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Congratulations, you crossed the finish line! The keys are in your hand, the paperwork is signed and you’re officially a homeowner!
But now that the excitement of settlement has settled (pun intended), it’s time to shift gears, from saving for a deposit to managing the costs of ownership. Owning a home brings freedom and stability, but it also comes with new financial responsibilities. Here’s how to budget smartly and set yourself up for long term success. 1. Rebuild your Savings Buffer After paying your deposit, stamp duty, and moving costs, its normal for your savings account to look a little bare. One of your first priorities should be rebuilding an emergency fund.Aim to save three to six months of expenses in a separate, easy to access account or better yet, within your redraw account! This is to act as a safety net if unexpected costs come up, from repairs and maintenance to interest rate rises or job changes. Think of it as your financial ‘home insurance’ for any of life’s surprises. This is more for your peace of mind then your property. With a healthy buffer in place, you’ll need to be able to handle the surprises of homeownership with confidence, without needing to rely on credit cards or personal loans when the unexpected happens. 2. Review your monthly Budget Your expenses as a homeowner will look quite different from when you were renting. Beyond your mortgage repayments, you’ll now be responsible for a range of ongoing costs that come with property ownership, such as:
This isn’t a ridged formula, but rather a starting point to help you understand your spending patterns and maintain balance. As a homeowner, your budget should be flexible enough to handle seasonal expenses, like higher winter power bills or unexpected maintenance, while still keeping you on track toward your long-term goals. Staying aware of where your money is going helps you protect your investment and build financial confidence over time. 3. Set up an Offset or Redraw Strategy If your home loan offers an offset account or redraw facility, make sure you’re using these features strategically, they can be powerful tools for reducing interest and building long-term savings. Offset accounts: These work like a regular transaction account, but every dollar you keep in it offsets (or reduces) the balance of your home loan that’s charged interest. For example, if you have a $500,000 mortgage and $20,000 sitting in your offset account, you’ll only be charged interest on $480,000. Redraw Facility: This allows you to make extra repayments on your loan and later withdraw those funds if you need them., It is a simple way to get ahead on your mortgage while keeping some flexibility for future expenses or emergencies. Even small extra repayments can shave years off your loan term and save you thousands in interest. They key is consistency. Speak with your broker about how to best structure your offset or redraw strategy to suit your goals, whether that’s paying off your loan faster, maintaining a financial buffer or preparing for future investments. 4. Plan for Maintenance and Upgrades Homes age, and so do appliances, fences, and paintwork. Budgeting for ongoing maintenance helps avoid nasty surprises. It is recommended to set side about 1-2% of your properties value each year for maintenance and repairs. This could cover anything from a leaking tap to a new hot water system. If your planning renovations or upgrades, start a separate ‘home improvement’ savings fund to avoid relying on credit later. 5. Keep Reviewing your Loan Your mortgage shouldn’t be a ‘set and forget’. As interest rates and your circumstances change, reviewing your loan every 12-18 months can ensure you’re still on the best deal. A broker can help you compare lenders, negotiate better rates, and explore refinancing options, which saves you money over time. Buying your home is just the beginning. The real financial growth happens in how you manage it. With smart budgeting, consistent savings, and proactive loan management, you can enjoy the rewards of homeownership without the financial stress. Remember: Your home loan is an investment, in your future, your stability, and your financial freedom. Budget like a homeowner, can you’ll build wealth one repayment at a time.
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Buying your first home is one of life’s biggest milestones, but it can also feel like one of the most confusing. Between social media advice, well-meaning friends and family, and endless online opinions, it’s hard to know what’s fact and what’s fiction. So, lets clear the air. Here are some of the most common first home buyer myths – debunked!
Myth 1: You NEED a 20% deposit to buy a home. While a 20% deposit can help you avoid Lenders Mortgage Insurance (LMI) it is not a requirement. In fact, many lenders offer home loans as low as 5%, provided you meet certain criteria such as stable employment, good credit and a strong savings record. According to the Australian Securities and Investments Commission (ASIC), LMI is designed to protect the lender, not the borrower, meaning that it is an additional cost that can be avoided with a higher deposit, but it doesn’t block you from entering the market with less. For eligible first home buyers, government initiatives can make buying with a smaller deposit even more achievable. So, even if you don’t have a full 20%, lenders are flexible in how they assess your deposit. Some may accept gifted funds from family or take into account consistent rent and savings patterns as proof of your ability to manage repayments. The key takeaway? The 20% rule is more tradition than law. With the right strategy, and guidance, you can explore a wide range of lending and support options that fit your situation. A brokers role is to compare lenders, explain LMI implications, and help you structure you application in a way that maximises your borrowing power while keeping costs manageable. Myth 2: you can’t buy if you have a HECS-HELP debt A student loan won’t automatically stop you from getting a home loan. Lenders simply include your HECS or HELP repayment in your overall affordability assessment. As long as you can comfortably manage the repayment alongside other debts and living expenses, you are still a strong candidate. Its not about having a HECS debt, its about showing that you can manage your money responsibly. Myth 3: You can’t get help as a first home buyer There are multiple government grants and schemes designed to make your first step onto the property ladder easier, and they can make a significant difference to your borrowing power and upfront costs, First Homeowner Grant: This grant provides a one-off payment for eligible first home buyers purchasing or building a new home. The amount and eligibility criteria vary by state and territory, for example, up to $10,000 in New South Wales. The 5% Deposit Scheme: This program helps eligible buyers purchase with as little as 5% deposit, without paying Lenders Mortgage Insurance. The government acts as a guarantor for up to 15% of the loan, making it easier to get approved. Stamp Duty Concessions and Exceptions: Many states and territories offer reduced or waived stamp duty for first home buyers, which can save you tens of thousands of dollars depending on the property value and location. For example, in NSW, homes valued up to $800,000 may qualify for a full exemption. These incentives are designed to boost housing affordability and encourage first-time buyers to enter the market, an important economic policy goal given rising property prices and slower wage growth in recent years. Myth 4: The process is too hard Yes, buying your first home can feel complex, but it doesn’t have to be overwhelming. There is plenty of expert support and clear advice out there to make this process achievable. Mortgage brokers can walk you through the stages and help you secure the right loan for your goals. The Bottom Line Don’t let outdated advice or online myths hold you back. The truth is first home buyers today have more tools, support and opportunities than ever before. With the right guidance, owning your first home might be closer than you think. Mortgage brokers can play key roles here. They can help you navigate these myths and programs, check your eligibility, and structure your loan so you can make the most of every available benefit. Spring has long been known in Australia as the prime ‘selling season’. The warmer weather, the longer days, and the garden in bloom tend to make homes look their best. Yet, as we move from spring into the final quarter of the year, the property market generally shifts gears. Going from listing surges and auction flurries to a race against the looming holiday cut offs. For buyers, sellers, and brokers alike, that means preparation, timing, and strategy matter more than ever. So, what should you do?
Get Your Finances Ready Early In the end-of-year rush market, time is of the essence. Especially when competition is strong. Why does this matter economically? With interest rates and borrowing capacity shifting, those who are prepared tend to act first and more confidently. For example, a rate cut helps lift borrowing capacity, which in turn adds momentum to buyer demand. Also, as supply becomes constrained with fewer listings, the ratio of buyers to available properties decreases, meaning that any delay in financial readiness can cost more than just time. What should you do? Obtain a pre-approval for your loan. This sets out what you can borrow and demonstrates to sellers and agents you’re in the game. Also, pull together all your documentation early. This means payslips, tax returns, identification, loan states, and anything else important to obtaining your home loan. This helps you act fast when you find the right property. If you are self-employed, or have non-standard income, ensure that your finances are up to date so that lenders don’t hit delays. Or consider using a mortgage broker. A broker can compare multiple lends and help tailor the right loan structure for your situation, and coordinate the timeline from pre-approval, all the way to settlement. Being finance-ready ahead of time means that you can stand in a stronger position to respond quickly when an opportunity presents, and that flexibility can be decisive. Act Fast, But Don’t Rush Spring listings generate excitement, and in many markets, homes sell quickly. But ‘fast’ should not mean ‘careless’. Data shows that new listings increase in spring, creating more choice for buyers, but also more competition. At the same time, listings in 2025 were down year-on-year in many cities. For example, listings were down 12% nationally in August 2025. This means supply remains tight. When supply is constrained, and demand is rebuilding, clearances increase, and houses often command premiums. So, when you identify a property you like, be ready to move. This means visit inspections quickly, talk to your broker about structure, and have building inspections lined up. Make sure that you don’t skip your due diligence in excitement. A building inspection, review of the contract terms, and clarity about your loan structure and settlement timeline are essential. Also, consider your deadlines. If you want to settle by year-end, check that settlement timeframes are realistic given your finances, the vendors timeline and settlement agent availability. Balance speed with caution. In a busy market you want to act decisively, but not impulsively. Plan for the Christmas Cut-Off One of less discussed but critical elements of the end-of-year market is the operational constraint. Many lenders, brokers, and settlement agents reduce staff or close over the holiday period. If you aim for a settlement before year-end, any delay in finance approval, legal work or documentation can push you into January. Which may mean a change in costs, or less favourable rates. With may participants winding down over December, it is smart to build an extra buffer into your timeline. It is effectively a ‘deadline economy’ scenario. Everyone is aware of the calendar, and bottlenecks tend to emerge in those final weeks. We recommend asking your broker or lender about their cut-off date for year-end settlements with questions like;
Lean on the Experts A busy end-of-year property market has many moving parts. From macroeconomic factors (interest rates, supply/demand) to micro-level execution (loan approval, contract review, settlement logistics). Having specialist support is invaluable. A mortgage broker can gather lender options and may be able to secure better terms than going directly to a single bank. Given that time is an important factor in this season, the convenience and speed savings matter. Real estate agents with seasonal market experience often have insight into when the listing might appear, what vendors will accept, and how to potentially negotiate better terms in this calendar phase. Conveyancers and settlement agents who know the year-end cut-offs can help avoid undue delays and extra costs, saving you stress, time, and potentially money. From spring open homes to summer settlements, the final quarter of the year is one of the most dynamic times in the Australian property market. You will be contending with local property fundamentals and broader forces of seasonality, interest rates, supply constraints and calendar logistics. Whether you’re buying your first home, upsizing, downsizing or refinancing, the key is to prepare thoroughly, understand the market timing, and have the right support. Now is the perfect time to get your finances in shape, and if you decide to act, be ready to move with confidence. The Australian Government launched the new 5% Deposit Scheme on 1 October 2025, expanding the already existing First Home Guarantee schemes. The initiative is designed to reduce the barriers to home ownership, particularly for first-home buyers and single parents, who have long struggled to enter Australia’s increasingly competitive property market. In essence, the scheme enables eligible first-home buyers to purchase a home with as little as a 5% deposit, with the government guaranteeing a portion of the loan. This reduces the lender’s risk and eliminates the need for the borrower to pay Lenders Mortgage Insurance (LMI), a cost that can otherwise add tens of thousands of dollars to a purchase.
