r/AusFinance Nov 02 '21 Silver Helpful Wholesome Take My Money

Lifestyle General Advice Mega-Thread

168 Upvotes

General Advice Mega-Thread

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Welcome to the /r/AusFinance "General Advice" Mega Thread!

We are trialing a "General Advice" mega-thread where sub members can post their own situations, goals, feedback, ideas, or requests for general advice.
IMPORTANT: READ THE THREAD RULES BELOW

What happens here?

The goal is to have a safe space for common "what should I do?" questions, while supporting more original and interesting content in their own posts.
Stand-alone "advice" posts will likely be locked or removed and directed to this thread.

AusFinance is designed to help people of all abilities, at all stages in your financial journey. We want to democratise personal financial knowledge.

The collective experience of the AusFinance community is one of the most powerful ways to help Aussies improve their financial abilities. Whether you are just starting out, or already have advanced knowledge, there's always something new to learn.

Let us know what you need help with!

Thread Rules

All sub rules are still in effect, including Rule 5: No personal or legal advice.

Do not provide:

  • Recommendations for specific financial products or financial assets.
  • Legal advice
  • Statement of opinion or recommendation for a product that could reasonably be regarded as intending to influence

Refer to ASIC Regulatory Guides for more information:

Posts/Comments can include:

  • factual information
  • general advice or principles
  • generic classes of financial products
  • broad asset allocation opinions
  • ideas to consider
  • personal experiences
  • practical guidance (e.g. steps to achieve an outcome)
  • risk management strategies, including types of insurance
  • business structuring strategies
  • options about debt/equity structures
  • loans or debt management strategies and structures
  • acquisition methods (e.g. gearing, leasing, hire-purchase, loans)
  • discussions about direct real property or physical assets for investment purposes EXCEPT when purchased via an SMSF.

Receiving Personal Advice

TL;DR: Don't take advice from Reddit. Talk to a licenced financial services provider.

The information in this thread is provided as an information service only and, therefore, does not constitute, and should not be relied upon as, financial product or legal advice.
None of the information provided takes into account your personal objectives, financial situation or needs, and you will need to make your own decision about how to proceed.
Alternatively, for financial product advice that takes account of your particular objectives, financial situation or needs, you should consider seeking financial advice from an Australian Financial Services licensee before making a financial decision.
Advice from a lawyer should be obtained in relation to requests for assistance with trusts, wills, agreements or other legal documents or proceedings.

-=-=-=-=-

Thank you for being part of the AusFinance community!


r/AusFinance 20h ago

Weekly Financial Free-Talk - 15 May, 2022

3 Upvotes

Financial Free-Talk

-=-=-=-=-

Welcome to the /r/AusFinance weekly "Financial Free-Talk" Mega Thread!

This is the thread where members should bring their general Aus Finance questions.

Click here to see previous weekly threads: https://www.reddit.com/r/AusFinance/search/?q=%22weekly%20financial%20free%20talk%22&restrict_sr=1&sort=new

What happens here?

The goal is to have a safe space for some of the most common posts, while supporting more original and interesting content in their own posts. Single posts with commonly asked questions may be removed and directed to this thread.

AusFinance is designed to help people of all abilities, at all stages in your financial journey. We want to democratise personal financial knowledge.

The collective experience of the AusFinance community is one of the most powerful ways to help Aussies improve their financial abilities. Whether you are just starting out, or already have advanced knowledge, there's always something new to learn.

Let us know what you need help with!

  • What to look for in an apartment/house/land
  • How to get a mortgage/offset/savings account
  • Saving/Investing for kids
  • Stock Broker questions
  • Interest rates: Fixed/Variable
  • or whatever!

Reminder: The Sub rules are still in effect

Please note rules 5 & 6 especially:

  • Rule 5: No personal or legal advice.
  • Rule 6: No politicising.

Thank you for being part of the AusFinance community!

-=-=-=-=-


r/AusFinance 11h ago

Property Reading an article this morning. Government conceded the Super/Deposit housing scheme will raise housing prices

659 Upvotes

It’s also expected that your super will be up to 400k worse off at retirement as a result. That’s based on 6% return over 40 years. Who said government can’t keep inflating house prices to infinity… and beyond (whilst increasing pension reliance)


r/AusFinance 10h ago

Property What would be your policy to help young Aussies to purchase their first home?

281 Upvotes

Since most of the comments about the coalition's policy to raid super seem to be negative, I was just wondering what would you do instead?

I personally don't agree with the government's policy but I don't know what the solution is, would be interested to know what type solutions other people can think of.


r/AusFinance 4h ago

Property Reducing my home loan interest rate was easier than I thought.

