Australian personal finance news, tips and advices.
by AFB
Today’s post comes from Alex. He blogs over at www.MutilateTheMortgage.com and is a fellow Australian based and focused financial site. Head over there to find out how to go from “no idea” to mortgage free in under 10 years!
Did you know that paying off your mortgage in 10 years can be setup quickly and is in fact very easy to do? It’s true! Just a quick alteration in how you pay your home loan can save you hundreds of thousands of dollars. ... (read more)
by AFB
From time to time, almost everyone finds themselves in a situation where there is simply not enough money to do the things that you want to do. When these circumstances arise, taking out a low rate personal loan can be a prudent financial choice. However, many people are hesitant to take on new debt because they feel like their reasons are not valid.
These days, there are many legitimate reasons why you should consider a personal loan. Personal loans are an effective way of accessing enough extra cash to finish projects, make major purchases, or pursue life-changing experiences. This is rather vague, however. ... (read more)
by AFB
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.
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)
by AFB
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)
by AFB
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.
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)
by AFB
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)
by AFB
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)
by AFB
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)
by AFB
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)
by AFB
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)