How’s your credit card looking after doing all the Christmas shopping? Have you made yet another New Year’s resolution to be better with your money? Whatever your situation, we could probably all do with spending a little less and saving a little more.
How to save money on bills
Avoid the lazy tax
If you’ve been with a particular provider for a while, shop around for a better deal before you continue doing business with them to avoid paying the ‘lazy tax’. It’s also worth asking your current provider what they can do to keep your business. Do some research before your policy is due to auto-renew. What you’ll get as an existing customer is unlikely to be as good a deal as what you’ll get as a new customer.
Travel insurance
With international travel off the cards, many Aussies are planning to travel at home this year. Domestic travel insurance is unlikely to cover you for COVID-19 or related travel bans. Remember the bushfires that extinguished our summer holidays last year? Well, this year, the Australian Bureau of Meteorology is predicting floods.
If you’ve paid a lot for your Aussie holiday, are hiring a rental car, or travelling with sporting equipment, you can get good value out of domestic travel insurance. But if you’ve scored a budget airfare and cheap accommodation, you might be better off claiming what you can from the airline and accommodation provider if things go awry.
Banking
Don’t pay more in fees than you have to. If you call your credit card company just before the annual fee is due and threaten to cancel the card, they may just waive it. And if you’re paying a lot of interest, switch to a low-interest credit card.
Fuel
Beat the bowser blues by doing your homework on when and where to fill up your car, and check out sites like MotorMouth which tell you which service stations currently have the lowest rates.
How to make your money go further
Special entitlements
If you’re a pensioner or hold a Health Care Card or Seniors Card, find out what benefits you can get through your local, state and federal governments or businesses. You may be able to get concessions on transport, motor vehicle registrations, rates, utilities, medications and medical supplies, animal registrations, events and movie tickets. You may also be able to have your credit card fees wiped when paying bills. Don’t hesitate to ask if any business or service offers reductions based on your having one of these cards.
Online shopping
When shopping online, especially for hotels or clothes, search around for a discount code or coupon (e.g. “hotels.com.au discount code”). New promo codes pop up all the time and there’s a bunch of websites that keep track of them. If you’re willing to sacrifice your email address, you can often get 5–10% off by signing up to a newsletter (and once that code lands in your inbox you can always smash the unsubscribe button).
https://www.tdls.com.au/wp-content/uploads/2020/12/newsletter2.jpeg16332500The Webmasterhttps://www.tdls.com.au/wp-content/uploads/2016/10/tls-logo-1.pngThe Webmaster2020-12-23 03:31:042020-12-23 04:04:43Top money-saving tips for the new year
If cash flow is looking a tad grim this year, here are some ideas to up the presents under the tree, noting it’s the presence around it that really counts.
We don’t need to list the events of 2020 to say it’s been a big one, particularly as we approach the festive season, where many common face-to-face interactions will be limited to a phone or video call. As we grapple with a slightly different-looking Christmas, the good news is many of us will go into it with a new-found appreciation of the presence of loved ones over the presents of the material kind. In the meantime, if you’re looking for some tips around managing the costs of gift giving, here are some ways you could potentially shop a little smarter, so your money goes a little further.
Create a plan and write yourself a list While we might love the sound of ripping through wrapping paper, much of this generosity is unplanned, with nearly 75% of Aussies indicating they don’t budget for gifts, which could lead to increased pressure on household budgets well into the new year. While there’s much to be said for the spur-of-the-moment splurge, more of our generosity could be planned, with a bit of time being spent thinking about what you might buy before hitting the shops. As many events, such as Christmas, anniversaries and birthdays fall on the same day each year, it may also be somewhat easier planning for these occasions in advance.
Buy in bulk and look at cheaper alternatives Bulk buying multiple gifts that aren’t intended for a specific occasion is a growing trend, with one in three of us doing it, providing a way to save both time and money Women (31%) are more likely than men (24%) to be wise to the blessings of bulk buying, however it’s an even more popular trend among young families It also goes without saying to keep your finger on the pulse when it comes to sales. In the lead up to Christmas, there’s Click Frenzy, Black Friday, Cyber Monday, Green Monday and Free Shipping Day, not to mention Boxing Day if you happen to be seeing someone after the 25th.