To put the impact in perspective, the median home price in Australia in 2025 is around $844,000, meaning a 5% deposit equals $42,200. The last time $42,200 could cover a full 20% deposit on a median-priced home was in 2002. A Modernised Approach to Home Ownership The 5% Deposit Scheme is a rebranded and expanded version of the former Home Guarantee Scheme and First Home Guarantee. However, the 2025 reforms represent more than a simple update, they reflect a major policy shift toward inclusivity and accessibility. From 1 October 2025, several significant changes took effect:
Who Is Eligible? The eligibility criteria for the 5% Deposit Scheme are intentionally broad, but there are still key requirements applicants must meet:
How It Works: Step-by-Step Buying your first home can feel overwhelming, especially when government initiatives and lending criteria are involved. 1. Save Your Deposit Eligible buyers must save at least 5% of the purchase price of their intended property. For single parents or legal guardians, the threshold drops to 2%. A mortgage broker can help you calculate how much you need to save, ensure your funds are correctly structured for lender assessment, and advise whether additional government incentives (like First Homeowner Grants) can supplement your savings. 2. Check the Property Price Caps Each region in Australia has a price cap that limits the maximum value of homes eligible under the scheme. Major metropolitan areas such as Sydney, Melbourne, and Brisbane have higher caps to reflect market conditions, while regional areas feature lower thresholds. 3. Engage a Mortgage Broker or Participating Lender While it’s possible to apply directly through a participating lender, most buyers find it easier to work with a mortgage broker. Brokers partner with multiple participating lenders, including major banks and regional financial institutions, allowing them to:
4. Government Guarantee Is Applied Once your application is approved, the Australian Government provides a guarantee to the bank. This guarantee effectively bridges the gap between your smaller deposit (5% or 2%) and the standard 20% deposit lenders typically require, removing the need for LMI. The guarantee does not involve direct cash payments but serves as assurance to the lender, allowing them to issue the loan with reduced risk. 5. Loan Approval and Settlement After your loan is approved, your lender finalises the home loan and proceeds to settlement. If you have engaged a mortgage broker, they’ll review your documents to ensure compliance with all scheme requirements, assist you in understanding your loan terms, and guide you through to settlement day. Why This Scheme Matters The 5% Deposit Scheme represents one of the most impactful housing affordability initiatives in recent Australian history. It directly addresses the long-standing deposit barrier that has kept many aspiring homeowners, particularly young Australians, locked out of the property market. By reducing the upfront cost of entry and eliminating the burden of LMI, the scheme allows buyers to enter the market years earlier than they otherwise could. It also acknowledges the growing financial pressures of modern living, such as high rental costs and stagnant wage growth, which make traditional deposit-saving methods increasingly difficult. Considerations and Cautions While the scheme provides an incredible opportunity, it is still essential to approach it with a balanced and informed mindset. Higher loan-to-value ratios mean higher monthly repayments and increased exposure to interest rate rises. Buyers should ensure they can comfortably manage repayments even if rates rise in the future. The government guarantee supports the lender, not the borrower, meaning applicants must still meet strict serviceability and credit criteria. Some experts caution that increasing access to the market could contribute to demand-side pressure, potentially pushing prices higher, particularly in undersupplied markets. Final Thoughts The Australian Government 5% Deposit Scheme is more than a policy update, it is a statement of intent. It recognises that for many Australians, home ownership remains the cornerstone of financial security, yet the path toward it has become increasingly out of reach. By cutting the deposit requirement, removing income limits, and expanding eligibility, the government has made significant strides in addressing one of the most pressing affordability issues of our time. The Reserve Bank of Australia (RBA) has chosen to hold the official cash rate at 3.6%, as decision that has sparked mixed reactions across the country. For those less familiar with the RBA, let’s step back for a moment. The RBA is Australia’s central bank. Its main job is to keep the economy steady by adjusting interest rates. When rates rise, borrowing becomes more expensive, while helps to cool inflation. When rates fall, it becomes cheaper to borrow, which stimulates spending and investments.
This decision to keep the cash rate steady is framed by a backdrop of mixed economic signals. Inflation has crept back up to 3.0%, which is the highest it has been in the last year. At the same time, the job market is softening with only 24,000 jobs added between May and August, compared to the 80,000 earlier in the year. Unemployment now sits at 4.2%. The RBA seems to be treading carefully. If they move too quickly to cut rates, inflation could rise again. If they hold on too long, household budgets might remain under unnecessary strain. What does this mean for homeowners? For those already holding a mortgage, stability can be a double-edged sword. In the first instance, the pause means no immediate increase in repayments. However, homeowners can be left waiting for relief. Many had hoped that by October, falling rates would start easing the ‘pinch’ of higher repayments, especially as household spending remains sluggish. Although, rates have already fallen by half the amount expected by June 2026, the predicted falls tracking behind the predicted model earlier this year, leaving some to contemplate whether their financial position is strong enough to endure for some speculative relief in the future. Some banks, like Commonwealth, have already backed away from predicting imminent cuts, signalling borrowers may be carrying this burden longer than expected. However, rates have already fallen by half the amount expected by June 2026, so the economic ‘pinch’ is softening. What does this mean for home buyers? Here is what is particularly interesting. If you’re looking to enter the property market, The RBA’s hold keeps uncertainty in the air. While property prices are still climbing, they are currently being fuelled more by a limited housing supply, then cheap finance. A steady cash rate means borrowing power isn’t increasing just yet as banks still assess new loans at high ‘stress test’ rates, leaving many buyers stretched. However, a rate hold can also act as a signal of coming stability. If the RBA holds again in November, or even moves to cut, borrowing conditions could ease slightly heading into 2026. For first home buyers, timing is everything. Entering too early may mean shouldering higher repayments longer, but waiting too long risks paying even more for the same home if property prices continue to grow. The takeaway for buyers If you’re considering purchasing a home, the RBA’s decision shows the importance of preparation. Buyers should focus less on waiting for the ‘perfect’ cash rate and more on their personal financial readiness. Can your budget handle repayment if rates don’t fall for six months? Do you have buffers in place for unexpected changes? The RBA may be hoping that the economy can withstand a cautious pause. But for individuals, especially first home buyers, the real focus is on personal resilience. Rate cuts may come, but until then, careful planning remains the best defence against uncertainty. In the realm of home loans, fixed-rate mortgages often become a popular choice. However, borrowers should be aware of significant risks associated with fixed-rate loans as we see them as ‘safe’ but there are major risks.
Aside from the obvious certainty that is offered on fixed rates, consider ‘break costs’. Harking back to the Global Financial Crisis, Australia's monetary policy and mortgage market were not immune to the financial contagion that followed the collapse of the U.S. sub-prime mortgage market. The Reserve Bank of Australia drastically reducing the cash rate from its peak of 7.25% in June 2008 to a mere 3.00% by May 2009. During this period I received many distressed enquiries from new clients looking to refinance to the lower variable rates. They had fixed their rates, and were paying nearly 4% more than the variable rates. Due to the plunging rates, the break costs they were being quoted were in the tens of thousands of dollars. This was a possibility they had been unaware of when fixing their rates. Though it may have been disclosed in verbal and written documentation from their bank, it must have not been explicit enough. In giving credit advice, we will always explain that the most significant risk is the potential for break costs. These costs can be seem disproportionate if interest rates have decreased since you locked in your rate, as they are based on the wholesale price you bought funds at when you locked your rate. Other things to consider are lack of access to redraw, and also that few banks allow a 100% offset on a fixed rate. If you're contemplating fixing your home loan, it's crucial to be aware of these potential challenges. Thoroughly assess the advantages and disadvantages before making a decision, and consult a qualified credit advisor such as Wilson Financial before making a decision. Homeownership can be a wonderful and achievable dream for first-time buyers with the right guidance and support. There are several government incentives that can help make the process more manageable, and a trusted broker can help navigate the complexities of home financing. Here are 5 of the most popular options:
It is important to note that there is a lot of information to consider when taking advantage of these offers. It is recommended to reach out to a broker like Wilson Financial to help navigate the eligibility criteria and ensure you take full advantage of these programs.
Buying your first home can be an exciting and achievable dream with the help of government incentives and the support of a trusted broker. Mortgage broker hacks to saving and making money with your home loan!
