page-maa.php WP_Query Object ( [query] => Array ( [posts_per_page] => -1 [post_type] => post ) [query_vars] => Array ( [posts_per_page] => -1 [post_type] => post [error] => [m] => [p] => 0 [post_parent] => [subpost] => [subpost_id] => [attachment] => [attachment_id] => 0 [name] => [static] => [pagename] => [page_id] => 0 [second] => [minute] => [hour] => [day] => 0 [monthnum] => 0 [year] => 0 [w] => 0 [category_name] => [tag] => [cat] => [tag_id] => [author] => [author_name] => [feed] => [tb] => [paged] => 0 [meta_key] => [meta_value] => [preview] => [s] => [sentence] => [title] => [fields] => [menu_order] => [embed] => [category__in] => Array ( ) [category__not_in] => Array ( ) [category__and] => Array ( ) [post__in] => Array ( ) [post__not_in] => Array ( ) [post_name__in] => Array ( ) [tag__in] => Array ( ) [tag__not_in] => Array ( ) [tag__and] => Array ( ) [tag_slug__in] => Array ( ) [tag_slug__and] => Array ( ) [post_parent__in] => Array ( ) [post_parent__not_in] => Array ( ) [author__in] => Array ( ) [author__not_in] => Array ( ) [ignore_sticky_posts] => [suppress_filters] => [cache_results] => 1 [update_post_term_cache] => 1 [lazy_load_term_meta] => 1 [update_post_meta_cache] => 1 [nopaging] => 1 [comments_per_page] => 50 [no_found_rows] => [order] => DESC ) [tax_query] => WP_Tax_Query Object ( [queries] => Array ( ) [relation] => AND [table_aliases:protected] => Array ( ) [queried_terms] => Array ( ) [primary_table] => wp_posts [primary_id_column] => ID ) [meta_query] => WP_Meta_Query Object ( [queries] => Array ( ) [relation] => [meta_table] => [meta_id_column] => [primary_table] => [primary_id_column] => [table_aliases:protected] => Array ( ) [clauses:protected] => Array ( ) [has_or_relation:protected] => ) [date_query] => [request] => SELECT wp_posts.* FROM wp_posts WHERE 1=1 AND wp_posts.post_type = 'post' AND (wp_posts.post_status = 'publish' OR wp_posts.post_status = 'acf-disabled') ORDER BY wp_posts.post_date DESC [posts] => Array ( [0] => WP_Post Object ( [ID] => 88102 [post_author] => 1 [post_date] => 2018-11-04 16:56:07 [post_date_gmt] => 2018-11-04 06:56:07 [post_content] => The three broad types of home loan interest rates each have pros and cons. Deciding between them can seem tricky, but don’t worry, we’re here to help! [post_title] => What are the different types of home loan interest rates? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => different-types-home-loan-interest-rates [to_ping] => [pinged] => [post_modified] => 2018-11-14 05:16:00 [post_modified_gmt] => 2018-11-13 19:16:00 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=88102 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [1] => WP_Post Object ( [ID] => 83614 [post_author] => 2 [post_date] => 2018-09-09 22:49:02 [post_date_gmt] => 2018-09-09 12:49:02 [post_content] => You’ve probably come to us if you’ve been wondering: “What is the personal loans application process?” Applying for a personal loan is generally quite straightforward if you’re looking to sign up with an Australian lender or bank. This guide outlines the main steps in the application process for personal loans, to help you get the loan you’d like in a hassle-free way.

1. Do your background research

Before you can apply for a personal loan, it’s absolutely vital to do serious research into the offers around. You’ll only be able to choose the best personal loan if you’ve got a clear idea of what you’ll want to spend the money on, first up. Once you’ve got this in mind, you’ll be able to save a lot of time and make a more relevant decision. Things you’ll need to consider from here are:

2. Applying for your personal loan

The application process for your personal loan can be done many ways these days. Online is a common way to apply, as many banks and lenders offer online applications. Typically you can also apply by post and on the phone, however in all cases you will need to: You’ll also need to provide proof of: If you’re applying to a bank you’re not a customer of, you will typically be required to show evidence of your identity. It’s not uncommon for banks to ask for 100 points of ID in these cases.

3. Wait for verification and conditional approval

Online applications can take several business days before you receive an approval or denial. If they send you a product disclosure statement, you should check this thoroughly. You might also be requested to give further evidence so the bank or lender has everything on hand. Here again you may need to provide proof of income, identity and evidence of other debts you might have.

4. Receiving acceptance and final approval

Almost there! If your personal loan application has received approval then all you need to do is wait for the bank to email or post you your contract. Once you’ve returned a signed copy of this to your lender, it should only be a matter of 24 hours or so before it’s approved. When this happens, your loan application has officially been accepted.

5. Receive your funds

Your personal loan should now be available as soon as they are “drawn down” into your bank account. So yes, you can spend it!

It’s important to remember...

If your lender or bank is deviating significantly from the steps we’ve outlined, or if they haven’t been 100% transparent and things seem a little dodgy, please stop your application process. You can check for free whether everything is as it seems or otherwise with the Credit and Investment Ombudsman or Australian Financial Ombudsman Service. These services are designed to help ensure that loans and all the procedures involved are following regulations, and also settle disputes between clients and their lenders. [post_title] => Personal loans application process [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => personal-loans-application-process [to_ping] => [pinged] => [post_modified] => 2018-09-22 14:07:40 [post_modified_gmt] => 2018-09-22 04:07:40 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=83614 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [2] => WP_Post Object ( [ID] => 83612 [post_author] => 2 [post_date] => 2018-09-08 16:31:45 [post_date_gmt] => 2018-09-08 06:31:45 [post_content] => Whether you’re a first time property buyer, or a veteran real estate investor, it’s crucial to get acquainted with home loan fees. If you’ve used a home loan calculator or comparison rates to shop around online, you’ll be familiar already with how home loan fees can easily add up quite quickly. Home loan fees can make a big difference in the total amount you’ll be paying on your mortgage. Whether you’ve found the best interest rate or not, fees are a key factor to consider if you’re hoping to save money in the long run. This guide explains some of the standard home loan fees, so you’ll know what to look out for when choosing a mortgage.

Application fees

Application, establishment, set-up, start-up or up-front fees all refer to the one-off charge that you’ll pay when setting up your mortgage. The average Australian mortgage of $350,000 may be associated with an application fee of up to $500 for residential home loans, and only slightly more for investment properties. Home loans without establishment fees may charge you more in terms of maintenance or ongoing fees throughout the duration of your loan.

Ongoing/maintenance fees

Maintenance or ongoing fees may be monthly, quarterly or annual, and are also sometimes called loan service fees. These service or administration charges may sometimes be required in under certain situations, a good example of this is a redraw facility fee. Redraw facilities will only apply if you’re using the redraw option to withdraw additional repayments you’ve made on your home loan.

Lenders’ Mortgage Insurance (LMI) fees

Lenders and credit providers are covered by Lenders’ Mortgage Insurance (LMI) as a rule. This protects them in the instance that you or other borrowers default on a home loan. As a first time home buyer, you’ll often be charged an LMI fee if your home loan is an amount above 80% of your property value. If it’s not your first time taking out a home loan to buy property, you will typically be charged LMI fees if you’re borrowing to cover your entire property value. It is possible in some instances to get some of your LMI premium refunded. This may be an option if you’ve been with your current home loan for one or two years and you’re switching loans. It’s also a good idea to check whether you can avoid paying LMI again if you’re changing to a new loan outside this period. This might be the case if you have enough equity on your home if you’re paying LMI at the moment.

‘Break’ fees

Break fees, or break costs, apply when you switch home loans before your fixed rate home loan period is complete. They can be quite high in some instances. If market interest rates have decreased during the period you’ve had your fixed rate home loan, its generally the case that break costs will be higher. They aren’t always set at in advance, so you’ll often only find out what the break cost will be when you ask your lender.

Early exit fees

Early exit fees are also known as deferred establishment fees, early termination fees, deferred application fees or early discharge fees. These are the charges you’ll be looking at if you wish to completely pay off your home loan within a specific time frame. As an example, you’ll most likely be charged an early exit fee if you’ve had your mortgage for under 5 years. On the plus side, they are capped under Australian Law so that the lender you’re leaving can only recoup the amount they will have lost by your early exit. This means that home loan providers will not be able to charge exit fees as a means of putting you off moving your home loan elsewhere. If you’re quite lucky, you’ll notice a few lenders who offer to pay your early exit fees when you sign up with them. As always, make sure you consider other fees, interest rates, features and flexibility when looking to switch lenders.

Termination fees

Termination fees are also sometimes called settlement fees or home loan discharge fees. These apply when you repay the total amount of your mortgage. For the average Australian mortgage, it’s not unusual for discharge or termination fees to range around the $250 mark.

Refinancing fees

Refinancing fees are charged by your new credit provider when you move your home loan to them while refinancing. These may be flexible in terms of their size, so negotiation isn’t always off the table. Refinancing will very often involve discharge fees, application fees, and break fees. It’s important to think things through carefully before you refinance your home loan to avoid paying too much in charges.

Limits for fees and interest payments

There’s more to it than fees and bad news, actually. Under Australian law, you’re not required to pay over 48% per annum on your mortgage. This includes set-up and fixed fees. It’s a good thing, because home loan fees can cost the average first time home buyer a fair amount in the first year alone.

Other fees

There are a few other fees that might apply to your home loan, depending on your circumstances. In some instances it is possible to come across charges like:

How can I keep my home loan fees down?

It’s strongly recommended that you talk to your lender or loan provider before you commit to a mortgage. Yes, you should do this even if you’ve carefully checked out what’s on offer online because while these deals may be relevant at the time they’re published, they may change at any time. Please do read the fine print, too before signing anything, as home loan fees can easily add up to thousands over the course of your home loan. [post_title] => Home loan fees explained [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => home-loan-fees-explained [to_ping] => [pinged] => [post_modified] => 2018-09-22 14:04:09 [post_modified_gmt] => 2018-09-22 04:04:09 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=83612 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [3] => WP_Post Object ( [ID] => 83610 [post_author] => 2 [post_date] => 2018-07-30 15:39:01 [post_date_gmt] => 2018-07-30 05:39:01 [post_content] => Term deposits are a generally low-risk ways to invest your money at a fixed interest rate for a set period. They’re amongst the most straightforward financial products available, but do prevent you from instantly accessing your money throughout the entire deposit period.

What happens if I need access to my funds?

Withdrawing your term deposit before maturity is not a straightforward task. When you deposit with a bank or credit union, that institution typically uses this money to lend to other customers. The high interest rates associated with term deposits is thus an incentive for you not to withdraw while these funds are being used for other purposes. When you do need to terminate your deposit early, it’s normal to be faced with financial penalties.

31 day notice period

Because you’ve essentially committed your funds for the period of your term deposit, it’s often necessary to give 31 days advance notice if you’d like to make an early withdrawal. It’s best to consider whether you’re sure about locking away your funds before you open a term deposit.

Withdrawal fees and penalties

If you decide that you’d like to invest your money elsewhere or if you need them in case of an emergency, you’re likely to be faced with a range of different penalties for withdrawing before maturity. Different institutions will charge different fees, which might be called early withdrawal fees or prepayment penalties depending on your institution.

Reduced interest rate

A common penalty for withdrawing early from your term deposit is for your bank to apply a reduced interest rate to your remaining funds. The amount of the decrease will often be larger if you have a longer term remaining. For example, a term deposit earning 3% per annum and withdrawn fairly early may be penalised by dropping to 2% per annum, while a deposit termination made later on might only incur a 0.5% per annum penalty.

Break fees

Another penalty charged by some institutions is a break fee, which will also vary between institutions. Reading the fine print of your term deposit agreement is generally a good way to understand what your penalties might be before you invest. It’s worth doing this before you choose a term deposit that suits you, so you can decide if it’s the product for you.

Minimum balances

Very frequently term deposits will come with minimum balance requirements. What this means is that even if you aren’t withdrawing the entire deposit before maturity, it’s possible you’ll be lowering your overall balance to below the minimum amount required. If this happens, it’s often the case that the bank will close your term deposit account automatically. It’s also not unusual for the interest rate reduction to be applied on top of the remaining deposit.

Can I avoid term deposit fees?

It’s always good to consider your options before you open a term deposit, and it’s well worth being aware of the following things: ‘Cooling-off’ periods are a feature of some term deposits, and these give you a chance to withdraw your funds and close your mind penalty-free if you simply change your mind. [post_title] => Can I withdraw my term deposit before maturity? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => can-i-withdraw-a-term-deposit-before-maturity [to_ping] => [pinged] => [post_modified] => 2018-09-22 13:29:27 [post_modified_gmt] => 2018-09-22 03:29:27 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=83610 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [4] => WP_Post Object ( [ID] => 83607 [post_author] => 2 [post_date] => 2018-07-29 15:20:35 [post_date_gmt] => 2018-07-29 05:20:35 [post_content] =>

The realities of repaying your mortgage

If you’re reading this, you’re probably familiar with the dream of owning and living comfortably in your own home. Ideally, without the hassle of rent or mortgage repayments. In reality though, we live in a country with the highest housing price-to-income ratio, and ever-rising property prices. Which means, most of us are realistically stuck with mortgages that take years to pay off, and it can feel overwhelming at times The average first home owners in Australia are borrowing over $344,000, and the average Aussie home loan comes in at over $400,000. With fees and interest, the average Australian homeowner could quite easily be paying over $1,000,000 if not they're not making their repayments as quickly as possible. At the same time, we are faced daily with hundreds of unique and original home loan options. It’s no real surprise then, that most of us are looking for real ways to repay our home loans early. But how can we do this practically, without a massive pay rise?

How can I repay my home loan early?

There is no such thing as a free lunch. If there were, we’d all be having a laugh in our mortgage-free houses or enjoying a barbie in our fully paid-off gardens. There are a few strategies you can use though, that could make a big difference in early home loan repayments.

Nice round numbers

A simple way to speed up your home loan repayment is to consider rounding up the figure directly debited from your account. The average Australian pays around ~5% per annum (standard variable) on the average home loan of around $400,000, a monthly repayment of $2150. If rounded up to $2200, roughly the price of 10 morning coffees, this totals $600 annually off the average home loan repayment. The easiest way to do this and accelerate towards a life without mortgage repayments is to adjust your direct debit. Doing so is a one-off task and will make sure you don’t have to make the nail-biting decision each month.

Repay more often

Interest on a mortgage is calculated daily. Although mortgage repayments are often displayed as a monthly figure that doesn't mean you have to repay the mortgage on a monthly basis. By making more regular repayments (weekly or fortnightly) you cut down the principal on which your interest is calculated. This one tactic could save you 10's of thousands of dollars over the life of your loan.

Some expert help

If you can afford it, professional financial assistance can go a long way. Consider getting help from experts like mortgage brokers and lenders, financial planners and investment specialists. A trained advisor or specialist could help you consider financial strategies and do the legwork for you. With a clear idea of the steps needed to pay off your home loan early, professionals can make a big difference by giving you some structure to achieve this. Experts will also take note of all the important factors like your income, where your property is located, other debt and your own determination or willpower. Considering your options, find a planner who can realistically help you achieve your mortgage repayment goals.

Budget!

Rearranging the structure of your repayments can only go so far! When you’ve tried everything above, it’s time to make do some budget redesign. To really make a difference and pay off a home loan early, Australians have loads of options. Are you currently using a savings plan? Paying higher than average utility bills or a monthly mobile cap you don’t really use? It’s likely that you could rethink the amount you spend on these things, isn’t it? By saving electricity, water, petrol or redirecting your savings direct debit, you could re-channel these funds into your home loan repayments. By now you’ve probably heard of American Adam Hatter, who redesigned his budget and paid off his $157 000 mortgage in five years. The good news is, you don’t need to buy all your clothes from op shops like he and his wife did. Even small changes can make a big difference, like packing lunch rather than buying that $15 superfood salad. At this point it might seem like we have something against coffee, but do you really need that $3 barista-made flat white every day?

Leverage

Whether this is your first, second or third home loan, you could do well to learn from professional investors. Whether you choose to invest in shares, bonds or more real estate, a smart investment plan can yield you profits for your repayments. You could even use half your profits for paying off your home loan early and reinvest some of your returns, depending on your strategy. Remember, be smart and go with a professional portfolio manager if you're not confident.

[post_title] => Ways to repay your home loan earlier [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => ways-repay-home-loan-earlier [to_ping] => [pinged] => [post_modified] => 2018-09-22 13:52:01 [post_modified_gmt] => 2018-09-22 03:52:01 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=83607 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [5] => WP_Post Object ( [ID] => 83618 [post_author] => 2 [post_date] => 2018-07-11 08:02:29 [post_date_gmt] => 2018-07-10 22:02:29 [post_content] => It’s always a good idea to know a little more about the credit options available on the market, so you can make informed decisions when you need to. Whatever you plan to use your personal loan for, there are smart ways and not-so-smart ways to go about spending your borrowed funds.

What’s in a personal loan?

Before you take out a personal loan, it’s great practice to understand what you’ll be looking at in terms of features. We’ve highlighted the key features of personal loans in this guide, so you can make the best decisions around your personal loan use. You’ll need to consider:

Debt consolidation

We’ve given debt consolidation it’s own little heading because it can be easy to overlook the ways that you might consider personal loans for refinancing. If you have several loans out at different interest rates, a personal loan could help you roll these into one more manageable monthly repayment. Say you have a car loan at 10% and two credit card debts at 18% and 20% respectively, a smart personal loan use might be to consolidate these debts. In this case, you would be looking for a personal loan which covers these combined outstanding debts in terms of value, but with:

Smart personal loan use

Loan purpose

When you apply for a personal loan, you’ll be asked what you intend to use the borrowed funds for. Your intended personal loan use will impact how likely it is that you’ll be approved - think “personal jet pack” vs. “children’s college funds”. Some personal loans such as secured car loans will also come with restrictions on what you can purchase, which means it’s smart to do your homework before applying. It’s worth noting that debt consolidation is considered a higher risk purpose than if you’re planning to buy an asset.

Common personal loan uses

There are several things you’ll be able to get with a personal loan, which could be up to $100,000 depending on your financial situation. This gives you more flexibility and potentially lower interest rates than credit cards for example, meaning you’ll want to consider funding for: Hopefully we’ve helped you consider some of the key aspects of choosing a personal loan. With a better idea of personal loan uses, you’ll be better able to make a decision about comparing loans, and consolidating debt or using your funds. [post_title] => What can I use a personal loan for? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => what-can-i-use-personal-loan-for [to_ping] => [pinged] => [post_modified] => 2018-09-24 08:07:42 [post_modified_gmt] => 2018-09-23 22:07:42 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=83618 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [6] => WP_Post Object ( [ID] => 81271 [post_author] => 3 [post_date] => 2018-06-27 13:01:19 [post_date_gmt] => 2018-06-27 03:01:19 [post_content] => Most people only need one credit card, two at a maximum. If you have got into a tricky situation where you have multiple credit cards and you owe money on each one, then you may need financial help. It’s not a bad idea to talk to a financial expert and get advice on how to pay off your credit cards.

Here are a few ideas to help you reduce your credit card debt

Take a look at your multiple credit cards. If there are any that you genuinely can manage without, pick up the scissors right now. Cut that one up. Then, try these few tricks to help you manage multiple credit cards and to work out how to pay off the debt.
  1. Get a copy of all your statements
  2. Make a list
  3. Write down the name of each credit card and the balance owed against each card
  4. Go from smallest to largest
  5. Pay off the small immediately.  Close that account
  6. If you can pay off any of the others, do that too.  Close those accounts
  7. Then go through the others.  Write down how long it will take to pay off each one, and make a plan to get up to date
  8. If you do not know how to pay off the money, ask your bank for help
  9. Talk to your bank and work with them to make a plan
  10. Get help from a deb councillor

Keep up the credit card payments

When people have multiple credit cards they often get into trouble with the repayments. Debit piles up. It's important to pay off as much as possible every month, so that the interest is reduced. There is a way to manage multiple credit cards and rather than get into trouble, make sure to pay the minimum monthly repayment fee.

Keep up to date with your minimum payments

Debt can spiral out of control if you do not keep up with your minimum payments. While the first prize is to pay off your multiple credit cards and then close the accounts, you may not be in a position to do this immediately.  Remember:
  1. Pay off the credit card with the smallest debt, then close the account.
  2. Pay off the credit card with the highest interest rate as soon as you can.

Go through your bank statements

Something as simple as going through your bank statements will help. Get on top of how much money you owe and how to pay off the debt. Your statement will tell you how long it will take to repay each balance, if you have multiple cards, and will tell you what your minimum monthly payment must be. If you have multiple credit cards, perhaps you need advise from a deb councillor. There is nothing wrong in asking for help. Rather ask for help earlier than later. A debt councillor will tell you how to pay off your debt from multiple credit cards and he will advice you how to manage multiple credit cards too.

Change the way you look at debt

You have to deal with your debt. Don’t ignore it, because that is when the problem gets much worse. You can go to your bank, or banks, make an appointment with your bank manager (you may have various bank managers if you have multiple credit cards) and ask them for advice on how to pay off the money. If they have given you the multiple cards, they need to tell you the best way to manage multiple credit cards. Once you are back on track, only keep one credit card. Having multiple credit cards may be very appealing when you are buying a car, sending the kids to school, need that winter jacket or just need a little extra money to tide you over each month, but multiple credit cards can also get you into trouble. Moreover, multiple cards can mean multiple annual fees, which could up at to hundreds if not thousands of dollars. Debt is not exciting and one of the best and most powerful things you can do, is learn how to manage your money.

Consolidate your debt

There are two main ways to consolidate your debt:
  1. Get a personal loan
  2. Balance transfer
Before you do either you may want to look into your credit score, to get an idea of what your bank sees and to understand the strength of your application. You may also want to read our tips on getting your personal loan application approved. Also, remember that every time you apply for credit, that it will leave a mark on your credit file and it will reduce your credit score. If you choose to get a personal loan, you will want to ensure that the comparison rate (the interest rate that's inclusive of all fees) is lower than your current credit card interest rates. It is also wise to call up the lender before applying, to assess the likelihood of your application being successful. The operator will not be able to give you a definitive answer (that's the job of the underwriting team) - but they will quite likely, give you some helpful hints. If you choose to do a balance transfer, be mindful that there's often a fee of around 3% of the outstanding balance. If your credit cards are nearly maxed out, the likelihood of you being approved is considerably reduced. Lastly, if your balance transfer is successful - be sure to cut up and cancel those other credit cards. [post_title] => How to pay off multiple credit cards [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => pay-off-multiple-credit-cards [to_ping] => [pinged] => [post_modified] => 2018-07-08 15:35:11 [post_modified_gmt] => 2018-07-08 05:35:11 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=81271 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [7] => WP_Post Object ( [ID] => 81272 [post_author] => 3 [post_date] => 2018-06-26 15:36:51 [post_date_gmt] => 2018-06-26 05:36:51 [post_content] =>

Is a term deposit right for you?