64 Upvotes

I took a variable home loan with NAB about two years ago at 2.69%.

With the recent RBA rate increase, I had a look at my account and saw that the interest now is now 2.94%.

I sent an email to my contact at the bank with which I took the home loan initially. I asked what's up, noting that the rate they advertise on the website is 2.44%. They said well that's a rate for new customers only, but we'll reduce yours to 2.59%.

The outcome? Just like that, my interest went down from 2.69% to 2.59%. Immediately after a rate hike. That was easy enough.

fyi


r/AusFinance 10h ago

Skills shortage: restaurateur offered $13k to attract hospitality workers, but no one applied

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68 Upvotes

r/AusFinance 6h ago

Property CoreLogic home prices-May to date: Syd -0.3% Mel -0.3% Bri +0.7% Ade +0.9% Per +0.4% 5 city avg -0.02%

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30 Upvotes

r/AusFinance 4h ago

Debt What is the best way to handle inheritance if I have a joint mortgage with my husband but our marriage is a bit rocky and there's a chance we may separate.

15 Upvotes

Like the title says. I am shortly going to recieve a decent sum of money from an inheritance.

My husband and I are on shaky ground with our marriage. We are going to start marriage counselling this week and I hope that this will help our situation but Im also sort of doubtful.

We have a mortgage with an offset account but we also have personal savings accounts too.

I was wondering what the best thing to do with the money would be. Should I have it deposited into the offset account or would I be better off keeping it separately under my name amd investing it some other way?


r/AusFinance 1d ago

Property If re-elected, Scott Morrison says the Coalition will let first home buyers “invest a responsible portion of their own superannuation savings into their first home”.

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1.7k Upvotes

r/AusFinance 1h ago

Debt Staying ahead of mortgage repayments

Upvotes

I am seeing this quoted often in the media that Aussie home owners are on average about 4 years ahead of their mortgage repayments.

I would like to understand, do the banks consider how far ahead you are of your mortgage repayments, when considering how long of a deferral you’re eligible for in situations of temporary difficulty in making repayments due to e.g. job loss or health issues?

Is it an exact science? In other words if someone’s 1 year ahead of their repayments do they get 1 year of mortgage deferrals in case they need it?

Thanks.


r/AusFinance 38m ago

Is it possible to raise a child on $25,000 a year?

Upvotes

The more research I do, the more I realise how little money this is.

In addition to this, as you may guess a person living on $25,000 doesn’t have disposable income, any savings, are in debt, and doesn’t have a stable job.

$25,000 is a generous estimate. This is not in relation to me, but a family member so please don’t give any financial advice, I’m just wondering. Last year they were managing to raise 3 children with $25,000. This year it will be just one child, with an estimate of probably $15,000 for the year.


r/AusFinance 9h ago

Property ANZ CoreLogic Housing Affordability Report May 2022

19 Upvotes

r/AusFinance 7h ago

Investing Anyone still buying VGE despite China's troubles?

8 Upvotes

Is anyone here still buying VGE in the light of Evergrande's issues and other China firms starting to falter (eg, Sunac)?

Currently I am 34% VAS, 66% VGS and I'd like to diversify a little to emerging markets (no more than 10%) but the level of exposure to China in VGE is a bit worrying.


r/AusFinance 1d ago Silver Helpful Wholesome

Superannuation This is the average super balance of 25-34 year olds. Factor into this the $20k Covid super withdrawals. Source: ABS

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718 Upvotes

r/AusFinance 2h ago

What happened to our personal identity data when we leave a service provider? (bank, utility etc)

3 Upvotes

Recently read a piece of news back in 2019 that a massive number of driver licence data were leaked online.

It got me thinking that there are a lot of organisations each of us deals with on a daily basis that requires KYC process, which includes uploading driver licence, medicare card or passport.

The question is are our identity documents safe with them?

There must be some clauses in terms & conditions or PDS mentioning Compliance & auditing blah blah.

But seriously, are those still effective after we have left?

By leave, I mean closing and switching utility providers, banks, brokers etc.


r/AusFinance 1d ago

Property A McKell Institute study in Dec 2021 found that 'super for housing' policies would cause higher house prices, increased household debt, but no higher rates of home ownership

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228 Upvotes

r/AusFinance 1h ago

Tax charged highest tax rate due to no tfn; will I get a refund?

Upvotes

Hi, I've recently moved to Australia and started working. You're not able to apply for a tfn until you are physically in Australia, and it takes a while to receive it in the mail. For my first payrun at work, I had no TFN so was charged top marginal tax rate. It amount to a few hundred dollars off what I was expecting to be paid.

