Money Expert

5 simple reasons why you should switch to online e-statements

Get serious about becoming a leader in the fight against climate change and join the journey. There are many simple and easy things we can all do to reduce our carbon footprint and registering for e-statements is one of them!

Most major organisations offer online or email statements/billing options. If you haven’t already made the switch this is a really simple step you can take to reduce your impact on the environment. It’s amazing just how much paper is used to produce statements. Read more…

Posted on February 3, 2012 Community Money Expert Leave a Comment

#1 Clubs, Groups & Charities Fundraiser Tool for 2012

We know you have spent many Saturdays turning sausages for your local footy team or filling your freezer with pies or lamingtons after the inaugural bake sale.

Now there is an easier way to fundraise for your local not-for-profit club, group or charity- the Community Reward Account. Read more…

Posted on February 2, 2012 Community Financial News & Updates Money Expert Saving Leave a Comment

Are you bushfire ready?

Record rainfall last year has resulted in a blanket of grass transforming large parts of Australia, which could prove to be a significant fuel source for bushfires this summer. ¹

Now is the time to take some precautionary steps to protect your home and loved ones before a bushfire threat develops and ensure your Home Building and Contents Insurance is up to date and that it provides enough cover to replace your home and all its contents should the unthinkable happen. Read more…

Posted on February 1, 2012 Financial News & Updates Insurance Money Expert Leave a Comment

Land Rent Scheme eases Canberra’s housing affordability

In partnership with the ACT Government, we developed and implemented the Australian Capital Territory’s Land Rent Scheme two years ago now. The aim of the scheme is to offer the local community home loans for houses built on land rented from the ACT Government.

The Scheme is becoming increasingly popular, particularly with first homebuyers and young families. Because buyers only need to borrow the money for the house and not the land, it reduces the deposit required substantially. Without the Scheme the dream of owning a home would remain elusive for many. Read more…

Posted on January 27, 2012 Financial News & Updates Home Loans Money Expert 3 Comments

Managing the Christmas credit card hangover

It’s that moment in the New Year that so many Australians dread – the credit card statement that clearly spells out how much you’ve spent at Christmas.

Many consumers get caught up in the Christmas spirit and arrive in the New Year with credit card balances they simply can’t pay off. Read more…

Posted on January 20, 2012 Financial News & Updates Money Expert Saving Leave a Comment

Find the best home loan product – with key fact sheets

As of 1 January 2012, the Australian Government requires all lenders (banks, credit unions and building societies) selling standard home loans to provide consumers with a Home Loan Key Facts Sheet (HLKFS) about their standard variable and fixed rate home loans, if they ask for one.

The HLKFS have to be presented in the same format and layout regardless of the lender, and are designed to enable consumers to easily compare home loans provided by different lenders. Read more…

Posted on January 18, 2012 Financial News & Updates Home Loans Money Expert 2 Comments

Give your accounts a health check!

The start of the year is an ideal time to give your bank accounts a quick health check.

You may have made a certain New Year resolution such as getting out of debt or buying a house, or you simply may want to ensure you are receiving the maximum benefits out of your current situation. Either way, regular reviews of your bank accounts can provide you with valuable extra savings. Read more…

Posted on January 10, 2012 Financial News & Updates Money Expert Saving Leave a Comment

New Year’s investment resolutions

Over the holiday season many of our members will be thinking about their finances and making New Year’s resolutions to improve them.

We have highlighted the top 10 investment tips to help meet your longer term goals. Read more…

Posted on January 6, 2012 Financial News & Updates Investing Money Expert Saving Leave a Comment

Keeping a lid on Credit over Christmas

The festive season is synonymous with overindulgence. But along with some unwanted kilos, Christmas can also leave us lumbered with a bloated credit card debt.

The pre-Christmas spending season traditionally sees Australians give their credit cards a solid workout. Last year we collectively spent $3 trillion more on our cards in November and December than in any of the previous ten months.*

Rather than undo all the healthy budgeting efforts made during the year, some simple strategies can help you keep credit under control over the festive season. Read more…

Posted on December 19, 2011 Financial News & Updates Money Expert Saving Leave a Comment

7 Christmas Tips for Smart Phones & Tablets

It’s an exciting time of the year unwrapping that new smart phone or tablet and charging up the batteries for its first test run. But there are 7 Christmas tips you need to keep in mind before taking your smartphone or tablet on its first test drive: Read more…

Posted on December 5, 2011 Money Expert Security 2 Comments

When Your Parents Really Want You to Leave the Nest!