Chances are you’ve heard about term deposits as a way to make your money work for you. These uncomplicated financial products are deposits that can be made with a lender for a predetermined period of time. Usually spanning from 1 months to upwards of 5 years, term deposits offer relatively high interest rates over the time your money is deposited. When your deposit matures, you can either withdraw or ‘rollover’ your funds to a new term deposit. Whether you’re an experienced investor or simply looking for a better interest rate than your savings account offers, term deposits are worth considering. We’ve outlined some strengths and shortcomings of these investment products so you can decide if they’re right for you.

Term deposit pros

Low investment risk

Term deposits are among the most straightforward investment products out there. Simply open up your term deposit and there’s absolutely nothing to do but wait until the period’s almost over.

Get started without fees

There are typically no fees for opening up a term deposit, monthly or maintenance fees. A term deposit only involves locking up your funds for a certain amount of time. During this period you’ll enjoy a predetermined interest rate without doing a thing.

Protected interest rate

The beauty of a term deposit is the assurance of a fixed interest rate during the time that your funds are invested. Should you be lucky enough to lock this in while the market is strong, you’ll enjoy this high interest for the duration of the term deposit. This protects you from market fluctuations and can be a source of comfort should savings account interest rates drop.

Control your spending

With your savings safely locked away, you won’t need to worry about whether you’ll be tempted to spend it on something spontaneous. It’s much easier to stick to a budget and achieve your other financial goals when the risk of impulse buying is off the table.

Government guaranteed

Aussie term deposits are protected under the Financial Claims Scheme, which guarantees you government compensation of up to $250,000 if the lender you deposit with defaults. Under the scheme a single $500,000 investment could potentially lose half its value should your financial institution go under, but this is easily avoided simply by splitting your deposit into two term deposits of $250,000.

Term deposit cons

Interest rates won’t rise with the market

The fixed interest rate of term deposits has a down side. If market interest rates start looking stronger, there’s very little opportunity for you to benefit from this without paying withdrawal fees. There’s also very little chance that any benefit over and above these fees will be worth much either.

No extra deposits allowed

Unfortunately it’s not possible to introduce more money to your term deposit once you’ve settled on a plan and the clock starts. Unlike savings accounts that allow you to add more funds to a savings account at any point you like, term deposit funds are locked away. With good planning skills however, it’s always an option to open two or more term deposits with staggered maturity dates.

Inaccessible funds

If you require instant access to your money or an emergency arises, withdrawing is not as easy a task as it is with savings accounts. Term deposits will often require you to pay fines for withdrawing your funds before the period is up. Often, this is accompanied by a cut to your initially high interest rate. In some circumstances you may need to give up to a months notice before any withdrawals can be made.

Unattractive rollover terms

It’s important to pay attention to the maturity date for your term deposit. At the end of this period it’s not unusual for your money to rollover automatically and a new term to be started. Very often these new terms will be lower than the original rate you committed to, and if you don’t pay close attention, you might well be looking at a penalty withdrawal fee.

Fewer flexibility and bonus perks

Unlike high interest savings accounts or a variety of other competitive products offered by banks and .peer-to-peer lenders, term deposits are very much set in stone. This means a low chance of any bonus interest that you might get from a savings account (though some providers sometimes offer a bonus if you roll over). Similarly, once you’ve committed your money, and accepted your fixed interest rate, there’s also no incentive for your bank to tempt you with flexible features or options.

Finding a term deposit that suits you

Once you’ve weighed up the pros and cons of term deposits, you’ll be in a much better position to decide whether this strategy suits you. Moving your money from a savings account to a term deposit doesn’t have to be an all-or-nothing decision. Realistically there are plenty of different options around the amount you choose to invest and a range of investment term lengths.

Compare term deposits

If you wish to compare term deposits. Visit our term deposits page to see some of the top rates available in the market. [post_title] => Pros and cons of a term deposit [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => pros-cons-term-deposit [to_ping] => [pinged] => [post_modified] => 2018-07-08 15:33:11 [post_modified_gmt] => 2018-07-08 05:33:11 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=81272 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [8] => WP_Post Object ( [ID] => 81267 [post_author] => 3 [post_date] => 2018-06-24 09:29:09 [post_date_gmt] => 2018-06-23 23:29:09 [post_content] => Having a credit card can be incredibly convenient. It’s unbelievably easy to make payments without money in your account and you can earn frequent flyer points while doing it. So what’s the catch? We’ve put together a list of 9 common mistakes, traps and general fails so you can use your card in a smarter way.

  1. Paying credit card interest
Credit card interest is only charged when you don't pay off your outstanding balance at the end of each month/interest free period, and yet this is a common credit card mistake for Aussies. By making complete repayments each time your statement/interest-free period is over, you can avoid all credit card interest permanently and avoid this fail.

  1. Annual fee fails
Annual credit card fees are so common, most Aussies typically assume they are standard. However, annual fee-free cards are available from many providers and an online search for these products could help you cut between $50 and $1,000 yearly. $0 annual fee credit cards don't always offer the same rewards as premium cards, so if you're not planning to capitalise on the rewards offers - it could be worthwhile avoiding the annual fees.

  1. Making late repayments
Possibly the biggest and most common credit card trap is the interest and fees of paying back your money too late. Late repayments will always incur interest, and even worse they can negatively impact your credit rating. It’s easy to avoid this mistake by setting up a direct debit from your account to cover your repayments at the end of each cycle, so what are you waiting for?

  1. Making only minimum repayments
Unless paying off your bill entirely is really not an option, minimum repayments only play a role in helping you dodge late fees. It’s another credit card mistake that Aussies are guilty of, as once again they involve interest fees. Your outstanding balance will carry over to the next statement cycle and will most likely also mean giving up next month’s interest fee days. Credit card providers can make heaps of money at your expense this way, so if it’s possible, try to pay off your entire outstanding balance (or more than the minimum).

  1. Exceeding your credit limit
Another avoidable credit card trap involves spending more than your credit limit allows. Once again, this can make your credit rating go down. At the same time, it’s a sure way to be hit with overdrawn fees. If you’re exceeding your limit because you’re struggling to cover your cost of living, more fees will be the last thing you want. It’s recommended that you set yourself a monthly budget for your credit card spending, and something a lot lower than your credit limit is an ideal way to avoid this credit card mistake.

  1. Not reporting missing cards quickly
If someone steals your credit card, the last thing you want to do is treat them to dinner. When your card gets lost or stolen therefore, don’t rely on your bank’s security measures. This way whoever may find your card won’t be able to charge their celebration surf ’n’ turf to you.

  1. Ignoring interest-free days
Interest-free days are a great time to spend with your credit card, as they give you a certain number of days to pay off the purchase without incurring interest. By planning your larger purchases towards the start of the statement cycle when these days begin, you’re giving yourself much more time to pay them off. All without the hassle of paying interest. Learn more about interest free periods.

  1. Not reading the fine print
If you do make good use of your interest free days, it’s important to avoid the credit card trap of not reading the fine print. All too often it’s easy to get excited when your credit card company advertises a 44 or 55 day interest-free period, for example. The common mistake cardholders usually make here is skimming over the details, making it easy to fail by assuming the interest-free period starts from when you make your first purchase. Interest-free periods actually start from the beginning of your statement cycle, so it’s a good idea to be clear on the exact dates of this period. If you make a large purchase too close to the end of this period, it’s easy to get caught out with only a few days left to pay this off.

  1. Depending on cash advances
Using your credit card like a debit card is not advisable. By this, we mean that withdrawing cash from the ATM comes with cash advance charges, which are like interest payments but at a higher rate. Cash advance interest fees are also immediate, so you can’t avoid paying them through interest-free periods. It’s much better to avoid this trap by using your debit card, even if it is at the bottom of your bag. [post_title] => 9 credit cards mistakes to avoid [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => credit-card-mistakes-to-avoid [to_ping] => [pinged] => [post_modified] => 2018-06-26 02:32:21 [post_modified_gmt] => 2018-06-25 16:32:21 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=81267 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [9] => WP_Post Object ( [ID] => 81263 [post_author] => 3 [post_date] => 2018-06-23 09:14:07 [post_date_gmt] => 2018-06-22 23:14:07 [post_content] =>

Interest free periods explained

Interest free days are a feature of some Australian credit cards that allow cardholders to make interest-free purchases during a specific period. While a great way to cut down your interest payments, they require that you completely repay the outstanding balance on your credit card statement by the due date. So how does it work?

Taking advantage of interest free days

What happens when the interest free days end?

To enjoy interest free periods, it’s necessary to completely pay off your credit card’s outstanding balance on or before the due date shown on your statement. When your unpaid balance isn’t settled on time every month, banks and credit card providers will not offer this option. Instead, you’ll be charged interest on the outstanding payments.

How to get the most from your interest free periods

Interest free periods start at the same time as the billing cycle, it’s a common mistake to make a purchase towards the end of the interest-free days. If this happens, you could leave yourself with little time to repay your outstanding balance and enjoy the interest-free benefits of the next cycle. For example, if you made a purchase on day 1 of a statement period, you could have 55 days to pay it off before interest is applied to the balance. If you make a purchase on the 30th day of the a statement period, you would have 25 days to pay it off before interest is applied.

Tips for saving with interest free periods

Interest-free periods aren’t a feature of every credit card, and as we’ve mentioned it’s important not to forget your due date. It’s good practice to:

What else do I need to know when using a credit card with interest-free days?

Interest-free days are a great feature to take advantage of if you can. When cutting down your costs through interest free periods though, there are several things to keep an eye on: Looking to get a credit card? Compare credit cards here. [post_title] => What is a credit card interest free period and how does it work? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => what-is-a-credit-card-interest-free-period [to_ping] => [pinged] => [post_modified] => 2018-09-22 14:14:43 [post_modified_gmt] => 2018-09-22 04:14:43 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=81263 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [10] => WP_Post Object ( [ID] => 80323 [post_author] => 3 [post_date] => 2018-06-16 23:10:52 [post_date_gmt] => 2018-06-16 13:10:52 [post_content] => This is a guide to how credit cards work in Australia, helping you understand credit limits, annual fees, interest rates and repayments. Credit cards are a popular way to use credit for making daily or regular purchases. The money used to pay for goods or services when using your card is borrowed, so before the credit period is over, it must be repaid. If a cardholder fails to pay back the outstanding balance by this time, they typically accrue interest on the amount owed. While your card may come from an Australian bank, it will most likely be part of an international payment network like Visa, Mastercard or American Express.

Credit Limits

While credit cards are fairly convenient, unfortunately for us, they’re not exactly a blank cheque. Credit limits are the maximum amount of credit that you, as a cardholder, are allowed to spend. When you apply for a credit card, your bank will often assign you a limit based on your credit history and income details. You can request the option to increase or decrease this limit when first applying for your card or later as you get used to it. This process will vary with banks, but remember that once you do exceed your credit limit, you could be charged an overdrawn or over-limit fee by your bank.

Annual Fees

As we’ve mentioned once before, a ‘free lunch’ is pretty rare when it comes to finance. Credit cards will in many cases come with an annual fee for having provided the service. Your credit card’s annual fee will reflect whether you’ve signed up for a standard or premium card and a typical range for Australian credit cards can be between $0 and $450+. Premium cards with more features such as frequent flyer points, travel insurance or rewards programs, will be at the higher end and attract higher annual fees.

Credit card reward programs

Lots of Aussie credit cards make it possible for you to earn points for using them through a range of rewards programs. You’re probably already familiar with frequent flyer points and gift vouchers, that you can accrue at a certain earn rate when making eligible purchases. For instance, if your bank is partnered with Qantas or Virgin Australia, you’ll be offered the chance to earn Qantas or Velocity points respectively. An earn rate simply refers to the ratio of points earned to money spent using the card, an example being 1 point earned for each $1 spent.

Interest Rates

Credit cards come with interest fees unlike their debit or prepaid counterparts. What this entails, is a percentage interest charge added on top of each amount the cardholder spends using the card. This is the fee for having utilised the credit lent by the bank. Interest rates for credit cards in Australia will often range between 9.99% and 20.99% per annum, and your interest will be charged when your statement period comes around. Interest is charged based on daily outstanding balances from a range of factors, one of which is outstanding payments. It’s also common to see credit cards offering zero interest or honeymoon rates (typically during a balance transfer), as a means of promotion. It’s important to remember that once this promotional period ends, you’ll be looking at a standard interest rate for using your credit card.

Making repayments

When do I make repayments?

Each statement period will be different, but your bank will notify you of a specific settlement date when setting up your card. It’s common for Aussies who earn monthly income to arrange for a statement date that falls shortly after this point, for the sake of easy repayments or direct debit. All credit cards involve minimum repayments, usually these are between 2-3% of your closing balance. On top of this, you’ll need to repay the larger of either: Any outstanding balance that isn’t repaid by you at the end of the period will incur interest fees. Because of this, it’s usually best to try and repay your outstanding balance completely.

How do I make repayments?

This will vary again depending on your bank. BPAY is usually an option, or you can direct debit from one of your accounts. It’s also possible to make manual transfers from an account or pay in person at a branch.

How are my repayments prioritised?

In accordance with the 2012 Australian Credit Card Reforms, it’s necessary for your bank to use your repayment for whichever outstanding payment is being charged the highest interest. If you have 2 outstanding debts being charged 20% and 14% interest respectively, the amount you repay will be to settle the 20% debt first.

Using your credit card in Australia and abroad

Contactless payments

The majority of credit cards available these days will come with a contactless payment feature (otherwise known as "PayPass" from MasterCard or Visa's "payWave"). This feature saves you a trip to the ATM or wasting time at the EFTPOS terminal (swiping your card and all that jazz) by letting you simply tap your card on a contactless payment terminal to make your purchase. This covers payments up to $100 and so is useful for smaller, quick purchases. Above $100, the contactless feature still works but you’ll need to enter your PIN.

Using my card abroad

Using your card overseas can incur different charges abroad compared to at home. Once outside Australia, you’ll need to be aware of possibilities such as: Hopefully our credit cards guide has answered most of your questions and helped you understand credit cards a little better. Because these products come with a fair amount of considerations, we’ve also put together some other articles that might be helpful. [post_title] => How do credit cards work? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => how-do-credit-cards-work [to_ping] => [pinged] => [post_modified] => 2018-06-17 18:20:43 [post_modified_gmt] => 2018-06-17 08:20:43 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=80323 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [11] => WP_Post Object ( [ID] => 80302 [post_author] => 3 [post_date] => 2018-06-16 17:07:16 [post_date_gmt] => 2018-06-16 07:07:16 [post_content] => Refinancing a personal loan sounds complicated, but can be a great way to either consolidate your debt or cut down on your interest payments. Or both, which is great! Quite simply, refinancing means finding a loan that will cover the amount you have owing on your existing loan, but with lower fees and interest - basically better terms all round. While your debt won’t magically disappear once you’ve done this, you’ll be looking at lower interest repayments overall and if you choose debt consolidation, you’ll also have a lot less maths to do. Our guide covers how to refinance a personal loan and some important things you should think about if you’re considering this.

Why should I refinance my personal loan?

As we’ve mentioned, interest payments and fees aren’t exactly at the top of every Aussie’s Christmas list. There are other reasons you might want to refinance your loan, and you don’t have to wait till you’re overwhelmed with debt to do so. Do give it some thought if you:

How do I refinance a personal loan?

Personal loan refinancing is quite similar to the process you went through when you originally applied for the loan. You need to make sure your credit score checks out, compare loan deals, consider a few things and make sure you close the original personal loan. We’ve broken the process down into 5 stages:
  1. Work on your credit rating. As personal loan refinancing involves applying for a new loan, it’s recommended that you check whether your credit history is up to scratch. Your credit ratings change over time based on whether we make timely repayments or not, so your personal score may have gone up or down. If you’ve got a great credit score, you’ll be a better candidate for a new lender.
  1. Compare available loan deals. Let your existing loan provider know that you’re thinking about refinancing, and ask if they have any better offers. It doesn’t hurt to drop the fact that you’re happy to look elsewhere if they haven’t any good deals. Don’t be afraid to do so either if this turns out to be the case.When comparing offers, don’t forget to check for fees and the policies around early repayment. Once you’ve decided on a couple of offers that look good, do return to your original lender and see if they’d like to match or beat these. Again, credit rating plays a role here. If yours is good, they may be happy to give you a better quote just to keep you as a customer.
  1. Look online for good offers. If you aren’t happy with the deals you’ve been offered at this point, it may be time to look online. Some online banks and independent or P2P lenders, tend to have lower refinancing rates than regular banks as they don’t need to pay tellers and similar expenses. Because of this, they may be able to offer lower interest rates, lower regular fees or both.
  1. Do your homework. A deal that works out well for you may still take time to sort out, and you can expect a fair bit of paperwork. If you’re signing on with a new provider you’ll need to get your credit report ready and all the financial proof that you did when applying for your existing loan. Don’t forget to ask about establishment and hidden fees, repayment periods and charges and whether there are restrictions on how you use your loan funds.
  1. Close your first loan(s). This should be done by you once your receive your money. Make it a point to ensure your previous loan is closed or you’ll be looking at two sets of interest payments!

How much will cost me to refinance?

Typically loan providers aren’t to keen on losing your custom, and may not want to say goodbye to the high interest payments as much as you do. Refinancing can be a great way to cut down your personal debt, but you do need to consider potential fees. These might include: Once you refinance, you may want to read our blog on how to pay off your personal loan faster. [post_title] => How to refinance a personal loan [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => how-to-refinance-personal-loan [to_ping] => [pinged] => [post_modified] => 2018-07-08 15:39:06 [post_modified_gmt] => 2018-07-08 05:39:06 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=80302 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [12] => WP_Post Object ( [ID] => 80307 [post_author] => 3 [post_date] => 2018-06-15 18:00:23 [post_date_gmt] => 2018-06-15 08:00:23 [post_content] => If you’ve compared personal loan deals, checked out all the details and figure you’re eligible for a personal loan, congratulations! You’re almost there! The next step to getting your personal loan approved, is to get your application together. This guide will hopefully tell you what documents and ID you’ll need so you can make a successful application and be approved. Lenders will require different things to verify that you are who you say you are before they hand over your money. If you’re looking to buy a car with your personal loan, there will also be additional documentation required. Basically though, the two key things every provider will ask for are proof of identity and proof of income.

Proving your personal identity

To verify your identity, you may need to providing two or more types of ID. Commonly accepted identification can include: If you don’t have two of these or your lender requires further information, you may be asked to provide your:

Proof of income, assets and liabilities

  1. Bank statements
These will help the lender understand your financial history in terms of income, loans, savings and credit card usage. Be prepared to provide up to three months worth of statements. These will usually be available online if you have internet banking, and so easily attachable for online applications.
  1. Proof of assets and liabilities
Even if you are applying for your personal loan with your existing bank, it may be necessary to show evidence of any income that you’re getting from your assets. If you’re renting out a mortgaged property for example, you’ll need to show a current rent statement and a mortgage statement. It might also be a good idea to provide an overview or estimate of your ongoing expenses, such as how much you spend a month on rent or utilities.
  1. Proof of income
Besides your bank statement, your lender will most likely ask for evidence of your ongoing employment. This might mean you’ll save time by bringing or attaching copies of your recent payslips and your post tax salary. If you’re working for yourself, you may be required to show tax returns for recent few years.

Buying a car?

Applying for a secured car loan, you’ll be using your intended vehicle as collateral for your loan. This means you’ll need to provide details of the vehicle so your lender can understand it’s value. It isn’t uncommon for your lender to ask for documents like: They’ll also want to know the contact information for the place you purchased the car. If you purchased privately, you won’t have a dealer invoice so you’ll need to make sure you’ve made a note of this. [post_title] => What documents do I need to provide when applying for a personal loan? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => documents-to-provide-when-applying-for-a-personal-loan [to_ping] => [pinged] => [post_modified] => 2018-09-22 15:08:10 [post_modified_gmt] => 2018-09-22 05:08:10 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=80307 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [13] => WP_Post Object ( [ID] => 80298 [post_author] => 3 [post_date] => 2018-06-13 17:51:51 [post_date_gmt] => 2018-06-13 07:51:51 [post_content] => Personal loans are a great way to secure that major purchase, holiday or to handle an emergency. After you’ve having spending all that money, you need to start thinking about paying back your loan. Because interest payments can add up quickly, we’d all do well to pay off our personal loan sooner. So how to reduce interest and pay off your personal loan faster? We’ve come up with some simple ideas to help you manage your personal loan repayment with minimal hassle.

Switch to fortnightly payments

We’ve mentioned the idea of switching up your repayment cycle before when talking about paying off your home loan early. The same idea applies here, if you’re repaying your personal loan monthly you’ll be making 12 repayments a year. And if you split these into two fortnightly repayments, you’re probably not going to notice the difference in your bank balance. So this makes 24 repayments a year, right? Not really. Because there are 52 weeks a year however, there are actually 26 fortnights and by paying fortnightly, you’ll be making 2 extra repayments a year. On a $30,000 loan, over 5 years at a 9.51% comparison rate, you could save $1,326.44 in interest payments!

Round up

Rounding up your numbers is another relatively painless way to take a little bit off your debt each time you make a repayment. Say your monthly repayment comes in at around $439. Rounding this up to $440 or $450, even $500 can seem like a laugh at the time, but you’ll very quickly realise that this can make a big difference to cutting down the amount of interest you need to pay.

Additional repayments

This one’s really straightforward. If you can, extra lump sum repayments here and there will work wonders in the long term to pay off faster. Do check with your loan provider before you do this, or ideally before you settle on a personal loan because some lenders will charge fees for extra repayments. In most cases however, established banks will be fine with this and you can double-check the terms of your loan to be sure.

Refinance

Refinancing or "debt consolidation" involves switching to a new personal loan with better interest rates and fees. It’s a great way to reduce interest if you’ve gone and settled for a personal loan without comparing the terms of each. With lower interest rates, you’ll notice a big difference in the amount of time it takes you to repay your personal loan. Another trick involves refinancing your personal loan into your home loan. By consolidating your debts, you’ll simply need to add your original personal and home loan repayments together. As long as you continue to pay the original repayment amount, you will benefit from the lower interest rate of your home loan, and you’ll be paying off your personal loan much quicker. Just don’t cut down your personal loan repayment or it will be sitting for ages on top of your mortgage! [post_title] => How to pay off your personal loan faster [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => pay-off-personal-loan-faster [to_ping] => [pinged] => [post_modified] => 2018-06-14 17:54:30 [post_modified_gmt] => 2018-06-14 07:54:30 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=80298 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [14] => WP_Post Object ( [ID] => 79957 [post_author] => 2 [post_date] => 2018-06-05 16:52:38 [post_date_gmt] => 2018-06-05 06:52:38 [post_content] => If you’re looking to take that long earned holiday, renovate or simply consolidate your debt, you might be considering a personal loan. Whatever the reason, it’s not loads of fun to get your application rejected. We’ve done the research for you and come up with 9 tips to help you get that application approval.

