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Buying a house? Here’s what you need to know about paying your deposit

So you've finally found the property of your dreams and you can't stand the thought of someone else moving in?! We know what that's like - we've been there too! BUT... don't rush to hand over your hard earned deposit, without understanding the timing of things. One of the most common questions we're asked is when and how to make the deposits on a new property. Whilst the process varies slightly from state-to-state and in private sales vs auctions, the following gives a general idea of … [Read more...]

What makes your debt tax deductible?

There are two kinds of debt in this world: the kind that is tax deductible and the kind that isn't. Knowing the difference, and how to plan your purchases accordingly, can significantly improve your cashflow, opportunities and overall financial position. So what makes debt tax deductible or not?   Non-tax deductible debt Let's start by clarifying that we're talking about whether the interest on a debt is tax deductible. A non-tax deductible debt (also known as 'bad debt') is … [Read more...]

Moving on up: you and interest rates

You would have seen over the last few weeks that lenders have started to raise their variable home loan rates. We spoke it about it here previously, suggesting that a rate rise was imminent. But now that it's happened, what can you do about it?   Find out what your lender is doing Usually when one of the big 4 banks makes a move, the rest will follow. That's because the first bank to move their rates generally gives the others cover. The first lender takes all the heat and the … [Read more...]

RBA Interest Rate Decision – September 2018

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. Here are Phillip Lowe's comments with respect to the Australian housing market. Inflation is around 2 per cent. The central forecast is for inflation to be higher in 2019 and 2020 than it is currently. In the interim, once-off declines in some administered prices in the September quarter are expected to result in headline inflation in 2018 being a little lower, at 1¾ per cent. Conditions in the … [Read more...]

Negotiating a Settlement Period

In a perfect world, you find the perfect home - complete with white picket fence - and settlement goes through on the agreed date with any dramas. So you don't end up with a truck full of moving boxes and no home to move into, here are a few things to consider when negotiating the settlement period on your next property purchase. When you buy property, there will be a 'settlement period'. It refers to the time that occurs between signing of the contract and completion of the sale i.e. … [Read more...]

Q&A Video: What’s the point of Reviewing your Home Loans?

What benefits can you expect from reviewing your home loans? (In addition to saving money, that is!) Watch our short video to find out. … [Read more...]

Can shopping with Afterpay affect your ability to buy a house?

Afterpay is the largest buy now, pay later scheme in Australia. In fact, Afterpay had more than $1.45 billion pass through its platform in the first three-quarters of last financial year. It boasts more than 1.8 million customers, who mostly use it for online shopping, and 14,000 retailers under its wing. The reason for Afterpay's rapid rise is its interest-free, instant purchase business model. To qualify, all a customer needs is a debit card, enough money for the first instalment … [Read more...]

RBA Interest Rate Decision – August 2018

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. Here are Phillip Lowe's comments with respect to the Australian housing market. The latest inflation data were in line with the Bank's expectations. Over the past year, the CPI increased by 2.1 per cent, and in underlying terms, inflation was close to 2 per cent. The central forecast is for inflation to be higher in 2019 and 2020 than it is currently. In the interim, once-off declines in some … [Read more...]

It is time to switch to a fixed rate home loan?

Anyone thinking about locking into fixed rate loan will generally spend a little time considering the future movement of interest rates. Here we share some tools that can provide some insight into what interest rates are expected to do over the short-medium term.   Cash Rate Futures Yield Curve The Cash Rate Futures Yield Curve shows how the market expects  interest rates (or more specifically the RBA cash rate) to move over the short-medium term.  The curve does not 100% … [Read more...]

Is your home loan rate about to increase?

If you’ve owned a house for a few years, you’re probably familiar with the way things used to be with interest rates. The RBA would meet on the first Tuesday of each month to make a decision about the cash rate. The Board would announce their decision and homeowners would sit with baited breath, waiting to see how the lenders would react. Who would be the first lender to increase their rates this time around? If the cash rate fell, would the lenders pass on the rate cut in full? How … [Read more...]

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