Aussie Finance Blog

Australian personal finance news, tips and advices.

3 money-saving tips for buying a new car

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That new car smell, the smooth ride, the envious look on your neighbour’s face, the empty savings account … hang on, that’s not right. There are certain things that make buying a new car worth it, and an empty bank account certainly isn’t one of them. But you know what? You really don’t need to spend as much as everyone else does for a brand new car and here’s how you go about it.

Time it right

The time of the year can be a massive factor in how much (or how little) you pay for your car. Choose to buy your car towards the end of the financial year, and you could secure yourself a very nice deal. You see, at this time of the year, dealers are eager to hit their sales targets for the year or to beat last year’s record. Whatever their motivation, there’s no doubt that they are much quicker to offer cut-price deals or throw in free extras at this time of year. ... (read more)

Contactless payments statistics in Australia

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Last month I published an article about contactless payments and it seems like it’s a hot topics nowadays because Westpac released its Visa contactless payments statistics for 2017.

They claim that Visa payWave contactless payments increased to 325 million in 2017, which is a 25% uplift compared to 2016. There were 67 million more payments in 2017 than the year before.

In the first month of 2017, Visa reported more than 24 million contactless payments, which by the end of the year increased to over 33 million. ... (read more)

Contactless Payments: How Do They Work?

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Are you someone who absolutely hates how long it takes to make a transaction using a credit or debit card? Do you worry about card fraud a lot? If so, you will love contactless payment systems, which involve the use of contactless cards, stickers, key fobs, mobile devices, and wearable gadgets.

In a nutshell:

  • It is secure. You don’t need to hand over your card to the cashier. For the entire transaction, the card never leaves your hand.
  • It is fast. You don’t need to enter a PIN or leave a signature for purchases under $100.
  • It is easy. You just need to hold the card close to the terminal.

Contactless payments make life a tad easier for the average consumer. 

History

Contactless cards have been available in Australia since 2006 but it only started to gain traction in the last few years. From the 7.6 million cards issued in 2010, the number grew to 18 million in 2014. With more and more retailers accepting contactless payments, the total number of contactless cards in Australia should reach 33.9 million in 2019, Timetric predicts. ... (read more)

Five Reasons Why Reverse Mortgages Are a Good Option for Australian Seniors

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Guest Post by Andrew Ford, CEO of Heartland Seniors Finance

People often ask me why am I so passionate about Reverse Mortgages. I guess many Australian seniors are either wary because of the misinformation and misconceptions that still linger in the market, or don’t see how someone can be so passionate about a ‘financial product’.

The reason that I love Reverse Mortgages so much is that I have seen firsthand what they can do for people. I have spoken to, and met with, thousands of seniors whose lives have literally been changed by a Reverse Mortgage. I think that’s pretty neat. ... (read more)

6 Hacks To Cut Down Your Business Expenses in the New Financial Year

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With the end of financial year fast approaching, and a new one right around the corner, it’s time to think about ways to cut down your business expenses. Some hacks are more obvious than others, so here is a list of the ones you might not know about.

Capitalising on commercial property depreciation deductions

Across the board, tax experts agree that businesses often pay more tax than they actually need to. They also agree that a great way to cut your tax bill is by capitalising on depreciation deductions on the commercial property you own or rent – something many businesses miss out on. ... (read more)

Are There Loans For Weddings?

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Weddings have always been special occasions worth celebrating in style. The tradition remains, and modern weddings are an opportunity for the bride and groom to shine. However, getting married is a huge step, and planning the event is a complex undertaking deserving a lot of consideration. The cost of a wedding can be overwhelming for couples who haven’t saved up for the big day, with dress, venue, catering, cars etc. all biting hard into the budget. A wedding loan could be the answer. ... (read more)

The most important question every Aussie needs to answer when they move overseas

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If you are considering a move overseas, then there are numerous financial and tax implications you will need to consider.  However most of these implications are linked to one question you need to answer : Are you a resident or non-resident for Australian tax purposes?

Many people incorrectly believe that just because they move overseas, that they are automatically non-residents for Australian tax purposes.  The Australian Tax Office takes a different point of view, and requires you to satisfy a number of tests before it will consider you to be a non-resident for Australian tax purposes. ... (read more)

Planning a Destination Wedding

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Compensation for this post was provided by OzForex Limited ABN 65 092 375 703 (trading as OFX). Opinions expressed here are my own.

Destination weddings have grown in popularity and are no longer just for the fortunate few. People travel more than ever, airfares are great value and the overseas destination could even be closer to home for some relatives. With the right advice and sound money management, planning a destination wedding becomes a very real possibility. ... (read more)

Are Rewards Credit Cards Worth It?

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In a world governed by finances, it’s often all too obvious that we need to make our own money work harder for us. Everyone likes to get the best possible interest rate or return on investments, with hard earned money tucked safely away. However, we also need to spend money, and anything saved at the point of transaction will reap rewards later on.

All of us have the capacity to reap at least some gain from a rewards credit card. First, we need to understand the name and nature of the card. Rewards are gained over time, with good financial management, while the card is used for as many transactions as possible. A large number of Australians earn and spend sufficiently to justify owning a rewards credit card. At this point we need to be warned that any card payment default or late payment will incur a fee or other penalties that will nullify rewards earnings. ... (read more)

What are Rewards Credit Cards?

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Australians are keen to get the best return on their money. Many of us are enticed by the incentives of reward credit cards offering cash back, frequent flyer miles or points that can be dedicated toward purchases. Coupled with good money management, a rewards credit card will pay dividends. However, in the hands of a whimsical spendthrift the card can become a further drain on financial resources. ... (read more)