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Blog 2019-02-10T06:51:46+00:00

Responsible Lending Rules Axed

October 11th, 2020|Categories: Uncategorized|

Responsible lending laws that fuelled a court fight between the corporate regulator ASIC and Westpac have been scrapped for banks, meaning less onerous credit rules aimed at encouraging the flow of loans to boost the economic recovery from the COVID-19 recession. The responsible lending law was imposed by the Rudd Labor government back in 2009 following the American subprime loan crisis. The simplification will remove red-tape for the banks, while bolstering ASIC's oversight of payday lenders for vulnerable borrowers. The deregulation responds to concerns of banks and Reserve Bank of Australia governor Philip Lowe, that following the Hayne banking royal commission [...]

How do banks calculate living expenses?

August 8th, 2020|Categories: Uncategorized|

Of all the people we come into contact with, there is no uniform approach to living expenses. It's fascinating to consider how differently we treat our money with some people accounting for every dollar, and some at the complete opposite of the spectrum with very little regard or penchant for budgeting. Why should you care? Beyond being as frugal as possible with your hard earned money for wealth optimisation and consolidation purposes, knowing where and how much money you are spending on a monthly basis is a very important element of the borrowing or refinancing process. When applying for a loan, [...]

Going Guarantor – what’s involved?

June 14th, 2020|Categories: Uncategorized|

We realise that a lot of our clients (obviously) not first home buyers. So, a lot of the frenzy surrounding the current building grants may not always be relevant. Although, if you haven't seen the latest announcement from the WA government - you should definitely go and check it out to see if it's something that may interest you (who isn't interest in $20K??), as you don't have to be a first home buyer to be eligible. HOWEVER, something that always needs more air time is guarantor loans - what are they, how they work, and how they can be useful [...]

Temporary $150,000 instant asset write-off extended

June 13th, 2020|Categories: Uncategorized|

To further support Australian businesses through the COVID-19 induced economic slump, the government has extended the $150,000 instant asset write-off for an additional six months to 31 December 2020.  Initially announced on 12 May and intended to last until the end of June, the government’s $17.6bn stimulus package in part temporarily increased the threshold of the instant asset write off up from $30,000. With the tax break, businesses with annual turnover of less than $500m can invest in assets to support their business as the economy reopens and health restrictions continue to be eased; now, with the extension to the end of the calendar year, businesses have more time [...]

WA Homebuyers to receive $20,000 Boost

June 13th, 2020|Categories: Uncategorized|

The West Australian Government has unveiled a $125 million stimulus package for the state's home building sector, providing cash grants to prospective homebuyers. Under the $117 million "Building Bonus" scheme, WA homebuyers — both owner-occupiers and investors — who build a new house will be eligible for a $20,000 grant. Homebuyers who purchase a property in a single-storey development which is already under construction — such as a townhouse development — may also apply for the grant. The scheme will not be means tested and there will be no property value caps. The Government's announcement comes within days of a similar [...]

What’s the catch with cash back?

May 19th, 2020|Categories: Uncategorized|

While some borrowers start to tighten up and look for ways to save money and protect their assets, some lenders are attempting to lure them in , or across, by offering incentives like juicy cash back deals. But borrowers beware, there can often be more catch than cash and it pays to look at the big picture so you don't get caught out. What is a home loan cash back? A cash back offered by a lender, is a cash incentive paid to the customer upon the settlement of their loan or refinance. Currently ranging from $1000 - $4000, the incentive [...]

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