Blog

If you're feeling confused about preparing your tax return, the Australian Taxation Office (ATO) has advised you to seek help from its digital self-help tools.“We get lots of calls from the community about topics that can be easily resolved through our digital self-help tools, so it may be better to not wait in a queue to speak to someone when you can do it yourself, at a time and place that suits you,” ATO chief service delivery officer David Allen said.“Our website has a wealth of information that you can refer to, including specific pages that explain what’s new this tax time for individuals and tax professionals. There is even a virtual assistant called ‘Alex’ that can help you track down the information you need.”The ATO also provides digital tools, including myTax and the ATO app, which you can use to answer questions and perform specific actions on accounts. You can also seek help from the ATO Community, an online, peer-to-peer platform.Online tax returns will take up to 14 days to process, according to the ATO.Need a home loan? Let's talkHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Use digital self-help tools to answer tax queries: ATO

In good news for buyers, there's been an increase in the number of properties listed for sale, as well as an increase in the total number of properties on the market.SQM Research has reported that the number of new listings (i.e. those less than 30 days' old) in June was 1.6% higher than the month before.At the same time, the number of for-sale properties – which includes both new listings and older ones – was 1.8% higher than the month before. So more homeowners are listing their property for sale and those homes are taking longer to sell.With more properties on the market, buyers have more choice, which means they don’t have to compete as hard on price. In the month to 4 July, there was a 2.0% reduction in prices being asked by vendors.Given that market conditions are favouring buyers in many parts of the country, this might be a good time to buy. Contact me if you’d like me to find you a great home loan.Want to compare interest rates? Let's talkHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Vendors reduce asking prices as property listings rise

The deadline for existing HomeBuilder applicants to submit supporting documentation has been officially extended to 30 June 2025.The deadline was previously set at 30 April 2023, but, in March, the federal government proposed to extend it, subject to the agreement of states and territories – which has now been secured.This extension applies only to people who had already received formal approval under the HomeBuilder scheme for off-the-plan purchases or renovations. Applicants do not need to do anything to access the extension – it will automatically apply.The reason the government extended the deadline was to support people who had entered into financial commitments on the basis they'd received the grant, but, through no fault of their own, were unable to use it due to supply constraints and construction industry delays.Applications for HomeBuilder closed in April 2021. States and territories administer the scheme on behalf of the federal government.Need a home loan? Let's talkHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Existing HomeBuilder recipients given two-year reprieve

The Reserve Bank of Australia (RBA) has unveiled a series of reforms, in response to an independent review commissioned by the federal government.Starting in 2024, the RBA board will meet eight times per year to assess the cash rate, rather than the current 11. Meetings will last longer; and, before each meeting, board members will have the opportunity to speak with a broader range of RBA staff."The less frequent and longer meetings will provide more time for the board to examine issues in detail and to have deeper discussions on monetary policy strategy, alternative policy options and risks, as well as on communication," RBA governor Philip Lowe said.“Likewise, the staff will have more time for analysis, with less time spent preparing summaries of recent developments.”In another change, the governor will hold a media conference after each cash rate meeting, which “will provide a timely opportunity to explain the board’s decisions and to answer questions.”Meanwhile, the federal government has decided not to grant Governor Lowe a second seven-year term. As a result, the current deputy, Michele Bullock, will assume the top job in September when Governor Lowe's term expires.Need a home loan? Let's talkHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about RBA to change how it sets and communicates about the cash rate

Consumers have been warned to expect heightened scam activity and new tax scams now that tax season is almost upon us.The Australian Taxation Office (ATO) received about 20,000 scam reports in the first 11 months of the 2022-23 financial year, according to Minister for Financial Services Stephen Jones.Minister Jones said impersonation scams – in which criminals pretend to be from the ATO – were common at this time of year.Under these scams, fraudsters will contact people by unsolicited phone calls, emails, text messages and social media messages. They may offer to answer tax questions, promise fake tax refunds or direct users to fake myGov login pages. Often, their aim is to collect as much personal information as possible.The ATO will never send you a link to login to their online services or ask you to send personal information via text, email or social media.Do not respond if you receive any suspicious contact. Instead, call 1800 008 540 to check if it was the ATO speaking with you.Need a home loan? Let's talkHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Consumers warned about tax scams

The federal government will change the law so buy-now-pay-later (BNPL) products are regulated as credit products, like home loans.The reason BNPL services are regulated differently is because, technically, they’re not a form of credit, as consumers are not charged interest.However, as Minister for Financial Services Stephen Jones told the Responsible Lending & Borrowing Summit: “BNPL looks like credit, it acts like credit, it carries the risks of credit.”“We have heard that some people are opening multiple BNPL accounts, to access far more debt than they’d be able to get on a credit card or a payday loan,” he said.However, Minister Jones also said BNPL had done a lot of good for the economy, and provided a lot of benefit to both consumers and businesses.As a result, he said the government’s legislation would be “a proportionate solution” that would allow consumers to continue enjoying BNPL while establishing “appropriate safeguards”.The government plans to release exposure draft legislation later this year and introduce the final bill to parliament by the end of the year.Need a home loan? Let's talkHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Govt announces “appropriate safeguards” coming to BPNL sector

The Australian Taxation Office (ATO) has revealed it will have three key focus areas this tax time – one of which will be deductions claimed by property investors.The reason property investors are being targeted is because an ATO review found nine in ten property investors were filing faulty tax returns. Common errors included:Leaving out rental incomeMaking mistakes with property-related deductions – like overclaiming expenses or claiming for improvements to private propertiesAs a result, the ATO said it would match investor tax returns with data from home loan providers and insurance providers, to ensure investors don’t omit income or inflate deductions.“Around 80% of taxpayers with rental income claimed a deduction for interest on their loan, and this is where we’re seeing mistakes,” ATO assistant commissioner Tim Loh said.“For example, you can’t refinance an investment property to buy personal items, like a holiday to Europe or a Tesla, then continue to claim the interest expenses as a tax deduction.”The ATO's other two focus areas will be work-related expenses and capital gains tax.Need a home loan? Let's talkHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about ATO reminds property investors to take care with their tax returns

Australia's mortgage market is experiencing a significant shift, with many homeowners coming off two-year and three-year fixed-rate loans onto much higher variable rates today.Starting during the 2020 pandemic, there was a boom in fixed-rate borrowing, as lenders slashed their fixed rates to record-low levels and many borrowers took advantage. At the peak, almost 40% of outstanding home loans in early 2022 were fixed, which was “roughly twice their usual share from prior to 2020,” according to a research paper published by the Reserve Bank of Australia (RBA). As of March 2023, about 25% of fixed-rate loans outstanding in early 2022 had expired. By the end of 2023, another 40% will expire; and by the end of 2024, another 20%. This is what the media has been referring to as the 'fixed-rate cliff'.Here are three tips if you're about to revert from a fixed to a variable loan:Start budgeting right now for higher interest ratesContact me to discuss whether you could refinance to a new lender with a more suitable fixed or variable rateLimit your spending to increase your chances of qualifying for a new loanSwitching from fixed to variable? Let's talk.Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Chat to us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about What you should know about the ‘fixed-rate cliff’