This a case study for you on a recent home loan health check we did with some ideas on what you can do for yourself. Seeing the last three interest rates hikes totalling 1.25% I have started reaching out to clients with ‘older’ home loans. More specifically, to anybody over three years old knowing the discounts I was getting then, are not as good as now. So one of these clients, let’s call him ‘Dave’ (not his real name) had a four year old home loan and a four year old investment loan. So firstly, the easiest and least impactful thing we can do for Dave, is negotiate with his current lender to reduce his rates. If better rates are out there, we can access broker pricing tools to submit a request to revisit Dave’s rate discount. We are doing this every day for our clients anyway, but if you’re not a client of ours, know you can go direct and ask, or get your broker to do this. This is the ‘least effort, least reward’ option, and it’s an absolute minimum if you ask me, because if your loan is over two years old and variable, you’ve got a good chance of lowering your interest rate (by increasing your discount), just by calling. So Dave could do this himself, or ask us to do it for him, either way, its worth the call to your broker or bank! In Dave’s case, due to the age of the loan, this simple renegotiation saved him a staggering $7,299 in forward interest based on the loan balances at the time. What’s the next option? Go shopping! We love shopping here, it’s a part of our job description to ‘broker’ or shop for clients just like Dave. We shop around with the view to saving even more then option 1 above. Of course, we shopped around for Dave at his request, and found that we can save a further $5,027.77 in interest if he wanted to switch lenders. Considering we don’t charge fees for broking your refinance, why wouldn’t you do this. At this point, the savings on interest are $12,326 for Dave. Now here is the real wild card and my favourite bit… and explains why I’m losing my voice on calls over these savings with clients. We have so many lenders offering what is called “refinance cashbacks” with between $2,000 and $5,000 on offer simply to switch banks to them. There are some basic fine print such as loan size, submit by dates, settle by dates, but aside from that, its fairly easy to qualify for one of these, particularly if your loan is over the magic $250,000 size. Banks are just at war with one another over client acquisition and market growth. Now is definitely is the time to take advantage of these offers if you want to stick some cash in your redraw or have something. So Dave has done nothing to save $7299, but if he wants to refinance, we can save him a further $5,027.77 per annum, and obtain a $4,000 cashback offer. The total savings are now at $12,326 with a $4,000 switch means savings and cashback combined are $16,326. If you think this is too good to believe, all I would say is try it yourself! I get it, it’s confusing, but let us explain why we go to these lengths to cover our clients! Dinah who fronts up Wilson General Insurance will look after what is regarded ‘General’ insurance so these are things like;
Dinah is called a General Insurance Broker and she is an Authorised Representative of the Financial Services Licensee Ausure Pty Ltd with access to hundreds of insurers. Nick, on the other hand is a Financial Planner who fronts up Wilson Wealth & Insurance. Amongst all the important full financial planning he also helps set your ‘Personal’ insurance, which is;
This business is run under the licencee Alliance Wealth Pty Ltd Financial Licensee. The licence to sell both products are different, one relates to things, another relates to people. Is there any cross over? There can be perceived cross over, so its important to educate yourself and use experts to guide you, particularly in these instances such as Income Protection vs Accident & Illness as well as Business Interruption v’s Keyman or Business Overheads. This is because the policies do have similarities in when a claim would occur. Accident & Illness - Dinah Personal Accident / Illness policies are issued by general insurance companies and may be cancelled by the insurer due to changes in occupation / health circumstances or in the event of a bad claims history. Policy weekly benefits are normally paid for between 12 months to 2 years. Waiting excess periods are generally 7 to 14 days. Note this policy can be extended to include Accidental Death and Disablement paid as a lump sum. Income Protection Insurance - Nick Non-Cancellable Income Protection policies are issued by Life Insurance Companies and are not subject to GST. This type of policy cannot be cancelled by the insurer except due to non-payment of the premium. This cover is mainly available to white-collar occupations or qualified trades persons. Benefit payment periods are usually greater than 2 years, eg. through to Age 65, meaning you could potential be on claim for 20 years or more. When comparing the two types of policy you should be aware that the Income Protection (1 above) has superior ancillary benefits and premiums are able to be paid annually or monthly. Another consideration is that Income Protection premiums increase with age. It is important when stating incomes that they are net of business expenses as the net income is used to calculate your insured benefit. It is important to review your level of cover on a regular basis. What else can be confused for the same policy? Business Interruption (Dinah/General) Vs Keyman Insurance or Business Overheads (Nick/Personal) as the policies do have some similarities in when a claim would occur. Business interruption would be claimed following a property loss, say fire/flood affected. Business overheads insurance would come in to when the life insured is unable to work due to illness, injury or medical condition. The insurance then pays a monthly benefit to the business for a 12 month period to cover all the overheads of the business including rent, employees, vehicle and equipment leases and even a replacement for yourself so your business can maintain its health and momentum while you recover. This policy can be held in addition to your personal income protection, Disability and Trauma insurances. How do I figure it out? If you’re not sure what you need, talk to Dinah or Nick, they’ll arrange to meet with you either together or separately depending on how complex you are, and put the most suitable cover in place for you. When it comes to making tough decisions about where you spend your money and what you need, it comes down to understanding your risks and concerns, your budget and helping you devise a strategy that gives you peace of mind without breaking the bank. As we deal with claims, we can help guide you and provide explanations on what covers your business or you personally need to consider. General Insurance advice is made on behalf of Wilson General Insurance Pty Ltd (ABN 80 648 713 320) as an authorised representative of Ausure Pty Ltd ABN 94 096 971 854 AFSL 238433 IN order to keep you reading every item below is not your run of the mill things to do list... I wrote this off the back of Annie Kane putting the shout out to her broker reader group that she was going a bit Stir Crazy. I love how Annie, Editor of The Adviser was completely transparent and popped her email address in her recent request for help! What a brilliant lesson to ask for help. So in honour of you Annie, here are some things I think we can all be doing during lock downs to feel productive, or better about ourselves! Create your Slush Fund account  You know, if you do not have a slush fund for ALL of your weekly, fortnightly, monthly and annual bills how are you even adulting? This is by far one of the best things I ever did myself and it does away with budgeting and worrying about hard mail! All you do is create a list of all your bills and how much they are. Add it all up to an annual figure. Divide that figure by your pay cycle i.e. 26 for a fortnight or 52 for weekly. Stick that much in your slush fund every week, ask HR to transfer it directly there so it doesn’t even touch a spending account, and use it to pay all your bills. That way you know the rest is available for saving or spending. Creating a slush fund account was one of the best things I ever did for myself emotionally. At all levels of my business and family’s growth I knew how much we needed every week in that account to pay the hard non optional bills and it gave me a lot of confidence in my capacity to be the main breadwinner for my family when that happened. Direct Debit Clean-up! You know back to my slush fund that I was just gloating about. If you have debits coming from five places; your credit card, your income account, your partners credit card, and some random other account, it can become a nightmare. Even when you apply for finance, this can slow down the process too as banks are scrutinizing expenses and management of your accounts. So, I recently moved every single DD to my slush fund. Now when I want to check if something was credited back, or was the prescribed amount, or to notify a lender or insurer of a change, I know which account it comes from or needs to come from. It’s simplified things. For instance, I cancelled my audible account TWICE, and they are still charging me. Because I only had to check one account, I noticed it was still being charged. Make a habit of checking it every couple of weeks to look for strange transactions. As it’s not mixed in to your spending account, the slush fund can help alert you faster to these types of things. Tax TimeTrust a finance person to talk about tax. Yet, lets be tactical here. Right now your health fund, lenders and property managers are emailing you end of year statements, why not pop those straight in a file and email your accountant?
Also, a lot of you are required to have your taxes up to date for the best shot at lending, yet you dont know when that will be, how about give your tax agent a heads up and pop in their queue instead of being urgent later on? I am really excited to get my taxes done and focus on the next big job so get it out of the way now! If you finish something like this, it's a big tick off the life chore list and you'll feel like you got something done in lock down. Here is a handy checklist link i created six years ago when I was excited about taxes then too. As you can see, I'm excited about tax right at the start of the new financial year. Please note, as COVID related posts are restricted on time/lender/geography now we will be posting invidual blogs instead of updating http://www.wilsonfinancial.com.au/covid-19.html web page which has now been moved but is still accessible. Temporary Deferral Options for Impacted Customers Over the weekend, CommBank announced additional support for customers impacted by the latest Greater Sydney lockdown and New South Wales coronavirus restrictions. Short-term home loan repayment deferrals For customers who have been financially impacted by the lockdown in New South Wales, we are offering a one-month deferral on home loan repayments. This deferral is available to customers impacted by the New South Wales restrictions for a range of reasons, such as:
Please note: Arrears will continue to accrue during the deferral period and we will work with every customer at the end of their deferral to make a plan to repay the arrears independently with a suitable payment arrangement. Other assistance options available In addition to these short-term home loan repayment deferrals, other options available to customers include: Accessing money customers may have in redraw in their eligible loan; Restructuring home loan debt; Switching to a Fixed Rate home loan; Reducing repayments to the minimum monthly repayment amount; and Using money in the customer's Everyday Offset (if available to them) In November 2020, CommBank announced a freeze on forced sales, which remains in place until September 2021 for eligible customers impacted by coronavirus who are struggling with repayments. Customers are also able to seek assistance via the Federal Government, which recently announced a new Temporary COVID-19 Disaster Payment for people who are unable to work because of lockdown. Further support updates We are monitoring the evolving coronavirus situation closely, and will notify you of any additional assistance options available to impacted customers, either in New South Wales or other states and territories across Australia. We will continue to update CommBroker and the CommBank website with any new information. Additionally, you can follow our various social media channels - including LinkedIn, Facebook, Instagram and Twitter - to stay up to date with any announcements. Where to go for help Customers who require help can contact our Financial Assistance Solutions team by: Requesting assistance online in NetBank Calling 1300 720 814, 8am-9pm AEST Monday to Friday, or 9am-2pm AEST on Saturday National Document Delivery Options As we recently shared, there are a range of document delivery options available to customers across Australia, designed to provide them with the right support and experience. If your customer has an impending settlement date, DigiDocs or one of the ApplyOnline options below may suit them to receive, sign or return their Home Loan documents.   Australia has migrated to a Positive Credit Scoring system. Where only negatives were recorded before, meaning no actual numerical score was given, we are now reporting positives resulting in a score from between 0 to 1200 Lenders will use this credit score to help decide (amongst MANY OTHER factors) whether or not to lend you money.
