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24.01.2022 Mortgage offset accounts in a nutshell Offset accounts may sound like monotonous financial jargon but if you’re in the market for a new home loan, don’t overlook this tasty little tidbit. You could free yourself from your home loan years earlier and save thousands of dollars in the process. An offset account is similar to a regular transaction bank account, with the difference being that it is linked to a variable interest rate home loan. The funds in the account are offset d...aily against the outstanding balance of your home loan, doing a marvellous job of reducing the amount of interest you have to pay and shortening your loan’s life span. A working explanation of an offset account looks like this: A customer with a $300,000 home loan over 25 years, with an interest rate of 6%, would pay approximately $279,871 in interest. But if the customer had an offset account linked to the home loan for the entire term with a constant balance of $10,000 in it, they would pay the loan off in 23 years and 4 months and pay just approximately $247,512 in interest. So by offsetting the interest owing, this customer knocked 1.67 years off the term of their home loan and saved a walloping $32,359 on interest. How to get the best from an offset account? With interest being calculated daily, it pays off to keep your balance in your offset as high as possible. One way of doing this is to have your wages or salary paid straight into your offset account. This way your income will instantly reduce the interest on your repayments. When choosing this option, look for a 100% offset account with the least maintenance fees and charges. If the account is linked to a debit or credit card, it will make getting access to your money as easy as a regular transaction account, adding no extra hassle to your day to day banking. So why not just slip your savings into a high interest savings account instead? Generally the amount you save on interest with an offset account will be higher than the interest earned in a savings account. Any interest you earn on a savings account is taxable, whereas the tax man won’t be asking for any of the savings you make on reduced home loan repayments. Are there any cons to an offset account? While there can be a lot of benefits with an offset account, borrowers need to be mindful of some catches. Some lenders will apply fees for having an offset account or even trickier, they charge you a higher interest rate on your home loan, potentially cancelling out any savings you make from your offsets, making it more worthwhile to stick with a low rate home loan with no offset account at all. Hope you enjoy the information, please show your support by liking / sharing the post.

18.01.2022 I’d like to thank everyone that submitted their money saving tips. There were some really great tips and I enjoyed reading them all. I have actually implemented few of them myself :). Thank you everyone who took time and submitted their votes in last week or so. This was the first of many competitions to come from Money Management.... So after counting and re-counting all the votes I am proud to announce the winner of best money saving tip goes to (drum roll): Will Adams. Congratulations Will, you are Money Managements winner for this competition, hope you enjoy the gift card. Please send me an inbox message with your address details, so I could post you a $100 gift card for Virgin Wines.

16.01.2022 This is your chance to get a free, step-by-step guide to sort out an area of your finances that needs attention. Once you’ve registered for the Challenge you’ll receive an email containing a three-point checklist and supporting material to help guide you through. The email will also include details of our social media competition, which will give you the chance to win one of seven daily prizes of a $500 gift card, throughout MoneySmart Week (1st to 7th of September)! All you ...have to do to enter is share your MoneySmart Week Challenge experience to the MoneySmart Week Facebook page or on your Twitter or Instagram feed using the competition hashtag. For more details go on - http://moneysmartweek.org.au/take-the-challenge/

16.01.2022 Today's RBA decision: Cut the cash rate by 0.25% at their very first meeting of the year!! This drop takes the cash rate to a new generational low of 2.25%. Although the forward guidance is not strong, with the key 'period of stability' reference now gone and some economists expect another 0.25% cut in March.... Why have they done this? - it's a mixture of downward trend in inflation (oil being a key factor), weaker GDP growth, higher unemployment and consumer confidence not moving. And if they didn't cut, the exchange rate would probably have moved up (not what the RBA wants) as foreign investors seek a higher yield home for their money. ***If you enjoy reading the post please don't forget to like the page or sharing it to your friends or family.***