Give the gift of time or skill There’s more to giving than things you can wrap – experiences matter too. Instead of another bottle of wine or a vanilla-scented candle, taking someone out for lunch, or providing a home-cooked meal, could be more up their alley. In fact, given the choice, 61% of us would opt for quality time, with only 30% preferring cash or a tangible gift. Intangible gifts are also particularly important for those aged 18 to 24, with more than half saying that an intangible gift such as time, an experience, or learning a new skill has had a more significant impact on shaping their life. On top of that, if you’re lucky enough to be going to someone else’s place this Christmas and you’ve got skills in cooking, decorating or manicuring lawns, offering these services to help with the prep work may be a highly valuable commodity for those taking on the job of hosting.
What is your Christmas shopping hack?
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Spring cleaning feels great … once it’s finished. But getting there isn’t always so fun. To help you get to the enjoyable side of spring cleaning, we’ve rounded up some tips and tricks to streamline the process and leave you with more time to enjoy your fresh and tidy home.
1. ADD A LAZY SUSAN TO YOUR FRIDGE
If you’re already taking everything out to give the fridge a good scrub, add a lazy Susan to each shelf before you restock. Being able to spin it to access things in the back will cut down on spills and make your next spring cleaning that much easier.
2. DISINFECT YOUR SPONGE
If you’ve got a big job to do and only one sponge to do it with (the horror!), freshen things up halfway through by squeezing it out and microwaving it on high for a minute.
3. DON’T FORGET TO CLEAN THE GARBAGE DISPOSAL
If you’re lucky enough to have a garbage disposal, don’t neglect it during spring cleaning. Drop in a cut-up lemon, some salt, and a few ice cubes to clear away any unwanted odors or built-up residue.
4. TIME YOURSELF
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Not only will you be more likely to stay focused and get your tasks done efficiently with a timer ticking, seeing how long chores actually take makes them more manageable. If you know it only takes 10 minutes to scrub the bathroom, maybe you won’t wait till next spring to do it again.
5. WAX YOUR STOVETOP
After you’ve scrubbed the grime off your stovetop, apply a thin layer of car wax and then buff it off with a clean towel. Not only will this make it look shiny and new, it will make wiping off future spills a breeze.
6. USE A LEMON TO CLEAN STAINLESS STEEL FAUCETS
Just cut the lemon in half and start rubbing to remove hard water stains and rust from any stainless steel in the bathroom or kitchen. Plus, this leaves behind a fresh, natural, citrusy scent instead of harsh chemical fumes.
7. STEAM-CLEAN YOUR MICROWAVE
To remove old food stains from the inside of the microwave, steam them before you scrub. Fill a microwave-safe bowl with 1 to 2 cups of water, 2 tablespoons of white vinegar, and a few drops of your favorite essential oil and zap the mixture for five minutes.
8. WASH YOUR WINDOWS ON A CLOUDY DAY
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For a quick made-at-home window-washing solution, mix equal parts white vinegar and warm water or add one teaspoon of mild dishwashing liquid to several gallons of water. But time your cleaning wisely: Sunshine will cause your windows to dry too quickly, leaving streaks.
9. MAKE SPACE FOR CLUTTER
One way you can ensure that your hard-earned neatness doesn’t disappear is by setting aside space for the inevitable clutter. If you have an entryway closet, mount a plastic or cloth shoe rack to store toys, hats, gloves, and unsorted mail.
10. DUST WITH FABRIC SOFTENER SHEETS
Dryer sheets are a cheap substitute for more expensive electrostatic cloths, and they work just as well. Lone socks that have lost their mates, when worn as a mitten, also work for dusting tight areas and Venetian blinds. Always remember to work top to bottom when dusting to avoid wasting time going over surfaces twice.
11. USE A HAIR DRYER TO BANISH WATER RINGS
Someone hasn’t been using a coaster and now your wood coffee table paid the price and has those telltale white water rings. Try erasing them with a hair dryer. Simply blast the offending spot on high heat until it starts to disappear. Once it’s gone, rub a little bit of olive oil on the area to recondition the wood.
