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#Everyoneneedsaplan for their First Home Loan Deposit
Posted by Dean McKinnon
on 16 November 2019
One of the biggest hurdles for first home buyers is being able to save the deposit BUT also being able to afford the mortgage insurance. Now the government has provided a solution for that problem.
From 1 January 2020 the federal government is introducing their First Home Loan Deposit Scheme to help first home buyers purchase their first home. Effectively the government will guarantee to the mortgage provider up to 15% of the property purchase price. Previously this guarantee would have b...
| Posted in:PropertyMortgages and Finance | 1 Comments |
#Everyoneneedsaplan to Meet ATO Audit Costs
Posted by Dean McKinnon
on 2 November 2019
Increasingly, the ATO is actively enforcing their compliance program - which is "ATO-speak" for saying that they are increasing the number of audits being completed.
The concern about an ATO audit is not necessarily that you have done something wrong and owe the ATO tax (and possibly penalties, fines and interest), it is that you have to prove that you have not done anything wrong. The cost of obtaining proof could be significant - possibly thousands of dollars in accountant or ...
| Posted in:Tax | 0 Comments |
#Everyoneneedsaplan to Keep Insurance Premiums Affordable
Posted by Dean McKinnon
on 28 September 2019
As we grow older, the risk of premature death and disability increases and unfortunately so do our life insurance premiums!
However, there may be a way to keep your life insurance premiums affordable in the long-term - Level Premiums.
Most life insurance policies have two premium structures Stepped and Level. Here is the basic difference between them:
Stepped Premiums | Increase the premium each year as you grow older to account for the increased risk
Level Premiums | Averages ...
| Posted in:Insurance | 0 Comments |
#Everyoneneedsaplan to Maximise Super Contributions from 1 July 2020
Posted by Dean McKinnon
on 14 September 2019
If you are aged 65 to 67 you may be able to contribute an additional $200,000 to your super from 1 July 2020.
The federal government is currently in the process of making changes to super contribution laws and from 1 July 2020 the "Work Test" requirements for super contributions are likely to be amended.
Effectively this will mean from 1 July 2020 if you are aged between 65 and 66 you will be able to make voluntary contributions to your super (concessional and non-concessional...
| Posted in:SuperannuationRetirementFinancial Planning | 0 Comments |
#Everyoneneedsaplan When Guaranteeing a Loan
Posted by Dean McKinnon
on 7 September 2019
Trying to help out a family member or a dear friend by providing your personal guarantee (or offering your property as security) could be very costly at some point in the future, so before putting pen to paper and signing your life away make sure you consider the following:
What is the difference between a guarantor and a co-borrower?
Will the guarantee affect your own borrowing?
Are you providing personal guarantee or your own property as security for the loan?
Make sure you ge...
| Posted in:Mortgages and Finance | 0 Comments |
