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RBA Interest Rate Decision – June 2019

At its meeting today, the Board decided to lower the cash rate by 25 basis points to 1.25 per cent. Here are some extracts from Phillip Lowe's comments following the rate decision.  At its meeting today, the Board decided to lower the cash rate by 25 basis points to 1.25 per cent. The Board took this decision to support employment growth and provide greater confidence that inflation will be consistent with the medium-term target. The outlook for the global economy remains reasonable, … [Read more...]

Fixed Rate loan Break Costs

So, you’re thinking of refinancing to another lender to take advantage of some attractive interest rates you’ve seen around. The thing is, you have a fixed rate loan. And as a borrower with a fixed rate loan, you already know that your fixed rate loan essentially locks you into an agreed interest rate and specific repayment for a set period of time “the fixed term”.  And that if you refinance this fixed rate loan, it’s likely you’ll incur ‘break costs.’ So what exactly is a break … [Read more...]

Will the RBA cut the cash rate in June? (Published 29 May 2019)

31 consecutive meetings. That's how long the RBA has kept the record low official cash rate at 1.5%. All the way back to August 2016. Will this streak remain uninterrupted? Or are we heading towards a change? Speculation has hit overdrive that the RBA will make a rate cut when it meets next week. Here we examine the main reasons we may see a cut to the official cash rate and what a rate cut could mean for you and your home loan.   Inflation reasons Australian Bureau of … [Read more...]

Will the First Home Loan Deposit Scheme actually help first home buyers?

It often take years for the average household to save 20% deposit for their first home to avoid paying Lender’s Mortgage Insurance (LMI). As a way to help first home buyers get into the market, the government has announced a new scheme which promises to drastically reduce that time by lowering the deposit required to just 5%. We've been fielding lots of questions about this new scheme - like the ones below - so thought it would be helpful to share our responses here.   Can this … [Read more...]

5 Ways to Make Moving House Less Stressful

Fridges that don't fit through doorways, precariously narrow hallways and third floor apartments are just some of the things that can make moving house a nightmare.   Congratulations! You've just secured your dream home. Now the fun begins - moving time! Here are our top five tips to guarantee less mess, less stress, and ultimately, more moving success.   Make a moving list/ budget A moving budget doesn’t just help manage the cost of moving, it can also act as a checklist … [Read more...]

5 Common Credit Card Traps

Let face it, most of us like to spend money. Science shows us that often when we go shopping our bodies start producing greater amounts of the feel-good neurotransmitter dopamine. Credit card providers know this all too well and have plenty of tricks up their sleeve to encourage us to load up that credit card. Here are some of their most common traps.   1. Points and bonuses Sometimes people end up spending a lot more on their credit cards than they would otherwise, simply … [Read more...]

What the 2019 federal budget means for your family’s finances

Despite the 2019-20 budget being a series of election promises rather than a set-in-stone budget, here's how it could affect your family's monthly budget. Middle-income tax relief Middle-income workers earning between $48,001 and $90,000 could receive immediate tax savings of up to $1,080 for a single or $2,160 for a dual-income family as early as July 1. Workers who earn $90,001 to $126,000 don't miss out on the action, either. However the more you earn over $90,000 the less you'll … [Read more...]

Building a House? Here’s what you need to look for in the build contract.

Congratulations! You’re thinking about building a house! Building the house of your dreams is a very exciting time, but it can also be extremely stressful. There are so many details to get your head around and about 1,000 ways you can get yourself into financial trouble (or end up with a home you don’t want). We’ve helped countless clients finance the home of their dreams and whilst you’re probably some way off reviewing building contracts, here’s a few things we suggest you keep in mind … [Read more...]

MMO in the Media: Canberra Weekly Edition 14 March 2019

Thanks to the Canberra Weekly team for sharing our story.   You can read the full article here.    … [Read more...]

Comprehensive Credit Reporting: What is it?

Many of us pay our bills on time to avoid late fees and a bad credit rating. But there's been a big change recently which means you can now be rewarded for making timely repayments. Towards the end of 2018, ANZ, NAB, Westpac and CBA all agreed to commence Comprehensive Credit Reporting (CCR). It's something that has been around since the middle of last year, but has taken a while for the larger lenders to get onboard. CCR is seen as a more “positive” reporting system than the … [Read more...]

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