12. TOSS EXPIRED TOILETRIES AND MAKEUP
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If your medicine cabinet is starting to seem over-cluttered, spring cleaning is the perfect time to re-check the expiration date on all your toiletries and trash anything that’s past its prime. You can check the internet for specifics, but sunscreen should only stick around for a few years after you purchase it, and mascara should be replaced every couple of months.
13. USE YOUR DISHWASHER FOR MORE THAN DISHES
There are tons of things that you can clean in the dishwasher that don’t have anything to do with place settings. Once every few months, toss some of the following into the dishwasher for a deep clean: contact lens cases, hair brushes, makeup brushes, pet dishes, plastic kids toys, refrigerator shelves, soap dishes, tweezers, various knobs and pulls, and even your showerhead (if it’s removable).
14. CLEAN YOUR DISHWASHER
What good is a dirty dishwasher? After you remove any visible grime, place a (dishwasher safe) cup of vinegar on the top shelf and run the hottest cycle your dishwasher has. After that, sprinkle a cupful of baking soda around the bottom and run it through a short but complete cycle using the hottest water.
15. CLEAN YOUR SHOWERHEAD
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If your shower head isn’t detachable and thus can’t be run through the dishwasher, you can clean it by letting it soak in vinegar overnight. First, fill a sandwich baggie with vinegar and then carefully secure the bag over the shower head so it’s fully submerged—you can use an elastic hair tie or rubber band. Leave the whole thing to soak overnight—just be sure you remember to remove the vinegar bag before you turn on the shower in the morning!
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https://www.tdls.com.au/wp-content/uploads/2016/10/tls-logo-1.png00The Webmasterhttps://www.tdls.com.au/wp-content/uploads/2016/10/tls-logo-1.pngThe Webmaster2020-09-28 16:00:462020-09-29 23:31:22Dave’s corner (These could be the best ones of the year)
Scamwatch has received over 4160 scam reports mentioning the coronavirus with over $3 360 000 in reported losses since the outbreak of COVID-19 (coronavirus). Common scams include phishing for personal information, online shopping, and superannuation scams.
If you have been scammed or have seen a scam, you can make a report on the Scamwatch website, and find more information about where to get help.
Scamwatch urges everyone to be cautious and remain alert to coronavirus-related scams. Scammers are hoping that you have let your guard down. Do not provide your personal, banking or superannuation details to strangers who have approached you.
Scammers may pretend to have a connection with you. So it’s important to stop and check, even when you are approached by what you think is a trusted organisation.
Visit the Scamwatch news webpage for general warnings and media releases on COVID-19 scams.
Below are some examples of what to look out for.
These are a few examples, but there are many more. If your experience does not match any of the examples provided, it could still be a scam. If you have any doubts at all, don’t proceed.
Phishing – Government impersonation scams
Scammers are pretending to be government agencies providing information on COVID-19 through text messages and emails ‘phishing’ for your information. These contain malicious links and attachments designed to steal your personal and financial information.
In the examples below the text messages appear to come from ‘GOV’ and ‘myGov’, with a malicious link to more information on COVID-19.
Examples of phishing scams impersonating government agencies
Department of Health impersonation email
Fake myGov texts
Scammers are also pretending to be Government agencies and other entities offering to help you with applications for financial assistance or payments for staying home.
Examples of payment or financial assistance scams
Fake government subsidy phishing scam
Fake ATO tax credit scam
Fake economic support payment text
Tips to protect yourself from these types of scams:
Don’t click on hyperlinks in text/social media messages or emails, even if it appears to come from a trusted source.
Go directly to the website through your browser. For example, to reach the MyGov website type ‘my.gov.au’ into your browser yourself.
Never respond to unsolicited messages and calls that ask for personal or financial details, even if they claim to be a from a reputable organisation or government authority — just press delete or hang up.
Phishing – Other impersonation scams
Scammers are pretending to be from real and well known businesses such as banks, travel agents, insurance providers and telco companies, and using various excuses around COVID-19 to:
ask for your personal and financial information
lure you into opening malicious links or attachments
gain remote access to your computer
seek payment for a fake service or something you did not purchase.