1. Check that you’re eligible

The very first step to getting your personal loan approved is verifying that you actually meet the eligibility requirements. Often this will include things like:

2. Make sure you have a good credit rating

Having a great credit rating can mean the difference between whether your personal loan is approved or rejected. Check that your credit file shows all your accounts, and you as the one in charge of them. There are also plenty of online tools to help you calculate your credit score before applying. Credit scores can also be bad or very bad. It’s possible that you’ve never missed a repayment ever, a track record of many loan applications might say something about how you manage your money.

3. Provide proof of sufficient income

It’s not unusual for personal loan applications to be rejected because the applicant doesn’t earn enough income. If your income won’t cover the repayments on the personal loan you’re applying for, it will be difficult to get your application approved. Don’t worry too much though, it’s not a bad idea to work backwards and think about how much you can actually repay monthly. With an idea of what you can afford, you can look around for other loans with lower minimum income requirements.

4. Make your application amount reasonable

A good amount to apply for is just the amount that you need. If your holiday plans will cost $5,000, then you might want to limit your application to $5,000. As larger loan amounts are seen by banks and lenders as more risky, a reasonable sized loan will be more easily approved than a larger one.

5. Double-check your application details

Very often, lenders will go through a process of confirming that the background information you’ve provided is actually valid. Because they’ll want to corroborate the details on your application against other sources, it’s recommended that you review your application before handing it in so you don’t look dodgy. Any inconsistencies or mistakes you’ve made on your application might be interpreted as an attempt to misleading, which lenders don’t appreciate. If you want your personal loan approved with less stress, it’s advisable to double check everything you’ve put down on your application.

6. Have a good savings history

If applying for a personal loan with your existing bank, they’ll be able to check out your savings history easily. If you’ve put away money regularly, it shows that you’re financially responsible. This is a definite pro for getting your personal loan approved, as it shows you’re just as likely to be responsible with the necessary loan repayments.

7. Check the loan terms

Lenders vary when it comes to the restrictions of your personal loan. Some will have limitations about what you can purchase with your borrowed money. A good example is a car loan, which may often not extend to cover the purchase of insurance or rego. Checking the loan terms first will help you be approved by making sure you don’t apply for something that’s not actually allowed. To save application time, it’s best to check out the restrictions beforehand. That way you don’t fill out lengthy paperwork before realising you can’t finance your car with your personal loan.

8. Meet any secured asset requirements

Applicants who don’t have secured assets that can be used as collateral will have a harder time getting approval for their personal loans. Most lenders will also think it’s risky if the assets you have are too low value to be used as security. If you’ve got something better than your old Honda Accord to used as secured assets, make sure it’s shown in your financial paperwork. This way you’ll stand a higher chance of being approved. You can compare secured personal loans here.

9. Be honest!

As we’ve mentioned, loan providers will always do background checks on the personal information you provide. Lying on your application is a good way to increase your chances of rejection. Even worse, you’ll most likely be blacklisted with the bank or financial provider, making future approvals close to impossible. To improve your chances of approval, be honest on your application. [post_title] => Tips for getting your personal loan approved [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => tips-for-getting-your-personal-loan-approved [to_ping] => [pinged] => [post_modified] => 2018-06-03 17:15:09 [post_modified_gmt] => 2018-06-03 07:15:09 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=79957 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [15] => WP_Post Object ( [ID] => 79953 [post_author] => 2 [post_date] => 2018-06-04 16:19:17 [post_date_gmt] => 2018-06-04 06:19:17 [post_content] => A term deposit is a short or long term investment where your money is guaranteed a certain interest rate. A term deposit is the kind of account where you put your money into the account and leave it, short or long term, as you have arranged with the bank. You cannot touch the money for a pre-determined time and during that time, you get a fixed interest rate. This interest rate does not change, even if the market goes through a dip. With a term deposit you have the security of a fixed interest rate and you also have the security of money in the bank. A term deposit is a good investment for two reasons.
  1. You cannot touch your cash, i.e. you are forced to save it.
  2. Your interest rates stay stable, i.e. they cannot decrease.

Is a term deposit a good investment?

A term deposit can only be a good investment because it is a sure investment. You know you are going to get a stable return on your investment without any risk. Your interest rate is locked in for the entire ‘term of your deposit.’ This means if the market drops, your interest rate does NOT drop with it. Also, because you are not able to touch your money for the ‘duration of your term’, you are forced to save that money.

Who should look at term deposits?

A term deposit is a sure way of investing your money. If you have extra cash that you know you will not need to use for a while, it makes sense to do a term deposit. If you think you may need to access that cash shortly, or urgently, then a term deposit is not for you. The good thing about a term deposit is that you know it will work and you know that at the end of the term, you will have money.

How long should I term deposit be?

There are short term deposits and long term deposits and between you and the bank, you can choose for what length of time you should ‘lock away’ your money. If you have a lot of money at your disposal and you won’t need access to the money you are investing for a while, go for a long term deposit. If you may need the money in the next few months, go for a short term deposit.  The length of time you leave the money in the account depends on the investment deals that your bank or lending institution are offering. You may need to negotiate terms with them. You can look at short or long term investments and you must discuss rollover terms too. This means when your term deposit has come to an end, you have the option of extending it.

Ensure a good interest rate from the beginning

Because a term deposit means your money is ‘locked’ at a certain interest rate, you do need to make sure you get a good interest rate from the beginning. While you are safe if the interest rates drop, if interest rates increase, you do not get the benefit of them. For your term deposit to work for you, you want the best possible interest rates from the start.

What happens if increase rates increase?

The way a term deposit works is that your interest rates are set for the duration of the investment. You do not benefit from interest rate increases but remember, you do not suffer from interesting rate decreases either.

Who offers term deposits?

Most banks and financial institutions offer term deposits. You need to sit with your bank manager or investment advisor and ask how does a term deposit work.  You can compare the various term deposits at different institutions and make sure you get the best interest rates from day one. Your institution should explain to you what is a term deposit, and why it is the best investment for you to make. Remember, your money can only grow with a term deposit. It is a safe investment and it is a low risk investment. You may not make as much interest as with a more risky investment or account, but your interest rate will never drop.

How does one apply for a term deposit

Applying for a term deposit is really simple. You are not asking a bank for money, you are asking a bank to invest your money. The service should be fairly uncomplicated. You will need to fill out a few forms, give your bank details, your tax number and your ID. A good bank or lending institution will do the paperwork for you, but they will talk you through the process so you understand your investment every step of the way.

Compare term deposits

If you're interested in investing your money into a term deposits, you can compare our term deposits here: [post_title] => What is a term deposit and how does it work? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => what-is-a-term-deposit-and-how-does-it-work [to_ping] => [pinged] => [post_modified] => 2018-09-24 08:13:17 [post_modified_gmt] => 2018-09-23 22:13:17 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=79953 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [16] => WP_Post Object ( [ID] => 69840 [post_author] => 2 [post_date] => 2018-06-03 15:32:52 [post_date_gmt] => 2018-06-03 05:32:52 [post_content] => Anyone can experience financial hardships, often through unexpected events like illness, sudden death, divorce, and more. While it is always important to prioritise making payments for loans and credit cards on time, it is not always possible. No matter your situation, you do have remedial actions you can take.

What happens if I cannot repay my debt?

Within the first 30 days, you will receive a notice from your bank for your missed payment with a specified amount of time to make the payment. Sixty days after a missed payment, your account falls into default. The bank will issue an S80 Default notice and formally notify you that you are in breach of your loan or credit contract. At this point, you have another 30 days to pay your arrears. At the end of this period, if you have still not paid, a formal default will be put on your credit history. These notices are serious and stay on your credit history for five years. You will likely find it hard to get approved for new personal loans, mortgage or credit cards until the default has been removed from your credit history. You are now between 90 and 120 days out from your first missed payment. At this point, you will be sent a Letter of Demand, which will seek full payment of any arrears. Creditors will contact you looking to collect what they are owed. You are under no legal obligation to meet with them face-to-face, but can talk to them over the phone or by email. It is also at this point that any collateral you have against your debt like a car or house is in danger of repossession. If you do not respond to the Letter of Demand, the situation can be escalated and brought to the courts. You will receive a Statement of Claim. If you do not respond or the court finds that your debt is valid, there will be a Judgment entered against you for the full amount, plus interest and attorneys’ fees. This Judgment will also be marked on your credit history. If you ignore the Statement of Claim, the court can declare you bankrupt.

What is a guarantee?

A guarantee is when the bank asks another party to ‘guarantee’ a loan for another individual or a business. This person, deemed the guarantor, is the person the bank will pursue for remuneration if the loan goes into default. Unfortunately, while many guarantors believe that banks can only call on a guarantor once all other remedies have been exhausted, banks can actually call on a guarantee the moment a loan goes into default. With a personal guarantee, the guarantor’s personal home and assets can be seized to pay the outstanding debt.

What to do if you missed a payment

Even people with sparkling credit histories will sometimes fall on hard times due to illness, job loss, or divorce that can make it difficult to continue to meet monthly payments. If you know you are in danger of missing a payment for a loan or you have received a Default notice, you have a range of actions you can take including: The key is to be active in this process. If you are at risk of defaulting on more than one loan, prioritise loans with collateral such as a mortgage or car loan, over unsecured debt like credit cards.

Should I refinance my loans?

Refinancing can ease worry over making more than one monthly payment a month and can be a good choice for those that will be paying less in interest and fees. However, refinancing can be a risk that costs more over the long-term as you might take longer to pay off your debts and accrue more interest in the process. Refinancing might also give you access to more credit, which can exacerbate the problem. For instance, if you refinance your credit card debt into one personal loan, it might be tempting to begin using your credit cards again.

Don’t wait. Act now.

If you are struggling to meet your financial obligations, the best thing you can to do is to act as soon as possible. The immediate and long-term effects of a defaulted loan are not worth it. No matter what position you are in, you do have actions you can take. Remember, your bank wants to be paid and will often work with you to create a payment schedule that you can reach during this difficult time. [post_title] => What are the risks if I cannot repay my loan? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => what-are-the-risks-if-i-cannot-repay-my-loan [to_ping] => [pinged] => [post_modified] => 2018-09-24 08:16:08 [post_modified_gmt] => 2018-09-23 22:16:08 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=69840 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [17] => WP_Post Object ( [ID] => 71714 [post_author] => 2 [post_date] => 2018-05-06 03:17:27 [post_date_gmt] => 2018-05-05 17:17:27 [post_content] => It’s not uncommon for us 9-to-5 workers to grow tired of the monotony of the everyday “grind”. We day dream about quitting our job and heading off to a tropical island to enjoy our days in the sun, sipping cocktails. Of course, this is unrealistic, those margaritas don’t pay for themselves. Instead, many people consider a career change in order to shake up their daily lives, but again, it’s not always realistic. It’s not always worth the time and effort that it may take. However, there are ways you can change up your daily grind and make a bit of extra money without putting yourself through a testing career change or taking out a personal loan. Here’s 4 ways you can make extra money without learning a new profession.

Work remotely

Work remotely Working remotely is quickly gaining popularity in many industries. The far-reaching webs of the Internet have made it possible for a range of occupations to be carried out from anywhere in the world. This means workers can work from wherever suits them, and companies can benefit from sourcing talent around the world while avoiding the costs associated with in-house teams. Popular examples of people who work remotely are writers, designers, programmers, digital marketers and customer support agents. This is great especially for part time workers who want to find ways to earn extra money. Remote work has removed the need for part time workers to physically travel from job to job.

Become an independent care worker

Care worker A major factor that causes people to consider a career change is stress in the workplace. If people feel worn out from a career they often feel like leaving. A 2016 Monash University survey found that 32% of Australia’s nurses and midwives considered leaving the profession with stress being a major contributor for the change. For such a specialised career, leaving the profession seems like a dramatic course of action. Rather than undergoing a career change, people like nurses and carers can benefit from becoming an independent worker. In the past, working for one’s self was largely reserved for trades and more recently, tech jobs. Now, thanks to sites like Better Caring, nurses and support workers can work for themselves. Platforms such as Better Caring allow workers to choose their rates, clients and the hours they work. Rather than changing careers, nurses can take the stress out of their career by working for themselves. Alternatively, those who want to make extra money can take on clients outside of their jobs.

Pick up extra jobs

Sharing economy Picking up extra jobs is definitely not limited to nurses and care workers. The sharing economy has not only made it possible for people to earn money solely on their own, but it’s made it easier to earn money in addition to their main income. Uber is now a prolific force world-wide, but there’s much more to the sharing economy than ride services. For example, massage therapists can deliver on-demand massages to people in their homes, offices and hotels with Blys.

Negotiate a pay rise

salary negotiation The most conventional and well tested way for making more money without a career change, or picking up extra work, is to negotiate a pay rise. While many people will try to steer clear of such a conversation, negotiating a pay rise can bring about a well needed boost to your income. How best to negotiate a pay rise has long been debated. There’s endless information on the subject, some of it is clichéd, some of it is contradictory and it can be confusing to know exactly how to go about such a conversation. To begin with, you should have a clear idea of your market value and know exactly what you are asking for. Timing is also important and you should have clear evidence of your skills and why you deserve a rise. While your day job may feel like a constant grind, and the stress of work may leave you feeling like you want to leave the industry all together, a career change can be hugely disruptive to your life. Instead, find ways to relieve the stress by working remotely, or becoming an independent care worker. This way you don’t need to learn anything new and you can continue earning money. [post_title] => 4 ways to make extra money without a career change [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 4-ways-to-make-extra-money [to_ping] => [pinged] => [post_modified] => 2018-05-06 03:19:57 [post_modified_gmt] => 2018-05-05 17:19:57 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=71714 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [18] => WP_Post Object ( [ID] => 69328 [post_author] => 2 [post_date] => 2018-04-23 04:16:10 [post_date_gmt] => 2018-04-22 18:16:10 [post_content] => When you’re trying to save, it can be hard to resist the urge to do a bit of retail therapy. While clothes shopping can be fun and exciting, and fashion is a great way to express ourselves, it can be an expensive habit. Here’s how to save some money by spending less on clothes, without your sense of style having to suffer as a result!

1. Do A Wardrobe Audit And Reorganise

I have nothing to wear! One of the most efficient ways of knowing what clothes your wardrobe is lacking and what items you don’t need any more of is to properly go through your closet and see what outfits you actually have at your disposal. By spending a couple of hours sorting through your clothes and reorganising your wardrobe you can find pieces that you might have completely forgotten about and come up with outfit combinations you hadn’t considered before. If you do a quick wardrobe inventory you can quickly learn what bad shopping habits you have. For example, if you have 20 pairs of jeans but only two or three tops that you like wearing, you know that you need to stop buying jeans and balance out your wardrobe a bit more. Rearranging your clothes so that you can easily see what's on offer when you open up your wardrobe can help you save money because it stops you from thinking that you have nothing to wear!

2. Don’t Buy Into Every Trend

Don't buy into trends One way to quickly spend a lot of unnecessary money on clothes is by thinking that you need to follow every fashion trend and that all trends are must-haves. Fashion trends have their moments and then they pass, rendering you with a wardrobe full of items you might never wear again! Instead of falling for fast fashion trends, focus on buying clothes that you genuinely like, that suits your style and that you can see yourself wearing for a long time. Not all trends work for everyone and something that looks amazing on one person doesn’t necessarily work for the next person. The best kind of clothes are the ones that make you feel good about yourself, not the ones that are ‘cool’ at the moment.

3. Rent For Special Occasions

Special occasions dress If you have a special event or occasion coming up where you’re wanting to wear an extra-special outfit, consider renting an outfit rather than buying one. Buying new outfits for weddings, parties or black-tie events can quickly add up especially if you want to wear something new and jaw-dropping every time! Renting a dress means that you can still wear an amazing outfit to these kinds of events but you pay a tenth of the price compared to if you bought the dress outright. Using a clothes-sharing platform like The Volte, you can have access to a whole range of high-end designer dresses and outfits to rent, rather than filling your wardrobe with items that you might sit in your wardrobe gathering dust once you’ve worn them once.

4. Look After Your Clothes

Take care of your clothes Looking after the clothes you already have and making the effort to keep them in good condition means they will last longer and still look good. This will ensure that you have less reason to spend money on or replace clothing items. Some of the ways you can take care of your clothes are by only washing them as much as necessary, treating stains or marks as quickly as possible, following the washing instructions correctly and storing your clothes properly. Overwashing clothes can actually damage them by causing friction and wear. While your clothes should always be clean and presentable you should avoid washing them more than necessary. Once cleaned and dried, make sure to hang up or properly fold clothing and use garment bags for those particularly delicate items. Stuffing clothes in a bundle into a drawer is one-way ruin a perfectly good piece of clothing! As well as this, take the time to repair, re-hem or repurpose clothes you own that are still functional rather than buying new items.

5. Beware of Dry-Clean Only Items

Dry clean only Often when we purchase clothes on a whim, we forget to look at the washing instructions. However, purchasing an item of clothing that is dry-clean only is the equivalent of buying a piece of clothing with hidden costs. It means every time you wear that piece of clothing out, it’s costing you another $10-20 and this will add up fast. To spend less money on clothes, check the washing instructions before you buy something and consider how much you need or love that piece of clothing and whether it’s truly worth paying all those dry-cleaning costs.

6. Shop Out Of Season

Sale small We all know how supply and demand work so it makes sense that during winter, coats, jumpers and boots are significantly more expensive than they are in winter. For this reason, one way to save money on clothes is to shop out of season and buy the clothes you need for next season when they’re on sale. By being a smart shopper, you can get yourself high-quality pieces for a fraction of the price you would pay if you bought them in season

7. Know Your Body

Know your body size Knowing your size and body shape when clothes shopping can help you to spend less money on clothes. An important tip to remember is just because you can put an item on, does not mean it fits you properly. Invest some time into figuring out what works for your body and what looks and feels good for you. Also, look at how a piece is meant to fit. If a pair of skinny jeans isn’t tight on you, then they’re probably not the right fit. Similarly, if you’re buying a blazer but you have very narrow shoulders then the fit around that area will be important. Buying clothes that are flattering for your body means you will wear them more often! [post_title] => 7 tips for spending less money on clothes [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 7-tips-spending-less-money-clothes [to_ping] => [pinged] => [post_modified] => 2018-04-23 04:16:10 [post_modified_gmt] => 2018-04-22 18:16:10 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=69328 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [19] => WP_Post Object ( [ID] => 63320 [post_author] => 2 [post_date] => 2018-04-08 21:25:31 [post_date_gmt] => 2018-04-08 11:25:31 [post_content] => A lot of us like to claim that money doesn’t play a big part in our lives, that we can enjoy the little things in life without the materialistic possessions the rest of society obsess over. However, in reality, everyone likes to make extra money when they can.  Like it or not, money is an essential part of everyday life. A lot of us probably have a similar relationship with our smartphones. We like to think we would be ok without them, but we’re addicted to scrolling, liking and sharing, not to mention how easy it now is to communicate with anyone and everyone in a matter of seconds. If only there was a way to combine the two and make money with your smartphone. Well, there’s actually multiple ways of doing so. Now you can feed your addiction of memes and YouTube videos, while earning cash. Spacer [caption id="attachment_63323" align="alignnone" width="600"]spacer spacer[/caption] For some, spare space can be hard to come by. For others, it can be hard to know what to do with the spare room that’s now empty because the kids have moved out. Or maybe you have a room that’s over crowded with stuff that you think you need, but really, you haven’t even set foot in the room this year! Well, it’s time to turn that situation into some money. Clear out your spare room and list it on Spacer. Firstly, you might be able to make a quick buck selling your stuff, but by using Spacer you can create a regular, secondary income Spacer is a community sharing marketplace for space. What’s a community sharing marketplace, you ask? Well in Spacer’s case, it’s a platform that allows the community to share their space. By listing your spare room, garage, shed or attic on Spacer, someone can rent it off you to use for storage. The Volte [caption id="attachment_63324" align="alignnone" width="600"]The Volte The Volte[/caption] While we’re on the topic of community sharing, or the ‘sharing economy’, there’s a similar idea for those of you who love to buy expensive dresses for each and every event, only to let them collect dust in the back of your wardrobe once the event has passed. The Volte adopts a similar approach to sharing as Spacer, but rather than space, it’s designer dresses, outfits and accessories. Do you have an expensive dress you wore once and now just feel guilty about each time you brush past it looking for an outfit? Well now you can strip some of the guilt away. List your dress on The Volte and let other event-goers hire it. Now the dress is practically paying for itself, while someone gets a great dress for a fraction of the price. Blogging [caption id="attachment_63325" align="alignnone" width="600"]Blogging Blogging[/caption] For those who don’t have space, designer dresses, or simply can’t part with the stack of random stuff in the spare room, maybe you can boost your earnings by tapping into your creative side With the invention of the internet, blogging soon became a popular medium and before long, people where selling advertising space, and paid memberships as a way to earn money from their sites. Today, blogging is extremely popular. It’s estimated that there’s over 2 million blogs posted every day, on WordPress alone. WordPress is by far the most popular platform to build a site on. Powering over a quarter of all websites it’s clear that it’s simple for anyone to get started on. But, is it still possible to make money from something that seems so over crowded? The short answer is yes. The world is hungry for content and a high-quality blog can make you money in a variety of ways. While blogging is probably best done from a computer, there’s nothing stopping you busting out some engaging content from your smartphone. Parkhound [caption id="attachment_63326" align="alignnone" width="600"]parkhound parkhound[/caption] The sharing economy and smartphones seem to go hand-in-hand. Parkhound is another community sharing platform, and this time, it’s all about parking. If you catch the train, or head to events or simply head to a popular city on a Sunday, you’ll know how much of a nightmare parking can be. If you live near one of these areas, and have a spare driveway or parking space, you are in luck. List your spot on Parkhound, and you can have someone paying to use your driveway in no time. Learn to Trade [caption id="attachment_63327" align="alignnone" width="600"]trading trading[/caption] Ok, maybe blogging or sharing your stuff isn’t really your cup of tea. Maybe you’re looking to make money through some strategizing and calculated risks. Forex trading and smartphones have revolutionised the way of trading. Now, instead of being on the trading floor or stuck in front of a computer, you can trade anywhere, anytime, as long as you have a good internet connection. Granted, learning to trade will take some time, but with the right attitude and coaches you can soon begin trading Forex and potentially make money right from your smartphone. There’s many ways you can make money with your smartphone. You might have to share things, get creative or invest some time and effort, but with some clever planning you can make the time you spend on your phone worthwhile. [post_title] => How to Make Money with Your Smartphone [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => make-money-with-your-smartphone [to_ping] => [pinged] => [post_modified] => 2018-04-08 21:26:10 [post_modified_gmt] => 2018-04-08 11:26:10 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=63320 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [20] => WP_Post Object ( [ID] => 60449 [post_author] => 2 [post_date] => 2018-03-18 13:34:45 [post_date_gmt] => 2018-03-18 03:34:45 [post_content] => There are often circumstances that lead us to borrowing money. Whether it’s for a major purchase, personal emergencies, investment opportunities or simply to consolidate debt. When this need arises, you may ask yourself: How much can I borrow when getting a personal loan? How long does it take to get it approved and will my application actually be approved? This blog post aims to give you a little bit of insight into the consideration of getting a personal loan, from both your perspective and the lender’s.

