $5,000, you will only be paying interest on the $5,000. Another benefit is that as your credit balance is paid off, you can re-borrow without reapplying for another separate loan.

    A personal line of credit is similar to the credit facility on your regular bank transaction account, but usually attracts a lower interest rate. It’s pre-approved against your accrued savings.

     

    A Personal Loan

    A personal loan for a home renovation project carries the same stipulations as any other personal loan. Regular payments are made according to fixed or variable interest rates, with the loan typically extending from between one to five years. If you require more credit once the loan is paid off you will need to re-apply for a new loan. Taking out a personal loan remains the first choice for many renovators: the repayment schedule is regular, and the risk of overspending is greatly reduced.

    View image | gettyimages.com

     

    Re-financing your existing home loan

    If you are planning a major renovation and need to spread repayments over a longer period, re-financing could be the most sensible option. You could be approved to borrow up to 90 percent of your home’s value (minus your outstanding mortgage balance). Mortgage rates are usually much lower than credit card and other loan rates, meaning you will pay less interest. There is also the option to pay mortgage insurance upfront to safeguard against unforeseen circumstances.

     

    Using your Home Equity

    If you have owned your home for some years you will have noticed its increased value. An equity loan allows you to borrow against the increased value of your premises, and is a sensible way to finance major renovations. Re-investing potential profits into your home renovation is economical and often comes with preferential interest rates. A home equity loan usually incurs no cost apart from legal and appraisal fees.

    By discussing the options with your preferred lender, you will be able to commence work on your dream home renovation project without unnecessary anxiety regarding your home ownership – which is after all, the most significant investment move most of us will ever make.