Let’s talk about two fictional characters that could represent clients of ours at Wilson Financial. Any resemblance to actual clients of Wilson Financial is purely coincidental... Bobby’s credit score had an unpaid council rates notice, which led to a court judgement. He had no idea as he had moved home and believe it or not, councils move very FAST when it comes to recovering debt. They have even been known to use debt collectors. Further, Bobby had made yearly enquiries for credit cards, Zip-pay, and personal loans. His score was below average as a result at 495. Alicia’s, a different applicant, had a credit score of 1043, with very few enquiries, no defaults, she presented an excellent track record of paying all current debts. Which do you think the lenders prefer to see? You see, each credit score comes with a ‘likelihood of default’ in the next 12 months and Bobby’s was over 8%. Those are NOT good odds. For lenders, bad credit clients are expensive, and do not return on the investment if they need to foreclose. Lenders in Australia have just come out the other side of a royal commission too, so are very risk averse. Even the Reserve Bank Governor has been touting that lenders should take more risk. However, credit scores are definitely making things hard for some Aussies like Bobby. Now lets talk about Bobby and Alicia applying for what we call "High LVR Lending" also known as low deposit finance for instance. In Alicia's case her credit score will be instrumental in shepherding her through, but for a 95% lend, it will be very hard for Bobby to obtain approval solution until he seeks credit repair and pays his council bills and does some work to improve his score. Did you know, that you have the right to access your credit score and credit report for free. Now we STRONGLY recommend accessing only these three company’s for your report: • Equifax • CheckYourCredit (illion) • Experian Since different agencies can hold different information, you may have a credit report with more than one agency. We do not recommend other ‘free credit score’ websites online and in our experience Equifax is the most commonly used by banks. Sometimes we are quoted scores from free websites that have no resemblance to the score we obtain from Equifax on the report. You can pay on Equifax’s website or you can get the free version which is a lot slower process via this link https://www.mycreditfile.com.au/products/equifax-credit-report-formerly-known-my-credit-file Applicants of Wilson Financial can request a copy of their credit file also. How did they work out a credit score?? Well Bobby & Alicia had wildy different credit scores so here is what they tell us matters • How much money you’ve borrowed • How many credit applications you’ve made • If you pay on time • Defaults/Bankruptcies/Court Judgements will lower your score In Bobby’s case, he had a lot of credit enquiries, and a court judgement which injured his score. It's not forever though, it can be rebuilt and is constantly being updated. What will be in your report? Your personal data such as; • your full name (married names/other changes) • date of birth • Your current and prior address • Your driver's licence number • Credit products • Repayment history • Defaults on utility bills, credit cards and loans • Credit applications • Bankruptcy and debt agreements • Credit report requests Fixing mistakes in your credit report If anything is wrong you can ring Equifax or Illion to fix it. We have seen twins, or duplications of peoples names wearing the same credit data. In the case of the twins, they obviously had different names, but the data went on to the wrong twins account (suspicious of course, sibling rivalry?!). Regardless, it’s important to check your file for debt enquiries that are not yours. Identity theft does happen. In closing Educating yourself about your credit score is important. If you're unsure, get your credit file first and start there. A frank discussion with a licenced credit advisor at Wilson Financial will open your eyes. We have worked with "Bobby's" plenty of times to assist them rebuild their scores. It does take time, but without knowing where to start, rebuilding is hard. We have had had great success with credit repair company's and can recommend them where needed too. The most important things to consider though are • Pay all your bills and finance facilities on time EVERY time, as missed payments are now recorded • Be careful with utilities when you move homes, ensure you closed the final account, or updated your address • Do not make unnecessary enquiries, try to limit the frequency of your credit enquiries to once a year or less • Check your credit file every couple of years to ensure the data is accurate As always, we are here to help with any questions, just call or email the team!  Are you a first home owner looking to build or buy a house or land?
Are you wondering what grants might be available to you? Look no further than our state by state (and territory by territory!) guide below. Here you’ll find information regarding grants, concessions and discounts… all set to help YOU achieve your property dreams! ***This article was posted on the 26th June 2020 and all active grants were below, please check with your broker, or your relevant State Revenue Office to determine these grants still apply*** ALL STATES AND TERRITORIES (NOT REQUIRED TO BE FIRST BUILD) In response to the deepening financial crisis stemming from the Covid19 pandemic, the Australian Government has announced a time limited, tax-free grant program to help boost the residential construction market. A $25,000 grant will be available to eligible owner-occupiers (including first home buyers) who wish to build a new home or substantially renovate an existing one. Home Builder will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme. More information is available here. AUSTRALIAN CAPITAL TERRITORY Home Buyer Concessions The ACT Government has a concession scheme to help people buy a home or residential land. All properties in the ACT are eligible for this scheme which will lower the duty payable. Unlike the previous concession scheme, it applies to vacant residential land and both new and established homes, anywhere in the ACT and at any price. More information can be found here. NEW SOUTH WALES First Home Owner Grant (New Homes) A $10,000 grant for first home buyers buying or building a new home under the First Home Owner Grant (New Homes) scheme. Purchase date must be on or after 1 January 2016. More information and eligibility criteria is available here. First Home Buyer Assistance Scheme Unlike the First Home Buyers Grant (New Homes), the First Home Buyer Assistance Scheme applies to buying an existing home, buying a new home and buying vacant land on which you intend to build a home. This scheme relates to stamp duty exemptions. If you’re a first home buyer, you may be entitled to a concessional rate of stamp duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS). If you are buying land… Under this scheme you won’t pay any transfer duty if your land is valued at less than $350,000. For land valued between $350,000 and $450,000, you’ll receive a concessional rate. If you are buying a new or existing home… If your home is valued at less than $650,000, you can apply for a full exemption so that you don’t have to pay transfer duty. If the value of your home is between $650,000 and $800,000, you can apply for a concessional rate of transfer duty. The amount you’ll have to pay will be based on the value of your home. More information and eligibility criteria is available here. NORTHERN TERRITORY Possibly the best state to build in when you include all of these grants, discounts, and the builder bonus you can get some serious help! First Home Owner Grant From 7 May 2019, if you are buying or building a new home, you can apply for a First Home Owner Grant of $10,000. From 1 January 2020, you can apply for the First Home Loan Deposit Scheme. To find out if you are eligible or for more information, go to the Australian Government National Housing Finance and Investment Corporation website. More information and eligibility criteria are available here. BuildBonus Grant BuildBonus was introduced in February 2019 to help Territorians fulfil their dream of building their new home. If you are buying or building a new home you can apply for a grant of $20,000. The BuildBonus grant is available to Territorians regardless of prior ownership. More information and eligibility criteria are available here. Territory Home Owner Discount If you are buying an established home, a new home or land to build a new home in the Northern Territory (NT), you may be able to get up to $18,601 off stamp duty. The home must be your principal place of residence. More information and eligibility criteria are available here. QUEENSLAND First Home Owner Grant A $15,000 grant to help first home owners get their new first home sooner. Purchase date must be 1 July 2018 or later (The grant amount has varied since it was first introduced in 2000. Contracts dated earlier than 1 July 2018 may still be eligible for a grant). More information and eligibility criteria is available here. Regional Home Building Boost Grant The regional home building boost grant is a State government initiative to help home owners in regional Queensland into their new home sooner. It will give you $5,000 towards the purchase or construction of a brand-new house, unit or townhouse valued at less than $750,000. More information and eligibility criteria is available here. Transfer Duty Concessions And Exemptions You will not pay any transfer duty if you are eligible to claim a first home concession and the value of the home is less than $500,000. More information and eligibility criteria is available here. SOUTH AUSTRALIA First Home Owner Grant A first home owner grant applies to the purchase or construction of a new residential property, including a house, flat, unit, townhouse or apartment that meets local planning standards anywhere in South Australia. FHOG ceased for established homes from 1 July 2014. The amount of FHOG payable is determined by the date the contract to purchase or build a home is entered into, or the date on which construction commenced for owner builders. Eligibility criteria and other information can be found here. TASMANIA First Home Owner Grant A $20 000 first home owner grant is available to eligible applicants who purchase or build a new home in Tasmania between 1 July 2016 and 30 June 2022 (inclusive). More information and eligibility criteria are available here. Duty Concession If buying an existing home as a first home buyer you may be eligible for duty concessions. The concession provides a 50 per cent discount on property transfer duty for first home buyers of established homes, which have a dutiable value of $400 000 or less. More information is available here. VICTORIA First Home Owners Grant A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home. The FHOG is $20,000 for new homes built in regional Victoria, for contracts signed from 1 July 2017 to 30 June 2021. More information and eligibility criteria are available here. FHOG For Regional Victoria The regional First Home Owner Grant (FHOG) is a $20,000 payment for first-home buyers who sign a contract to buy or build their new home, where the contract price (or cost of construction for an owner builder) is $750,000 or less, in regional Victoria. More information and eligibility criteria are available here. First Home Buyer Duty Exemption, Concession or Reduction When you buy your first home and the contract date is on or after 1 July 2017, you may be eligible for a duty exemption or concession. If your contract is dated before 1 July 2017, you may be eligible for a 50% duty reduction. More information and eligibility criteria are available here. WESTERN AUSTRALIA First Home Owner Grant The grant is $10,000 or the consideration paid to buy or build the house if less than that amount. If you are a first home owner, you may qualify for the grant if you are purchasing or building a new home. A home that has been substantially renovated may be considered a new home. The grant is not available for the purchase of an established home or for renovations to an existing home. More information and eligibility criteria are available here. Concessional Transfer Duty If you receive the first home owners grant, or would be eligible except that you are purchasing an established home, you may be eligible for concessional transfer duty. Eligibility criteria and other information can be found here. As the eligibility criteria are extensive, with slight differentiations for each type of grant/subsidy, we would encourage you to discuss these with your broker and conveyancing solicitor. Many lenders want the applicant to complete the GRANT forms with their broker and submit them with their application, so we can assist with this. It would be our pleasure to help you break through the paperwork overwhelm and get into that new home sooner! You can contact us here.  In response to the deepening financial crisis stemming from the Covid19 pandemic, the Australian Government has announced a time limited, tax-free grant program to help boost the residential construction market.
