Aussie Finance Blog

Australian personal finance news, tips and advices.

Choosi Dollar Report Provides Insights on Aussie Money Management

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Personal finance isn’t a very fun topic to discuss at dinner parties. However, consumers need to be financially literate if they are to thrive. The Choosi Dollar Report 2019 researched the spending habits of Australian citizens and their understanding of financial issues.

A number of important issues were highlighted in this report. The key points are listed below. 

Are Australians Stressed About Money?

Australians have become more uneasy about their financial situations in recent years. The report shows that half of Australians experience concerns about their money on a weekly or even daily basis. The majority of Australians are unable to maintain the same standard of living, as inflation erodes the value of their paychecks. The survey showed that 62% of Australians said they were unable to keep up with cost of living increases. It also showed that 44.6% of Australians feel anxious about their debt at least most of the time, if not all of the time. ... (read more)

What are Credit Card Instalment Plans?

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Several different credit cards let cardholders pay off a portion or some of their outstanding balance through an instalment plan. These payment options break down your balance into monthly instalments spread over a fixed time or predetermined rate. For example, if you had a $1,000 balance and set up an instalment plan over ten months, you’d pay $100 per month instead of paying it all off at once. This is a basic calculation used as an example only, it does not include the addition of interest to the amount borrowed. ... (read more)

6 tips to save on your mortgage interest

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Taking out a mortgage is the largest financial commitment that most Australians will make in their lifetime. If you invest in a property you could be making repayments for the next 30 years. This article will focus on a number of tips that can help you save interest on your mortgage and pay off the debt on your home at a faster rate.

1. Pay large sums into your loan

Rather than spending any large lump sums you receive, pay them straight into your loan. Think of larger windfalls as an excellent opportunity to reduce the overall interest on your loan and therefore the overall cost of your mortgage. Unexpected windfalls can include: ... (read more)

What to look for when deciding on a super fund

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Apart from buying a house, superannuation is likely to be one of the biggest investments that you will make in your lifetime. Understanding your options and making the right decision can make the difference between scraping by or having that well-deserved, worry-free retirement.

In 2005, new legislation was introduced that put the power of super firmly in the consumer’s hands and gave many Australians like yourself the power to choose which fund your contributions would be made into. ... (read more)

What Personal Loans Are Easy to Get Approved For

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Anyone who has ever borrowed money knows it can be hard to pay back at times. However, borrowing is a bridge most of us need in order to quickly get ahead in life. Personal loans are the fastest means of acquiring funds for a range of purposes, but the first criterion is your ability to make the loan repayments on time.

If your earnings or income are high and you have a clean credit history, a personal loan will usually be approved. People on lower incomes need to tailor their approach to repayments that are make-able. You will need to provide evidence of current and ongoing expenses, revealing enough disposable income to furnish the loan and thrive . There are other stipulations, including Australian residency requirements, that will affect the application.

Also in the last few years, it has become difficult to get loan approval from banks that you have no account with. The loan approval rate for non-customers is notably lower than for customers with years of historical data.

What makes personal loans so popular is their versatility. The most obvious loans, and the ones most likely to be approved for, are for expenses that are often beyond the reach of the immediate purse-strings. A personal loan can help you create and maintain your dreams.

Popular Personal Loans Include: ... (read more)

The top traits to avoid in a mortgage broker

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All Mortgage Brokers are not born equal. Like any service business, the quality of brokers’ offerings can vary from company to company and from broker to broker. This article will explore the qualities that you should avoid in a potential mortgage broker. Use this information to find a broker that will take the time to understand your situation and secure a mortgage product that’s right for you. ... (read more)

Uncertainty Around AUD & What It Means For Aussie Travellers

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With the recent global uncertainty surrounding Brexit & the European Union, the Australian Dollar has continued to delve into some less than predictable waters. Coupled with Donald Trump’s continued trade war with China, there are a number of global external factors having a negative impact on our Aussie Dollar.  

Meanwhile with household debt increasing and house prices appearing to start to take a slump. Over the past few months, the Australian Dollar has started to decline against some of the more popular international currencies. In this article, we review what impact this is having on Australians planning on heading overseas. After all, there is nothing worse than feeling short-changed when you go and convert your AUD for foreign currency and feel like you can’t afford to go on holiday at all.
... (read more)

Securing a Car Loan in Australia

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Prospective car buyers are in for “excellent deals” this August, Federal Chamber of Automotive Industries chief executive Tony Weber said last week during the release of new vehicle sales data for July 2019.

A total of 83,184 new vehicles were sold. While year-to-date growth is still down 7.7%, this is better than June’s 8.4%.

From $1,000 in factory bonuses on Hyundai’s Tucson range, to a $6,000 discount off Fiat’s Abarth 124 Spider and the $44,990 drive-away price of Holden’s Colorado LSX, today’s buyers have so many options to choose from. ... (read more)

Undateable debt: Why it pays to know your partner’s credit score

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By Kate Browne

Nothing unravels a blossoming relationship quite like a bad credit history. Seriously!

Ok I know what you’re thinking “yeah right sure finance lady, it’s not about how you look or how you come across personality-wise or even if you are a dog or cat person it’s all about your credit report…give me a break.” And well that might be true, bear with me…. If you are going on a date it just might be worth checking your credit report – as well as the mirror – before heading out the door. ... (read more)

How to Use an Economic Calendar to Trade in Forex Markets?

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Every day countries publish economic reports, meetings of Central Banks are held, as well as governors give speeches. These events usually occur at a scheduled time. To keep abreast of the upcoming events traders use an economic calendar where the time of their release and the degree of importance are displayed.

An important economic event can significantly change the market price of the asset in a matter of minutes. Traders respond to news reports in different ways. Some traders expect such news and recommend not to miss the opportunity to benefit, while others stop trading before the releases and wait for the market to calm down. ... (read more)