Affordability

Affordability is a major determinant in regards to how much you can borrow and whether or not you will be approved. When applying for a personal loan, the lender will ask you questions about your income and expenses. The expenses will include things such as rent or mortgage repayments, other loans and general living expenses. The difference between your income and outgoing expenses will be a major determining factor as to how much you can borrow. So calculate how much you have remaining by the end of the month. If you have only $100 left over, your borrowing power is significantly less than if you had $500 left over.

Dependants

If you’re caring for children, your parents or anyone else, this will be taken into consideration, because having dependants can results in unforeseen expenses. When you visit our personal loans comparison page you can use the filter to see repayment results for different loan amounts over different terms.

Credit history

When you apply for a loan, lenders use credit rating agencies (such as Equifax and Dun & Bradstreet) to look up your “credit score”. Credit rating agencies collect and provide information about your financial history. The records kept include other loans or credit cards you may have applied for, your last known employer, directorships your may hold and any defaults you may have had. This information results in your own personal “credit score”.

What does the score indicate?

The higher your score, the more likely your application will be approved. However, it is no guaranteed. When comparing personal loans, you will see personal loan products with the description "Excellent", "Very good", etc. If you're wondering what the lenders constitute as "excellent" or "very good", the below chart is a good indicator. Australian credit score chart

Personal loan interest rates determined by credit score

There are now a number of companies in Australia, that determine your interest rates based on your credit rating. The lower your risk profile (your likelihood of defaulting), the lower your interest rates. Conversely, the lower your credit score, the higher your interest rate may be. Examples of companies that personalise your interest rate, based on your credit score include:

Comprehensive Credit Reporting (CCR)

Recently financial institutions have started implementing Comprehensive Credit Reporting (CCR) or ‘positive reporting’. This refers to additional information being provided to, and held by Credit Reporting Agencies. These changes allow credit providers to access and use this information to make more informed lending decisions. CCR means that a more complete picture of an individual’s credit profile can be held on their credit file. The outcome of CCR means, your positive actions (such as always making your repayments on time) will be visible to the lender. Note, not all lenders have rolled out CCR.

Defaults and missed payments

Sometimes mistakes happen. For example, you may have not received a bill and accidentally missed a payment.

Loan purpose

Some lenders have a broad scope of loan purposes for which they will lend money, whilst others will only lend for a narrow range or purposes. For example, not many lenders will provide you money to invest in Bitcoin or pay for legal fees, however, many lenders are willing to lend for debt consolidation, weddings and holidays. It is worthwhile contacting the lender to ask whether or not they lend for your required personal loan purpose.

Financial activity

Many lenders will require copies of your most recent bank statements to assess how your money is spent and to see whether or not the information you provided about your expenses lines up with your recent banking history. Habits such as regular gambling (shown by regular withdrawals at the casino, etc) will reduce your likelihood of being approved.

Employment status and salary

Lenders will ask about your current employment status and sources of income. Many lenders will state on their website as to whether or not they require a minimum income or employment status. Minimum income levels vary between $20,000 and $50,000 per annum. Lenders will also want to verify those sources of income. So if you’re getting paid cash-in-hand, before you apply for a personal loan, you may want to start depositing that money in a bank to demonstrate you’re earning a regular income.

Assets and savings

Assets such as a car and other possessions you may have, could increase your likelihood of getting a loan. Have a loan secured by something like your car, could reduce your interest rate. Some financial institutions allow you to secure a loan against a term deposit you may hold with them.

Minimum age

Many lenders will lend to you if you’re over 18 whilst others have a stricter criteria and will not lend to borrowers under the age of 21 or older. Be sure to check with your lender to see what their eligibility criteria is.

Residential status

Most Australian lenders require you to be an Australian citizen or permanent resident.

457 Visa holders

Some major Australian banks and independent lenders allow 457 visa holders to get a personal loan. However, you have to ensure you meet the eligibility criteria listed above. Contact your preferred lender to see if they accept applications from 457 visa holders.

Be honest

The lender's rely on the honesty of the potential applicant. Being dishonest or providing misinformation could damage a your chances of being approved. Moreover, if you ask for more than you can afford - you will run a higher risk of running into financial hardship. [post_title] => Personal loans: How much can I borrow? Will I be approved? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => personal-loans-much-can-borrow-will-approved [to_ping] => [pinged] => [post_modified] => 2018-09-24 08:00:30 [post_modified_gmt] => 2018-09-23 22:00:30 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=60449 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [21] => WP_Post Object ( [ID] => 60266 [post_author] => 2 [post_date] => 2018-03-11 13:48:16 [post_date_gmt] => 2018-03-11 03:48:16 [post_content] =>

TL;DR;

Making one trade per day, I’m trying to grow 0.01 worth of BTC by 5% per day for 365 days. Today is the end of week three. (View last weeks blog) I am up 9.8% from my starting amount of 0.009897, sitting at ~0.0108677 I am up 13.9% from last week. Track progress here.

Oh hai there

Until this morning, I was going to name this blog “Failbitrage”. Last week, I vaguely remember feeling pretty positive. I was up 7% and had received this great comment on /r/CryptoCurrency in my End of Week 1 post (around the same time I posted posted the End of Week 2 post): “Don’t let anyone get into your head saying this is impossible. Aim higher than the rest and leave them behind. Break up your massive goal into pieces that you can chew. You have a method that in theory is not impossible.” - usdxrbeur I had the “You’re the best around” tune from Karate Kid playing in my head and thought this was going to be a record week. With a clearer head I had a new idea about how to make gains for week 3.

New methodology: more risk (not financial advice)

My last week’s plan was to simply keep on picking tokens out of hat. But later on in the night I thought that I was being too conservative in the my token selections. I was determined not only to make the 5% per day - but to get some bigger wins and catch-up to my daily target. I started looking at tokens that have taken a major dive and thought about taking two outs:
  1. Either make 5%+ on the rebound, or
  2. Look for arbitrage opportunities on other exchanges

Let the picking out of the hat begin

My girlfriend’s first pick out of the hat was Ambrosus. Fabulous pick. The only problem, I was too impatient. I put in my buy order in and waited. And waited. And waited. (It was a low volume exchange). To quote Homer; “The waiting game sucks”. So I got my girlfriend to pick a new token out of the hat. Monetha. What happened? Firstly, if I stayed with Ambrosus - my buy order would have been filled and I would have got the 5% rebound. Monetha on the other hand started to tank further.

Arbitrage time

For those of you not familiar with arbitrage, at any given time, tokens have different values on different exchanges. For the most part, the delta (or the difference in value) between exchanges is fairly small (<1%). But sometimes, there are blips in the matrix and healthy gains present themselves to you. It’s a bit like when you buy an old SEGA Mega Drive (Genesis) game at a garage sales for $1 and then sell it on eBay for $5. When transfering the Monetha between exchanges, I was faced with a dilemma: Losing 1.5% of my value in fees, while having no guarantee that the arbitrage would work. I decided to risk it for a biscuit and moved forward. Long story short, I was lucky enough to break even. I sold a small portion at a loss and made gains on the rest. I thought I was pretty clever, but I would have made that and more if I had stayed on the old exchange (though it did take 3 days for that to happen). I got a fever and the only prescription is more arbitrage

Arbitrage time 2.0

The new exchange I was on didn’t do much volume and the hottest ticket in town was Dogecoin. After getting back into BTC, I looked for new arbitrage opportunities (and ways to get off that exchange in general). So I picked up some NLC2 and headed over to Cryptopia at minimal cost. I had a clear memory of putting a sell order at 5% above my buying price, but it turns out I didn’t - and had missed the win boat once again. So I sold at a tidy 2.3% profit - while the rest of the market was off to the races. I gotta have more arbitrage

Arbitrage 3.0

Before I started writing this blog on Saturday, I noticed a blip in the matrix, OMG went through the roof on Cryptopia. Seeing it was a recent move and expecting a sudden correction, I did nothing about it. When I finished writing this blog (a couple of hours later) I noticed the price was still holding and that there was a massive buy wall supporting it. The gravy train I quickly sold out of the ETH I bought randomly, bought some LTC, lost 3% transfering to Bittrex and the confirmations couldn’t come fast enough. As I was waiting for the confirmations on Bittrex, I thought I’d create a new address for OMG on Cryptopia. FFS FFS! My repeated attempts failed. I tried a different browser, failed. So I decided to cancel some shizzlecoin sell orders that had been sitting there for months (hoping for a moonshot), and bought some overpriced OMG in an attempt to generate an address. Fail. Fail, fail, fail! I had the impression that the folks at Cryptopia had put a freeze on new wallet creations to capitalise on this scenario. By this time, I had bought some BTC and exchanged it to OMG and then waited for my opportunity. With no success on "Craptopia", I decided to look for new, greener, OMG arbitrage pastures. I first tried Gate.io, but luckily for me, the confirmation email took too long. I ended up going with Bit-Z, which had a healthier spread than Gate.io (they have a nice mobile app also). Withdrawing from Bittrex to Bit-Z ended up costing me another ~5%! So my gamble on Bit-Z, really needed to pay-off. The desktop version of the exchange wasn’t showing up, so I placed the order on the app and went to bed at around 5am. Result: No enough sleep and desire to slap some Kiwis on the back of the head. And all my OMG selling at 0.00189999. The Gods of arbitrage smiled upon me, the losses I took in transferring between 2 exchanges and buying/selling 4 cryptos all recovered - and more some. win

What’s the lesson in all of this?

For one, arbitrage seems easier than it really is. Secondly, if you're going to do it, you need to know what’s cheap to transfer and what’s not. Was LTC a good move between Cryptopia and Bittrex? I don’t know… I definitely didn’t lose that much transfering NLC2. However, NLC2 is only available on limited exchanges. Lastly, you need some luck.

Why I didn't trade everyday?

Life got in the way.

Last week’s feedback from /r/cryptocurrency

Not too many comments last week. But “Just buy a hat. Massive gains!” wins comment of week. lol...

What’s the plan for week 4?

Pretty tempted to find some low volume coins with a healthy gap between bid and ask - and just trade both sides. But that requires time and patience (of which I have neither). So we’ll see… I feel like my bag of primitive trading tricks is slowly increasing. Until next time, I wish you all nothing but green days.

Feedback

Feel free to provide your feedback on Reddit or send me your buy recommendations for the day @DennisGraham7 [post_title] => From 0.01 to 510,000 Bitcoins in 365 Days – End of Week 3 - Arbitrage Win [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 0-01-510000-bitcoins-365-days-end-week-3-arbitrage-win [to_ping] => [pinged] => [post_modified] => 2018-03-11 14:39:23 [post_modified_gmt] => 2018-03-11 04:39:23 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=60266 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [22] => WP_Post Object ( [ID] => 59188 [post_author] => 2 [post_date] => 2018-03-04 19:00:48 [post_date_gmt] => 2018-03-04 09:00:48 [post_content] =>

TL;DR;

Making one trade per day, I’m trying to grow 0.01 worth of BTC by 5% per day for 365 days. Today is the end of week two. (View last weeks blog) I am down 3.6% from my starting amount of 0.009897, sitting at ~0.00954 I am up 7% from last week. Track progress here. [caption id="attachment_59189" align="alignnone" width="600"]Week 2 performance Week 2 performance[/caption]

Oh hai there

Can a monkey make better trades than humans? Apparently. In recognition of the monkey’s superior trading abilities, this week I put my pride aside (especially after last week’s performance) and I tried to be as one with the monkey. The results were good, making an overall profit of 7%.. While I didn’t hit my daily target of 5% growth per day, I did outperform 75% of the top 100 coins. [caption id="attachment_59190" align="alignnone" width="600"]Here sits the greatest crypto day trader Here sits the greatest crypto day trader[/caption]

Methodology (not financial advice)

I put names of tokens in a hat and my girlfriend picked one out of the hat. “How did you choose the tokens to put in the hat?” you ask. As I didn’t have much free time this week, and didn’t have a chance to research the trading recommendations from /r/CryptoCurrency (see below)... I used the following 3 methods:
  1. Using 1 hour / 8 hour /1 day Bollinger Bands as an indicator of a good buying time
  2. Looking for juicing buy walls to pin my buys next to
  3. The vibe/pick at random (sometimes I didn’t have time for options 1 and 2)

The two times I lost this week

On one of the days I was too busy to go through the method and picked a token myself. That was the first time I lost BTC last week. The second time I lost, all of the options I put in the hat lost BTC value. Not bad.

Feedback from /r/cryptocurrency

View all comments here. “I always follow one simple strategy: never sell crypto at loss unless you planned your stoploss level. FUD is your worst enemy. Though sometimes with this strategy I become an investor rather than trader 😁 and get my funds frozen in some alts for really long periods [..]Don't let your fear of taking losses or your purchase price get in the way of more profitable trades.” - Grandifer “FUD is your worst enemy [...] Don't let your fear of taking losses or your purchase price get in the way of more profitable trades.” This resonated the most. At one point this week, I was down 7.6% on one of my trades. There was a huge sell wall below my buying price and I decided to cancel some of my sell orders to see if I could minimise my loss, by placing a sell order just below the sell wall. Later on in the night there was huge 20% spike (that lasted 15 minutes)... it executed all of my sell orders but I only made a marginal gain of 0.88% for the day. Is there a lesson in this? Probably not. Just lucky to make anything, really. The majority of coins lost value this week and most gains were seen from random shizzle coins with low trading volumes. Ultimately, although this experiment is low cost - the psychological impact of seeing any losses and markets moving against you is very real. As for the rest of the notes, stoploss isn’t available to me and hodling isn’t an option in this experiment. “All that aside, the point I'm trying to make is that past returns shouldn't have any effect on your current portfolio choices. At any given point in time, you should be able to look at your holdings and go, "Yup, this is the best place my money could possible be right now". Having a goal of "at least breakeven on any trade" is unrealistic and actually very dangerous. The moment you can click on that "sell" button, gains or losses, and not feel anything...that's when you become a world-class trader.” - notextremelyhelpful (in a thread of comments from Grandifer) An interesting perspective, especially “Having a goal of "at least breakeven on any trade" is unrealistic and actually very dangerous”. Though this is sort of where I’m at, just because of the goals/tactics I set in this experiment. Especially because I’m still not back to where I started after taking a loss of 13% in a day (Thanks DNA!), making breaking even (at a minimum) a very strong motivator. Ironically, if I had held on to my biggest losing token (DNA) for a week more - I would be miles ahead of where I am now. “big advice: choose very wisely who you listen too. Suppoman has a very bad reputation here, since he has a very shady history of possible scams and other stories that make him not seem very trustworthy.” - ResponsibleLaugh Solid advice. I’m currently running my experiment on the Kucoin exchange. Not because it’s a world-class exchange, but because I listened to someone shilling Utrust (It actually could have been Suppoman) and that was the only place I could buy it. Long story short, I lost 50% of what I invested into it. However, I had just the right amount of BTC to start this experiment. So I kept the BTC on Kucoin to avoid transfer fees to larger a exchange. Utrust may actually be a good project (I don’t know), but I didn’t do my own research - and lost. Thankfully, not too much. Otherwise, my thoughts on Suppoman are; he’s good entertainment - but there’s a strong shill side to him, and a large enough audience to move markets (and make money - mainly for him). “Can I suggest another experiment for you? Take 0.01 btc and lend it out on Poloniex for a year and see how you fair. Most days the lending rate is pretty low, but when there are alt pumps on it can go to 1% a day or more. At the very least you won't lose money the way you can with trading.” - teatree Had a look into it. I still don’t quite get how it’s relatively risk-free/you won’t lose money. But I might save this experiment for later. “If you're really trying to move up the distribution of profitable day traders (to at least the 5% range) then I'd suggest learning about the technical indicators beforehand ;) [...] If you really want to step your game up, look into volumetric analysis (the study of the price/volume relationship). Here's a great resource: http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:volume_by_price - notextremelyhelpful A good read. I couldn’t find this indicator in the indicators in the charts on Kucoin - but I’ll definitely try and read up on more technical indicators.

What’s the plan for week 3

Another busy week ahead… So I might stick to the winning formula for now (yes, picking tokens out of a hat). I’m contemplating moving to a larger exchange (because every day I seem to be looking at the same 20 or so tokens that have some volume). But we’ll see. Until next time, I wish you all nothing but green days.

Feedback

Feel free to provide your feedback on Reddit or send me your buy recommendations for the day @DennisGraham7 [post_title] => From 0.01 to 510,000 Bitcoins in 365 Days – End of Week 2 (Monkey vs. Man) [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 0-01-510000-bitcoins-365-days-end-week-2-monkey-vs-man [to_ping] => [pinged] => [post_modified] => 2018-03-04 19:05:25 [post_modified_gmt] => 2018-03-04 09:05:25 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=59188 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [23] => WP_Post Object ( [ID] => 58553 [post_author] => 2 [post_date] => 2018-03-03 15:20:31 [post_date_gmt] => 2018-03-03 05:20:31 [post_content] => There are two ways to looking at growing the number in your savings account: ways to save money and ways to earn money. First, it helps to know where your money is going. Using Apps like PocketBook and Money Brilliant can help you track your finances. These apps link up with your bank account and any loans or credit cards you have to track the money coming in and living your accounts each month. It’ll even break down your expenses into categories like food, entertainment, and more. Even just signing up with money tracking app can help you pinpoint areas where you are spending money without realizing it. Once you’ve got your monthly expenses in hand, here are six lifestyle changes you can make to up your savings and invest in your future.

Quit a bad habit

[caption id="attachment_58554" align="alignnone" width="500"]Quit a bad habit Quit a bad habit (source)[/caption] This is where the classic ‘stop drinking expensive lattes’ advice comes into the picture. However, for you, your Achilles heel might not be expensive lattes, but drinks at a bar, cigarettes, or eating out. If you’re spending $5 a day on a flat white from your favourite café, that translates to $2,000 a year draining out of your pocket on coffee. The good news is that there are often cheaper or free alternatives to these so-called bad habits. Eschew bar hopping to make signature cocktails at home. Make coffee in the morning, but jazz it up with your own flavourings.

Pick up a free hobby

[caption id="attachment_58555" align="alignnone" width="480"]Picky a free hobby Picky a free hobby (source)[/caption] The good news is, now that you’ve given up a bad habit, you can use a new hobby to keep you busy. It is so easy to spend money when you’re bored. Shopping on a sunny Saturday might be one of your favourite activities, but it’s not your bank account’s favourite activity. Starting a free hobby can have twofold benefits: help distract you when you might be shopping or eating out and chances are, it might also be some good exercise. Free hobbies you might consider are running, reading (get your books from a library), hiking, geocaching, writing, drawing, and yoga.

Go out during happy hour

[caption id="attachment_58556" align="alignnone" width="260"]Happy hour Happy hour (source)[/caption] This list isn’t intended to make you miserable. There’s value in going out with your friends, even if it doesn’t directly correlate to the number in your bank account. That being said, creating a habit of meeting up for social outings during happy hour is a great way to take advantage of the food and ambiance of swankier places without peak hour prices.

Pick up a side hustle

[caption id="attachment_58558" align="alignnone" width="400"]Ikea assembly Ikea assembly (source)[/caption] This falls into the ‘increase your income’ side of putting more money where it belongs – in your pocket. If you have skills or resources that could bring in money, it’s time to put those skills to use. Online apps like Uber and Taskrabbit might be top of mind, but you can get creative. Everything from selling wares at a local market to starting your own business are open to you. Diversifying your income streams is a great way to create a stable, financial base. It sets you up for success because the future is never certain. (See our Ultimate List of Sharing Economy Platforms for Australians)

Start walking or biking

[caption id="attachment_58559" align="alignnone" width="360"]Walk, cycle or both Walk, cycle or both (source)[/caption] Not only does walking or biking reduce the amount of carbon emissions in the air, it also reduces your expenses. Car expenses, that is. In metropolitan areas like Sydney and Melbourne, are cars are expensive, luxury items. In addition to the car payment itself (if you don’t own outright), you also have to fork over cash for insurance, maintenance, and repairs. If you can make the switch and ditch your car, you can save thousands of dollars a year and do the environment a solid too.

Hang out with people you admire

[caption id="attachment_58561" align="alignnone" width="612"]Hanging out Hanging out[/caption] Research has shown that you tend to imitate the habits of the people around you. Which means start hanging out with rich people! All kidding aside, surrounding yourself with people that make good money and handle their finances well might not only rub off on you, but will give you new opportunities for investments and advice that you otherwise wouldn’t have. Exposure to people netting large salaries or nurturing large investment portfolios can help influence your thinking, offer new ideas, and improve your own finance game just by pure osmosis. Just like with other major lifestyle changes, it is important to make small, sustainable steps that you well into the future. Putting yourself on a Spartan budget will only make you miserable and more likely to succumb to a massive splurge. Consciously choosing how you spend your money instead of mindlessly consuming will reduce your expenses and increase your happiness. [post_title] => 6 Lifestyle Changes That Will Save You Money [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 6-lifestyle-changes-will-save-money [to_ping] => [pinged] => [post_modified] => 2018-03-03 15:34:37 [post_modified_gmt] => 2018-03-03 05:34:37 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=58553 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [24] => WP_Post Object ( [ID] => 54795 [post_author] => 2 [post_date] => 2018-02-25 20:22:56 [post_date_gmt] => 2018-02-25 10:22:56 [post_content] =>

TL;DR;

I’m trying to grow 0.01 worth of BTC by 5% per day for 365 days. Today is the end of week one. (View last weeks blog) I am down 10.91%. My starting amount of 0.009897 is sitting at ~0.00881757 Track progress here. [caption id="attachment_54796" align="alignnone" width="567"]Snapshot of week one Snapshot of week one[/caption]

Oh hai there

Last week I paraphrased that “95% of day traders lose money, about 5% of traders make money, and only about 1% of traders make money consistently.” Without any sense of self-delusion, I'm clearly in the 95% bracket (and probably towards the bottom of it). According to coinmarketcap, last week, the whole market had declined ~15.10%. But losing at a lower rate than the market is not the goal and not something I should pat myself on the back for. Especially since the goal was to increase the BTC holdings, which would have remained the same if I did nothing.