A $25,000 grant will be available to eligible owner-occupiers (including first home buyers) who wish to build a new home or substantially renovate an existing one. Home Builder will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme. In order to determine your eligibility for the grant, please carefully review the eligibility criteria as follows; Eligibility Criteria
How To Apply
More information Home Builder Fact Sheet Home Builder FAQs If, like us, you are in New South Wales, you can also contact [email protected] or call 1300 130 624. If you are in other states of Australia, please contact the Office of State Revenue (or relevant authority) in your state for more information. Please note: At the time of publication of this article, the Office of State Revenue for each state has not yet generated application forms. If you are interested in applying, please get in touch with your broker and they will assist once the forms are released.  What’s worse than the media when it comes to gossiping about what the banks are doing? The good old stand around ‘av a chat Aussie BBQ! I tell you, some of the wildest rumours I hear about the Australian lending landscape are simply a case of Chinese whispers. So here is the official low down about current lending conditions… Are lenders still lending? Yes, absolutely, and we are busier than ever. What about Job-Keeper – aren’t people on this basically stuffed? No, we have three lenders on panel accepting job-keeper at normal rates, so no issues there. What about the self-employed – are they impacted? Some lenders want the latest BAS, just to prove things are still going ahead, but plenty of them have no change to policy whatsoever. Some are asking for a lot more proof, others didn’t change. What about people on wages who are NOT impacted – are they in trouble? Lenders that used to accept payslips 60 days old have clawed back to wanting payslips under 30 or 14 days old, to check no change to their conditions, but that seems fair to us, nothing too crazy. What about things like the interest rates – what’s happening? Well, we are seeing the lowest rates on record, it’s a good time to check you aren’t paying too much. Fixed rates are far lower than variable if you wish to punt on the market, be aware of the risks however. So who is it hardest for, tell me the goss? Ok so there are some touchy spots for certain types of clients at certain lenders, and we know how to avoid those, or at least how to assist with them. With some lenders, it’s a matter of submitting a simple Covid-19 impact statement to show how Covid-19 has impacted on you as a business owner. With others there is NO change. Lastly, many lenders and clients have not issued changes to their current policy. It’s really not much to write home about. If you hear something at a BBQ (now that you can have them) perhaps direct them to us, we know what to do. Are Australian banks good? Australia has a AAA- credit rating with Standard & Poors, and AAA with Moody’s. That is stronger than the United States or China. In fact, it’s 11th in the world. I kid you not, all the red tape, (particularly that added since the Global Financial Crisis) really does put us in good stead. Click here for credit ratings of countries. We are now such a regulated industry that it feels almost straight jacket - like and this is why you almost need to provide your DNA sequence to get a loan approval! Second tier lenders are feeling the global credit pinch though, so we have seen some tightening in their rates and discretionary (negotiated) rates.  So… where to from here?
Really you have to focus on what you can control.
If you can accurately tell me what your interest rate is TODAY, what your income protection cover is PER MONTH, and when you are going to retire and with what income. Then YES you are on track! So …. there you have it! Your straight shooting, jargon free, non-gossip-like analysis of current lending conditions. If you would like some support getting your financial boxes ticked … we are here to help!  A question I am asked on a daily basis and a question which I feel you would ALL benefit from hearing the answer to. Especially in the current financial climate. “Why Isn’t MY rate that low?” The answer to this question is complex and multi-faceted. So, for ease of translation from ‘financial lingo’ to mainstream lingo, I have popped together this fictional conversation which is based on hundreds of similar conversations I’ve had to date. Bad acting aside, I am fully across the situation so please don’t allow the light hearted conversational tone of this text to distract you from its true benefit… So… “Why Isn’t MY rate that low?” Phil came to Wilson Financial with what we call an ‘old rate’. “I was referred to you by my neighbour. We’re on a really good package but our rate is nothing like the rates I’m seeing online in the two’s, how come my rate is so high?” To which I told Phil… “It’s ‘bracket creep’ which is a combination of the bank’s discounts getting larger over time, and the variable rates dropping. When the banks don’t pass on the full drop your rate creeps up against discounts on offer. Sometimes banks even offer NEW clients better rates than they do for existing clients!” Naturally, Phil was bit miffed. “Well, that’s a bit ordinary, I’m a loyal client… how do I get a better rate?” Now, this is where the sting stops stinging so much! Cue my response… “We have heaps of options. Firstly, you can ring your lender and quote another lender’s rate to try and get them to reduce your current rate. Often, this will give you a little bit of headway to a better rate.” Thinking of his precious dollars, Phil interrupted… “I did that and they reduced it a bit, but not much, why can’t they just price match?!” Yes Phil, I’m hearing you! “It’s not always that simple, banks are really big institutions, they have price wars among themselves and sometimes they seek new business as a growth strategy… in those cases, if you’re not a new client, you do tend to miss out. The other issue is that not everyone can move banks due to equity restrictions or current income, so you can’t just assume banks will price match. Some lenders also look for different types of clients, be it equity rich clients, or investors, to balance their books or meet certain targets that the regulators set out, it’s really complex!” “We need to learn to play the game Phil” I thought. (Ok, maybe that’s going a bit too far!) By now Phil was wondering what to do. “So, if they won’t price match, what else can I do to get a better rate?” Ahhh price matching… if only it were as easy as whipping out a competitor’s brochure like we do at the supermarkets! “You could consider a product switch with your current lender by moving to a different variable rate or even a fixed rate product – they are generally the same for new or existing clients! Or, if you really want to stay variable, and just get a better rate, you could consider moving your business to another bank? Banks are literally GIVING MONEY AWAY to move to them, it’s insane.” Now Phil was starting to see some light… “Yeah but won’t I have break costs to leave my bank?” And the best bit… “Maybe, but maybe not! In July 2010 the government passed new laws on exit fees. What this means is generally lenders can’t impose an early repayment charge if your loan is variable. If it’s fixed, you could cop a fee for sure, but because most people looking to refinance are on a variable rate you’ll likely just have a one off discharge fee of $250 - $350. You’d also then have land titles office fees of around $300 per property. (Insert Phil’s thinking face here!) “When you’ve got lenders willing to give you $4,000 to refinance, you’re really mad if you don’t consider shopping around to switch! We can do all that running around for you and then present you with three of the most suitable refinancing options that take into account your needs and preferences”. Almost there… “What??? Ok, there must be a catch! How much do YOU cost me?” The icing on the cake… “We are paid by the banks so the entire thing is fee free and obligation free! We negotiate pricing for you so you will possibly get a lower rate than what is advertised online too! (If you're skeptical, you can read more about that here!) Now, just like you, Phil liked the idea of saving money… “That’s crazy! Can you sign me up? What do I need to do?” And there you have it… a sneak peek into the many HUNDREDS of these conversations I have each year! Did you know, the average broker has 14 years’ experience? This is why over 60% of Australians are now turning to we brokers!  You may have heard over the past few days that the Federal Government has announced plans to further support our valued small and medium businesses with new loan structures. These loans will be unsecured and up to $250,000. These loans will be 50% guaranteed by the government. They are under the Government SME Guarantee Scheme. The details are outlined below.
It will be a good idea at this time to discuss these options with your accountants so that you can work out as individual businesses your needs and the borrowing levels available to you own business.
Below are links to the various major banks Covid 19 sites for both home loan and business loans: https://www.anz.com.au/promo/covid-19/ https://www.commbank.com.au/latest/coronavirus/business-support.html?ei=cor_newloan#new https://www.nab.com.au/personal/customer-support/covid19-help/business-support-loans https://www.westpac.com.au/help/disaster-relief/coronavirus/ As always we remain here to support you so please don’t hesitate to call us to talk through what you need us to do to assist, remember those around you that are there to support your business, your accountant, solicitor, financial planners and brokers. Best contacts for us are: Liz Wilson – Broker and Business Owner – 0414798760 Chris Tracey – Commercial Finance – 0467999230 Geoff Lisle – Equipment Finance – 0488366131 George Root – Financial Planner – 0499992130  Our loyal clients, referrers, friends and family…. This financial burden will be worn by us all, and we must all play our part to carry what we can of it. The spirit of compassion, community, and patience is something we must all find now, so that we can come to the other side, together, and rebuild. I feel the following topics are paramount to understanding 'the new norm', as we all race to adapt.  🚨 Breaking news - Job Keeper Payment 🚨 ROUND THREE STIMULUS The round three stimulus has just been announced by the Morrison Government for the fact sheet click here. The announcement is for a $1,500 per fortnight job-keeper payment, to keep Australians in their jobs when the work dries up. The employers will receive the payment, and be required to pass this on to their employees. This will be enforced with the new Single Touch Payroll system that is now mandatory for employers. This is available for full timers, part timers, sole traders and even casuals (if employed over 12 months with the business). Business must have turnover of less than $1 billion and turnover is reduced by more than 30% relative to the comparable period a year ago. If you were on the books on March 1 via the mandated Single Touch Payroll System you are eligible even if you have been stood down. The government will backdate payments to today. Casuals are eligible if they worked for 12 months or more. New Zealanders on the 444 visa are included, but other temporary visa holders are still in question with discussions 'under way'. 🚨 Home Loan Deferrals 🚨 Many clients are jumping straight on to home loan deferrals on offer of up to six months. Of course at this time, we are 100% on board with this, as an effective way to reduce overheads immediately. We do urge you to please temper these actions with the following thoughts in mind;
Hardship information for equipment finance / cars please follow this link 🚨 What we are seeing 🚨  First and foremost the feedback from clients is that when lenders reach back out to them (and you will have to wait) the deferments are more being granted relatively easily. This is great news for home owners under duress. Some lenders it's as simple as a phone conversation. So don't put it off thinking it will be difficult, get ahead of your needs now. In other news, the speed at which business’s, lenders and employees pivot will be critical to our success as a nation, as employers, and as employees. Some great examples of how business are adapting to no contact: Lenders Lenders are adapting to approve video interviews for clients and guarantors so we can keep going Valuers moving to virtual valuations – this is not out just yet but will be released soon Banks triggering Kerbside valuations more freely (photos from the front of your street) Business’s Here are some insights into how business’s I know of are adjusting;
Overseas innovators For laughs – an Oregan strip club called the Lucky Devil Lounge launched a new food delivery service called Boober Eats! That’s a full redeployment of services! Hedley & Bennet which make chef aprons started stitching fabric face masks instead. Swimwear Startup, ‘Summersalt' switched its customer service to emotional support If you are in services, don’t forget to connect via ZOOM/Facetime or other programs, people deal with people, not business’s. 🚨 Professor Paul Kellys Message 🚨  “We have to change the way we as people interact with each other” Professor Paul Kelly, the Australian Government Deputy Chief Medical Officer. Public Health Advice is to work from home if you can. As we can, we are! Wilson Financial feels that social distancing needs to be encouraged and we are easily able to help impact less community transmission by working remotely. The only way to ensure we achieve the new Aussie dream of flattening the curve and saving lives is to reduce contact. If we can do something remotely we are and virtually everything we do can be remote.. Whilst many may like to see us face to face, we ask you to Facetime/Zoom/Skype or video conference with us. We promise we will make the process easy for you all the while saving you money. 🚨 What about renters 🚨 I was particularly inspired by message from Scomo last night to find bespoke, personalised solutions to managing tenancies and what in many cases is YOUR investment but may also be your tenancy. NOW is the time to reach out to your landlord if you need help. Now is the time to listen to your tenant if they need help. Come up with arrangements so you have a business or tenant leasing your home/commercial building at the end of this bridge. Come up with arrangement with your landlord so that your business can re-emerge in tact. We would remind you, that banks are not offering ‘free money’ to people with investment properties by freezing payments, as payments are not frozen, the interest is typically capitalized meaning it is added to the loan every month and the loan increases. As a result, we need not regard landlords as the ‘greedy owners’, many landlords have worked very hard to owner a property which were then leased at market or commercial rates. We also need to remind landlords to find compassion for their tenants, and not be short-sighted about what is happening. To find it in their hearts for those impacted, to find ways to lessen the burden. We believe there may be more announcements on rent so stay tuned... 🚨 Above all - it's business as usual 🚨  Whilst we are helping our frontline industry clients with the immediate effects of Covid-19, it is business as usual for us. We are pleased to report that sales and purchases are occurring, equipment is being bought, and many clients have succeeded in innovating to adjust to low contact Our hearts go out to industries being ravaged by the effects social distancing is having on your sales and trade. We want you to know that your needs are our priority right now, so reach out and talk to us. We also note that recent changes in rates and uncertainty has prompted unprecedented levels of refinance enquiry and with all of the $4,000 refinance rebates on offer from many lender partners, we are working very hard to keep up with demand for these restructures. Please bear with us as we must prioritize hardship assistance.
