1. 10 ways to cut your budget

    While mortgages, loan repayments and bills are a fact of life there are many ways to cut your budget. This includes the more obvious ones such as spending less on clothes and entertaining, but there are also other small changes you can make to your daily spending that will result in savings for you. The best way to start this process is to revisit your budget and determine where your money is going – this will then allow you to make little changes, saving you money without affecting your lifestyle.

    1. Review your mortgage – check the interest rate and regular fees on your mortgage and compare it with other providers to determine if now is a good time to refinance to save costs. Keep in mind that refinancing and switching financial institutions can incur fees, so make sure you include this in your calculations.
    2. Check your credit card’s interest rate and interest-free period. If you only get 30 days interest-free, look at changing to a card with 55 or 60 days. And if you can’t pay it all off, take advantage of a balance transfer to a lower interest rate credit card.
    3. Pay off your debt – know what interest rates you are paying on your loans and work to reduce the balances of those charging the highest rate of interest first.
    4. Get insurance quotes from various insurers to see how much you can save on your home and car insurance. Many providers will offer a discount if you take more than one policy with them.
    5. Investigate whether bundled services for your home phone, mobile phone and internet might save you money.
    6. Switch to compact-fluorescent bulbs, and turn them off when not needed. Turn off TVs, computers and other electrical appliances when not in use.
    7. Use shades, blinds and drapes to regulate your home temperature: Keep them open in the winter to let in light and drawn in the summer to block the sun’s rays.  Also, turn up your cooling, or your heating down, a degree or two.
    8. Wash only full loads of dishes or clothes.
    9. Bring lunches and snacks to work.
    10. Organise a car pool to travel to and from work, and try to avoid expensive car parking.

    Posted on April 21, 2011 Financial News & Updates Home Loans Money Expert Saving Leave a Comment

  2. Supporting Constable Care Child Safety Foundation

    During February, March and April United Community is proud to sponsor the Constable Care Child Safety Foundation for their life skills program which equips young children with the skills to deal with tough issues such as bullying, respect and personal safety.

    Constable Care currently reaches more than 180,000 children aged between two and 12 years of age with their program that brings to life community and personal safety messages through puppetry and interactive performance in classrooms.

    Constable Care relies on the support of the West Australian business community to maximise its reach across all children in WA as there are more than 100,000 primary school children who are still missing out on Constable Care’s programs.

    With the support from United Community and other businesses, teams of specially trained actors were able to perform the Constable Care shows at several Kalgoorlie primary schools in February and March and will continue to tour regional WA throughout the year.

    For more information on Constable Care and their programs please visit their website.

    Posted on April 20, 2011 Community Western Australia Leave a Comment

  3. Are your retirement plans safe?

    If you are approaching retirement you should consider protecting your retirement plans and finances by ensuring your children have sufficient cover for their own families.

    In the event something was to happen to your son or daughter which left their family without any means of support, it would most likely be you who the family turns to for support.

    Circumstances such as this could place serious financial pressure on your retirement funds and in turn your overall retirement plans, as it did for David and Susan.

    David was 15 when he started an apprenticeship at his local steel works. Forty years later, he was still working at the same factory.

    His wife Susan had kept the family ticking along, having raised four children to become independent adults with their own families.

    After a company restructure was announced, David took the opportunity to ask for a redundancy and succeeded in getting a healthy redundancy package. This, together with his superannuation and accumulated benefits, meant David and Susan were sitting pretty for an early retirement.

    Both David and Susan viewed this as a great opportunity to enjoy time with their grandchildren and to travel around Australia.

    On Boxing Day of that year, David’s eldest son Rodney had a massive brain haemorrhage and passed away.

    And because he was young and didn’t see the need for any life insurance, Rodney left his wife Erin and their three children without any means of support.

    As any parent or grandparent would, David and Susan took in Erin and the kids into the family home.

    The unplanned financial impact on David, Susan and their retirement plans was devastating and they were unable to do most of the things that they had hoped 40 years of work would allow them to do.

    Whether you are already retired or about to retire, talk to your son or daughter about their financial obligations, and make sure they have a plan in place to protect their family’s financial future.

    Posted on April 14, 2011 Financial News & Updates Investing Money Expert Saving Tax Advice Leave a Comment

  4. Credit Union Christmas Pageant news

    Tourism Minister John Rau has announced a five year extension to the naming rights sponsorship of the Credit Union Christmas Pageant that will further enhance the longevity and stability of the famous South Australian icon.

    Community CPS Australia along with 3 leading South Australian credit unions, Australian Central Savings & Loans, Credit Union SA and Police Credit Union, will invest approximately $2.5 million as well as providing a major time and resource commitment for the next five years in support of the Credit Union Christmas Pageant.

    The Credit Union Christmas Pageant is a significant event on South Australia’s annual event calendar which has been supported by credit unions for the past 15 years – since 1996.

    Posted on April 10, 2011 Community South Australia Leave a Comment

  5. Find the right home loan for you

    1. To make buying a home as stress free as possible, it is important to thoroughly investigate all of the options available and identify the right loan to suit your needs and lifestyle.

    2. To make it easier for you to find exactly what you want, here are the top 10 questions you should ask when choosing a home loan.

    1. 3. What loan will suit me best? Review all the features of the loan such as whether you can redraw or pay extra.
    2. 4. What is the interest rate? The interest rate will either be fixed or variable and will be used to calculate your repayments. It will determine how much you’ll pay over the life of the loan.
    3. 5. How much can I borrow? You will be able to borrow a maximum 80-95 per cent of the value of the property but consider how much you can comfortably afford to pay each month by discussing the monthly repayment amount.
    4. 6. What deposit do I need? Most lenders require a minimum deposit of five per cent of the property’s value, and if your deposit is less than 20 per cent, then you may be required to take out Lenders Mortgage Insurance.
    5. What fees do I have to pay up front? Make sure you are aware of all the fees involved in taking out a loan, such as loan application fees and government charges including stamp duty, mortgage registration, mortgage transfer and Certificate of Title search fees.
    6. What other fees are payable?  Find out if there are any monthly fees or charges for redraw so that you are aware of the costs.
    7. What is the total cost of the loan? Ask for the Comparison Rate for the loan you are considering, as this rate includes both the interest rate and most fees and charges payable during the life of the loan which is useful when comparing loans.
    8. Are there any benefits available to me when I take out a home loan? It is a good idea to check if your lender offers any benefits for taking out a loan, such as reduced transaction fees and if there is a fee for these benefits.
    9. Can I pay the loan off early?  Chances are you may want to refinance your mortgage before the term is complete, so check whether you will be charged a prepayment penalty for doing so.
    10. What will repayments be should interest rates increase by three to four per cent? Ask how much your repayments will increase by if interest rates go up by three or four per cent so you can see whether you would still be able to afford a loan if interest rates were to increase.

    Posted on April 7, 2011 Home Loans Money Expert Leave a Comment