Examples of other phishing scams
Fake bank phishing text
Fake insurance phishing text
Fake voucher phishing text
Tips to protect yourself from these types of scams:
Don’t click on hyperlinks in text/social media messages or emails, even if they appear to come from a trusted source.
Never respond to unsolicited messages and calls that ask for personal or financial details — just press delete or hang up.
Never provide a stranger remote access to your computer, even if they claim to be from a telco company such as Telstra or the NBN Co.
To verify the legitimacy of a contact, find them through an independent source such as a phone book, past bill or online search.
Superannuation scams
Scammers are taking advantage of people in financial hardship due to COVID-19 by attempting to steal their superannuation or by offering unnecessary services and charging a fee.
The majority of these scams start with an unexpected call claiming to be from a superannuation or financial service.
The scammers use a variety of excuses to request information about your superannuation accounts, including:
offering to help you access the money in your superannuation
ensuring you’re not locked out of your account under new rules.
checking whether your superannuation account is eligible for various benefits or deals.
Example of a superannuation scam
A scammer will call pretending to be from a superannuation or financial service. They may refer to the government’s superannuation early release measures, and ask questions such as:
Have you worked full time for the last 5 years?
Are you going to apply for the $10 000 superannuation package?
Or falsely claim:
Inactive super accounts will be locked if not merged immediately.
Superannuation early-access scams
Many Australians are facing financial hardship due to the COVID-19 pandemic. On 22 March, the Australian Government announced eligible individuals would be allowed early access to their superannuation. Scammers are taking advantage of the government’s early-release measures in a variety of phishing scams designed to steal your superannuation.
Tips to protect yourself from these types of scams:
Never give any information about your superannuation to someone who has contacted you — this includes offers to help you access your superannuation early under the government’s new arrangements.
Hang up and verify their identity by calling the relevant organisation directly — find them through an independent source such as a phone book, past bill or online search.
For more information on superannuation scams visit ASIC’s MoneySmart website.
Online shopping scams
Scammers have created fake online stores claiming to sell products that don’t exist — such as cures or vaccinations for COVID-19, and products such as face masks.
Tips to protect yourself from these types of scams:
The best way to detect a fake trader or social media shopping scam is to search for reviews before purchasing. No vaccine or cure presently exists for the coronavirus.
Be wary of sellers requesting unusual payment methods such as upfront payment via money order, wire transfer, international funds transfer, preloaded card or electronic currency, like Bitcoin.
Scammers are using COVID-19 in business email compromise scams by pretending to be a supplier or business you usually deal with.
Scammers are using COVID-19 as an excuse to divert your usual account payments to a different bank account. Your payment goes to the scammer instead of the real business.
Example of a business email compromise scam
Tips to protect yourself from these types of scams:
Verify any request to change bank details by contacting the supplier directly using trusted contact details you have previously used.
Consider a multi-person approval process for transactions over a certain dollar amount, with processes in place to ensure the business billing you is the one you normally deal with.
Keep the security on your network and devices up-to-date, and have a good firewall to protect your data.
Businesses can also sign up to the ACCC’s Small Business Information Network to receive emails about new or updated resources, enforcement action, changes to Australia’s competition and consumer laws, events, surveys and scams relevant to the small business sector.
How scammers contact you
During a crisis like COVID-19, you may be isolated and using online services more than ever, so it is important to think about who might be really contacting you. They may find you by:
calling you or coming to your door
contacting you via social media, email or text message
setting up websites that look real, and impersonating government, business or even your friends
collecting information about you so that when they make contact they are more convincing.
How you can help others
You can help others by talking and sharing information about scams when connecting with your friends, family and colleagues.
Ask the businesses you connect with regularly about scams they see, how they can protect you and how you can protect yourself.
If you use social media or particular applications — learn how to report scams to them and choose services that will identify and remove scammers from their platform or website.
Ask your bank or financial institution about how to protect your financial information and how they will help you if you get scammed.
Government, law enforcement, individuals and businesses all play an important role in helping to protect the community from scams.
With the onset of Covid-19 and the resultant changes to accessing superannuation, there inevitably comes the opportunistic people who see the chance to take advantage of those in a vulnerable position.