Above all, please call us if we can assist, the office phone lines are being manned by our team just as normal. 1300 780 826 or (02) 4860 3399  Financial abuse is so common, yet people still generally only associate domestic abuse with black eyes and broken bones. To highlight the very real nature of this problem I wanted to share the story of a recent acquaintance who bravely agreed to let me share her story publicly, in order to inspire others to take action. Her identity is withheld in order to protect her safety.
So, let’s call her Sophie. Sophie is a Mum with multiple children who fled an abusive marriage and took out a Domestic Violence Order (DVO) with the Police to protect herself and her children from her ex, their father. The order was granted for a period of five years and there is to be no contact from the father who abusively told Sophie; “You’ll never be able to survive without me”. The father, a drug addict, regularly stalked and threatened Sophie. He also ruined her credit rating by fraudulently taking out numerous loans in her name leaving his liabilities for her to pay off. The ex-couple had a home together and Sophie remained living in it after the break up to ensure stability for the children whilst she rode out financial separation from her ex. Sophie’s ex was on the brink of bankruptcy and as co-borrowers on their loan, their house was at risk. In order to survive the period of transition from dual income to single income, Sophie called her lender and attempted to negotiate a better interest rate on their home loan. A discounted rate was offered… on one condition… … that the lender obtain consent from her abusive and controlling ex. Yes, the one she had a no contact DVO against who told her “You’ll never be able to survive without me”. To apply the discount they said there was no option but for them to make contact with him. This was because the loan contract had a ‘two to sign’ method of operation, which was put in place to protect Sophie in the first place. Eventually, despite her protest based on the active no contact DVO, the lender called the ex and attempted to seek his permission to reduce the rate. He refused to take the call and consequently their answer to Sophie was a NO. The rate could not be changed despite the renegotiation originally being successful. As they had a dual-signatory set up on the loan account, the lender would not budge… even to reduce the interest rate. Something which would have had no bearing on the co-borrower. The irony of the situation was that Sophie had previously set up the dual signature in order to protect herself from further financial abuse and now, at this highly distressing time, that very act was being used to sustain her financial hardship. Her ex refused to sign the document… a very deliberate and cunning act which ultimately punished not only Sophie, but also their children. This is where I stepped in. I assisted Sophie in writing a formal complaint to her lender stating that they had failed to assist a customer experiencing financial abuse… despite having policies and procedures in place which should have guided their response. We referenced the Australian Banking Associates 2016 guidelines in dealing with domestic abuse, and I truly believe it is these guidelines that had the impact. The lender had categorically denied they could assist via multiple departments until this was referenced. The complaint was finally assessed by the lender’s legal team and ultimately the discount was applied… without the consent of the abusive co-borrower. Likely, because common sense prevailed that the co-borrower would not be disadvantaged in any way, and it was preventing financial abuse to assist with the reduction. Sophie’s rate ended up dropping by 1.47% and the variation fee of $130 was waived, possibly in a desperate attempt to complete the customer recovery process. Regardless of the logic behind the final decision, what got her through was simply taking a stand against this abuse and holding the lender to account. Sophie successfully took on the lender and came out on top… and so she should have given the 2016 Australian Banking Association’s commitment to enhance support for family and domestic violence survivors Because of this rate reduction Sophie was able to stay in the family home and regain control of her finances whilst navigating the muddy waters of financial separation from an abuser. She wanted her story shared with you all in the hope that her success will inspire others to take a stand against lending behaviours that perpetuate financial abuse. What is financial abuse anyway? Financial abuse is an umbrella term for a huge variety of controlling and manipulative behaviours relating to a person’s finances. The perpetrator is usually a current or former partner but can also be any another family member. Generally it is someone who;
Of course this list is by no means exhaustive. Abusive partners are always finding new and far more creative ways to financially control and destroy their ex-partner. The long term implications of financial abuse are vast. These may include;
 Superannuation was created in order to help people support themselves in retirement as opposed to relying on an inadequate aged pension. While the rules and regulations surrounding super are always changing, one thing remains the same; the attractive tax breaks available relating to superannuation contributions, withdrawals and income streams.
Whereas most people end up paying a high percentage of tax on their income, super contributions are only taxed at 15%, and the fact that the funds are invested and cannot be accessed until retirement means that the discipline that many people struggle with is taken out of their hands to create a solid retirement fund. We’ve put together a list of 5 super tips to help you get ahead TODAY! Know how you are invested Request a recent super statement from your provider and look into whether or not the investments are appropriate for your risk appetite and return needs. You could be invested in high risk returns or very low risk cash, do you know? The choices you make now can have a huge impact on your nest egg in the long run so it’s definitely worth doing some research. If you’re not sure which way to go, get professional advice. Understand compounded returns The more you have in super, the more you earn over time. If you have $10,000 in Super and your fund creates a return of 8% this year, your fund will grow by $800. If you experienced the same growth on a balance of $100,000 your fund would grow by $8,000. This adds to the principal and is in addition to whatever you contributed to super. It means that in a year of positive growth through super, the more you start out with, the more you will earn. Keep in mind not every year will produce positive growth, in investing, sometimes you lose money, but in the long run, most super funds produce positive returns. Seek advice on whether you are with an appropriate fund/ product to meet your needs and risk tolerance. Consider Salary Sacrifice Salary Sacrifice is making additional pre-tax contributions to super in order to build your retirement asset. It can reduce your total tax obligations and assist in increasing long-term growth through super. You need to seek advice to consider if this strategy is suitable for you as it will reduce cash flow, and there are limits to how much you are allowed to contribute to super each year without being penalised. Research the insurances you have through super Insurance through super can be a cost effective way of insuring yourself but there are limitations to the types of covers and the quality of the policies when they are held entirely through super. Don't assume you are covered just because you have some cover through super. Want more information on alternative insurance coverage options? We can help you with that! Take action now to see and enjoy the results later A lot of people don't think about super till they are in their 50's. Time flies and when you reach 65 you will have financial needs, children, maybe even grandchildren to take care of. Being prepared is about connecting the things you do today with the results you want further down the track. So that’s it… 5 things to think about when it comes to growing your super. If you need some advice and would like to discuss your individual circumstances with us you can reach out to us via the contacts below; Wilson Financial Office - 1300 780 826 General Disclaimer This information has been provided as general advice. We have not considered your financial circumstances, needs or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication. Whilst all care has been taken in the preparation of this material, it is based on our understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither Alliance Wealth nor its related entities, employees or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.  0Brokers are now responsible for nearly 60% all loans written in Australia and this figure is rising! Why, because it’s a win - win - win… for you, the broker, and the lender!
Have you ever stopped to wonder how it is a broker doesn’t charge you any fees for their service? You wouldn’t be the first. So, in the spirit of transparency, we want to let you in on the behind the scenes of our business... Let’s start at the start... Banks and lenders in the retail market have overheads. Aka - branches. They pay rent. Wages. Marketing. Utilities. Stationary costs. And, instant coffee costs (ewww! Who likes instant anyway?) They also have what’s known as "Third Party Banking". That is us, the brokers. We are ‘freelancers’ because they don’t pay our rent, wages or, in our office, Nespresso coffee costs. Instead, they pay us commission based on our ability to get loans funded with them. Much like a real estate agent would receive commission if they sold your house. It's simply a different model to branches, with a different remuneration system. We feel brokers have an edge though, as we can work for multiple banks instead! But do you sell the exact same products as the banks? Yes! However our brokers are accredited with between 30-40 lenders so you end up with way more choice! Some lenders alter the name of a product for the broker market so they can distinguish where the loan came from, but the rate and fees are exactly the same. For instance, Commonwealth Bank sell a 'Wealth Package' which brokers sell to clients as a "Mortgage Advantage Package", there is literally no difference aside from what your contract says! Surely the products you sell aren’t exactly the same as the ones I see in branches? Absolutely, they are! However, we do have some tricks up our sleeve as brokers… Let me give you an example; Today if I log on to a major bank website, I can see a home loan product offering a variable rate at - 4.80%. Less the package discount of 0.5% (for buying a package) and you get a rate of 4.30% When you deal us, we can negotiate this rate further! We recently negotiated a 1.70% discount on that same rate by undertaking what is called ‘price negotiation’ with that lender. That means the rate was 1.20% cheaper via us (i.e. 1.70% was our discount, but the package discount is only 0.5% online) than it was as advertised directly through the lender! Ergo the client got 3.10% via us Vs 4.30% with the lender!!! The average loan in the Southern Highlands is around $550,000 at Wilson Financial so the negotiated rate represents an interest saving of $6,600 ......PER YEAR So why else would you choose a broker over going direct with a lender? Aside from the obvious reasons above such as extra choice of lender and price negotiations, shopping around in one spot there are some other benefits...
