Controversy Over the Coalition’s Changes to Financial Advice Laws

Controversy Over the Coalition’s Changes to Financial Advice LawsChanges to the former Rudd Government’s Future of Financial Advice (FOFA) reforms have been causing a storm of controversy of late. The Coalition government, which recently made the changes, claims they were necessary because the FOFA reforms went too far in their regulation of the financial advice industry.

Opponents claim the changes were made by the Abbott government under pressure from the Big 4 banks and have effectively opened the floodgates for more financial disasters like the collapse of Timbercorp and Storm Financial.

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What Should Your New Financial Year Resolutions Be?

What Should Your New Financial Year Resolutions Be?With the new financial year upon us, there’s never been a better time to take control of your financial future. While most people have trouble keeping one new year’s resolution, here are five you’ll want to try sticking to, if you’re serious about getting your finances back in the black.

Take stock

You can’t improve your finances if you don’t know where they’re at. A good place to start is to prepare a personal financial statement. This can be as simple as a spreadsheet containing all your income and expenditure on a month by month basis.

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A Comprehensive Guide to Investment Property Renovations

A Comprehensive Guide to Investment Property RenovationsWhether you’re renovating to sell or to rent out an investment property, the object of the exercise is to make money. If you’re planning to sell after renovating then increasing the home’s value should be your goal, while if you plan to bring in tenants then you’re after maximum rental returns.

Either way, the golden rule is to spend less than you will make from the project, so how you renovate is vitally important. This guide describes what kind of property to look for, some of the things you’ll need to consider to make your renovation happen, and some useful tips when tackling the renovation project itself.

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Non-Conforming home loans for business or personal finance

It is estimated that one in five Australians that could benefit from a mortgage or non-conforming financial product are unable to meet the lending and serviceability requirements of the large banks.

This can be for a number of reasons, perhaps you’re self employed or have an unconventional financial structure. If you fall into this category a non-conforming home loan can give you access to the funds you need without having to conform to bank requirements.
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What Questions Should You Ask Your Private Mortgage Lender?

What Questions Should You Ask Your Private Mortgage Lender?A private mortgage is a great option if you are having issues borrowing from a bank or if you are looking to have your mortgage application approved quickly. A private lender provides the loan with less red tape and processes your application in a timely manner, so you can make an offer on the property sooner rather than later. Whether you are borrowing for personal or business purposes, these are some of the questions to ask your private mortgage lender.

What types of mortgages do you offer?

Private mortgage lenders may offer a range of mortgages, such as caveat mortgages, equitable mortgage, first-ranking mortgage or second-ranking mortgages. If you are looking for a specific type of mortgage, check with the lender about the types they offer so that you can find the right type of mortgage for you.

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Buying a Car During End of Financial Year Sales

Buying a Car During End of Financial Year SalesThe end of the financial year is one of the best times to save on a new car. Whether you are looking for a local or imported bargain, keep in mind that dealers are likely to discount their stock during this time. Here are some insights and tips for finding a great deal during the end of the financial year.

Discounted new cars

As the financial year draws to a close, distributors and dealers will be busy concluding their accounts for the previous year and preparing for the new one. They will be looking for ways to clear out older stock, particularly as buyers will be less willing to pay full price for stock from the previous year even if these cars are completely new.

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Bridging Loan Benefits

Bridging Loan BenefitsThe time between buying a new property and waiting for your existing property to be sold can be an excruciating one if you do not have the correct financing finalised. If you need financing as you wait for your home to sell, a specific type of loan – the bridging loan – is the financial product that can solve your problems.

Access finance to buy quickly

One of the central benefits of a bridging loan is that it gives home-buyers an opportunity to buy quickly before selling their existing home. In an ideal world homeowners would be able to sell their houses as soon as they find their dream home, however this perfect scenario may only apply to a small number of homeowners. Bridging finance makes the gap period before finding your new home and selling your old one easier to manage.

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The Business Benefits of Having an Accountant

The Business Benefits of Having an AccountantMany people erroneously believe that the role of an accountant is limited to filling out forms and lodging tax returns. In fact, a good accountant can bring numerous additional benefits to your business, whether it is large or small. These are some of the key advantages of using an accountant.

  •  Time-saving benefits

Business owners and managers usually work to tight schedules and time constraints. A small business, in particular, has limited resources in terms of human resources. It is a good idea for businesses to have a dedicated accountant or outsourced accountant who can look after everything from bookkeeping, reporting, and tax issues so that your staff can focus on their specific roles and on the core business activities of the organisation.

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Facts about Short Term Financing

Facts about Short Term FinancingShort-term financing is a broad term that applies to a wide range of loan products. These products are usually subject to terms of no more than one year. Many short-term loans, however, attract terms of no more than 120 days. Whether you are looking for a short-term loan for personal use or for financing your business, here are some of the key facts to know.

Short-term loans for businesses

Short-term loans can be used by businesses to cover capital and expansion, cash-flow shortages, or working-capital requirements. A businesses that has a short-term cash flow constraint because of slow-paying customers or unexpected overheads can use short-term loans to continue operating without disruptions, pay its tax debts and pay for necessary purchases.

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5 Tips for Managing Your Investment Property

5 Tips for Managing Your Investment PropertyWith around 6% of Australian adults owning at least one investment property, property remains a relatively significant avenue for building wealth in Australia. While choosing the right property is the first step to success, ongoing management is also essential for property investment success. These five tips cover many of the core issues that a property investor should be aware of.

Tip #1 – Plan for the long term

Property is an illiquid investment, and growth in value tends to take place over a longer period of time relative to other options (such as shares). A long-term strategy can ensure success when it comes to managing your property portfolio. Formulate a clear strategy for the long term by considering what you want to achieve and buying the right type of property according to your strategy.

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