Scamwatch has seen a 55 per cent increase in reports involving loss of personal information this year compared with the same period in 2019, totaling more than 24 000 reports and over $22 million in losses.
About
COVID-19 scams
Scamwatch has received over 3900 scam reports mentioning the coronavirus
with over $3.1 million in reported losses since the outbreak of COVID-19
(coronavirus). Common scams include phishing for personal information, online
shopping, and superannuation scams.
If you have been scammed or have seen a scam, you can make
a report on the Scamwatch website, and find more information
about where to get help.
Scamwatch urges everyone to be cautious and remain alert to
coronavirus-related scams. Scammers are hoping that you have let your guard
down. Do not provide your personal, banking or superannuation details to
strangers who have approached you.
Scammers may pretend to have a connection with you. So it’s important to
stop and check, even when you are approached by what you think is a trusted
organisation.
Visit the Scamwatch news webpage for general warnings
and media releases on COVID-19 scams.
Below are some examples of what to look out for.
These are a few examples, but there are many more. If your
experience does not match any of the examples provided, it could still be a
scam. If you have any doubts at all, don’t proceed.
Phishing
– Government impersonation scams
Scammers are pretending to be government agencies providing information
on COVID-19 through text messages and emails ‘phishing’ for your information.
These contain malicious links and attachments designed to steal your personal
and financial information.
In the examples below the text messages appear to come from ‘GOV’ and
‘myGov’, with a malicious link to more information on COVID-19.
Examples
of phishing scams impersonating government agencies
Department of Health impersonation email
Fake myGov texts
Scammers are also pretending to be Government agencies and other
entities offering to help you with applications for financial assistance or
payments for staying home.
Examples
of payment or financial assistance scams
Fake government subsidy phishing scam
Fake ATO tax credit scam
Fake economic support payment text
Tips
to protect yourself from these types of scams:
Don’t click on hyperlinks in
text/social media messages or emails, even if it appears to come from a
trusted source.
Go
directly to the website through your browser. For example, to reach the
MyGov website type ‘my.gov.au’ into your browser yourself.
Never
respond to unsolicited messages and calls that ask for personal or
financial details, even if they claim to be a from a reputable
organisation or government authority — just press delete or hang up.
Phishing
– Other impersonation scams
Scammers are pretending to be from real and well known businesses such
as banks, travel agents, insurance providers and telco companies, and using
various excuses around COVID-19 to:
ask
for your personal and financial information
lure
you into opening malicious links or attachments
gain
remote access to your computer
seek
payment for a fake service or something you did not purchase.
Examples
of other phishing scams
Fake bank phishing text
Fake insurance phishing text
Fake voucher phishing text
Tips
to protect yourself from these types of scams:
Don’t
click on hyperlinks in text/social media messages or emails, even if they
appear to come from a trusted source.
Never
respond to unsolicited messages and calls that ask for personal or
financial details — just press delete or hang up.
Never
provide a stranger remote access to your computer, even if they claim to
be from a telco company such as Telstra or the NBN Co.
To
verify the legitimacy of a contact, find them through an independent
source such as a phone book, past bill or online search.
Superannuation
scams
Scammers are taking advantage of people in financial hardship due to
COVID-19 by attempting to steal their superannuation or by offering unnecessary
services and charging a fee.
The majority of these scams start with an unexpected call claiming to be
from a superannuation or financial service.
The scammers use a variety of excuses to request information about your
superannuation accounts, including:
offering
to help you access the money in your superannuation
ensuring
you’re not locked out of your account under new rules.
checking
whether your superannuation account is eligible for various benefits or
deals.
Example of a
superannuation scam
A scammer will call pretending to be
from a superannuation or financial service. They may refer to the government’s
superannuation early release measures, and ask questions such as:
Have you worked full time for the last 5
years?
Are you going to apply for the $10 000
superannuation package?
Or falsely claim:
Inactive super accounts will be locked if not
merged immediately.
Superannuation
early-access scams
Many Australians are facing financial hardship due to the COVID-19
pandemic. On 22 March, the Australian Government announced eligible individuals
would be allowed early access to their superannuation. Scammers are taking
advantage of the government’s early-release measures in a variety of phishing
scams designed to steal your superannuation.
