This month, the findings of the damning final report from the Banking Royal Commission into the financial services industry were handed down. High Court justice and royal commissioner Kenneth Hayne unveiled 76 recommendations for key aspects of the banking, superannuation, financial advice, and the rural lending industries. While the final report totals 530 pages, a quick summary of the recommendations …
In response to regulator intervention and the influence of the Royal Commission findings, the past few months have seen big changes when it comes to borrowing. The regulator now expects banks and other lending institutions to conduct a detailed assessment of the spending habits and living expenses for anyone looking to change their lending or enter a new borrowing arrangement. …
Have you checked the performance of your super lately? Is all your super combined into the one fund? Do you even know where to start? In light of recent industry changes, now is a great time to look into your super and make sure it’s performing for you. Superannuation in the Current Climate In recent months, workers have reacted to …
There are a few key ways you can take control of your finances to achieve your money goals in 2019. Tip 1: Set Your Money Goals for the Year What are your money goals for this year? You need to make them specific, achievable and give yourself a timeframe to achieve them. Once you have your goals, you need to …
A key step towards financial health is a healthy credit report. Whether you want to take out a loan to buy a home, a credit card to earn points or a new mobile phone on a post-paid contract, a credit provider will probably want to access your credit report to decide whether or not you’re creditworthy. Step 1: Know What’s …
If you’re looking to buy or sell a property, or you just want to know how much your place is worth, it is important that you understand the difference between a property valuation and a real estate agent’s appraisal. What is a Property Valuation? A property valuation is a detailed report of a property’s market value, defined by the International …
Heading into the New Year with your Christmas debt hanging over you is an unsettling feeling. Here are 5 key tips you can follow to save money and reduce your debt quicker, to get you off to a good start for 2019. Tip 1: Consolidate Your Debts If you’ve got multiple personal debts, consolidating them can streamline your debt into …
Before renewing an insurance policy or signing up for a new credit card, it’s a good idea to do your homework. Many people research and obtain quotes from free product comparison websites such as iSelect, Compare the Market, Choosi, Finder, and Canstar. But what does “free” actually mean, and are their recommendations unbiased? Comparison Sites “Do Not Necessarily Provide Good …
What is LMI? Lenders’ Mortgage Insurance (LMI) is insurance that a lender takes out to protect itself against the risk of not recovering the full loan balance, if you, as the borrower, are unable to meet your home loan’s repayments. If this occurs and the property is sold, any shortfall between the outstanding loan balance and the proceeds from the …
With such a wide range of mortgage products available today, it can be overwhelming trying to work out the pros and cons, and if the mortgage you have is the best option for you. In the current home loan environment, the general rule of thumb is that the rate should start with a three. However, if it doesn’t and you’re …
