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Newsletter | Your Monthly Finance Tips

 

Small home surrounded by grass and treeHere are four current stories that will help you take control of your financial future:

1. Open Banking is here. How can it help you?

2. Get a quick overview of Australia’s property markets.

3. Be alert for sleazy property spruikers.

4. Three easy steps to find lost super.

Interest rates have never been this low and there’s some great deals available in the lead up to the holiday season.

Find a great deal

Call me now on 0402 408944


 

‘Open banking’ is about to shake up the home loans market  

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Australia’s banking system will soon be playing by a different set of rules.

It’s called ‘open banking’, and it promises to significantly change the way we do home loans.

From February 2020, the big four banks will have to make it easy for borrowers to share their personal home loan data (and other banking data) with rival lenders. That’s important because:

• Borrowers will find it easier to compare offers and switch lenders

• Lenders will find it easier to lure borrowers with personalised offers

The federal government, which is driving the open banking reforms, hopes it will lead to increased competition, which could mean:

• Lower interest rates

• Lower fees

• More innovation

For now, open banking will apply only to ANZ, Commonwealth Bank, NAB and Westpac. In time, other financial institutions will have to adopt open banking as well.

The government also plans to gradually roll out this system to other sectors of the economy – energy will be second and telecommunications third.


Booms, busts and everything in between

Australia’s capital city property markets are experiencing very different conditions.

New property price statistics from SQM Research show our capitals can be divided into four different groups:

• Hobart remains Australia’s strongest market

• Sydney and Melbourne have bounced back

• Brisbane, Canberra and Adelaide are inching forwards

• Perth and Darwin continue to go backwards

• SQM believes next year will be a better year for property than this year.

Graph Nov 19 1Graph Nov 19 2

Buyer numbers have been increasing in many parts of Australia, for two reasons:

1. The Reserve Bank has cut official interest rates three times in the past six months

2. Australia’s banking regulator (APRA) has made it easier for borrowers to qualify for home loans If you’re in the market to buy in the next couple months it’s good to start planning early.


Sleazy spruikers are taking advantage of property investors

Australia’s two peak property investment bodies have warned buyers to be on the lookout for shonky salespeople masquerading as independent professionals.

PIPA, which represents property investment professionals, and PICA, which represents mum-and-dad investors, said an increasing number of spruikers have started appearing.

“PIPA has heard of buyers being offered ‘cash back’ deals of tens of thousands of dollars to encourage them to buy inferior properties,” chairman Peter Koulizos said.

“Of course, the ‘cash’ isn’t real because it’s built into the sales price, so, in essence, buyers are paying for their own supposed windfalls.”

Before making a purchase, buyers should speak to a trusted mortgage broker. With our experience, we will have a good feel for what deals are and aren’t legitimate.


Three easy steps to find lost super

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There is more than $20.8 billion in lost and unclaimed superannuation floating around the system, according to the Australian Taxation Office.

Many Australians have lost track of old super funds after changing jobs or moving home.

But the ATO says it’s “easier than you think” to check if you have missing super and to then get it back. Here’s how:

1. Create a myGov account

2. Link your myGov account to the ATO

3. The ATO portal will show all your super accounts (including any forgotten accounts)

If you have multiple accounts, you can transfer all your super to your main account and then close the unneeded accounts, thereby saving on fees.

Last year, Australians used the ATO portal to reclaim more than $4.4 billion of missing super from more than 540,000 active, lost and unclaimed accounts.