Tips
to protect yourself from these types of scams:
Never
give any information about your superannuation to someone who has
contacted you — this includes offers to help you access your
superannuation early under the government’s new arrangements.
Hang
up and verify their identity by calling the relevant organisation directly
— find them through an independent source such as a phone book, past bill
or online search.
For
more information on superannuation scams visit ASIC’s MoneySmart
website.
Online
shopping scams
Scammers have created fake online stores claiming to sell products that
don’t exist — such as cures or vaccinations for COVID-19, and products such as
face masks.
Tips
to protect yourself from these types of scams:
The
best way to detect a fake trader or social media shopping scam is to
search for reviews before purchasing. No vaccine or cure presently exists
for the coronavirus.
Be
wary of sellers requesting unusual payment methods such as upfront payment
via money order, wire transfer, international funds transfer, preloaded
card or electronic currency, like Bitcoin.
https://www.tdls.com.au/wp-content/uploads/2016/10/tls-logo-1.png00The Webmasterhttps://www.tdls.com.au/wp-content/uploads/2016/10/tls-logo-1.pngThe Webmaster2020-09-28 16:00:372020-09-29 06:43:12Are you being scammed?
With the effect of the current environment and a number of other factors, we have recently been notified that some insurance premiums will increase by up to 100%. So if it has been a while since you have had your insurance reviewed, this should be the incentive to ensure your insurance cover is still suitable for your your situation. At Tailored Lifetime Solutions, we pride ourselves on being experts in insurance. We work to find the most cost-effective cover that meets your insurance needs.
Insurance might not always be top of mind, but it’s important to review your policies regularly to make sure you’ve got the right cover
Whatever your mix of cover — life, total and permanent disability, income protection and trauma — insurance can be an important part of protecting yourself and your family, now and into the future.
Thanks to the ability to pay for insurance through super, an estimated 94 per cent of working Australians have some level of life cover1. So it’s a good idea to review your insurance regularly to make sure you have the right type of cover—and enough of it.
You probably don’t think about your insurance regularly, but there are certain times when you should consider updating your policies to make sure they still reflect your lifestyle and insurance needs.
When and why you should review your insurance
Insurance works best when you have the right level of protection for your situation and as your life changes, so might your insurance needs. You should consider reviewing your cover whenever your situation changes, like:
taking on a mortgage to buy a property
having children
getting married
upsizing or downsizing your home
getting a pay rise or take a pay cut
starting a business
experiencing a change in your health or lifestyle
paying off your mortgage
stopping supporting financially dependent children
joining a new super fund that may provide automatic insurance cover
retiring.
These milestones mark important times to review your insurance, including the amount of cover you have and whether your beneficiaries (those who will receive your insurance in the event of your death) are up to date.
How to review your insurance
Insurance is flexible and can be changed to align to your needs. Below is a step-by-step guide to reviewing what you have.
Step 1: Read your insurance contract
Refer to your product disclosure statement (PDS) and read it to fully understand what you’re covered for (death, disability or injury for instance) and compare this against what you’d ideally like to be covered for.
Step 2: Check the insurance policy expiry date
Check if your insurance policy has an expiry date, and if so, make note of when it is so you’re not caught off guard. It can be a good idea to set yourself a reminder a month or two before it’s due so you can contact your insurance provider ahead of time.
Step 3: Know your beneficiaries
An insurance beneficiary is the person, or people, who will receive your insurance payout in the event of your death. It’s important to make sure your beneficiaries are up to date so your money ends up in the right hands.
Step 4: Check if you have enough insurance
To help you work out the right level of insurance cover consider the following questions.
How much money would your family have if you were to pass away or become disabled? Consider the amount of money you have in super, savings, shares and other assets, and existing insurance policies as a starting point.
How much money would your family need if you were to pass away or become disabled? Consider the size of your mortgage and any other debts you have, as well as other costs such as childcare, education and day-to-day expenses you may be covering.
