1. Tips for saving for your first home

    Establish a plan – how much will you need?

    Do some calculations and figure out how long it will take to save your ideal amount.

    Break down your goal into monthly or weekly amounts, so you can track your progress. To ensure saving doesn’t seem like a never-ending ordeal, set yourself a time limit to save for a deposit.

    Seek as much advice as possible from experts such as financial planners, accountants and your financial institution. Rather than simply saving, you may be able to negatively gear into investments such as managed funds, thereby using the tax advantages to help your savings grow.

    First things first – clear those credit cards!

    Credit cards can be an expensive means of borrowing, and you should eliminate credit card debt if you are serious about your savings plan.

    Cut down those expenses

    Set yourself a budget and keep records so you can track exactly where your money is going.

    Small sacrifices along the way certainly help. For instance, using public transport, taking your lunch into work and controlling the use of your mobile phone.

    Establish a good savings history

    Start a separate savings account to the one you use on a daily basis, so you are not tempted to use it for everyday living and transactions. Think of it as a deposit account and choose one that rewards your savings with a high interest rate return, such as a term deposit. Make sure there are no account keeping fees that will eat into your savings.

    Getting to know your financial institution

    Establish a relationship with your financial institution so that they are aware of your disciplines, repayment capability and employment history.

    Borrow within your means

    Make sure you borrow within your means. Speak to your financial institution and work out what you can really afford to pay as a monthly repayment. You need to be able to still enjoy your life – purchasing a property is a great achievement, but it is not worth sacrificing your happiness. 

    Understand the financial matters within home ownership

    The first home owners grant of $7,000 provides a great start for first time borrowers. However, you also need to allow for associated costs such as borrowing fees, conveyancer costs and other adjustments. A good financier should willingly provide you with guidance and advice in planning for these and other ongoing costs of first home ownership.

    Posted on March 15, 2011 Financial News & Updates Home Loans Money Expert Saving Leave a Comment

  2. Companion’s partnership with NHRL

    Companion Credit Union has signed a partnership with the Newcastle and Hunter Rugby League (NHRL) for the impending 2011 season, involving financial contribution to the League’s overall running costs for the year.

    State Manager of Companion, Chris Blight said he was proud to put the credit union’s support behind a local organisation as deeply embedded in the community as NHRL, creating a sense of belonging for the players and their families as well as fans and supporters.

    “As a mutually owned organisation, Companion has its members’ best interests at heart and is constantly looking for ways to support local organisations dedicated to the communities in which we live and work,” said Mr Blight.

    The NHRL was formed in 2007 and consists of nearly 1,000 players, representing approximately 35 clubs within the Newcastle and Hunter Valley region from Swansea to Tea Gardens and Gloucester to Wangi.

    To read more see the Bush Telegraph website.

    Posted on March 15, 2011 Community Hunter Region - NSW Leave a Comment