Strategies

I had no strategy. I did however watch a few datadash videos in the past, which always boiled down to "buy the dip" and "I never like to buy at all time highs". Seemed like a winning strategy, so I thought I'd wing it and see how I go. Day 1 was good. Day 2 was not so good, seemed like the dip wanted to double dip. On day 2 or 3 I was watching a Suppoman live stream in the shower (it's the only free time I have these days). I couldn't hear exactly what he was saying, but he mentioned something about Bollinger and that it somehow helped him make better trading decisions. I looked into it - and it seemed like a really helpful analysis tool. I had short listed some buying opportunities based on where the tokens sat within the Bollinger bands. The idea was good. My first trade wasn't great, but my next trade was. [caption id="attachment_54798" align="alignnone" width="1102"]A missed buying opportunity XRB: A token I passed to buy Dragon Chain (I lost money on DRGN, which bounced back strongly after I sold it)[/caption] On the weekend, I ended up going to the country. I was on the road, to places with poor reception and no Bollinger bands. So I was back to shoot in the dark.

Feedback from /r/cryptocurrency

I had overwhelming positive feedback on this experiment (anything outside the cryptoverse usually sees me getting down voted for recommending Bitcoin). Thank you to everyone for all your positive wishes. Here are great pieces of advice/feedback I received: " I think bots and whales push down price to stop loss hunt which means even setting SL is risky. [...] Overall, I think accomplishing this, if possible, would boil down to incredible almost unreal luck." - I_am_Jax_account Unfortunately, the exchange I'm using doesn't offer stop-loss functionality. And I completely agree, that an incredible amount of luck would need to play a role. "Good luck! As someone who has done a bit of trading over the last year I will tell you that the more BTC you have, the harder it becomes to make a 5% increase." - Westthewolf Unfortunately, I'm far away from this 1st-class problem. "Make sure you use safe trading techniques. Scale in and out. Be certain of your trades. Don't emotionally buy. Going all in our all out might set you back several days if you have one bad trade. It will get harder when you have more money. At the beginning, when it's just chump change, you'll control emotions more" - Azntigerlion Very good advice. It's something I need to look into more carefully. I believe on my VEN trades, I added scaled out sell orders, which helped me lock in a positive position. On my second NEO purchase, I missed my whole sell order by a small fraction and missed out on 2-3% gain (if I had scaled out), to making a very marginal loss. "Good luck. Don't start chasing losses, just move on and forget about it. Even if you make it to .5 BTC you've done an awesome job. I'll keep checking your progress." - hamster3rs The emotional aspect of playing with even this small amount of money is interesting. After taking the first big loss (just by the end of day two!)... Did make me think more carefully about the purchases. But I do move on quickly ;) Averaging 5% per day would be astoundingly good. Rule of 72 will have you doubling your money every 2 weeks at that rate. I recommend you stick to your stop losses and not get greedy. - Bootstrapbuyout This is the first time I had learnt of rule of 72. Thank you for sharing! I try and sell out at 5% (but I don't usually get there!). I'll try and incorporate more of hamster3rs advice. [caption id="attachment_54799" align="alignnone" width="895"]Rule of 72 Rule of 72[/caption]

What will I do differently for week 2?

Be the monkey

I heard somewhere anecdotally, that monkey's outperform most traders on the share market. This week (time permitting), I will be the monkey. I will try and find a small selection of tokens that look good on the Bollinger bands, and picks one at random out of a hat.

Scale out sell order

I will place multiple sell orders at different prices to lock in some gains (even if it's not the full 5%).

Buy slowly

Early on, I bought at whatever the selling prices was. This sometimes left a margin of 1-2% between selling and asking price. This week, I will try not to rush into a buy... and wait a little to see if I get a better price. Until next time, I wish you all nothing but green days. EDIT: feel free to provide your feedback here or send me your buy recommendations for the day @DennisGraham7 (my BTC is currently on Kucoin) [post_title] => From 0.01 to 510,000 Bitcoins in 365 Days - End of Week 1 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 0-01-510000-bitcoins-365-days-end-week-1 [to_ping] => [pinged] => [post_modified] => 2018-02-25 20:33:09 [post_modified_gmt] => 2018-02-25 10:33:09 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=54795 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [25] => WP_Post Object ( [ID] => 51447 [post_author] => 2 [post_date] => 2018-02-19 01:46:14 [post_date_gmt] => 2018-02-18 15:46:14 [post_content] =>

TL;DR

I'm going to try and grow 0.01 worth of BTC by 5% per day for 365 days. Today is day one. Track progress here.

Oh hai there

As one of my favourite crypto YouTubers, Crypto Daily  says: (and I'm paraphrasing) "95% of day traders lose money, about 5% of traders make money, and only about 1% of traders make money consistently." Chances are I'm one of the 95%. But there's only one way to be certain. This evening, after playing cards with a mate of mine and having a chat about how is life going and the bags of shizzle coins we're currently holding... I went home and had a shower. And as it always happens, your greatest ideas happen in the shower. "How hard is it to make 5% per day? There's always some crypto that's going up... and how much is 5% daily growth after one year, anyway?". Turns out that 5% per day compounded is pretty massive. 0.01 BTC at 5% daily growth is over 510,000 BTC after 365 days.

Do I think I'm going to make it?

No, the odds are definitely against me. Why do it? Because of Moon Ladas, that's why. [caption id="attachment_51448" align="alignnone" width="628"]Moon lada, because Moon Lambo's are so 2017 Moon Lada, because Moon Lambos are so 2017[/caption]

So what's the strategy?

I've got none... So feel free to shill me your daily recommendation on Twitter (@DennisGraham7). Also, it's currently 2am as I'm writing this. I might try and formulate a better strategy tomorrow.

My only rule

Make a trade every single day. A bit arbitrary, but I'm not going to hold anything for more than a day (win or lose). Like a shark - I must keep moving forward.

First trade

Since I want to get some sleep tonight, I just randomly bought 0.82315302 of NEO. I will blog weekly to keep you updated, but you can always just bookmark my GSheet. Until next time, I wish you all nothing but green days. [post_title] => From 0.01 to 510,000 Bitcoins in 365 Days [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 0-01-510000-bitcoins-365-days [to_ping] => [pinged] => [post_modified] => 2018-02-19 01:48:01 [post_modified_gmt] => 2018-02-18 15:48:01 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=51447 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [26] => WP_Post Object ( [ID] => 50779 [post_author] => 2 [post_date] => 2018-02-18 14:03:17 [post_date_gmt] => 2018-02-18 04:03:17 [post_content] => Loans are useful and sometimes necessary facets of a healthy financial life. While the idea of willingly taking on debt can be scary, choosing the right loan for your needs can help you build your credit while purchasing items that would otherwise be out of reach. What is a loan? A loan is temporary transfer of money, which the borrower agrees to pay back with interest. Within the broad definition of a personal loan, there are many different types. You might be familiar with loans for cars or home loans, but people take out loans for many different reasons. Loans can be broken down into long term, short term, medium term, and payday. Long term, medium term, short term, and payday loans differ in three ways:
  1. Duration of loan;
  2. Amount borrowed, and
  3. Interest rate.
In a nutshell, long term loans will have the longest duration, the highest amount borrowed, and the lowest interest rate. On the flipside, payday loans will have the shortest duration, smallest amount borrowed, and highest interest rates. Long term loans are for your largest purchases [caption id="attachment_50780" align="alignnone" width="500"]Entering a long term contract can be scary stuff Entering a long term contract can be scary stuff (source)[/caption] Long term loans are the loans that people are most familiar with. Home loans fall into this category. Long term loans are 10 up to 30+ years. Most long term loans are secured loans – meaning there is collateral placed against the debt. For example, with a mortgage, the house itself is the collateral. Because of the long repayment period, long term loans are reserved for the largest amounts, usually in the tens of thousands of dollars range. The interest rates are calculated based on credit, but because these are usually secured loans, long term loans will offer the lowest interest rates of every type of loan. Of course, over the duration of the loan, even a low interest rate can accumulate into a significant amount. On the bright side, since the long term loans have such long payment duration the monthly payments themselves are usually rather low compared to the amount of debt. Medium term loans are for large expenses. [caption id="attachment_50781" align="alignnone" width="480"]Australian money Australian money (source)[/caption] Medium term loans (also known as personal loans) exist in the gap between short and long term loans. The repayment duration of these loans is between one and five years. Medium term loans are often taken out to finance home renovations, holidays, and complicated medical procedures. It is not unusual to see these loans targeted toward people with small outstanding debts. Medium term loans can be secured or unsecured. Borrowers will also notice that medium term loans usually come with a highly monthly payment and higher interest rates than long term loans. Medium term loans can see from 7% p.a. for secured loans and up to a 29% p.a. for high risk unsecured loan. Though you’re doing well if you get loan around 11% p.a. Short term loans and payday loans are for emergencies [caption id="attachment_50782" align="alignnone" width="245"]Cash money, yo Cash money, yo (source)[/caption] Short term loans last between one month and one year. These are often taken out for unforeseen emergencies like home or car repairs. Short term loans are for amounts up to about $4,000. When choosing a short term loan, it is important to find a reputable lender otherwise interest rates can trend sky high. Payday loans are the shortest duration loans. The idea is that these loans will be repaid on your next payday, hence the name. Payday loans can last from one day to one month and the amount borrowed usually fairly small, between $50 and $4000. These loans are very risky and should only be taken out in true emergency circumstances, as the interest rates for these types of loans are incredibly high. It is important to note that interest for payday loans is calculated per day and not per month. Borrowers should take great care in choosing a payday loan to avoid loan sharks, especially if they have a history of poor credit. What loan is right for you? While loans used to be reserved for only those with the highest credit scores, it is now possible for nearly anyone to qualify for a loan if they find the right financial institution. BestFind can help you choose amongst the great number of providers, based on your specific situation. Of course, any debt that you agree to take on should be carefully thought out before signing on the dotted line. What loan you ultimately settle on will depend on your needs and your finances. Each loan is better suited toward specific purposes. [post_title] => Differences between long and medium term loan as well as short term and payday loans [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => differences-long-medium-term-loan-well-short-term-payday-loans [to_ping] => [pinged] => [post_modified] => 2018-02-18 14:03:17 [post_modified_gmt] => 2018-02-18 04:03:17 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=50779 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [27] => WP_Post Object ( [ID] => 27855 [post_author] => 2 [post_date] => 2017-12-06 15:37:17 [post_date_gmt] => 2017-12-06 05:37:17 [post_content] => You work hard for the money (so hard for it honey). You work hard for money, so you better treat it right. Smart financial choices can be the difference between thriving and struggling to make ends meet. If you’re making one or all these money mistakes, your hard-earned cash might be slipping between the cracks. The good news is that if you are making one of these mistakes, it’s never too late to make changes. 1. You don’t have a budget. [caption id="attachment_27856" align="alignnone" width="350"]I'm on a budget I'm on a budget (source)[/caption] You’re probably sick of hearing this… But if it wasn’t good advice, people would stop telling you this. How can you save for emergencies, retirement, a house, and a new car when you don’t know how much you’re spending each month? This seems like an obvious step, but it’s also often overlooked. A good place to start, is looking at your credit card and bank statements (scary, I know). Itemising non-essentials items (3 coffees a day, all those extra handbags and shoes, subscriptions you never use, all those drinks you bought for your colleagues that disappear when it’s their shout, etc.) and looking to see where can you trim with out significantly impacting your lifestyle. (3 coffees a day at 3.50 each = over $2k… that’s a ticket to Europe my friend. And all you have to do is make your self some instant in the office instead). You can also start by tracking your spending for a few months. Apps like Pocketbook and MoneyBrilliant can make tracking your expenses easy. Once you know where your money is going, you can be more deliberate about making choices that work for you. 2. You don’t talk about money with your partner. [caption id="attachment_27857" align="alignnone" width="500"]The key is communication The key is communication (source)[/caption] If you have a significant other that you share your life (and expenses) with, it is important to discuss money. These conversations can range from daily household budgets, to where you should live, to how big your wedding should be. In fact, 70% of Australian couples cite money stress as a source of tension in the relationship. Money troubles are the biggest predictor in divorces. A huge stumbling block for young couples is the wedding. The average cost of a wedding in Australia is $36,200. For couples to afford a wedding, most make sacrifices. Couples cite moving back in with their parents, selling their cars, or delaying buying a house or starting a family to have a big wedding. So what can you do? Put pride aside, and start talking maturely to your partner. Ask questions about how to handle joint finances, selling the Merc and buying a Corolla instead. Those big weekends catching up with you (and your credit card)? Tell your partner you want to "Netflix and chill" and save some money. If you’re getting married, consider cutting costs where you can. After all, a wedding is just a party. Plus studies show that cheaper weddings, make for longer lasting marriages. Plus, I'm sure there's other discussions to be had. Try not blame anyone, and be honest with each other. 3. Ruining your credit thanks to credit cards. [caption id="attachment_27858" align="alignnone" width="500"]Money is no object Money is no object. Especially when you never have any. (source)[/caption] Credit cards are wonderful financial tools when used correctly. They build credit history and often offer rewards or bonuses. But, it can be easy to mess up your finances using credit cards if you aren’t careful. The average Australian is carrying around $4,000 in credit card debt at any time and will pay up to $700 in interest fees each year. There are three major pitfalls to avoid: Also, keep the number of credit cards you have down to one or two that offer you rewards. Be careful that you don’t go over your budget. Pay off your bill in full each month. Also read our 12 Best Credit Cards Tips 4. You don’t have a ‘rainy day’ fund. [caption id="attachment_27859" align="alignnone" width="410"]He didn't plan for a rainy day He didn't plan for a rainy day. His mic, probably no longer works either. (source)[/caption] One in four Australian households have less than $1,000 in an emergency savings account. This puts a quarter of families one disaster away from financial strain. The thing about disasters is that they’re unpredictable. To be financially smart, you should be planning for disasters as if you expect them to happen. Start saving now. Start by diverting a portion of your income each month into a savings fund dedicated to emergencies. The general rule of thumb is you should aim for six months of your salary saved away. If you get a raise, this amount should increase as well. One amazing app that’s helped me is Acorns. It rounds up every transaction to the nearest dollar and invests it for you… It’s basically forced savings you barely notice leave your account. Note: Acorns is an investment platform and not a savings account (capital at risk) – but still a seamless way to force yourself to save. 5. You have children, but you don’t have a will. [caption id="attachment_27860" align="alignnone" width="350"]What would happen if you were this fish? What would happen if you were this fish? (source)[/caption] Two-thirds of Australians do not have a valid will. That number jumps to 77% between the ages of 18 and 34. If you have children, no matter your age, it is vital to create a valid will that determines how your estate should be disbursed upon your death. You don’t want to leave your children’s financial futures in the hands of the government (or painful lawsuits where the lawyers are the real winners). Avoid this by: talking to an estate lawyer to create a valid will. Update your will when you have any major life changes like marriages or more children. 6. You don’t care about your super. [caption id="attachment_27861" align="alignnone" width="320"]Retired When you plan life carefully, arthritis medication costs don't bother you. (source)[/caption] We’re living longer than ever and with that comes with an increased burden to save for retirement. Most Australians are facing a retirement that could last as long as 30 years. Retirement might seem far away now (or not), but one thing for sure – is you’re eventually going to get old. Doing a little extra today, will make the you of tomorrow be very thankful. So, what can you do? You can salary sacrifice and capitalize on the tax breaks. Consolidate multiple super accounts (smaller inactive accounts will usually get shrunken to zero with fees.) Shop around for new super fund, reduced fund, consistent performance, etc. [post_title] => 6 common money mistakes (and how to avoid them!) [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 6-common-money-mistakes-avoid [to_ping] => [pinged] => [post_modified] => 2018-02-22 23:44:58 [post_modified_gmt] => 2018-02-22 13:44:58 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=27855 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [28] => WP_Post Object ( [ID] => 20721 [post_author] => 1 [post_date] => 2017-10-05 00:21:37 [post_date_gmt] => 2017-10-04 14:21:37 [post_content] => With investors taking a lot of interest in Sydney, finding a home can be quite easy. That is, if you’re not on a budget, which happens to be a very big IF. Those looking for something under $500,000 are in for a tough search within the housing market. Despite the increased listings, many of the houses within the middle-ring suburbs don’t really fit that price qualification, and when they do, the property might not be investment-grade in quality. Thus, many prospective homeowners are moving towards the outer ring to have a chance at getting good quality homes well within the $500,000 mark. Tough, however, isn’t impossible. After some hard work and thorough research, here’s a list of properties in Sydney that are ideal for first-time home buyers who are working within that $500,000 budget. Recently Refurbished Unit in Granville - $420,000 to $460,000 8/84 Pitt Street, Granville NSW 2142 8/84 Pitt Street, Granville NSW 2142 Boasting a fringe location within Parramatta City, this unit is situated in a way that’s ideal for any homeowner. The place is just 15 minutes away from the railway station and has buses passing by its doorstep regularly. It’s also close to Merryland’s vibrant shopping district, which includes the Westfield Shoppingtown, Stockland Mall, and more. Outside, the unit is kept secure within a well-maintained block through 24/7 intercom and video security features. Inside is a newly renovated one-bedroom home that offers a spacious lounge and dining area as well as a double-sized master bedroom which comes with built-in wardrobes and soundproof windows. The bathroom comes with a separate bathtub and shower. There is yet another toilet located within the unit’s internal laundry area. Finally, the modern gas kitchen comes fully equipped with brand new appliances. Modern Studio Unit along Chelsea St. - $449,000 20/12-16 Chelsea St., Redfern 20/12-16 Chelsea St., Redfern Close to transportation stops and shopping areas, Chelsea St. is one place that’s sought after by homeowners for its convenient location. The 25 square meter studio unit would be nearby Bourke and Chelsea streets, making the price quite reasonable considering how hard properties like these are to find. This one-bathroom studio unit comes with an intercom, built-in wardrobes, and a dishwasher. There’s also a separate kitchen and bathroom, both boasting a modern design. The bright and airy laundry facility is also a plus. Worthy of note is the fact that this property is very pet friendly, so pet owners looking for a new place will find this quite the opportunity. Harbourside Pad by Elizabeth Bay Road - $415,000 1/43 Elizabeth Bay Road, Elizabeth Bay NSW 2011 1/43 Elizabeth Bay Road, Elizabeth Bay NSW 2011 The fact that this property has a lease value of $400 per week (5% gross rental yield) already says a lot about the worth of this one-bathroom studio unit along Elizabeth Bay Road. Aside from being close to the harbour and the famous Scotforth landmark, those who live here will find themselves very close to local points of interests. Local shops, cafes, and restaurants are within view by the doorstep. The unit’s convenient location is only matched by its modern interior. Inside is an open plan kitchen for those looking to maximize space as well as the stainless steel appliances that come with it. The bathroom, on the other hand, is the product of elegant design touched with chrome finishes all over. Finally, there’s a reasonable large amount of storage space on split levels for someone who wishes to live in a studio unit just a bit above a $400,000 budget. Villa with 3-Bedrooms in Meacher Street - $449,000 - $469,000 5/13 Meacher Street, Mount Druitt 5/13 Meacher Street, Mount Druitt For those who are looking for a bit more space and willing to move out west this beautiful 3-bedroom villa has so much to offer for anyone looking to buy it for less than $500,000. For one thing, it’s within walking distance from the Mount Druitt Station and some bus stops. Equally nearby are the local schools and the Westfield shopping district. Fitted with fresh paint and some new appliances, the place looks very brand new. Worthy of note is the fact that the villa’s three bedrooms all come with built-in mirrored robes. Along with the bedroom, the open plan living and dining areas are also freshly painted and fitted with floating floorboards. The lounge also comes with a gas heating outlet. There is also a relatively new back pergola where guests can be entertained. The bathroom is freshly renovated and benefits from the villa’s instantaneous gas hot water system. Meanwhile, the kitchen comes with a brand new oven that allows for gas cooking. Newly Renovated Studio Apartment in Dee Why - $469,000 5/14 Grafton Crescent, Dee Why 5/14 Grafton Crescent, Dee Why Aside from being close to local shops and transportation hubs, this newly renovated studio unit offers a convenient location that’s but a few moments away from the beach. This 49 square meter unit boasts a large open plan living area that’s completely tiled, a newly renovated kitchen that comes with its own bar, and a bathroom that has laundry facilities. Outside is a balcony and as well as a parking space, making it ideal for those who will move in with a vehicle. So if you’re looking for a nice place within Sydney that’s friendly to those first-time buyers working with a $500,000 budget, the properties above will be great to start with. Home loans start as low as 4.20% for those looking for help in financing their purchase. [post_title] => Top 5 Sydney Properties for First Home Buyers Under $500k - October 2017 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => top-5-sydney-properties-first-home-buyers-500k-october-2017 [to_ping] => [pinged] => [post_modified] => 2018-02-22 23:45:16 [post_modified_gmt] => 2018-02-22 13:45:16 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=20721 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [29] => WP_Post Object ( [ID] => 20698 [post_author] => 1 [post_date] => 2017-08-27 23:10:18 [post_date_gmt] => 2017-08-27 13:10:18 [post_content] => So you’re going to buy a house. Congratulations! Buying a house is likely one of the most exciting steps in anyone’s life. It’s a wonderful accomplishment that is also a financially smart move. If this is your first time applying for a home loan, we’ve got a few tips for you to consider. Even though we’ve broken things out into 9 steps, it breaks down into three bigger ideas. One: reduce/eliminate your debt. Two: save as much as you can. Three: be consistent. If you can take these three principles to heart, you’ll get approved for your first home loan six months from now. The most important thing to keep in mind when completing these steps is to be realistic. Don’t push yourself to buy a house outside of your budget. You'll be much more comfortable if you buy a house within your means and then expand when you're able.

1. Know your limit

Simply put, don’t buy a house you can’t afford. The first step to doing this responsibility is to know how much you can comfortably borrow. Factor in a buffer of 5% as well. This will help cushion the blow, say, if you lose your job before you find the next one. The rule of thumb to follow is that your housing cost (in this case, the mortgage), should not be more than 30 to 35% of your gross income. This will help you calculate what a reasonable mortgage payment for you might be. Keep in mind, this needs to be a hard limit. Don’t let yourself waver on this or you might end up regretting it in the future.

2. Set a budget

Figure out your monthly expenses and set a budget. You’ll want this budget to encompass room to pay for what your mortgage payment will be as well as extra to save for your mortgage itself. For example, your loan payment will be $1,800 a month, but your current rent is $1,500. Put aside the extra $300 as if you were already paying the mortgage. These six months will give you time to see if that is a comfortable payment for you every month and, bonus! You’ll be saving for your down payment as you go.