More younger Australians are taking up Parent Equity home loans as they look to take advantage of today’s favourable market conditions for first homebuyers.

This trend has occurred for a variety of reasons such as the difficulty in saving up such a large deposit, required to enter the home buyers market.

What is Trauma Insurance?

Trauma Insurance is about protecting you and your family’s lifestyle whilst also providing you with choice when it matters most – choice to receive the best treatment available, choice to allow your spouse to take some time off work to help you rehabilitate and choice to use the money however you want.

No one thinks it is ever going to happen to them – but what if one day, you unexpectedly had a heart attack like one of our members Jan. Jan was 50 years old and fit and healthy, but one day after suffering from stress, Jan had a heart attack. Jan was told she was ‘half a centimetre away from death’ that day.

Luckily Jan had taken out trauma insurance as there was a history of breast cancer in her family. She received payment six weeks later and was able to choose what she wanted to do with the funds, such as pay off debt, or set aside the money for retirement as she may need to retire earlier.

“I now see why it is so important to be adequately insured to protect against unforeseen events in life particularly where health is involved, because it has a major impact on your life,” says Jan.

Some people are aware that they are at higher than normal risk due to family history. Sadly the majority of people who are diagnosed with cancer, cardiovascular disease or serious illness did not know they were at risk.

Dealing with the emotional consequences of suffering a serious illness can be hard enough, but adding financial stress on top of this can be devastating. Trauma Insurance eases the financial burden allowing you to focus on getting well.

Trauma insurance pays a cash lump sum payment in the event of contracting a specified disease or trauma and covers up to 58 defined events such as cancer, heart attack and stroke.

Trauma insurance gives you a lump sum payment to ease the financial pressures of not working and could be used to cover things such as:

To pay for a specialist or possibly receive international medical attention
The cost of modifications made to the home or relocating to more suitable accommodation
Financial obligations whilst recovering (living expenses, debts) • Rehabilitation and recovery costs
Paying off outstanding debts or providing an ongoing income
A professional carer
Enabling your partner or family member to reduce their working hours to look after you.

Posted on October 26, 2011 Insurance Money Expert Leave a Comment

Renovate or Buy

Whether you have outgrown your existing home, or you’re looking for a larger or modern home, you might be weighing up whether to renovate your present house or buy a new one.

It may make more sense to renovate than to move if your property is unique in its location, size or design qualities, or if you love your home but it’s just not big enough.

Renovating is a great way to get the house you want. You have the freedom to add design features that suit you and your family whether it’s for an addition to the family, the ensuite you’ve always wanted or a games room for the kids.

The aspects of a house most likely to capture buyers’ attention are bathrooms, the kitchen, entertaining areas and landscaped garden spaces.

Benefits of Renovating:

You can stay in the house that you like and make improvements according to your individual choice and style
Your renovated house may be worth a lot more in the real estate market
You can avoid the costs associated with selling (such as stamp duty, legal and agency fees).

Benefits of Buying:

Buying a new home is usually quicker and easier than undertaking a renovation
When you buy you know exactly what you’re willing to spend and choose a house to meet your requirements
You can avoid the risk of improving your current home beyond the increased value you might get from the sale of the home.

Before you make the final decision, look at the real estate market, get an appraisal on your house and look at prices of houses that you would consider buying instead. Ask a construction professional what your desired renovation is likely to cost. A small investment in good advice can really pay off when you decide to sell your home in the future.

Whether you decide to renovate or buy it is important to remain focused on your finances and more importantly, choose the right loan.

Posted on October 16, 2011 Home Loans Money Expert Leave a Comment

Five things to remember about motor vehicle insurance

Everyone is well aware of the fact that car insurance is a necessary expense that must be included in every driver’s budget.