The difference between these figures should provide some guidance on the amount of insurance cover you may want to have. However, you might need to compromise between what you’d like and can afford. Our AMP Insurance needs calculator can help you crunch the numbers, and you can always ask an expert for further insurance advice.
Step 5: See if you have any other insurance policies
Like many Australians, you may have insurance through super. So, it’s a good idea to check this against other policies you might have outside super.
Then compare your cover, check whether you have any insurance double ups – if you have more than one super account with the same type of insurance, you may be paying for more insurance than you need.
Something to note on your TSC insurance, you’ll most likely only be able to claim up to 75% of your pre-disability income, regardless of whether you have TSC cover within multiple super accounts.
Step 6: Compare insurance providers
If you’re not sure whether you’re getting the best deal, you might want to compare providers. Remember, there are other considerations to take into account aside from reduced premiums, such as what level of cover you get, any exclusions (like the treatment of pre-existing medical conditions) and waiting periods.
Also keep in mind if you do cancel your insurance, you might lose access to features and benefits, and you might not be able to sign back up at the same rate or with the same level of ease.
It’s also important to disclose your situation to your insurer honestly, or the policy might be invalid if you do need to make a claim.
Step 7: Reduce or manage your insurance premiums
If affordability is a major concern, speak to your super provider or insurer depending on what type of insurance you hold, to find out how you can manage your premiums without losing your policy. You might be able to:
reduce the amount you’re insured for
change how often you make a payment (If you don’t hold insurance inside super)
adjust your waiting and benefit periods.
Changing your insurance policy can be complicated, so we are here to help,If you would like to review your cover, call us on (03) 9851 0300.
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With interest rates being at record lows, you now have the best chance of making a real dent in your home loan. A small change in how you repay your home loan can make a big difference over time. By following these simple suggestions from our lending specialist Warren Richards, it is possible to reduce your debt more rapidly than ever. If you like to eliminate your debt as quickly as possible, then give Warren a call on (03) 9851 0300.
Consider paying more than the minimum
When interest rates fall it may mean it’s much easier for you to get ahead if you decide to keep paying your current repayment amount, rather than reducing to the minimum required repayment.
Take a closer look at your current home loan, and find out how well it compares
Rates and loan
features are often described on lenders websites, so this is a good place
to start researching for the right loan. Just remember that rates change
on loans and fees apply, so an interest rate is not the only measure of
good value or suitability of a home loan.
Lenders are legally
required to include a comparison rate when advertising their loan interest
rate. It is made available to help borrowers identify the true cost of a
loan and compare the costs of different loans.
Is your home loan still right for you?
Do you remember
what your life was like when you took out your home loan? Were you just
starting out buying your first home? Or maybe you had just upgraded or
even downsized. Whatever your situation, your current home loan may not
be keeping up with the way your life and circumstances have changed. There
may be features you don’t use with your current loan that you’re paying
for, or new features available that may be right for you.
Consolidating your loans
Over time, it’s easy to accumulate smaller debts here and there. They may not seem significant. But having many smaller debts could mean you’re paying a higher interest rate and multiple sets of fees. Consolidating your debts into one loan can help give you a clearer picture of what you owe and potentially save you money too. Make a list of your other loans and credit cards, their interest rates and how much they cost you. Speak to your financial adviser about consolidating your loans to potentially save you money.
A small change in how you repay your home loan can make a big difference over time. Here are some ideas to help you get started. If you think the time is right to review your current arrangements, please phone our Lending Specialist – Warren Richards, on 9851 0300”
https://www.tdls.com.au/wp-content/uploads/2016/10/tls-logo-1.png00The Webmasterhttps://www.tdls.com.au/wp-content/uploads/2016/10/tls-logo-1.pngThe Webmaster2020-09-28 16:00:022020-09-29 06:42:17Simple strategies to paying your home loan off faster
As the Australian economy begins to emerge from hibernation, the question of what the recovery will look like – and how long it will take – is being hotly debated.
AMP Capital chief economist Dr Shane Oliver says that although economic activity is unlikely to return to pre-COVID-19 (coronavirus) levels until late in 2021, just a few months ago we were questioning whether the shutdowns would stop the spread of the virus and, if not, whether there would be a recovery at all.