3. Keep your job

For at least the six months before you apply for the home loan, it’s a good rule of thumb to stick with the same job. This falls under the ‘be consistent’ umbrella. You want to set the stage for your future lending institution to see that you’re a responsible person. You pay your debts on time and can hold down a job. This will show your bank that you’re a person they should take a risk on because you’re low risk. If you do have to switch jobs, try to stick to the same career path. Save career changes for after you’ve been approved for the loan. This idea of stability also applies to your rental history.

4. Reduce your debt

Ideally, you will have no outstanding debt when you apply for a home loan. The general rule of thumb is that your debts shouldn’t exceed 40-40% of your gross income. This means that the less debt you have going into the application process, the easier it will be to get approved. If you do have outstanding debts, you’ll want to start paying them off pronto. Once you’ve got outstanding credit card debt paid off, close the cards. Reduce down to one. This includes those tempting store credit cards. Once the debt is gone, keep your balance at zero.

5. Avoid expensive purchases

This is a pretty simple idea, but don’t go out and buy a new car right before you apply for a home loan. Once you get your debt paid off or paid down, you don’t want to incur more debt.

6. Build a credit history (if you don’t have one)

If you don’t have a credit history at all, you’ll want to start by applying for a credit card. Make purchases on the card each month and then pay off the balance at the end of the month. You want to set up a record to prove that you can handle debt and will make regular payments. Car loans and personal loans are also good ways to build up a credit history. But, these take a bit longer to pay off so if you don’t already have these (see #4), you’ll want to avoid taking them out until after you’ve been approved.

7. And then save some more

Once you have paid off your debts the next step is to save as much as you can for your down payment. You can never have too much saved for your down payment. A higher down payment will make it easier for a lending institution to approve you. You will also likely get a lower interest rate (meaning you’ll pay less interest over the life of the loan). Win/win. This will also help you set up a ‘saving history’ that the bank can see. It will prove that you have the financial discipline needed for a long-term commitment like a home loan. When you have time, compare some high interest savings accounts and term deposits.

8. Keep your bank accounts in order

Avoid overdrawing your account or incurring any late payments during this six-month period. This goes back to the umbrella of consistency. You’re building a record for the bank to see that you’re a responsible person that can handle your finances.

9. Don’t rush it

Everyone knows that if you apply for a credit card and get rejected, it hurts your credit. The same is true of applying for a mortgage. If your first application gets turned down, it will be harder to get approved in the future. Only you will have a good idea of when is the right time to apply for your first home loan. Maybe six months is unrealistic for you. That’s okay. Or maybe you’ve already been working on most of these steps and you’ll be ready to make the jump in three. Wait until you’re ready to apply. There's no need to rush. Plus, home ownership comes with a lot of expenses that renting doesn’t. You’ll be happy that your finances are in order when your furnace gives up the ghost during your first winter in your new home. Getting approved for your first mortgage isn’t complicated. It can take some investment of your time to make sure that your finances are in order, but you can do it. If you take nothing else away from this article, walk away with the three principles in your mind: reduce debt, increase savings, and be consistent. If you do those things, you’ll be signing the contract of sale on your new home in no time!
Liked this post? Share it with a mate! And don't for get to follow Best Find on Twitter and Facebook. [post_title] => 9 tips for saving and getting approved for your first home loan [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => savings-and-getting-approved-first-home-loan [to_ping] => [pinged] => [post_modified] => 2018-09-22 16:48:13 [post_modified_gmt] => 2018-09-22 06:48:13 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=20698 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [30] => WP_Post Object ( [ID] => 20682 [post_author] => 1 [post_date] => 2017-08-13 01:45:17 [post_date_gmt] => 2017-08-12 15:45:17 [post_content] => Complete list of companies, below. Ever met someone who was working on an app that was described as “like Uber, but for whatever”? You might find their app here. If you're working on your own app that's like Uber, but for something else, you may want to get in touch with The Sharing Hub, which is an accelerator for these types of startups. Otherwise if you’re just looking for opportunities to make money off Uber alternatives, Airbnb alternatives and the like… You’ve come to the right place.

What is the sharing economy / gig economy?

If you've heard about this gig economy stuff but don't know what it is... It's quite simple. There are two parts for something to be a part of the sharing or gig economy:
  1. An online platform that connects the buyer with a seller or service provider
  2. The seller or service provider isn’t an employee of the platform, they just use the platform to connect with the buyers

WANT TO BE YOUR OWN BOSS?

You've come to the right place. Here’s is a list of all the Australian (and international companies available to Aussies) peer-to-peer/sharing/gig economy apps and websites we could find. There are are tonne of options for you to become a serial gigapreneur. It's like being a serial entrepreneur... Only 3.0. Have we missed something? Hit us up on @BestFindAU. Did we list your company but didn’t give you a witty enough description? Hit us up on @BestFindAU. To make things easier, we’ve categorised the gig economy websites by what you have to do.

GET PEOPLE AROUND

Uber alternatives [image source] Airly – Fly people in your jet. Need some petrol money for your flight back from Melbourne to Sydney? Offer a lift back to some high-flying randoms. GoCatch – Drive people around. GoCatch is a nationwide taxi booking platform and the country’s first locally-owned ridesharing app, offering new options for drivers and passengers across Australia. Hop – Drive people around. Start driving for HOP and earn up to $35/hr using a Hertz rental car. Share Ur Ride – Rideshare/carpool. Carpool and earn some money. Shebah – Drive women around. Shebah is Australia’s first and only active all-female rideshare service getting women and children where they need to go. Uber – Drive people around. It’s like Uber for driving people around. Thinking of driving people around? Need a new set of wheels? Compare some car loans.

DELIVER STUFF

Delivery sharing economy platforms [image source] Bellh0ps – Move stuff for people. Bellhops is a modern alternative to traditional moving companies. Channel 40 – Freight stuff. Fastest and most advanced freight management transport platform that connects freight owners and truck drivers. Moving heavy haulage, machinery, loads for trucks, tractors, shipping containers in Sydney, Melbourne and Australia-wide. Deliveroo – Deliver food. Awesome food, delivered! Foodora – Deliver food. Bringing good food into your everyday. Freight Match – Freight stuff. Freight Match is a specialist site designed to facilitate matching transport operators and suppliers requiring freight moving services. Menulog – Deliver food. Menulog has recently partnered with an innovative new food delivery start-up, Drive Yello. This exciting partnership allows Menulog to provide a delivery service for restaurants who do not currently have their own delivery fleet UberEATS – Deliver food. UberEATS is the easy way to get the food you love delivered. Take trips for a few hours in the mornings, every night, or just on weekends—it's up to you. You are your own boss and you can choose when and how much you work. Wrappli – Deliver advertising /Be a driving billboard. Wrappli is an outdoor advertising platform that allows everyday Aussie drivers to earn up to $600 a month by wrapping their cars in brands. Zoom2U – Deliver stuff. Zoom2u is a courier marketplace designed to connect you with customers looking to have their parcel delivered throughout Australia.

RENT YOUR STUFF OUT

Rent your car out [image source] Car Next Door – Rent your car. Car Next Door is an Australian company that facilitates peer-to-peer car rental, a system by which individuals may rent privately owned vehicles on an hourly or daily basis to other registered users of the service. Camplify – Rent your camper. Hire the perfect caravan, campervan, motorhome or camper trailer for your holiday. Camplify connects RV owners with holidaymakers, sharing the joy of camping. Kinder Share – Rent baby equipment. With Kindershare it has just become easier finding baby equipment in your local community or when you next travel. Quipmo  – Rent adventure gear. Quipmo is a peer to peer gear rental marketplace connecting surf, bike and snow gear owners with like minded travelers and locals who share a passion for adventure! The Volte – Rent your clothes. Borrow and lend designer fashion delivered to your door. Tools Mates Hire – Rent your tools. ToolMates Hire is a peer-to-peer tool hiring and renting platform for people to share their tools from the comfort of their own homes.

DO PHYSICAL ACTIVITIES FOR PEOPLE

Airtasker alternatives [image source] Airtasker – Do stuff for people offline. Airtasker is a trusted community marketplace for people and businesses to outsource tasks, find local services or hire flexible staff in minutes - online or on your mobile. Bellh0ps – Move stuff for people. Bellhops is a modern alternative to traditional moving companies. Better Caring – Care for the elderly and disabled. Better Caring is an online marketplace enabling people who are ageing, or those with a disability, to customise their own care and support. Blys – Massage people. Australia’s best massages – delivered fast to your home, hotel or office. Class Bento – Teach stuff (in Sydney). Classbento is the place to discover and book fun classes in Sydney. Food by Us – Cook food. A food sharing website that connects Buyers with local Makers of quality delicious food. Through FoodByUs you can order from super talented everyday people who just love to cook, bake and create. Helpling – Clean for people. Home Time – Clean Airbnb properties. Airbnb property management for Australian homes. Mad Paws – Babysit pets. Find a personal, pet minder to love your pet when you're not around. OneFlare – Do stuff for people offline. Answer a few simple questions about your job to receive competitive quotes. Up to three experts will respond with a detailed quote and a link to their profile. Paw Shake – Babysit pets. Find a trusted pet sitter in your community. Pet Cloud – Babysit pets. Australian network of trusted pet sitters and walkers. Pet homestay – Babysit pets. Designed to connect pet owners with trusted pet sitters across Australia, we offer 24/7 personalised care for your loved animals, whether for a long term holiday or just a day or two. Squaddle – Work in hospitality. Squaddle is an App that provides a peer to peer marketplace for short-term hospitality resources on-demand. The app offers businesses a simple, fast and convenient solution to source skilled independent resources that are rated by peers. Rende.vu  – Provide sexy time. NSFW. Side Kicker – Work on short notice. The fastest way to find temporary staff when you need them. Stellar – Do stuff for people offline. Stellar Home is an online platform that connects customers with trusted home service professionals. The Right Fit – Model / be an extra. The Right Fit are a 2-sided marketplace for creative talent, having everything from models, actors, influencers, photographers, hair & makeup artists and more. Talent loop – Share your talents? TalentLoop is an online marketplace which simplifies the sharing of talent with other like-minded organisations, in an easy and secure fashion. Urban you – Do stuff for people offline. Friendly, experienced cleaners and gardeners available on your schedule. Wipe Hero – Wash cars. WipeHero brings the carwash to you, wherever you are, using our very own developed waterless technology. ZenNow – Massage people. ZenNow deliver Australia's top mobile massage therapists direct to your doorstep.

RENT YOUR PLACE (& SPACE) OUT

via GIPHY Airbnb – Rent your place. Airbnb is a trusted community marketplace for people to list, discover, and book unique accommodations around the world — online or from a mobile phone or tablet. Consider a home improvement loan to jazz your place up. Don't have a place to rent out? Consider a home loan. Altspc - Rent your office & event space. We're an online space sharing platform that connects freelancers, start-ups and small businesses with spare space within existing businesses. Cookitoo – Rent commercial kitchens. Cookitoo is an online marketplace where food professionals can list, search and book unused kitchen space in their area. Divvy Parking – Rent your parking spot. Divvy Parking connects you to hundreds of parking bays in buildings all around you, for less. Book your own reserved bay in a few easy steps. Home Away – Rent your place. Like Airbnb but different. Just Park – Rent your parking spot. Just park it over there bro. Melbourne Home Stay – Host students. Find and list Melbourne homestay accommodation the easy way. Spacer – Rent your space. Spacer, the Marketplace for space (car space, storage space, etc). Spacelli – Rent your space. Search and rent self-storage with a neighbour and save. Stayz – Rent your place. Stayz, based in Sydney, Australia, is the leader in holiday rentals with over 40,000 properties domestically. Stayz allows guests to search and compare a wide variety of amazing holiday rentals across the country. Rubber Desk Rent your office space. Get paid sharing your spare office space with businesses and professionals.

LEND MONEY (IT'S CALLED, PEER-TO-PEER LENDING)

lend money through peer-to-peer lending [image source] Big Stone – Lend money to businesses. Fund creditworthy businesses and build your own loan portfolio. HarmoneyLend money to individuals. Harmoney is Australasia's leading marketplace lending website. MoneyPlace – Lend money to individuals. MoneyPlace uses marketplace lending to connect wholesale investors with credit worthy borrowers looking for personal loans through a simple, online process. RateSetter – Lend money to businesses & individuals. RateSetter has more lenders than any other Australian P2P lender. RateSetter connects investors who want a better rate on their money with creditworthy businesses and individual who want a simple, competitive loan. SocietyOne – Lend money to individuals. SocietyOne provide simple, investor funded personal loans with low rates based on your good credit history. Thin Cats – Lend money to businesses. ThinCats Australia is an online marketplace for secured business loans to Australian companies.

SELL STUFF

eBay – sell stuff online. Does it really need an introduction? Etsy – sell your crafts. An online market place for the “creative types” who still actually make stuff with their own hands. Gumtree – sell stuff online. Australia’s local marketplace. Buy, sell & find almost anything.

CLICK YOUR MOUSE (FREELANCE/ONLINE WORK)

Doing stuff on line [image source] 99Designs Australia– Do stuff for people online. 99Design is #1 marketplace for graphic design, including logo design, web design and other design contests. Design Crowd – Design stuff for people online. Custom design marketplace. Fiverr – Do stuff for people online. Sell your services to millions of people all over the world from $5. Freelancer – Do stuff for people online. Freelancer.com is the world's largest freelancing and crowdsourcing marketplace by number of users and projects. Freelance Marketplace - Do stuff for people online (and offline). Freelance-Market is the marketplace for all Australian contractors and clients. You do not need to register, just select the most suitable contractor directly - free and in seconds! OzLance – Do stuff for people online. Connecting you with Australian Freelancers. UpWork – Do stuff for people online. Pretty slick and popular freelance website. Still reading? You're keen! Please like and share this post with your mates. If we've missed any sharing economy apps and websites... Let us know by hitting us up on Twitter or Facebook. [post_title] => Ultimate List of Australian Gig & Sharing Economy Sites [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => ultimate-list-of-australian-gig-sharing-economy-sites [to_ping] => [pinged] => [post_modified] => 2018-10-30 23:42:50 [post_modified_gmt] => 2018-10-30 13:42:50 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=20682 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [31] => WP_Post Object ( [ID] => 20649 [post_author] => 1 [post_date] => 2017-07-23 15:38:46 [post_date_gmt] => 2017-07-23 05:38:46 [post_content] => There are plenty of good reasons to use a credit card, including convenience, improving a credit rating, increased buyer protection, rewards - or just take advantage of a sale your favourite store. But beware - while a credit card can be a valuable tool if you know how to use it properly. Even the vigilant among us need to stay on their toes. It’s a case of do your homework or deepen your debt, so we’ve made it easy for you by compiling the best tips for staying ahead. Ready for a quick boost of credit card education? We’ve also included a handy list that you can use right now to take action to beat the banks and start winning the credit card game.

1. You can negotiate your annual fee

Credit card fees are a fact of life - but it is possible to have them waived. While it’s not a given, banks are known to waive fees if a good customer is thinking of moving to another provider. This is more likely if you’ve been with them for a while and you have been a profitable customer (which ironically means that you haven't always paid everything on time and left them with no interest to collect from you). There’s no harm in asking. Say something like “I’ve been shopping around to find the most competitive deal on credit cards. Before I cancel this card, could you let me know if you offer any incentives for me to keep it?” This will carry more weight if you are actually prepared to cancel the card and go for a no annual fee card elsewhere.

2. Pay as much of your bill as possible

When the bill is due, make an effort to pay off as much of the balance as possible. The perfect credit card scenario involves paying the full balance off every month. It sounds so simple but it’s one of the most important things to avoid unnecessary interest payments.

3. Unpaid balances mean no interest free days

If you don't pay off your entire credit card balance by the end of the interest free period, you will lose access to interest free days and all your purchases will accrue interest immediately. The interest free days will only resume once you’ve paid off the balance transfer in full - which is a great reason to make this a priority.

4. Interest free periods start from the billing or statement cycle

When a card says, “up to 55 days interest free,” that doesn’t mean you get 55 days interest free from the moment you buy something. The “55 days” actually refers to the period of time from the start of your statement (billing) cycle to your statement’s due date. As soon as the due date hits, unpaid balances will incur interest. So, if you made a purchase on day 1 of your statement period, you’d have 55 days to pay it off before interest would be applied to the balance. If you made a purchase on the second day, you’d get 54 days to pay it off interest free, and if you purchased something on day 20, you’d have 35 days to pay it off interest free.

5. Interest free periods don’t apply to cash advances

Cash advances are oh-so tempting, especially when you legitimately need them! While they’re sometimes necessary, avoid them if you can so you don’t pay too much interest. As they are effectively “withdrawals”, not “purchases”, interest starts accruing as soon as you take the money out. Be sure to repay them as soon as possible! And remember it’s not just ATM withdrawals that count - other “cash advance” examples include transferring money to another account, using your credit card to gamble, paying your bills over the counter at another bank or post office, and buying items that work like cash, such as gift cards or traveller’s cheques (people are still using those, right?). Moreover, some cards charge a higher interest rates on cash advances than on regular purchases!

6. It could take you a lifetime to pay off your debt

It sounds laughable, but it’s true! Paying back only the minimum repayment each month drags your debt out so much that it can easily take decades to pay off a card. Ever wonder why banks are so profitable? Paying back just the minimum amount significantly increases the amount of interest you pay in the long term. Check out these numbers from moneysmart.gov.au: “On a balance of $1,000 with a rate of 18.5% and minimum repayments of 2% of the balance, you'll pay your debt off in just over eight years. Your debt will also increase to $1,924 because of interest. If you bumped up your repayments to only $50 a month this debt would be paid off in two years and only cost a total of $1,183.” Use this calculator to work out your future repayments: MoneySmart - credit card calculator

7. Reduce your limit

It can be hard - but if you tend to be irresponsible with money, just do it. Your future self will thank you for it. Do you really need $20,000, $10,000 or even $5,000? Reduce the temptation! Reducing your credit limit to something you know you can afford on a monthly basis. Give your bank a quick call or duck into a branch and they should get it sorted for you straightaway. If you want to keep funds in case of an emergency - set a self-imposed limit and then put your card away somewhere out of sight until next month, or until you’ve paid your bill in full.

8. Stop invites to credit increases

If you’ve been eyeing off a special purchase, then the offer of more credit can be rather tempting! Stay strong! If you don’t need it, it’s best to avoid taking the bank up on their offer. Banks are legally not allowed to offer you credit increases unless you’ve given them specific permission. You may have unwittingly done this and then forgotten all about it! Contact your bank and ask to opt out of future credit increase offers. If you really do need a once off, special purchase, pay the debt down quickly and then reduce the limit to a manageable amount.

9. Rewards vs. fees

It can be tempting to get a store credit card if you’re a frequent shopper there. Don’t be fooled by flashy advertising and the promise of fancy rewards - the fees on reward, frequent flyer and platinum cards may actually outweigh the benefits, and the interest rate is usually higher than other cards. Check the terms and conditions and calculate the value of the rewards you expect to receive. Compare that with the card fees and you’ll know where you stand. Watch out - some reward cards have annual fees so high that you need to spend tens of thousands of dollars just to break even!

10. Close your cards properly

There are plenty of good reasons to close a credit card - maybe you have too many cards (and too many annual fees), the bank raised the rate or added more fees, the interest free period is reduced, or maybe because you just don’t want a credit card anymore! Contact your bank and don't be surprised if they try and convince you to stay! Ensure they finalise closing the account and take note of the date, time and who you spoke with. Follow up with a letter or pop into a branch to confirm it has been closed. You don’t want to be paying an annual fee for a card you don’t use!

11. You may be able to balance transfer onto existing cards

If your credit card debt is getting out of control on one or more cards, check if you can do balance transfer onto one of your existing cards. Most providers offer this service (even if they don't advertise it), all it takes is a phone call. Consolidating multiple credit card balances this way can help you to manage your money and reduce your credit card debt faster.

12. Make this simple call

Of course none of the above will help you win the credit card game if you don’t actually follow through, so we’ve included a little checklist for you. Why not take a moment to call your bank and run through the items on this list?
  1. Ask if you have an unpaid balance and if so, how much
  2. Clarify what “interest free period” applies to your card
  3. Ask to reduce your limit to a manageable amount
  4. Opt out of credit increase offers
  5. Ask about transferring balances from other cards if applicable
If you’re feeling game, do a spot of research first to find the most competitive deal out there and ask your bank if they’re willing to offer incentives, like reducing or waiving your annual fee to keep you as a customer. The gist of these tips and tricks is to have a close look at your credit card habits. When used correctly - credit cards can be great. When used incorrectly, they can cost you thousands in interest each year and not to mention financial stress! If you feel like you’re not getting the most from your credit card then consider the above points and ensure you're on the right track. [post_title] => Our 12 Best Credit Card Tips to Beat the Banks [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 12-best-credit-card-tips-beat-banks [to_ping] => [pinged] => [post_modified] => 2017-11-14 02:32:47 [post_modified_gmt] => 2017-11-13 16:32:47 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=20649 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [32] => WP_Post Object ( [ID] => 20642 [post_author] => 1 [post_date] => 2017-07-22 14:34:06 [post_date_gmt] => 2017-07-22 04:34:06 [post_content] => Savings accounts might seem like one of the boring, run-of-the-mill accounts you can have. Oftentimes people just stick with the savings account they were offered in conjunction with a transaction account, but in fact, savings accounts are an essential part of healthy financial habits. A quarter of Australians have less than $1,000 in cash savings, which means that a quarter of Australians are one accident away from financial trouble. Savings accounts are essential to ensure you’re ready when to cover unexpected expenses like medical or dental work, unavoidable travel, car troubles, or pricey home repairs. Savings accounts are different than other accounts that hold your money in return for interest (like term deposits) because the investment is liquid, meaning that you can withdraw the money at any time, which is why they are so handy for emergency situations. Here are our best tips to choosing the right savings account:

Shop around

Even if you have a great transaction account at a bank you love, it pays to shop around to see what other financial institutions are offering in terms of fees, interest rates, minimum balances, and bonuses before settling on one. All of these perks and fine print can vary wildly from bank to bank and drastically change the ultimate value of your savings account. Some banks will require a monthly charge just for having the account open while other banks have little to no fees. It’s easy to feel like you’re in the weeds when trying to compare all of the competing offers, but using comparison sites like Best Find can help maximise the value of your savings account.

Take advantage of the honeymoon period

Some financial institutions will offer sign-up bonuses with requirements that need to be met in the first month or three months of use, generally a total dollar value that needs to be deposited and then not removed for a set period of time. But it’s important to know yourself and your habits. How hands on are you willing to be with your savings account? If you just want to set it and forget it, choosing a savings account with a great sign-up bonus and then a weak interest rate might not be a better choice than choosing a savings account without a flashy bonus but has been more stable historically. When bonus hunting, it’s important to find out how long the honeymoon rate lasts, what the base or variable rate is once the honeymoon period runs out, and if there’s a cap on how much you can earn at bonus rates.