Why would lenders use brokers then? Why not just only have branches? Many smaller non regional lenders like ING for instance, grow their business quite quickly simply by using a broker network and some lenders are actually predominantly serviced by brokers, like Macquarie Bank. Deloitte recently published findings in their Productivity Commission draft report which outlined that mortgage brokers have helped increase the market share of smaller lenders, and that to replace brokers, they would need to open 118 new branches EACH just to do what brokers have done for them. This is something that most small lenders are not planning on, due to the overheads. We would add that the same independent report cited that; “Preliminary analysis suggests that brokers do obtain slightly lower interest rates... it is not clear if this is attributable to brokers’ ability to negotiate with lenders or to other factors such as the characteristics of borrowers who use direct channels to source their loan”. Ooh – shock horror – really? As a long term brokerage active now since 2003, here at Wilson Financial, it’s always been our ability to negotiate! Want to take our google challenge? It's easy.... I have one challenge for you. Go online and google the name of any lender alongside the word “reviews”. Here is an example. You will often find going direct CHALLENGING, from a service perspective. Meanwhile, have a look at our testimonials page, our Google reviews, or our Facebook reviews. The results speak for themselves!!! How does the service compare - isn't it faster going direct to a bank?? *COUGH COUGH* WHAT! Errr.... Ok, let me ask you, if you were in a jungle, with no map, no compass, no navman or phone, and needed to get from A to B, would you rather go yourself with say, a website, some brochures and a call centre to help you, and at every milestone you meet a new person who doesn't know your back story... By the way, if you got half way and were declined, they'd say good bye and leave.... OR would you rather have your own tour guide, who walked every step of the way with you, liaised with your accountant, solicitor, real estate agent, and was your confidante the entire time? We literally do not leave your side, we have a little policy that we do not leave any of our ducklings behind, we advocate for our clients loans to be approved, and we help show them HOW to navigate the massive minefield of finance and property. We assist with the forms, the questions the long term planning, and the biggest one... WE FIND A LENDER WHO WILL APPROVE YOU! Because guess what... someone who goes to lender A and doesn’t always fit the policy mould may fit with lender B! Imagine if you started your tour of the jungle only to find your lender wasn't the right fit for you, and didn't know the way - you have to go back to the start of the journey and find a new tour guide. Occasionally (and not often) we have a lender that declines a client, it could be that the property valuation didnt' stack up with that lenders valuer, guess who has the capacity to order two new free vals with two new lenders instantly, and push all your existing data to a new lender? BROKERS. Banks do not have this edge, they only work for themselves, whereas WE represent you and are motivated to get your loan approved because let's face it, even we do not get paid if we don't land you some debt!! Also, it's human nature to like and want our clients to get what they want, we love to get personally invested, so it's actually kind of awesome to be able to 'hustle' when the going gets tough and find a back up solution! Furthermore, brokers are databanks of policy, and this is their MAJOR skill set when it comes to finding finance. Personally I am 17 years into broking and 19 years in finance and I’m still seeing new scenarios I haven’t seen before! The lending landscape never stops changing too, so we have to keep up, and we have done that at Wilson Financial by having Aces in their places! We have residential brokers, commercial brokers, equipment finance brokers, and a financial planner. We have a century of expertise in one spot, just to help you! This is our passion and we love it. We are confident we enhance the client experience. We know lending is not a ‘one size fits all’ situation so we pride ourselves on finding the right product for you. All at no cost to you! So how do we stay transparent? We do a full commission disclosure in our credit proposal to every client. This MUST be signed before any client proceeds so nothing gets hidden or lost in a contract. We pride ourselves on being fully up front and honest about the money we make from selling you a lender’s product. So, there you have it. A straight forward disclosure. No bells. No whistles. No T&Cs. Just truth. Interested in talking loans? Contact us today via the details below. We look forward to helping you on your journey. Wilson Financial office - 1300 780 826 or 02 4860 3399  Following on from one of our recent articles on how financial institutions are helping Australian’s get back on their feet after the bushfires, this week we’re diving deep into some of Australia’s green lenders.
‘Green lenders’ are financial institutions who are effectively using your money to invest in companies and industries who do no harm to the environment. A bit like the way you might choose to use less plastic or buy more sustainably produced foods… these lenders want to do their bit. .If you want to make more informed choices about what type of lender you are supporting, so you can select a green option next time you borrow, we have analysed lenders that we are accredited with here at Wilson Financial. BANK AUSTRALIA Bank Australia takes number one on the list for us! Bank Australia exists to create mutual prosperity in the form of positive economic, social, environmental and cultural impact. They believe in benefiting their customers, communities and the planet. Their money is regarded as clean because they never loan to industries that do harm, including; fossil fuels, live animal export, gambling, arms production or tobacco. In addition to this, all of their loans are subject to a Responsible Banking Policy. Bank Australia have also recently introduced the Clean Energy Home Loan. If you are buying or building a NatHERS rated 7 Star or higher home, or planning sustainable upgrades, you could be eligible for a 0.40% p.a. discount off your interest rate for up to five years. The Clean Energy Finance Corporation are financing half this discount. They are also the first bank in Australia to have its deposit and home lending products certified 'responsible' by the Responsible Investment Association of Australasia, and they direct 4% of their after-tax profits to projects that help people and the planet. They are the ONLY Australian lender listed in the ‘Don’t Bank On The Bomb’ report which you can read here. To read more on responsible banking at Bank Australia you can click here. TEACHERS MUTUAL Teachers Mutual believe in the power of responsible investment. Their focus is on ethical operations, taking action on climate change, offering socially responsible finance products and giving back to their community. They have been certified as both a climate neutral and climate conscious company by South Pole, the leading provider of global sustainability financing solutions and services. This certification means Teachers Mutual is a carbon neutral bank. For six consecutive years they have been voted one of The World’s Most Ethical Companies. So… what about the big guys? We dug up some data on the big four and a few of our other major lenders… ANZ At the core of their framework is fair and responsible banking that is, keeping pace with the expectations of customers, employees and the community, behaving fairly and responsibly and maintaining high standards of conduct. Some of the ANZ’s most recent goals are to;
CBA The CBA recently introduced a new reward scheme for energy efficient home owners who install solar panels. This initiative, aka ‘The Green Mortgage’ initiative, sees customers provided with a $500 cashback when certified solar panels are installed. Apparently this is the first of many initiatives to come. MACQUARIE The environmental impacts from Macquarie Bank’s direct operations predominantly relate to the resources they consume in their offices, data centres, and from their air travel. Macquarie seek to manage these impacts by monitoring and reducing resource use, maintaining carbon neutrality, improving the sustainability of their supply chain and occupying and creating innovative and sustainable workplaces, through the implementation of their Environmental Management Plan. Their steps to reduce resource consumption include energy efficiency measures, data centre virtualisation, waste recycling and water management programs across their global operations. Through their focus on occupying sustainable workplaces they aim to design and construct new premises in line with sustainability best practice and, where possible, achieve accreditation such as 6 Star Green Star, LEED Platinum, BREEAM Excellent or equivalent. Since 2010, they have maintained their carbon neutral commitment by reducing and offsetting the emissions from their energy use and business air travel. They do this by purchasing and retiring high quality voluntary certified carbon credits each year. NAB NAB are committed to understanding and managing the impacts and dependencies of their business on the environment. A few of their recent green achievements include a reduction of 43% in paper usage from 2015, making a $70b commitment to environmental financing by 2025 to help address climate change, and a commitment to reduce their greenhouse gas emissions by 21% by 2025. NAB are also increasing plans to provide environmental finance from $55 billion to a targeted $70 billion by 2025.They are Australia’s largest arranger of renewable energy finance and 69% of their energy financing portfolio in 2019 was for renewables. They have also committed to increasing their internal renewable energy consumption from 50% to 100% by 2025. ST GEORGE St George are committed to reducing the environmental footprint of their operations and as such have a range of green initiatives on the go. These include; offering staff free loans of up to $4,000 each year, which can be used for purchases such as solar hot water systems and energy efficient appliances, committing to reducing the amount of paper they use and buying it from forests that are managed sustainably and reducing their energy consumption by implementing a range of energy saving lighting options. They have also undertaken a range of initiatives to improve water efficiencies. SUNCORP Suncorp conducts business in a way that protects and sustains the environment for current and future generations. Their Environmental Performance Plan focuses on decreasing emissions, reducing waste and creating a more sustainable workplace. In addition to this they are supporting ongoing transparency and regulatory reporting in regards to their impact on the environment. Suncorp has also committed to net-zero emissions by 2050 and increasing the use of renewable energy. WESTPAC Westpac have published a huge amount of information on what they are doing on the green lending front. Here is just a snapshot of what we were able to pull up;
MYSTATE Not so much Green, but philanthropic, we wanted to give this smaller lender a shout out These guys are Tasmanian lenders who help local youth with accessible grants. They believe it’s the little ideas, local organisations and small acts that can help make a big difference in people’s lives and help build a richer Tasmanian community. The MyState foundation has been helping educate, support and nurture young people since 2001. To date they have awarded over $1.8m in grants to more than 80 not-for-profits across 200 different initiatives. They support organisations and charities who are engaged in education or development projects for young people; especially those who help develop self-reliance, provide opportunity for further education, increase financial literacy or assist young people living with a disability to access special education, care or support. So there you have it… a look into how lenders are doing their bit to help the environment, the world, and their communities. Feel free to contact us for more information if we can be of assistance.  Effective 1 January 2020, the federal government has introduced a new scheme for first time home buyers. Under the First Home Loan Deposit Scheme the government will now underwrite (or guarantee) loans for low to middle income owners to get people into their first home faster. What this means is that first home buyers will now be able to enter the market with as little as purchase costs, and 5% deposit* and…. no lenders mortgage insurance! Lenders will still do their normal checks on your financial situation but this will make it easier to get a loan without having saved a 20% deposit. This one change could literally save you tens of thousands of dollars! We also have word that we are able to negotiate rates with some lenders, as if you have a full 20% deposit which means your interest rate will also be eligible for better discounts as a result of the scheme with some lenders!
