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A guide to managing inheritance or a lump sum of money

What to do with a lump sum of money; whether it be from an inheritance, a gift or a withdrawal from your superannuation or retirement savings.

When you receive a lump sum of money it can be hard to decide what is best to do with it. You should be considering what to do with the lump sum BEFORE you receive it so avoid any unnecessary taxation, and to optimise its potential. In this article:Types of lump sums Think about your... view article
July 3rd 2020

Changes to superannuation work test age

There are now more options and flexibility available within superannuation and retirement planning with recent changes to the superannuation work test age as set in the 2019 Federal Budget. From July 1st 2020 the superannuation work test age will be moved from 65 to 67 years of age, allowing more time for Australians to save for retirement.

Changes to work age test Previously those aged over the age of 65 were required to meet a work test to be able to make personal contributions to their superannuation funds. As of July 1st, 2020, those aged 65 and 66 are no longer required to meet this requirement.i.e. People who are aged 65 and... view article
July 3rd 2020

With all-time low rates, is debt stress an issue?

How are Australian's coping with debt stress, and what will happen when JobKeeper payments end?

With ongoing economic challenges due to the COVID-19 pandemic, the economies of almost all countries are struggling. People are losing jobs, businesses are shutting down, and the stress of financial stability is at its peak. The Australian government is taking all steps possible to support and boost the economy and its people; however, the... view article
July 2nd 2020

A guide to choosing the right investment

There’s a lot to take into consideration when choosing your next investment, from market performance and your risk tolerance to your long-term goals and dreams. Whether it’s your first investment or the latest addition to a growing portfolio each of these factors needs to be researched and considered in order to make an educated investment selection.

The current market performance, as well as new government incentives, are opening the doors for new investment opportunities, as we see more people take advantage of this, how do you choose the right investment choice for you?Firstly, it’s worthwhile doing some background research into the types of investment choices available and the different ways... view article
July 1st 2020

Protecting your loved ones with Life Insurance

Protecting your family from life’s unexpected

Life insurance, along with other personal insurances, is designed for the purpose of protecting you and your loved ones in the event that the unexpected occurs.The unexpected is not something we like to think about, let alone plan for. But incorporating this extra level of protection into your financial plan provides you and your... view article
June 23rd 2020

A guide to managing your debts

There are many events in life which may result in you taking out a loan and as a result acquiring debt. From weddings, cars, your home, education, the list goes on. Although we may perceive debt to be bad, in some cases borrowing money could enable you to grow future wealth. It all comes down to successfully managing your debt, avoiding unnecessary bad debt and having a plan to reach financial freedom and security.

Your options around managing will vary depending on the type of debts you have, the interest rates attached to the debts and your current financial position. It’s important to review your debts regularly to ensure your debt is still working in your favour and you’re paying the lowest interest amount available to you. You... view article
June 22nd 2020

Is Debt Consolidation a good idea?

If you have multiple small debts, you might have wondered if debt consolidation is a good idea. There are benefits of debt consolidation like easier debt management and sometimes it may ease the financial pressure of having multiple debts. But before you go ahead, you should first consider the pros and cons, other available options and the long term impacts it could have on your financial position.

What is Debt Consolidation? The process of taking a new single loan to pay off multiple liabilities is termed as debt consolidation. It helps to combine multiple debts into one larger loan. Debt consolidation does not erase or reduce debt obligations. It simply places them with a single lender rather than various lenders. For instance, you... view article
June 19th 2020

First Homeowners – current benefits and what to be aware of before sealing the deal

With the cash rate is at an all-time low of 0.25% and the announcement of new government incentives like the HomeBuilder program combined with a dip in the property market, First Home owners are jumping at the opportunity to get their foot into the door of their first home. However, before making the jump there are some things first homeowners should consider and be aware of.

The Reserve Bank of Australia dropped the cash rate to 0.25% in March 2020. The decision was taken to keep the Australian economy afloat in times of a looming recession. The low-interest rates ensure that borrowing remains affordable, and the economy can recover as soon as possible.   Impact of Low-Interest Rates on the Property Market... view article
June 16th 2020

Outlook on interest rates

The economy of almost all countries, including Australia, is undergoing an unprecedented downturn as a result of the coronavirus pandemic. In these times of economic crisis, interest rates play a critical role in determining the future of a country’s economy and its speed to recovery.

Interest rates control the price of borrowed money when interest rates are low people are more likely to spend. This increases the demand for production, jobs and as a result, help stimulate more activity in the economy. They form a significant part of the government’s monetary policy and are determined by the Reserve Bank... view article
June 10th 2020