Avoid fees

This one is pretty self-explanatory. You’ll want to look for savings accounts that don’t have regular or high fees associated with them because every fee nibbles away at what you’re putting into savings and the old adage is true – a penny saved is a penny earned.

Compound your money

Keep an eye out for savings accounts that offer compound interest – that is, will pay interest on interest already earned. It’s a great way to get extra worth out of a savings account without any effort on your party. Compound interest can be especially powerful for those under 30 looking to their futures, but it can be worthwhile to look for at any age.

Mind the minimum

Some financial institutions will require that you deposit and keep a certain amount of funds within your savings account at all times. If that amount drops below the minimum balance requirements, you’ll forego the high interest earning potential. When comparing savings accounts, it’s important to be honest with yourself about how much money you can easily leave in a savings account and then look for savings accounts with minimum deposit requirements that you can afford.

Make sure the government guarantees your all of you money

The Australian Government will guarantee up to $250,000 per person per financial institution. That means that if anything happens to a financial institution with which you bank, the government will reimburse your money. For example, if you deposit $250,000 with a bank and then another $250,000 with a credit union, the government will guarantee the total $500,000. However, if you deposit $500,000 with a bank, the government will only guarantee up to $250,000.

It pays to not be loyal

Once you’ve picked your savings account, you’re all set. Or are you? It depends on how hands on you want to be, but it pays to not stick with the same savings account and financial institution. From racking up sign-up bonuses to switching to financial institutions that are offering higher interest rates, it pays (literally) to pursue your options every 6 to 12 months to see if your money would benefit better to be moved to another financial institution.

Keep your hands off

After all that’s said and done, unless you’re moving your money from one savings account to the next, don’t touch it. Taking money out of your savings account should only be done for emergencies or for planned events like travel. Otherwise, withdrawing money from savings account can forego your attractive sign-up offers and high interest rates.

Teach your kids to save early

Teaching your children how to save money, make interest, and appreciate financial responsibility is a great way that parents can set their children up for success later in life. There is no minimum age for which a child can apply for a children's savings account, but it is important to know the rules for withholding taxes. You can learn more about taxes on a child’s savings account by going to Australian Taxation Office’s website.

The best time to start a savings account is yesterday.

The second best time is today.

There’s no replacement for starting a strong track record with creating a savings account and regularly depositing additional funds into it. Even small increments add up over time so it is important to not discount the value of saving a small portion of your income, if possible. Setting a realistic goal can be a great way to get motivated and stay motivated. Another option is to set up an automatic transfer so that some of your money is whisked away into a savings account each payday so it’s not even something you need to worry about. Having a health savings account of at least six month’s pay is a great way to have peace of mind that should something unexpected crop up, it can be dealt with. The next time you step into your financial institution, consider asking about their savings account options. [post_title] => 9 tips for Australians to earn more from their savings accounts [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 9-tips-australians-earn-savings-accounts [to_ping] => [pinged] => [post_modified] => 2018-09-24 07:52:59 [post_modified_gmt] => 2018-09-23 21:52:59 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=20642 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) ) [post_count] => 33 [current_post] => -1 [in_the_loop] => [post] => WP_Post Object ( [ID] => 88102 [post_author] => 1 [post_date] => 2018-11-04 16:56:07 [post_date_gmt] => 2018-11-04 06:56:07 [post_content] => The three broad types of home loan interest rates each have pros and cons. Deciding between them can seem tricky, but don’t worry, we’re here to help! [post_title] => What are the different types of home loan interest rates? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => different-types-home-loan-interest-rates [to_ping] => [pinged] => [post_modified] => 2018-11-14 05:16:00 [post_modified_gmt] => 2018-11-13 19:16:00 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=88102 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [comment_count] => 0 [current_comment] => -1 [found_posts] => 33 [max_num_pages] => 0 [max_num_comment_pages] => 0 [is_single] => [is_preview] => [is_page] => [is_archive] => [is_date] => [is_year] => [is_month] => [is_day] => [is_time] => [is_author] => [is_category] => [is_tag] => [is_tax] => [is_search] => [is_feed] => [is_comment_feed] => [is_trackback] => [is_home] => 1 [is_404] => [is_embed] => [is_paged] => [is_admin] => [is_attachment] => [is_singular] => [is_robots] => [is_posts_page] => [is_post_type_archive] => [query_vars_hash:WP_Query:private] => 48674986d6e57427990eb3a6bd27af89 [query_vars_changed:WP_Query:private] => [thumbnails_cached] => [stopwords:WP_Query:private] => [compat_fields:WP_Query:private] => Array ( [0] => query_vars_hash [1] => query_vars_changed ) [compat_methods:WP_Query:private] => Array ( [0] => init_query_flags [1] => parse_tax_query ) ) WP_Post Object ( [ID] => 88102 [post_author] => 1 [post_date] => 2018-11-04 16:56:07 [post_date_gmt] => 2018-11-04 06:56:07 [post_content] => The three broad types of home loan interest rates each have pros and cons. Deciding between them can seem tricky, but don’t worry, we’re here to help! [post_title] => What are the different types of home loan interest rates? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => different-types-home-loan-interest-rates [to_ping] => [pinged] => [post_modified] => 2018-11-14 05:16:00 [post_modified_gmt] => 2018-11-13 19:16:00 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=88102 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

What are the different types of home loan interest rates?

The three broad types of home loan interest rates each have pros and cons. Deciding between them can seem tricky, but don’t worry, we’re here to help!

WP_Post Object ( [ID] => 83614 [post_author] => 2 [post_date] => 2018-09-09 22:49:02 [post_date_gmt] => 2018-09-09 12:49:02 [post_content] => You’ve probably come to us if you’ve been wondering: “What is the personal loans application process?” Applying for a personal loan is generally quite straightforward if you’re looking to sign up with an Australian lender or bank. This guide outlines the main steps in the application process for personal loans, to help you get the loan you’d like in a hassle-free way.

1. Do your background research

Before you can apply for a personal loan, it’s absolutely vital to do serious research into the offers around. You’ll only be able to choose the best personal loan if you’ve got a clear idea of what you’ll want to spend the money on, first up. Once you’ve got this in mind, you’ll be able to save a lot of time and make a more relevant decision. Things you’ll need to consider from here are:

2. Applying for your personal loan

The application process for your personal loan can be done many ways these days. Online is a common way to apply, as many banks and lenders offer online applications. Typically you can also apply by post and on the phone, however in all cases you will need to: You’ll also need to provide proof of: If you’re applying to a bank you’re not a customer of, you will typically be required to show evidence of your identity. It’s not uncommon for banks to ask for 100 points of ID in these cases.

3. Wait for verification and conditional approval

Online applications can take several business days before you receive an approval or denial. If they send you a product disclosure statement, you should check this thoroughly. You might also be requested to give further evidence so the bank or lender has everything on hand. Here again you may need to provide proof of income, identity and evidence of other debts you might have.

4. Receiving acceptance and final approval

Almost there! If your personal loan application has received approval then all you need to do is wait for the bank to email or post you your contract. Once you’ve returned a signed copy of this to your lender, it should only be a matter of 24 hours or so before it’s approved. When this happens, your loan application has officially been accepted.

5. Receive your funds

Your personal loan should now be available as soon as they are “drawn down” into your bank account. So yes, you can spend it!

It’s important to remember...

If your lender or bank is deviating significantly from the steps we’ve outlined, or if they haven’t been 100% transparent and things seem a little dodgy, please stop your application process. You can check for free whether everything is as it seems or otherwise with the Credit and Investment Ombudsman or Australian Financial Ombudsman Service. These services are designed to help ensure that loans and all the procedures involved are following regulations, and also settle disputes between clients and their lenders. [post_title] => Personal loans application process [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => personal-loans-application-process [to_ping] => [pinged] => [post_modified] => 2018-09-22 14:07:40 [post_modified_gmt] => 2018-09-22 04:07:40 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=83614 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

Personal loans application process

You’ve probably come to us if you’ve been wondering: “What is the personal loans application process?”

Applying for a personal loan is generally quite straightforward if you’re looking to sign up with an Australian lender or bank. This guide outlines the main steps in the application process for personal loans, to help you get the loan you’d like in a hassle-free way.

1. Do your background research

Before you can apply for a personal loan, it’s absolutely vital to do serious research into the offers around. You’ll only be able to choose the best personal loan if you’ve got a clear idea of what you’ll want to spend the money on, first up. Once you’ve got this in mind, you’ll be able to save a lot of time and make a more relevant decision. Things you’ll need to consider from here are:

  • Total loan amount. Comparing different loans for the size you’re looking for is a great place to start.
  • Find a personal loans repayment calculator. These factor in loan types like secured and unsecured personal loans, as well as loan term and interest rate type. With a personal loans repayment calculator you can get an idea of how much you’ll be paying each instalment and whether this is realistic for you.
  • Secured or unsecured? You’ll need to make the decision as to whether you’re happy or not to guarantee your loan with an asset. This will determine the interest rate on your loan.
  • Prepare your credit rating documents. Loans of all shapes and sizes will always ask for proof of your credit history. Having this on hand will help you assess whether you’re likely be accepted or not, and is important because rejected applications often mean black marks against your credit standing.

2. Applying for your personal loan

The application process for your personal loan can be done many ways these days. Online is a common way to apply, as many banks and lenders offer online applications. Typically you can also apply by post and on the phone, however in all cases you will need to:

  • over 18
  • demonstrate a good credit history and score
  • be a citizen or permanent resident of Australia
  • not be financially insolvent or declaring bankruptcy
  • provide details of any vehicles you intend to purchase with the loan, like rego, VIN and a tax invoice showing the dealer’s information and vehicle price (if applying for secured personal loan backed by your car)

You’ll also need to provide proof of:

  • your Australian residential address
  • income, as income statements, ATO notice or payslips
  • any existing loans, debts or credit cards you currently own

If you’re applying to a bank you’re not a customer of, you will typically be required to show evidence of your identity. It’s not uncommon for banks to ask for 100 points of ID in these cases.

3. Wait for verification and conditional approval

Online applications can take several business days before you receive an approval or denial. If they send you a product disclosure statement, you should check this thoroughly. You might also be requested to give further evidence so the bank or lender has everything on hand. Here again you may need to provide proof of income, identity and evidence of other debts you might have.

4. Receiving acceptance and final approval

Almost there! If your personal loan application has received approval then all you need to do is wait for the bank to email or post you your contract. Once you’ve returned a signed copy of this to your lender, it should only be a matter of 24 hours or so before it’s approved. When this happens, your loan application has officially been accepted.

5. Receive your funds

Your personal loan should now be available as soon as they are “drawn down” into your bank account. So yes, you can spend it!

It’s important to remember…

If your lender or bank is deviating significantly from the steps we’ve outlined, or if they haven’t been 100% transparent and things seem a little dodgy, please stop your application process. You can check for free whether everything is as it seems or otherwise with the Credit and Investment Ombudsman or Australian Financial Ombudsman Service. These services are designed to help ensure that loans and all the procedures involved are following regulations, and also settle disputes between clients and their lenders.

WP_Post Object ( [ID] => 83612 [post_author] => 2 [post_date] => 2018-09-08 16:31:45 [post_date_gmt] => 2018-09-08 06:31:45 [post_content] => Whether you’re a first time property buyer, or a veteran real estate investor, it’s crucial to get acquainted with home loan fees. If you’ve used a home loan calculator or comparison rates to shop around online, you’ll be familiar already with how home loan fees can easily add up quite quickly. Home loan fees can make a big difference in the total amount you’ll be paying on your mortgage. Whether you’ve found the best interest rate or not, fees are a key factor to consider if you’re hoping to save money in the long run. This guide explains some of the standard home loan fees, so you’ll know what to look out for when choosing a mortgage.

Application fees

Application, establishment, set-up, start-up or up-front fees all refer to the one-off charge that you’ll pay when setting up your mortgage. The average Australian mortgage of $350,000 may be associated with an application fee of up to $500 for residential home loans, and only slightly more for investment properties. Home loans without establishment fees may charge you more in terms of maintenance or ongoing fees throughout the duration of your loan.

Ongoing/maintenance fees

Maintenance or ongoing fees may be monthly, quarterly or annual, and are also sometimes called loan service fees. These service or administration charges may sometimes be required in under certain situations, a good example of this is a redraw facility fee. Redraw facilities will only apply if you’re using the redraw option to withdraw additional repayments you’ve made on your home loan.

Lenders’ Mortgage Insurance (LMI) fees

Lenders and credit providers are covered by Lenders’ Mortgage Insurance (LMI) as a rule. This protects them in the instance that you or other borrowers default on a home loan. As a first time home buyer, you’ll often be charged an LMI fee if your home loan is an amount above 80% of your property value. If it’s not your first time taking out a home loan to buy property, you will typically be charged LMI fees if you’re borrowing to cover your entire property value. It is possible in some instances to get some of your LMI premium refunded. This may be an option if you’ve been with your current home loan for one or two years and you’re switching loans. It’s also a good idea to check whether you can avoid paying LMI again if you’re changing to a new loan outside this period. This might be the case if you have enough equity on your home if you’re paying LMI at the moment.

‘Break’ fees

Break fees, or break costs, apply when you switch home loans before your fixed rate home loan period is complete. They can be quite high in some instances. If market interest rates have decreased during the period you’ve had your fixed rate home loan, its generally the case that break costs will be higher. They aren’t always set at in advance, so you’ll often only find out what the break cost will be when you ask your lender.

Early exit fees

Early exit fees are also known as deferred establishment fees, early termination fees, deferred application fees or early discharge fees. These are the charges you’ll be looking at if you wish to completely pay off your home loan within a specific time frame. As an example, you’ll most likely be charged an early exit fee if you’ve had your mortgage for under 5 years. On the plus side, they are capped under Australian Law so that the lender you’re leaving can only recoup the amount they will have lost by your early exit. This means that home loan providers will not be able to charge exit fees as a means of putting you off moving your home loan elsewhere. If you’re quite lucky, you’ll notice a few lenders who offer to pay your early exit fees when you sign up with them. As always, make sure you consider other fees, interest rates, features and flexibility when looking to switch lenders.

Termination fees

Termination fees are also sometimes called settlement fees or home loan discharge fees. These apply when you repay the total amount of your mortgage. For the average Australian mortgage, it’s not unusual for discharge or termination fees to range around the $250 mark.

Refinancing fees

Refinancing fees are charged by your new credit provider when you move your home loan to them while refinancing. These may be flexible in terms of their size, so negotiation isn’t always off the table. Refinancing will very often involve discharge fees, application fees, and break fees. It’s important to think things through carefully before you refinance your home loan to avoid paying too much in charges.

Limits for fees and interest payments

There’s more to it than fees and bad news, actually. Under Australian law, you’re not required to pay over 48% per annum on your mortgage. This includes set-up and fixed fees. It’s a good thing, because home loan fees can cost the average first time home buyer a fair amount in the first year alone.

Other fees

There are a few other fees that might apply to your home loan, depending on your circumstances. In some instances it is possible to come across charges like:

How can I keep my home loan fees down?

It’s strongly recommended that you talk to your lender or loan provider before you commit to a mortgage. Yes, you should do this even if you’ve carefully checked out what’s on offer online because while these deals may be relevant at the time they’re published, they may change at any time. Please do read the fine print, too before signing anything, as home loan fees can easily add up to thousands over the course of your home loan. [post_title] => Home loan fees explained [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => home-loan-fees-explained [to_ping] => [pinged] => [post_modified] => 2018-09-22 14:04:09 [post_modified_gmt] => 2018-09-22 04:04:09 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=83612 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

Home loan fees explained

Whether you’re a first time property buyer, or a veteran real estate investor, it’s crucial to get acquainted with home loan fees. If you’ve used a home loan calculator or comparison rates to shop around online, you’ll be familiar already with how home loan fees can easily add up quite quickly.

Home loan fees can make a big difference in the total amount you’ll be paying on your mortgage. Whether you’ve found the best interest rate or not, fees are a key factor to consider if you’re hoping to save money in the long run. This guide explains some of the standard home loan fees, so you’ll know what to look out for when choosing a mortgage.

Application fees

Application, establishment, set-up, start-up or up-front fees all refer to the one-off charge that you’ll pay when setting up your mortgage. The average Australian mortgage of $350,000 may be associated with an application fee of up to $500 for residential home loans, and only slightly more for investment properties. Home loans without establishment fees may charge you more in terms of maintenance or ongoing fees throughout the duration of your loan.

Ongoing/maintenance fees

Maintenance or ongoing fees may be monthly, quarterly or annual, and are also sometimes called loan service fees. These service or administration charges may sometimes be required in under certain situations, a good example of this is a redraw facility fee. Redraw facilities will only apply if you’re using the redraw option to withdraw additional repayments you’ve made on your home loan.

Lenders’ Mortgage Insurance (LMI) fees

Lenders and credit providers are covered by Lenders’ Mortgage Insurance (LMI) as a rule. This protects them in the instance that you or other borrowers default on a home loan. As a first time home buyer, you’ll often be charged an LMI fee if your home loan is an amount above 80% of your property value. If it’s not your first time taking out a home loan to buy property, you will typically be charged LMI fees if you’re borrowing to cover your entire property value.

It is possible in some instances to get some of your LMI premium refunded. This may be an option if you’ve been with your current home loan for one or two years and you’re switching loans. It’s also a good idea to check whether you can avoid paying LMI again if you’re changing to a new loan outside this period. This might be the case if you have enough equity on your home if you’re paying LMI at the moment.

‘Break’ fees

Break fees, or break costs, apply when you switch home loans before your fixed rate home loan period is complete. They can be quite high in some instances. If market interest rates have decreased during the period you’ve had your fixed rate home loan, its generally the case that break costs will be higher. They aren’t always set at in advance, so you’ll often only find out what the break cost will be when you ask your lender.

Early exit fees

Early exit fees are also known as deferred establishment fees, early termination fees, deferred application fees or early discharge fees. These are the charges you’ll be looking at if you wish to completely pay off your home loan within a specific time frame. As an example, you’ll most likely be charged an early exit fee if you’ve had your mortgage for under 5 years.

On the plus side, they are capped under Australian Law so that the lender you’re leaving can only recoup the amount they will have lost by your early exit. This means that home loan providers will not be able to charge exit fees as a means of putting you off moving your home loan elsewhere. If you’re quite lucky, you’ll notice a few lenders who offer to pay your early exit fees when you sign up with them. As always, make sure you consider other fees, interest rates, features and flexibility when looking to switch lenders.

Termination fees

Termination fees are also sometimes called settlement fees or home loan discharge fees. These apply when you repay the total amount of your mortgage. For the average Australian mortgage, it’s not unusual for discharge or termination fees to range around the $250 mark.

Refinancing fees

Refinancing fees are charged by your new credit provider when you move your home loan to them while refinancing. These may be flexible in terms of their size, so negotiation isn’t always off the table. Refinancing will very often involve discharge fees, application fees, and break fees. It’s important to think things through carefully before you refinance your home loan to avoid paying too much in charges.

Limits for fees and interest payments

There’s more to it than fees and bad news, actually. Under Australian law, you’re not required to pay over 48% per annum on your mortgage. This includes set-up and fixed fees. It’s a good thing, because home loan fees can cost the average first time home buyer a fair amount in the first year alone.

Other fees

There are a few other fees that might apply to your home loan, depending on your circumstances. In some instances it is possible to come across charges like:

  • Account maintenance fees if there’s an offset account you’ve linked to your mortgage
  • Default or late payment fees- these charges apply if you fall behind on a repayment
  • Property valuation fees

How can I keep my home loan fees down?

It’s strongly recommended that you talk to your lender or loan provider before you commit to a mortgage. Yes, you should do this even if you’ve carefully checked out what’s on offer online because while these deals may be relevant at the time they’re published, they may change at any time. Please do read the fine print, too before signing anything, as home loan fees can easily add up to thousands over the course of your home loan.

WP_Post Object ( [ID] => 83610 [post_author] => 2 [post_date] => 2018-07-30 15:39:01 [post_date_gmt] => 2018-07-30 05:39:01 [post_content] => Term deposits are a generally low-risk ways to invest your money at a fixed interest rate for a set period. They’re amongst the most straightforward financial products available, but do prevent you from instantly accessing your money throughout the entire deposit period.

What happens if I need access to my funds?

Withdrawing your term deposit before maturity is not a straightforward task. When you deposit with a bank or credit union, that institution typically uses this money to lend to other customers. The high interest rates associated with term deposits is thus an incentive for you not to withdraw while these funds are being used for other purposes. When you do need to terminate your deposit early, it’s normal to be faced with financial penalties.

31 day notice period

Because you’ve essentially committed your funds for the period of your term deposit, it’s often necessary to give 31 days advance notice if you’d like to make an early withdrawal. It’s best to consider whether you’re sure about locking away your funds before you open a term deposit.

Withdrawal fees and penalties

If you decide that you’d like to invest your money elsewhere or if you need them in case of an emergency, you’re likely to be faced with a range of different penalties for withdrawing before maturity. Different institutions will charge different fees, which might be called early withdrawal fees or prepayment penalties depending on your institution.

Reduced interest rate

A common penalty for withdrawing early from your term deposit is for your bank to apply a reduced interest rate to your remaining funds. The amount of the decrease will often be larger if you have a longer term remaining. For example, a term deposit earning 3% per annum and withdrawn fairly early may be penalised by dropping to 2% per annum, while a deposit termination made later on might only incur a 0.5% per annum penalty.

Break fees

Another penalty charged by some institutions is a break fee, which will also vary between institutions. Reading the fine print of your term deposit agreement is generally a good way to understand what your penalties might be before you invest. It’s worth doing this before you choose a term deposit that suits you, so you can decide if it’s the product for you.

Minimum balances

Very frequently term deposits will come with minimum balance requirements. What this means is that even if you aren’t withdrawing the entire deposit before maturity, it’s possible you’ll be lowering your overall balance to below the minimum amount required. If this happens, it’s often the case that the bank will close your term deposit account automatically. It’s also not unusual for the interest rate reduction to be applied on top of the remaining deposit.

Can I avoid term deposit fees?

It’s always good to consider your options before you open a term deposit, and it’s well worth being aware of the following things: ‘Cooling-off’ periods are a feature of some term deposits, and these give you a chance to withdraw your funds and close your mind penalty-free if you simply change your mind. [post_title] => Can I withdraw my term deposit before maturity? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => can-i-withdraw-a-term-deposit-before-maturity [to_ping] => [pinged] => [post_modified] => 2018-09-22 13:29:27 [post_modified_gmt] => 2018-09-22 03:29:27 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=83610 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

Can I withdraw my term deposit before maturity?

Term deposits are a generally low-risk ways to invest your money at a fixed interest rate for a set period. They’re amongst the most straightforward financial products available, but do prevent you from instantly accessing your money throughout the entire deposit period.