15.01.2022 To claim or not to claim? The things you could be claiming at tax time If you didn’t already know it, the arrival of your official ‘group certificate’ is a good reminder that the new financial year has begun and that means one thingtax time. Before you hide under your desk in complete fear and procrastination, here are some things you may not know which might result in paying less tax or, what we’d all prefer, a bigger tax return. You say Satchel, I say Chanel Can you cla...im your handbag? The short answer is no, a tax claim is for a legitimate laptop carry case, satchel or briefcase to carry a work laptop or iPad. That also includes your iPad screen cover if the iPad is used for work. There are limits to this usually $300 and you would need to prove that the bag is regularly used as a way of carrying these items, so if you’re not sure if your bag is a briefcase, just ask your accountant. Driving up costs what are the limits to claiming on car transport? The costs of driving to and from work are not claimable but if you are using your car for work purposes throughout the day e.g. if you’re a tradesman going from job to job or a real estate agent hosting inspections, you can claim the associated costs. You’ll need to maintain a log book of trips and other costs including tolls and petrol, otherwise, your limits to claim would be a set amount of cents per kilometre up to 5,000kms. One exception to claiming on work transport is any profession where tools/equipment is stored in a vehicle because of a lack of work-supplied storage. In this scenario you might be able to claim on the costs associated with trips to and from work. Hosiery for free what work gear is claimable? If your profession requires you to wear a uniform or something work specific like nurse’s stockings or chef’s whites, you can claim on these costs. Safety clothes like steel capped boots are also included in this list as well as sunglasses and sunscreen if you work outdoors. But don’t get too excited, if you work in a retail store and your work uniform is the retailers’ clothes, that doesn’t count you’ll just have to be content with the perk of clothing discounts. Other things you can claim 1) If you’re using a tax agent, you can claim their fee as part of your overall tax return. 2) If you work from home or do extra hours of work at home, you might be able to claim 45c of each hour worked towards your energy bills you’ll just need to keep a diary of time worked. 3) Don’t forget to include any laptops/iPads tech equipment you use for work plus telephone / internet usage but, again, you would need a record of this. Well, if you are ever in doubt ask a professional for help. ***If you enjoy reading the post please don't forget to like the page or sharing it to your friends or family.***

12.01.2022 CALL YOUR MATES WITHIN OZ FOR FREE ON R U OK? DAY A conversation is more powerful than you think. That’s why Virgin Mobile is offering its customers free voice calls within Oz on 11 September. So put your voice to good use and ask a friend R U OK? So why not show your support by calling that mate who you worked with or you have been thinking to catch up for months.... Trust me it’s never too late to ask R U OK? Like the page and share your story of ‘R U OK? DAY’ below to go in the draw to win* a $20 Coles Myer voucher. * Terms and Conditions apply (multiple entries are allowed, entries closes on 17th of September 2014 midnight AEST, winner will be announced on 1st of October)

10.01.2022 I hope you all picked a winner yesterday at the races! If not - hope this news will cheer you up a little. No movement on interest rates... At RBA's meeting yesterday, the Board of the Reserve Bank of Australia (RBA) decided to keep the target cash rate unchanged at 2.5%. ***If you enjoy reading the post please don't forget to like the page or sharing it to your friends or family.***

09.01.2022 https://www.9news.com.au//68c31aef-8610-4fac-8911-b60ec5b7

08.01.2022 After a much anticipated move, the RBA has once again opted to keep the cash rate on hold at 2.5%. The RBA cash rate has remained the same for a whole year now and some experts predict it will not change for another few months. The Reserve Bank Governor, Glenn Stevens, says it is still prudent that interest rates remain stable as there as been some growth in consumer demand and a strong increase in housing construction. Other experts, agrees that the interest rates will rema...Continue reading

06.01.2022 Last RBA announcement of the year 2014 on interest rates. 15 months in a row with NO CHANGE - steady at 2.5%. RBA do not meet again until February 2015.... ***If you enjoy reading the post please don't forget to like the page or sharing it to your friends or family.***

03.01.2022 Please take a 30secs survey "Help us improve your interactions with banks", your feedback is important! https://www.surveymonkey.com/r/K3WX3CF

03.01.2022 No movement on interest rates At RBA's meeting today, the Board of the Reserve Bank of Australia (RBA) decided to keep the target cash rate unchanged at 2.5%. ***If you need help with money management write to me and I will work with you to find a way out. If you enjoy reading my post please don't forget to like my page or sharing it to your friends or family.***