Below he shares his predictions for some of Australia’s key economic measures and the risks to watch out for on the road back.
Economic growth As measured by gross domestic product (GDP), economic growth in Australia has contracted and I expect and predict a very large hit to GDP – down about 10% – in the three months to June, with April’s retail sales figures recording the worst fall ever due to the COVID-19 restrictions and closures during this time. The good news is that the shutdowns have been much shorter than the six months initially forecast by the Prime Minister, and now that they’re beginning to ease restrictions, GDP should recover from June onwards.
But the recovery won’t be fast – rather than a sharp rebound (or ‘V’ shaped recovery) I expect and project more of a ‘U’ shaped recovery – because while some parts of the economy will recover quickly, others will take longer. This is the sort of recovery that was experienced around the world following the global financial crisis.
And globally, the fall in GDP is likely to be the biggest since the Great Depression of the 1930s. The blue line below, which tracks business confidence, shows how big the fall in global GDP could be, although it also shows that business confidence is beginning to pick up.
Inflation and interest rates Inflation – which is currently around 1.9% in Australia – is expected to will remain low, which should make it easy for the Reserve Bank of Australia to keep interest rates low. I think interest rates will remain at their current levels of around 0.25% for at least the next three years, which is good news for people with mortgages, and also for the economy, as people with home loans are one of the groups that spend the most.
Unemployment If the Australian Government hadn’t introduced the JobKeeper assistance scheme, the unemployment rate in Australia today would probably be close to 15%. But thanks to this assistance it’s only 6% currently and I think it’s possible it may not even reach 8%, providing the economic recovery continues. The share market At the peak of the crisis, the Australian share market fell by almost 37%, but since then it’s recovered up by around 29%. And although dividend yields have been cut, they’re still more attractive than bank deposits due to low interest rates. It’s difficult to predict where the share market will go in the short term – more falls could occur as the market responds to bad news such as a drop in company profits. But over 12 to 24 months, share markets should rise.
House prices There’s been a significant fall in the number of houses for sale and thanks to that we haven’t seen much of a fall in prices yet, but house prices are likely to fall if people are forced to sell as unemployment rises and as immigration falls. Sydney and Melbourne could also suffer from a lack of immigration-driven demand. I think prices on average could drop by about 10% which would take them to their mid-2019 levels. However, low interest rates continue to benefit the housing market.
The budget deficit To support our economy, I think the Australian Government had to provide stimulus, and has done so in a way that’s affordable. Despite the assistance packages released by our government, the level of public debt in Australia is quite small compared to other economies, as shown in the chart below.
Risks to look out for Despite a fairly positive outlook, there are some risks on the horizon including:
• A second wave of infections A second wave of infections could lead to a second wave of shutdowns, which would slow the economic recovery. • The end of government stimulus In late September when the JobKeeper assistance payments end and the JobSeeker payment for those looking for work is halved back to its pre-COVID-19 level, unemployment, bankruptcies and business closures could all rise, which would have impacts on consumer spending, house prices, economic growth and the share market. • US/China tensions COVID-19 has re-ignited tensions between the US and China and I expect this will continue in the run up to the US election in November. History tells us that US presidents don’t get re-elected when unemployment is rising or when the economy is in recession, so President Trump is trying to shift blame to China for political gain, which could drive volatility in investment markets. Australia’s current trade tensions with China are also a risk, but as long as they don’t escalate, we are still well placed to benefit from the Chinese economic recovery. To sum it all up, while it will take a little while – and a little luck – I think the Australian economy is in a stronger position for a faster recovery than many other countries, mainly thanks to our good health outcomes and the strength of our government assistance.
The Australian dollar I think we saw the low point for the Australian dollar against the US dollar at around 55c in March and it will probably move slowly higher as our economy recovers as it is expected to recover faster than the US economy.
https://www.tdls.com.au/wp-content/uploads/2016/10/tls-logo-1.png00The Webmasterhttps://www.tdls.com.au/wp-content/uploads/2016/10/tls-logo-1.pngThe Webmaster2020-07-07 00:04:082020-07-07 00:04:12The economic hangover of COVID-19: how long will it last?
