Share on facebook Share on twitter Share on linkedin Individuals suffering from COVID-induced financial stress will be able to get early access to up to $20,000 of their superannuation.Eligible individuals can apply online through myGov for access to:$10,000 of their superannuation before 1 July 2020$10,000 of their superannuation in the three months after 1 July 2020 These early withdrawals will be tax-free.Eligible Australians include those who are unemployed or whose working hours have been reduced by at least 20% since 1 January 2020.Sole traders will also be eligible if, since 1 January, their business has been suspended or they’ve had a reduction in turnover of 20% or moreHowever, early access to your precious retirement savings should usually be as an absolute last resort. First, see if you can:Draw on other savingsAccess other government relief packagesTap into any equity you might have The best person to speak with about these changes would be your financial advisor.Needing a great deal? Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 You can now get early access to your super – but beware
ATO offers tax relief for people, businesses
Share on facebook Share on twitter Share on linkedin The Australian Taxation Office has promised relief measures to help those affected by COVID-19.The ATO will “work with individuals experiencing financial hardship” and will “apply appropriate tax relief measures for serious and exceptional circumstances, such as where people cannot pay for food or accommodation”.The tax office also offered support to coronavirus-affected businesses, with measures including:Tailored support plansDeferral of tax payments by up to six monthsFaster access to GST refundsLow-interest repayment plans for businesses with tax liabilitiesAnyone impacted by COVID-19 can call the ATO’s emergency support infoline on 1800 806 218.Needing a great deal? Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 offers tax relief for people, businesses
Delay to open banking rollout
Share on facebook Share on twitter Share on linkedinAustralia’s competition watchdog, the ACCC, has delayed the rollout of open banking by six months to July 2020.The delay is to allow for additional implementation work and security testing to be completed. What is open banking? Open banking gives consumers access and control of the financial data that banks and other institutions hold on them. Currently, it’s hard for a person to get hold of this information, and for them to ask that it is shared between banks and other accredited companies. How will open banking benefit consumers? Once open banking is implemented, it will make it easier for consumers’ actual circumstances to be taken into account when they are engaging with home loan lenders and other providers. This will make quotes more accurate, and improve people’s ability to compare and switch between products and services. Find out how open banking affects you. Hit the button below to arrange a conversation with one of my specialists.Chat with us todayWe partner with over 50 lenders so you can find the perfect solution FollowFacebookLinkedinDo you have questions about mortgages or loans? Ask us in the comments below … [Read more...] about Delay to open banking rollout
Big banks support $20bn business loan guarantee
Share on facebook Share on twitter Share on linkedin Announced on Sunday night, Australia’s biggest banks have thrown their support behind a new federal government plan to support the nation’s small and medium-sized businesses.The government will guarantee 50% of new loans issued by eligible lenders to SMEs, with a pledge of $20 billion to support $40 billion in loans.Three of the big four banks immediately announced concrete support for the government plan, with measures including:Extra funds made available for business loansBig rate cuts for unsecured business loansBank staff proactively contacting businesses to offer supportThe authorities have now unveiled $189 billion in stimulus, which is designed to help businesses stay afloat and keep Australians in work.Needing a great deal? Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 Big banks support $20bn business loan guarantee
Accelerating demand for electric and hybrid cars
Share on facebook Share on twitter Share on linkedinThe latest findings from Roy Morgan show that the demand for environmentally-friendly vehicles is growing at the expense of petrol-powered engines.While petrol engines remain the most likely choice of new vehicle type (59.1%) this is down 6.3 percentage points compared to a year ago. The number of people intending to buy either a hybrid or electric vehicle rose 4.7 points and 1.6 points respectively over the same period.Roy Morgan CEO Michele Levine said that “given the increasing focus on environment issues, we can expect those numbers to keep rising.”If you’re looking to buy a new vehicle this year (be that petrol, diesel, electric or hybrid) don’t pay more than you need to on car finance. While financing a car through the dealership may be more convenient, it often leads to higher rates and fees. As a broker, I work with several lenders that offer low rates for car purchases. Looking for car finance? 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 about car finance todayWe partner with over 50 lenders so you can find the perfect solution FollowFacebookLinkedinDo you have questions about mortgages or loans? Ask us in the comments below … [Read more...] about Accelerating demand for electric and hybrid cars
Switching your loan repayments to interest-only is another option
Share on facebook Share on twitter Share on linkedin If your income has taken a hit due to the coronavirus crisis, you might be thinking of switching your home loan to interest-only. This would have pros and cons.The main benefit of switching from principal-and-interest to interest-only repayments is that your repayments would be lower during the interest-only period.However, switching to interest-only would also have drawbacks:You wouldn’t reduce your outstanding debt during the interest-only periodYou would pay more in interest over the life of the loan (although this might deliver tax benefits if you were an investor)You might not be prepared to revert to higher repayments once the interest-only period endedA switch to Interest Only is not as simple as a phone chat and will usually require a mini-assessment of your circumstancesNeeding a great deal? Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Book a review 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 Switching your loan repayments to interest-only is another option
Why bank valuations are so important for buyers and owners
Share on facebook Share on twitter Share on linkedinWhether you’re buying or refinancing a property, the question of how much it is worth is of critical importance.People often make the mistake of assuming that a property’s bank valuation will match its market value. This can sometimes lead to a rude shock when a bank valuation comes in lower. Bank valuations vs market valuations The market value is an estimate of what the property could fetch on the open market. It can sometimes be higher than a bank valuation, which is used to determine the loan-to-value ratio (LVR) of a specific property when using it as security for a loan. It's important to note that bank valuers are looking at historical data (past sales), whereby an agent/market valuation is based on what might be achieved in the future. Why bank valuations are so important Bank valuations impact the amount of money a bank is willing to lend. If a valuation comes in low, the bank may reduce your borrowing capacity. This might make it impossible for you to buy a new home or pull out enough equity from your existing property to fund the purchase of an investment property. You need expert help It’s important to note that not all banks will value a property in the same way. As a broker, I can give you inside info on the different ways in which various lenders approach valuations. This may help you get deals across the line and avoid extra costs such as lender’s mortgage insurance (LMI). Looking for a valuation? Hit the button below to arrange a conversation with one of my specialists to find a deal that's best for your situation.Get a valuation todayWe partner with over 50 lenders so you can find the perfect solution FollowFacebookLinkedinDo you have questions about mortgages or loans? Ask us in the comments below … [Read more...] about Why bank valuations are so important for buyers and owners
Interest rates are tumbling – should you refinance?
Share on facebook Share on twitter Share on linkedin The Reserve Bank of Australia has slashed official interest rates to record-low level at an emergency meeting last week. This was the second rate cut in March, seeing the cash rate drop 50 basis points in less than a month. In response to the drops, many lenders failed to pass on the entire 50-point saving but almost all made significant reductions.So now that rates are at an all-time low, is it a good time to find a better home loan? The answer isn’t so black and white.Borrowers with a lot of equity in their homes are well-placed to take advantage of these big rate cuts.Other borrowers, though, might struggle to find savings, because valuers are being very conservative about property values, which means some people might find they have less than 20% equity in their home – making it hard to switch.If you’re wondering whether to refinance, let’s talk about your specific circumstances and if a better deal exists.Needing a great deal? Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. See if a better deal exists 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 Interest rates are tumbling – should you refinance?