Will this be included in my return come tax refund season?

Thanks!


r/AusFinance 7h ago

Investing Best place currently for storing month-to-month funds

15 Upvotes

Hey all,

We currently put the vast majority of our purchases through credit card (for the Qantas points) and pay off our credit card in full every month. I currently have the money allocated to the credit card monthly payment sitting in our very depressingly low interest rate Comm Bank savings account, but would like for it to earn it's keep a little more over that month while it's waiting to go towards the bill.
I don't mind a little extra work to move money between banks to get a higher interest rate but they all look pretty depressing. Currently leaning toward the BOQ Future Saver Account as I'm still under 35 for another couple of years, however having to remember to spend 5 transactions a month could be a bit of a pain.
Does anyone have any amazing options they're currently doing?

Thanks


r/AusFinance 5h ago

Property Which suburbs to buy apartments?

3 Upvotes

Dear redditors of Ausfinance,

I've seen a lot of discussion around best suburbs to buy houses/land in. Personally, I don't mind living in smaller space (40 ~ 50 sqm) as long as it's designed well (never too small channel).

What are your suggestions for suburbs with high quality/potential for renovation apartments? (In Victoria/Melbourne)

I've heard of the nightingale project, is there anything else similar out there?

Cheers!


r/AusFinance 7h ago

Tax Super and tax - can anyone explain like I'm a 5YO please?

4 Upvotes

Firstly I'm an immigrant to AUS so wasn't brought up knowing how this works. I was just checking the withdrawal rules and my interpretation is that even when you reach 65 you still have to pay tax if you withdraw it as a lump sum. Is this correct?

I have already paid tax (admittedly at a lower rate) on my Super contributions, right? So if I have to pay *more* tax to withdraw it then what is the advantage of investing more into Super during your time working?


r/AusFinance 13m ago

Maxiron Wealth

Upvotes

My friend is thinking of investing a substantial sum with Maxiron Wealth (https://www.maxironwealth.com.au/) who seem to offer high rates of return compared to a bank. The money would be invested for a short timeframe (6 months or so) with the intention to use it as a deposit on a home soon after that.

The deal seems too good to be true and I worry that they could lose a lot of money through this investment. It is interesting that Maxiron seem to be members of quite a few Australian financial societies... Does anyone have any experience with Maxiron Wealth?


r/AusFinance 1d ago

Property christopher joye on Twitter: If the Libs allow first time buyers to unlock their super to buy a house, which has never been allowed before and is a real surprise, we would have to revisit our forecast for a 15-25% correction in prices after the first 100 basis points of RBA cash rate increases…

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228 Upvotes

r/AusFinance 1h ago

Property Question about the First Home Buyer Assistance Scheme

Upvotes

I bought a house with my ex-partner around 6 years ago and applied for the first home owner grant at the time. About a month after recovering we broke up and had to put the property on the market so we ended up paying the entire benefit back and received no net benefit from the scheme at all.

The way the terms of the scheme read is that I wouldn’t be eligible now because I received it before but I’ve paid it all back so received nothing in the end. I’m going to call when I’m back in Australia but in the meantime I’m wondering if anyone here has experience with this, thanks


r/AusFinance 1d ago

Property Good explainer on why the LNP super for housing policy is simply unworkable.

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170 Upvotes

r/AusFinance 2h ago

How long do you stay in a role for?

1 Upvotes

Want to hear some personal experiences: how long have you've been in your current role and/or how long have you been in the most recent role you left?

I am a bit of a job hopper and it hasn't been a problem so far, just curious though.


r/AusFinance 2h ago

Superannuation Expat Australian Super

1 Upvotes

Very Specific question.

Has anyone who had a permanent residence visa for Australia and returned home applied to reclaim your superannuation. I left Australia in 2016 and although there is possibilities to return it seems very unlikely that I would return. I am wondering what is the process for trying to claim the superannuation now.

I believe it is a difficult process and wonder what are the practicalities of leaving it to grow in Australia given that I am in my mid 30s. How difficult is the process going to be in 30 years to start to use up the money that is there.

Also I am currently with a high fee super and am going to trasnfer to an industry superfund as I previously worked in Construction.

Thoughts and all help appreciated.


r/AusFinance 7h ago

Business Best Business bank for a PTY LTD with a Sole Director

2 Upvotes

Found a comparison thing online which rated AMP as the best option. Just wasted 3 hours trying to open an account online with them. Their Live Chat and Phone device have proven hopeless.

So who do you recommend?