Keep calm and carry on: 5 ways you can absorb interest rate rises
We’ve seen interest rates bounce back up over the past three months, and most economists are predicting more increases to come. If you’re starting to worry about your finances, rest assured there are several steps you can take now to get on the front foot. The days of ultra-low interest rates are officially over (it was nice while it lasted!). And while all the talk of doom and gloom you see in the media about rapidly rising interest rates can be a bit spooky, now’s not the t
Renovate or invest? How 7-in-10 Aussies are using their equity
Seven in 10 homeowners have recently used the equity in their home to renovate, invest in property or shares, or boost their superannuation. Have you thought about how you could take advantage of last year’s property price spike? You might have heard that property prices spiked 23.7% in 2021, yeah? That’s quite the growth spurt! So how do you take advantage of that growth without (or before) selling your home? Well, one way to do so is to cash out equity while property prices
Single and under 30? You’re a great fit for the 5% deposit scheme
Single Australians under 30 snare the lion’s share of spots in the federal government’s 5% deposit first home buyer scheme, according to new data. Here’s how to secure one of the highly coveted 35,000 scheme spots released on July 1. Long gone are the days when you had to scrimp and save for a 20% deposit to buy your first home (that’s so 2019). These days, you can crack the property market with just a 5% deposit and pay no lenders’ mortgage insurance (LMI), thanks to the fed
The tax on luxury cars just got a little cheaper
Got your eye on a luxury car that’ll make your mates jealous? Or perhaps something that’s a little more fuel-efficient and environmentally friendly? Today we’ll run you through a new tax change that could help you buy something a little more la-de-da. Have you heard about the luxury car tax (LCT) threshold? Basically, if you buy an imported car with a GST-inclusive value that’s above the LCT thresholds, the tax man slugs you with an extra 33% tax on the exceeded amount (minus
RBA lifts cash rate for the third month in a row to 1.35%
The Reserve Bank of Australia (RBA) has increased the official cash rate by another 50 basis points to 1.35% amid continuing inflation pressures. How much will this third consecutive rate hike increase your monthly mortgage repayments? At the beginning of May, the cash rate was 0.10%. Today, it was increased by the RBA to 1.35% – the second double-barrel 0.50% hike in a row. RBA Governor Philip Lowe said in a statement that the cash rate rise was the result of high inflation,
