Money Talk

Fears of debt disaster with changing lending laws

A soaring property market combined with a federal government looking to wind back safe lending laws is a “recipe for disaster”, an industry expert has said. A consortium of consumer groups, including Choice and the Consumer Action Law Centre, has slammed the changing legislation with the housing market already overheating. CoreLogic

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Home loan commitments crash for the first time since May

New loan commitments for housing have declined for the first time since May 2020, but months of growth have ensured records have been maintained, new data has shown. After eight consecutive months of growth, new loan commitments for housing fell 0.4 per cent to $28.6 billion in February 2021, the

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Economic recovery fails to relieve financial stress

Despite Australia’s rapid economic recovery from the COVID-19 pandemic, one in three Australians is still feeling financially stressed, just weeks before JobKeeper and JobSeeker end, new research shows. Survey data by the University of Melbourne and the Melbourne Institute shows that 31 per cent of respondents are now reporting difficulty in paying for

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Property investors miss out on key tax benefits

With the end of the financial year fast approaching, property investors are being urged to look into depreciation or risk losing thousands. Research released by accounting firm BMT found that 12 per cent of property owners fail to claim depreciation schedules as part of their tax deduction, despite it being

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How are Australians planning on spending their tax savings?

Essential bills, savings accounts, Christmas gifts and exchange-traded funds appear to be the big winners from the latest round of tax cuts, new research has revealed. During the 2020 budget, Treasurer Josh Frydenberg announced that up to 11 million Australians will benefit from tax cuts, with more than 7 million individuals

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6 tips to turn your financial resolution into reality

Following a year of record-low interest rates, a volatile stock market and consumers flocking to access their superannuation, a financial expert has prepared six tips for Aussies looking to get on top of their finances in 2021. According to Minnik’s Chartered Accountants founder Leah Oliver, the start of the year

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ASIC warns investors over ‘too good to be true’ bogus bond scheme

ASIC has warned investors of imposter bond investment offers where scammers are targeting Aussie investors by pretending to be associated with well-known domestic and international firms, offering rates too good to be true. According to ASIC, high-yield bond scams usually occur in most circumstances after an investor completes an online

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Is now the right time to sell your property?

Australia’s housing market is currently in one of the strongest growth phases on record, but is now a safe time to sell? Property values across Australia are growing at their fastest rate in 17 years, with CoreLogic reporting a lift in median prices of 2.1 per cent in February to

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New wave of retail investors flood Australian market

A combination of record-low interest rates and COVID-19-induced lockdowns is seeing a new wave of retail investors enter the sharemarket for the first time. A study by Investment Trends showed that 435,000 Australian retail investors made their first trade in 2020, taking the total number of active retail investors in Australia

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Surging property listings fail to house low-income earners

Despite a surge in listings, low-income earners are continuing to be left behind, as governments begin to unwind their protections on evictions. With rental moratoriums in NSW, Victoria and Western Australia ending, alongside the government’s JobKeeper wage subsidy, markets are predicting a boost in rental yields as well as a

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Here’s how to maximise your 2021 tax returns

Not all careers are equal in the eyes of the tax system, with workers in certain industries able to tap into a jackpot of tax perks if they stay on top of their expenses. “It’s true, not all jobs are created equal,” CPA accountant, Coco Hou, said in a recent statement.

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Responsible lending laws: what’s changing in Australia?

The government’s plans to reform responsible lending laws to reduce “the cost and time it takes consumers and businesses to access credit” have been met with a mixture of criticism and praise. The proposals are part of the Federal Government’s economic recovery plan, but some industry groups are concerned they

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Be the boss of your cash

If, like many others, your life and money feels a bit like a juggling act – paying bills here and there… and “Uh oh, forgot about the council rates, guess that one’s going on the credit card”. You may be thinking that having some extra cash would solve a lot

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How to deal with financial stress

– nearly 1 in 3 affected Close to one in three Aussies is feeling the pinch financially, with money worries reportedly leading to sleep loss, conflicts in relationships, isolation, as well as a range of other things.i These were the findings from the inaugural Financial Stress Index, compiled by global

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What are the 3 biggest living expenses for households?

We check out the three largest contributors to household spending in Australia and where people would source additional cash if living expenses rose. If you worked a full-time job in Australia in 1975, the average amount you would’ve earned a year was about $7,600, whereas today, that figure would be

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6 steps to get your money stuff together

If you’re like three out of four Australians, you may have started the year without a proper budget.i Research indicates that over a third of us believe budgeting is too much effort and almost one in five Aussies say budgeting takes too much time.i Here are some easy wins to

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Helping grown-up children with their finances

It’s only natural to want to help your kids with big ticket items to give them a good start in life—particularly in an era when tuition fees and house prices make higher education and owning a home less affordable than in previous generations. But it can be difficult to know

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