(*lender's criteria apply) Eligibility You can check your eligibility by speaking to us, or visiting this link. Call us if you're unsure about anything though! Property price thresholds To ensure the Scheme is only available for the purchase of a modest home, or the purchase of land and construction of a modest home, the following property price thresholds (maximum property purchase price under the Scheme) will apply in capital cities, large regional centres and regional areas; Region and Price Cap (AUD) NSW - capital city - $700,000 NSW - regional centre (Newcastle and Lake Macquarie) - $700,000 NSW - regional centre (Illawarra) - $700,000 NSW - other - $450,000 ACT - $500,000 QLD - capital city - $475,000 QLD - regional centre (Gold Coast) - $475,000 QLD - regional centre (Sunshine Coast) - $475,000 QLD - other - $400,000 For the full property price threshold listing for Australia click here. How to apply At present Wilson Financial is accredited with six lenders on their panel that are rolling are approved under the government panel to participate with the scheme. If you’d like more information or, if you’d like to apply, feel free to reach out to our mortgage broker contacts; Wilson Financial office - 1300 780 826 or 02 4860 3399 Liz – [email protected] or 0414 798 760 Chris - [email protected] or 0467 999 230 Colin - [email protected] or 0428 423 051  Australia is currently experiencing the worst bushfire season on record. If you are experiencing financial hardship as a result of this crisis, financial relief may be available. Several of Australia’s lenders have jumped on board to offer assistance to their affected customers and, more broadly, to the Australian community as a whole. Below you will find a summary of what support financial institutions may be offering. You will also then find contact information for several major lenders. If you are unable to locate contact information specific to your lender please reach out to us as we may be able to point you in the right direction. Each financial institution is offering slightly different support to customers. This support may include;
Lender Contacts ANZ Customers impacted can contact a dedicated hotline on 1800 149 549. Claims can be made online at https://www.anz.com.au/personal/insurance/make-a-claim/ Insurance customers can call 13 16 14. Visit: anz.com/hardship CBA For information or to make a claim call 1300 720 814 or visit any branch. If you're a business customer call 13 26 07 or your dedicated CommBank relationship manager. Visit: https://www.commbank.com.au/support/emergency-assistance-package.html NAB NAB customers who have lost their homes can immediately access a $2,000 grant to assist with urgent needs. These funds will be deposited direclty into the customer accoutns as early as the next business day. NAB employees who have had to evacuate their homes can also access a 1,000 grant. Call NAB’s dedicated team on 1300 023 429. Customers impacted by the loss of a home who need assistance can also visit their nearest open NAB branch, contact their banker directly or call NAB Assist on 1300 683 106 (8am-8pm Mon-Fri, or 9am-1pm on Saturdays AEST/AEDT). Visit: https://www.nab.com.au/about-us/social-impact/customers/natural-disaster-and-crisis-support Westpac Call the Westpac Assist Team on 1800 067 497. You can also contact your local branch or Relationship Manager. Business customers should call 1800 029 749. For insurance claims contact 1300 369 989. Visit: http://www.westpac.com.au/disasterhelp St George If you’re experiencing financial hardship contact 1800 629 795. For insurance claims contact 1300 655 489. Visit: https://www.stgeorge.com.au/disasterrelief Macquarie Bank Customers should call 1800 806 310 for assistance. Visit: https://www.macquarie.com/au/personal/fire-emergency https://www.macquarie.com/au/about/disclosures/financial-hardship ING If you’re experiencing financial hardship contact 13 34 64 To make a claim call 1800 611 422 (24/7) Visit: https://www.ing.com.au/faq-result.html?faqid=7449 MyState MyState Customer Care Team is available on 138 001. CGU insurance policy holders wanting to make a claim should contact CGU Claims on 13 24 81. Visit: https://www.mystate.com.au/about-us/support#/about-us/contact-us/financial-hardship Resimac Call 1300 793 741 or email [email protected]. Visit: https://www.resimac.com.au/bushfire-support Pepper Money Call the hardship team on 1800 356 383, between 8:30am and 5:30pm, Monday to Friday (AEDT). Email [email protected] Visit: https://www.pepper.com.au/lending/help-centre/customer-service/financial-hardship-assistance Liberty Financial Call 13 11 33 Email [email protected] Direct message on Facebook https://www.facebook.com/liberty.social/ Visit: https://www.liberty.com.au/financial-hardship La Trobe Financial Call the Mortgage Help Team on 1800 620 639 For insurance claims call CGU Claims 24/7 on 13 24 80 Visit: https://www.latrobefinancial.com.au/ Rate Setter Call 1300 768 710 Monday to Friday 9.00am to 5.30pm AEST https://www.ratesetter.com.au/ Other assistance available to residents of the Wingecarribee Shire Council Mayoral Relief Fund Wingecarribee Shire Council have launched a Mayoral Relief Fund for residents directly affected by the Green Wattle Creek or Morton fires. Residents can apply for $500 for a household or $250 for individuals. Identification may be required. To make a claim residents need to fill out the PDF form available here: https://www.wsc.nsw.gov.au/mrf Free Mental Health Support She Counselling She Counselling is offering 5 free 60 minute counselling sessions for those directly affected by the Green Wattle Creek or Morton fires. She Counselling works with women over the age of 18. Services are provided in Mittagong. Visit: https://shecounselling.com.au/ Call: 0412 707 242 Email: [email protected] Nest Psychotherapy & Counselling Nest Psychotherapy & Counselling is offering up to 4 free counselling sessions at their office in Picton. Online and phone crisis support is also available. Nest works with anyone over the age of 16 and extends a particular welcome to anyone from the LGBTQIA community. Visit: https://nestcounselling.com.au/about/ Call: 0484 223 042 Email: [email protected] Want to give back to your community? Here are 3 great ways to support those affected by the devastation… Celeste Barber - RFS Australian Comedian Celeste Barber started a Facebook fundraising campaign on January 3, 2020. Money raised is going to The Trustee for NSW Rural Fire Service & Brigades Donations Fund. At the time of publication, this fund had raised nearly $50 million! DONATE HERE: https://www.facebook.com/donate/1010958179269977/10157671223743418 My Sisters Keeper – RFS Masks Ophelia Haragli is a Sydney cancer survivor who now advocates for cancer patients. She runs the ‘My Sisters Keeper’ Facebook page. When learning about our volunteer firefighters’ desperate need for respiratory masks, she couldn’t help but do something. Ophelia started a fundraising campaign to raise money to buy masks to protect volunteers from the short and long term implications of breathing in smoke. In record time Ophelia researched and sourced the masks and got them out to RFS stations, right in the thick of the crisis. Her lifesaving work continues. More information: https://www.facebook.com/Mysisterskeeperophelia DONATE HERE: Ophelia Haragli BSB: 082231 Account number: 436029234 Description: MSK firefighters World Wildlife Fund - Australian Wildlife and Nature Recovery Fund The World Wildlife Fund (WWF) works in partnership with a variety of organisations, communities and individuals to save the Australian environment. Among other things, their work focuses on protecting those endangered species most in need. “It’s been estimated that around 1.25 billion animals have been killed across Australia to date. This includes thousands of koalas and other iconic species such as kangaroos, wallabies, kookaburras, cockatoos and honeyeaters burnt alive, and many thousands more injured and homeless.” (Source: WWF) WWF are collecting funds to help save wildlife but also to assist in restoring our lost forests once the fires have cleared. DONATE HERE: https://donate.wwf.org.au/donate/koala-crisis/koala-crisis?t=AP0120W03#gs.rno0gb The team at Wilson Financial are happy to assist in any way, please contact our office on (02) 4860 3399 if you wish to talk to someone or need assistance connecting to these services.  Firstly – let’s just make it clear – I LOVE SELF-EMPLOYED CLIENTS! I recently had a client, let’s call him ‘Joey’ – and the first thing Joey said to me when he called me to discuss his needs was “you should know that I am self- employed, I know banks don’t really like lending to people if they are self-employed”. Leah: “that’s Ok Joey, I do not find that to be the case and I use all the major banks and 36 others so let’s have a look at it for you”. Joey had recently been to his local bank to find out if he could borrow money to purchase a new family home, but he had been told this wasn’t an option for him because he didn’t earn enough over the last financial year to service the new debt. Joey was disgruntled by this advice, as you can imagine – so he came to me for a second opinion. I got to talking with Joey, I knew that if I wanted to understand his business financials, I would need to firstly understand his business and how it operates. “Leah I’m really worried you won’t like what you see, the profit is only very small” Joey pointed to a small figure that definitely wouldn’t get him a loan. “That’s Ok Joey” I said “that is just a reflection of your company’s taxable income, but what about the company wages to you, and addbacks like deprecation and leases that the bank can add to your wages? Also these directors fees, are paid to you, and make your profit look small, but you personally received these!”. Reading Joeys financials after taking the time to understand his business structure, meant I knew exactly what figures I could use for my serviceability assessment. I was able to get Joey pre-approval for a loan of $712,000 to upgrade his family home. Reading financial statements can be daunting if you don’t know what you’re looking for. Thankfully, I have spent the last two years intensively training in self-employed applicants, and now understand various structures and flows of income, and how to present this to a lender to obtain approval successfully. This is a specialty of Wilson Financial and where we really shine. Joey and his family have now purchased their beautiful new family home, and they even got to keep their existing home as an Investment property. If you are self-employed and looking for a second opinion or want to talk to an expert about borrowing money – talk to Leah today!  |
AuthorLiz Wilson has been working in finance for twenty two years now. She regularly blogs on industry topics and here you will find over a hundred personally written blog topics and case studies... 
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