There are basically three types of policies available. ‘Comprehensive’ insurance will cover you for the damage to your vehicle as well as the damage you may cause to other people’s vehicles or property. ‘Third Party Property Damage Fire and Theft’ only insures your car if it is damaged by fire or as a result of theft as well as damage to other people’s vehicles or property that you cause with your vehicle. ‘Third Party Property Damage’ only covers damage you cause to other people’s vehicles or property.

When looking for an insurance policy to meet your needs and budget, here are five things to remember:

Think about who will drive the vehicle, even if only on occasions. Ask if there are any restrictions on who can drive the car, particularly young drivers.
Find out about the Excesses that apply. An Excess is the first part of the claim that you may need to pay depending on the circumstances of the accident. Ask about any additional excesses for young or inexperienced drivers, or if the policy provides the ability to select a voluntary excess allowing you to reduce your premiums.
Talk to your insurance consultant about the options available to tailor your insurance; for example, can you remove the excess for windscreen or other window glass breakage; is a hire car available should yours be off the road due to an accident?
Consider whether it is important to you to have a choice of repairer and see if the policy allows you to do so.
Resist the temptation not to have any insurance. You might be able to pay for damages to your own car, but can you also afford the repairs to someone else’s car or other property? What if you hit a high-end BMW or damaged a set of traffic lights? At the very least you should have third party property damage cover to avoid paying for these repairs out of your own pocket.

Find out more about car insurance which can be tailored to suit your needs.

Posted on October 9, 2011 Insurance Money Expert Leave a Comment

99 days ‘til Christmas – are you ready?

With only 99 days left until Christmas Day, it is time to kick start your savings plans to avoid falling into the festive season debt trap.

With the direction of future interest rates uncertain and the continually soaring energy and grocery prices, the Christmas period is the time when families are most likely to under estimate the financial burden.

Often people forget about the myriad of other expenses beyond presents, such as food and drinks and of course any travel expenses such as petrol and accommodation.

The good news is that it’s never too late for those who haven’t yet considered budgeting for the Christmas period and offers the following tips:

Reflect on last year … consider how much you spent last year and what you could have done without. How much difference will it really make?
Make a list … make a list of all the expenses you can foresee during that period, including presents, food, alcohol, flights, accommodation and decorations.
Draw a line … buying Christmas presents can be the most costly of all, so allocate an overall budget for presents and divide it among your list of friends and family and stick to it.
Do it differently … as families grow so does the financial outlay for presents. Consider doing a draw whereby you only buy for one immediate family member.
Plan ahead and do your research … write down who you’re buying presents for and what you’re wanting to buy before you step foot in a shop to avoid buying on impulse.
Avoid getting swept up … it’s easy to get swept up in the moment and buy things that were not originally budgeted for or spend a little over the budgeted amount – it all adds up.
Think outside the square … why not take the opportunity to show your creative side. Often things you make yourself are more personal than something you’ve bought in a store.
Keep track … hold on to receipts so you know exactly how much you are spending which could assist with budgeting in the future.
Be a bargain hunter … don’t be afraid to take advantage of the pre Christmas sales, no matter how far out from Christmas they are.
Avoid credit … avoid using high interest credit cards or store cards unless you know that you will be in a position to pay it off. If in fact you must use credit, choose a personal loan so the amount is fixed and will not blow out as it can with a credit card. It also gives the advantage of shopping with cash and achieving a better discount on a chosen item.
Start now … start your savings today. Check to see if your credit union or bank offers a high interest Christmas savings account that automatically deducts money from your pay to give you a lump sum in time for Christmas.

To make saving for Christmas a little easier, we have developed an easy-to-use online budgeting calculator, together with a Christmas Club Account designed to help members save for their Christmas related expenses.

The Christmas Club Account features a limited access option, a higher rate of interest, no monthly account keeping fees and the option of having part of your wage deposited directly into your account.

“No one really notices a small amount deducted from their wage each week, and it’s comforting to know that when December comes around you have a lump sum ready to spend without having to rely heavily on credit cards,” Mr Matters said.

“The last thing we want people to do is start 2012 with financial difficulties so we’re advising people to start their planning now.”

Posted on October 2, 2011 Money Expert Saving Leave a Comment

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