What happens if I need access to my funds?

Withdrawing your term deposit before maturity is not a straightforward task. When you deposit with a bank or credit union, that institution typically uses this money to lend to other customers. The high interest rates associated with term deposits is thus an incentive for you not to withdraw while these funds are being used for other purposes. When you do need to terminate your deposit early, it’s normal to be faced with financial penalties.

31 day notice period

Because you’ve essentially committed your funds for the period of your term deposit, it’s often necessary to give 31 days advance notice if you’d like to make an early withdrawal. It’s best to consider whether you’re sure about locking away your funds before you open a term deposit.

Withdrawal fees and penalties

If you decide that you’d like to invest your money elsewhere or if you need them in case of an emergency, you’re likely to be faced with a range of different penalties for withdrawing before maturity. Different institutions will charge different fees, which might be called early withdrawal fees or prepayment penalties depending on your institution.

Reduced interest rate

A common penalty for withdrawing early from your term deposit is for your bank to apply a reduced interest rate to your remaining funds. The amount of the decrease will often be larger if you have a longer term remaining. For example, a term deposit earning 3% per annum and withdrawn fairly early may be penalised by dropping to 2% per annum, while a deposit termination made later on might only incur a 0.5% per annum penalty.

Break fees

Another penalty charged by some institutions is a break fee, which will also vary between institutions. Reading the fine print of your term deposit agreement is generally a good way to understand what your penalties might be before you invest. It’s worth doing this before you choose a term deposit that suits you, so you can decide if it’s the product for you.

Minimum balances

Very frequently term deposits will come with minimum balance requirements. What this means is that even if you aren’t withdrawing the entire deposit before maturity, it’s possible you’ll be lowering your overall balance to below the minimum amount required. If this happens, it’s often the case that the bank will close your term deposit account automatically. It’s also not unusual for the interest rate reduction to be applied on top of the remaining deposit.

Can I avoid term deposit fees?

It’s always good to consider your options before you open a term deposit, and it’s well worth being aware of the following things:

  • Your bank is not legally required to comply with your early withdrawal request. A lot of the time you’ll need to get the institution’s approval in order to withdraw funds before maturity.
  • Your provider may waive the 31 day notice period if you’re applying to withdraw for reasons of financial hardship.
  • Some institutions do not charge penalties for partial term deposit withdrawals, which can be an advantage when you’re weighing up different options at the start.

‘Cooling-off’ periods are a feature of some term deposits, and these give you a chance to withdraw your funds and close your mind penalty-free if you simply change your mind.

WP_Post Object ( [ID] => 83607 [post_author] => 2 [post_date] => 2018-07-29 15:20:35 [post_date_gmt] => 2018-07-29 05:20:35 [post_content] =>

The realities of repaying your mortgage

If you’re reading this, you’re probably familiar with the dream of owning and living comfortably in your own home. Ideally, without the hassle of rent or mortgage repayments. In reality though, we live in a country with the highest housing price-to-income ratio, and ever-rising property prices. Which means, most of us are realistically stuck with mortgages that take years to pay off, and it can feel overwhelming at times The average first home owners in Australia are borrowing over $344,000, and the average Aussie home loan comes in at over $400,000. With fees and interest, the average Australian homeowner could quite easily be paying over $1,000,000 if not they're not making their repayments as quickly as possible. At the same time, we are faced daily with hundreds of unique and original home loan options. It’s no real surprise then, that most of us are looking for real ways to repay our home loans early. But how can we do this practically, without a massive pay rise?

How can I repay my home loan early?

There is no such thing as a free lunch. If there were, we’d all be having a laugh in our mortgage-free houses or enjoying a barbie in our fully paid-off gardens. There are a few strategies you can use though, that could make a big difference in early home loan repayments.

Nice round numbers

A simple way to speed up your home loan repayment is to consider rounding up the figure directly debited from your account. The average Australian pays around ~5% per annum (standard variable) on the average home loan of around $400,000, a monthly repayment of $2150. If rounded up to $2200, roughly the price of 10 morning coffees, this totals $600 annually off the average home loan repayment. The easiest way to do this and accelerate towards a life without mortgage repayments is to adjust your direct debit. Doing so is a one-off task and will make sure you don’t have to make the nail-biting decision each month.

Repay more often

Interest on a mortgage is calculated daily. Although mortgage repayments are often displayed as a monthly figure that doesn't mean you have to repay the mortgage on a monthly basis. By making more regular repayments (weekly or fortnightly) you cut down the principal on which your interest is calculated. This one tactic could save you 10's of thousands of dollars over the life of your loan.

Some expert help

If you can afford it, professional financial assistance can go a long way. Consider getting help from experts like mortgage brokers and lenders, financial planners and investment specialists. A trained advisor or specialist could help you consider financial strategies and do the legwork for you. With a clear idea of the steps needed to pay off your home loan early, professionals can make a big difference by giving you some structure to achieve this. Experts will also take note of all the important factors like your income, where your property is located, other debt and your own determination or willpower. Considering your options, find a planner who can realistically help you achieve your mortgage repayment goals.

Budget!

Rearranging the structure of your repayments can only go so far! When you’ve tried everything above, it’s time to make do some budget redesign. To really make a difference and pay off a home loan early, Australians have loads of options. Are you currently using a savings plan? Paying higher than average utility bills or a monthly mobile cap you don’t really use? It’s likely that you could rethink the amount you spend on these things, isn’t it? By saving electricity, water, petrol or redirecting your savings direct debit, you could re-channel these funds into your home loan repayments. By now you’ve probably heard of American Adam Hatter, who redesigned his budget and paid off his $157 000 mortgage in five years. The good news is, you don’t need to buy all your clothes from op shops like he and his wife did. Even small changes can make a big difference, like packing lunch rather than buying that $15 superfood salad. At this point it might seem like we have something against coffee, but do you really need that $3 barista-made flat white every day?

Leverage

Whether this is your first, second or third home loan, you could do well to learn from professional investors. Whether you choose to invest in shares, bonds or more real estate, a smart investment plan can yield you profits for your repayments. You could even use half your profits for paying off your home loan early and reinvest some of your returns, depending on your strategy. Remember, be smart and go with a professional portfolio manager if you're not confident.

[post_title] => Ways to repay your home loan earlier [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => ways-repay-home-loan-earlier [to_ping] => [pinged] => [post_modified] => 2018-09-22 13:52:01 [post_modified_gmt] => 2018-09-22 03:52:01 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=83607 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

Ways to repay your home loan earlier

The realities of repaying your mortgage

If you’re reading this, you’re probably familiar with the dream of owning and living comfortably in your own home. Ideally, without the hassle of rent or mortgage repayments. In reality though, we live in a country with the highest housing price-to-income ratio, and ever-rising property prices. Which means, most of us are realistically stuck with mortgages that take years to pay off, and it can feel overwhelming at times

The average first home owners in Australia are borrowing over $344,000, and the average Aussie home loan comes in at over $400,000. With fees and interest, the average Australian homeowner could quite easily be paying over $1,000,000 if not they’re not making their repayments as quickly as possible. At the same time, we are faced daily with hundreds of unique and original home loan options. It’s no real surprise then, that most of us are looking for real ways to repay our home loans early. But how can we do this practically, without a massive pay rise?

How can I repay my home loan early?

There is no such thing as a free lunch. If there were, we’d all be having a laugh in our mortgage-free houses or enjoying a barbie in our fully paid-off gardens. There are a few strategies you can use though, that could make a big difference in early home loan repayments.

Nice round numbers

A simple way to speed up your home loan repayment is to consider rounding up the figure directly debited from your account. The average Australian pays around ~5% per annum (standard variable) on the average home loan of around $400,000, a monthly repayment of $2150. If rounded up to $2200, roughly the price of 10 morning coffees, this totals $600 annually off the average home loan repayment.

The easiest way to do this and accelerate towards a life without mortgage repayments is to adjust your direct debit. Doing so is a one-off task and will make sure you don’t have to make the nail-biting decision each month.

Repay more often

Interest on a mortgage is calculated daily. Although mortgage repayments are often displayed as a monthly figure that doesn’t mean you have to repay the mortgage on a monthly basis. By making more regular repayments (weekly or fortnightly) you cut down the principal on which your interest is calculated. This one tactic could save you 10’s of thousands of dollars over the life of your loan.

Some expert help

If you can afford it, professional financial assistance can go a long way. Consider getting help from experts like mortgage brokers and lenders, financial planners and investment specialists. A trained advisor or specialist could help you consider financial strategies and do the legwork for you. With a clear idea of the steps needed to pay off your home loan early, professionals can make a big difference by giving you some structure to achieve this.

Experts will also take note of all the important factors like your income, where your property is located, other debt and your own determination or willpower. Considering your options, find a planner who can realistically help you achieve your mortgage repayment goals.

Budget!

Rearranging the structure of your repayments can only go so far! When you’ve tried everything above, it’s time to make do some budget redesign. To really make a difference and pay off a home loan early, Australians have loads of options.

Are you currently using a savings plan? Paying higher than average utility bills or a monthly mobile cap you don’t really use? It’s likely that you could rethink the amount you spend on these things, isn’t it? By saving electricity, water, petrol or redirecting your savings direct debit, you could re-channel these funds into your home loan repayments.

By now you’ve probably heard of American Adam Hatter, who redesigned his budget and paid off his $157 000 mortgage in five years. The good news is, you don’t need to buy all your clothes from op shops like he and his wife did. Even small changes can make a big difference, like packing lunch rather than buying that $15 superfood salad. At this point it might seem like we have something against coffee, but do you really need that $3 barista-made flat white every day?

Leverage

Whether this is your first, second or third home loan, you could do well to learn from professional investors. Whether you choose to invest in shares, bonds or more real estate, a smart investment plan can yield you profits for your repayments. You could even use half your profits for paying off your home loan early and reinvest some of your returns, depending on your strategy. Remember, be smart and go with a professional portfolio manager if you’re not confident.

WP_Post Object ( [ID] => 83618 [post_author] => 2 [post_date] => 2018-07-11 08:02:29 [post_date_gmt] => 2018-07-10 22:02:29 [post_content] => It’s always a good idea to know a little more about the credit options available on the market, so you can make informed decisions when you need to. Whatever you plan to use your personal loan for, there are smart ways and not-so-smart ways to go about spending your borrowed funds.

What’s in a personal loan?

Before you take out a personal loan, it’s great practice to understand what you’ll be looking at in terms of features. We’ve highlighted the key features of personal loans in this guide, so you can make the best decisions around your personal loan use. You’ll need to consider:

Debt consolidation

We’ve given debt consolidation it’s own little heading because it can be easy to overlook the ways that you might consider personal loans for refinancing. If you have several loans out at different interest rates, a personal loan could help you roll these into one more manageable monthly repayment. Say you have a car loan at 10% and two credit card debts at 18% and 20% respectively, a smart personal loan use might be to consolidate these debts. In this case, you would be looking for a personal loan which covers these combined outstanding debts in terms of value, but with:

Smart personal loan use

Loan purpose

When you apply for a personal loan, you’ll be asked what you intend to use the borrowed funds for. Your intended personal loan use will impact how likely it is that you’ll be approved - think “personal jet pack” vs. “children’s college funds”. Some personal loans such as secured car loans will also come with restrictions on what you can purchase, which means it’s smart to do your homework before applying. It’s worth noting that debt consolidation is considered a higher risk purpose than if you’re planning to buy an asset.

Common personal loan uses

There are several things you’ll be able to get with a personal loan, which could be up to $100,000 depending on your financial situation. This gives you more flexibility and potentially lower interest rates than credit cards for example, meaning you’ll want to consider funding for: Hopefully we’ve helped you consider some of the key aspects of choosing a personal loan. With a better idea of personal loan uses, you’ll be better able to make a decision about comparing loans, and consolidating debt or using your funds. [post_title] => What can I use a personal loan for? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => what-can-i-use-personal-loan-for [to_ping] => [pinged] => [post_modified] => 2018-09-24 08:07:42 [post_modified_gmt] => 2018-09-23 22:07:42 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=83618 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

What can I use a personal loan for?

It’s always a good idea to know a little more about the credit options available on the market, so you can make informed decisions when you need to. Whatever you plan to use your personal loan for, there are smart ways and not-so-smart ways to go about spending your borrowed funds.

What’s in a personal loan?

Before you take out a personal loan, it’s great practice to understand what you’ll be looking at in terms of features. We’ve highlighted the key features of personal loans in this guide, so you can make the best decisions around your personal loan use. You’ll need to consider:

  • Total loan amount – smaller loan sizes mean less risk for your bank or lender, so are more likely to be approved with less hassle
  • Repayment size – can you realistically commit to the repayments that will come out of say, a $15,000 loan over 6 months?
  • Repayment schedule – we’ve discussed how weekly or fortnightly repayments can help you repay your personal loan faster and with less interest, but you will also need to consider your financial situation
  • Interest rate – fixed or variable interest rates will determine how much your total interest payments will be
  • Secured vs. unsecured – secured loans will involve you putting up some collateral or asset as a guarantee, which may mean lower interest payments

Debt consolidation

We’ve given debt consolidation it’s own little heading because it can be easy to overlook the ways that you might consider personal loans for refinancing.

If you have several loans out at different interest rates, a personal loan could help you roll these into one more manageable monthly repayment. Say you have a car loan at 10% and two credit card debts at 18% and 20% respectively, a smart personal loan use might be to consolidate these debts. In this case, you would be looking for a personal loan which covers these combined outstanding debts in terms of value, but with:

  • a lower interest rate
  • favourable establishment, ongoing and prepayment fees
  • flexibility with additional or early repayments
  • other features your existing loans may not offer

Smart personal loan use

Loan purpose

When you apply for a personal loan, you’ll be asked what you intend to use the borrowed funds for. Your intended personal loan use will impact how likely it is that you’ll be approved – think “personal jet pack” vs. “children’s college funds”.

Some personal loans such as secured car loans will also come with restrictions on what you can purchase, which means it’s smart to do your homework before applying. It’s worth noting that debt consolidation is considered a higher risk purpose than if you’re planning to buy an asset.

Common personal loan uses

There are several things you’ll be able to get with a personal loan, which could be up to $100,000 depending on your financial situation. This gives you more flexibility and potentially lower interest rates than credit cards for example, meaning you’ll want to consider funding for:

  • Car/vehicles: although you might be required by certain lenders to take out a secured or unsecured car loan instead
  • Vacations: these are typically covered by unsecured personal loans
  • Business purposes: although you might be asked to apply for a business loan instead, some providers will allow personal loan use for business
  • Renovations or remodelling
  • Weddings
  • College or school tuition
  • Moving to a new house
  • Medical bills
  • Big ticket items like fridges or furniture

Hopefully we’ve helped you consider some of the key aspects of choosing a personal loan. With a better idea of personal loan uses, you’ll be better able to make a decision about comparing loans, and consolidating debt or using your funds.

WP_Post Object ( [ID] => 81271 [post_author] => 3 [post_date] => 2018-06-27 13:01:19 [post_date_gmt] => 2018-06-27 03:01:19 [post_content] => Most people only need one credit card, two at a maximum. If you have got into a tricky situation where you have multiple credit cards and you owe money on each one, then you may need financial help. It’s not a bad idea to talk to a financial expert and get advice on how to pay off your credit cards.

Here are a few ideas to help you reduce your credit card debt

Take a look at your multiple credit cards. If there are any that you genuinely can manage without, pick up the scissors right now. Cut that one up. Then, try these few tricks to help you manage multiple credit cards and to work out how to pay off the debt.
  1. Get a copy of all your statements
  2. Make a list
  3. Write down the name of each credit card and the balance owed against each card
  4. Go from smallest to largest
  5. Pay off the small immediately.  Close that account
  6. If you can pay off any of the others, do that too.  Close those accounts
  7. Then go through the others.  Write down how long it will take to pay off each one, and make a plan to get up to date
  8. If you do not know how to pay off the money, ask your bank for help
  9. Talk to your bank and work with them to make a plan
  10. Get help from a deb councillor

Keep up the credit card payments

When people have multiple credit cards they often get into trouble with the repayments. Debit piles up. It's important to pay off as much as possible every month, so that the interest is reduced. There is a way to manage multiple credit cards and rather than get into trouble, make sure to pay the minimum monthly repayment fee.

Keep up to date with your minimum payments

Debt can spiral out of control if you do not keep up with your minimum payments. While the first prize is to pay off your multiple credit cards and then close the accounts, you may not be in a position to do this immediately.  Remember:
  1. Pay off the credit card with the smallest debt, then close the account.
  2. Pay off the credit card with the highest interest rate as soon as you can.

Go through your bank statements

Something as simple as going through your bank statements will help. Get on top of how much money you owe and how to pay off the debt. Your statement will tell you how long it will take to repay each balance, if you have multiple cards, and will tell you what your minimum monthly payment must be. If you have multiple credit cards, perhaps you need advise from a deb councillor. There is nothing wrong in asking for help. Rather ask for help earlier than later. A debt councillor will tell you how to pay off your debt from multiple credit cards and he will advice you how to manage multiple credit cards too.

Change the way you look at debt

You have to deal with your debt. Don’t ignore it, because that is when the problem gets much worse. You can go to your bank, or banks, make an appointment with your bank manager (you may have various bank managers if you have multiple credit cards) and ask them for advice on how to pay off the money. If they have given you the multiple cards, they need to tell you the best way to manage multiple credit cards. Once you are back on track, only keep one credit card. Having multiple credit cards may be very appealing when you are buying a car, sending the kids to school, need that winter jacket or just need a little extra money to tide you over each month, but multiple credit cards can also get you into trouble. Moreover, multiple cards can mean multiple annual fees, which could up at to hundreds if not thousands of dollars. Debt is not exciting and one of the best and most powerful things you can do, is learn how to manage your money.

Consolidate your debt

There are two main ways to consolidate your debt:
  1. Get a personal loan
  2. Balance transfer
Before you do either you may want to look into your credit score, to get an idea of what your bank sees and to understand the strength of your application. You may also want to read our tips on getting your personal loan application approved. Also, remember that every time you apply for credit, that it will leave a mark on your credit file and it will reduce your credit score. If you choose to get a personal loan, you will want to ensure that the comparison rate (the interest rate that's inclusive of all fees) is lower than your current credit card interest rates. It is also wise to call up the lender before applying, to assess the likelihood of your application being successful. The operator will not be able to give you a definitive answer (that's the job of the underwriting team) - but they will quite likely, give you some helpful hints. If you choose to do a balance transfer, be mindful that there's often a fee of around 3% of the outstanding balance. If your credit cards are nearly maxed out, the likelihood of you being approved is considerably reduced. Lastly, if your balance transfer is successful - be sure to cut up and cancel those other credit cards. [post_title] => How to pay off multiple credit cards [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => pay-off-multiple-credit-cards [to_ping] => [pinged] => [post_modified] => 2018-07-08 15:35:11 [post_modified_gmt] => 2018-07-08 05:35:11 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=81271 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

How to pay off multiple credit cards

Most people only need one credit card, two at a maximum. If you have got into a tricky situation where you have multiple credit cards and you owe money on each one, then you may need financial help. It’s not a bad idea to talk to a financial expert and get advice on how to pay off your credit cards.

Here are a few ideas to help you reduce your credit card debt

Take a look at your multiple credit cards. If there are any that you genuinely can manage without, pick up the scissors right now. Cut that one up. Then, try these few tricks to help you manage multiple credit cards and to work out how to pay off the debt.

  1. Get a copy of all your statements
  2. Make a list
  3. Write down the name of each credit card and the balance owed against each card
  4. Go from smallest to largest
  5. Pay off the small immediately.  Close that account
  6. If you can pay off any of the others, do that too.  Close those accounts
  7. Then go through the others.  Write down how long it will take to pay off each one, and make a plan to get up to date
  8. If you do not know how to pay off the money, ask your bank for help
  9. Talk to your bank and work with them to make a plan
  10. Get help from a deb councillor

Keep up the credit card payments

When people have multiple credit cards they often get into trouble with the repayments. Debit piles up. It’s important to pay off as much as possible every month, so that the interest is reduced. There is a way to manage multiple credit cards and rather than get into trouble, make sure to pay the minimum monthly repayment fee.

Keep up to date with your minimum payments

Debt can spiral out of control if you do not keep up with your minimum payments. While the first prize is to pay off your multiple credit cards and then close the accounts, you may not be in a position to do this immediately.  Remember:

  1. Pay off the credit card with the smallest debt, then close the account.
  2. Pay off the credit card with the highest interest rate as soon as you can.

Go through your bank statements

Something as simple as going through your bank statements will help. Get on top of how much money you owe and how to pay off the debt. Your statement will tell you how long it will take to repay each balance, if you have multiple cards, and will tell you what your minimum monthly payment must be.

If you have multiple credit cards, perhaps you need advise from a deb councillor.

There is nothing wrong in asking for help. Rather ask for help earlier than later. A debt councillor will tell you how to pay off your debt from multiple credit cards and he will advice you how to manage multiple credit cards too.

Change the way you look at debt

You have to deal with your debt. Don’t ignore it, because that is when the problem gets much worse. You can go to your bank, or banks, make an appointment with your bank manager (you may have various bank managers if you have multiple credit cards) and ask them for advice on how to pay off the money. If they have given you the multiple cards, they need to tell you the best way to manage multiple credit cards.

Once you are back on track, only keep one credit card. Having multiple credit cards may be very appealing when you are buying a car, sending the kids to school, need that winter jacket or just need a little extra money to tide you over each month, but multiple credit cards can also get you into trouble. Moreover, multiple cards can mean multiple annual fees, which could up at to hundreds if not thousands of dollars.

Debt is not exciting and one of the best and most powerful things you can do, is learn how to manage your money.

Consolidate your debt

There are two main ways to consolidate your debt:

  1. Get a personal loan
  2. Balance transfer

Before you do either you may want to look into your credit score, to get an idea of what your bank sees and to understand the strength of your application. You may also want to read our tips on getting your personal loan application approved. Also, remember that every time you apply for credit, that it will leave a mark on your credit file and it will reduce your credit score.

If you choose to get a personal loan, you will want to ensure that the comparison rate (the interest rate that’s inclusive of all fees) is lower than your current credit card interest rates. It is also wise to call up the lender before applying, to assess the likelihood of your application being successful. The operator will not be able to give you a definitive answer (that’s the job of the underwriting team) – but they will quite likely, give you some helpful hints.

If you choose to do a balance transfer, be mindful that there’s often a fee of around 3% of the outstanding balance. If your credit cards are nearly maxed out, the likelihood of you being approved is considerably reduced. Lastly, if your balance transfer is successful – be sure to cut up and cancel those other credit cards.

WP_Post Object ( [ID] => 81272 [post_author] => 3 [post_date] => 2018-06-26 15:36:51 [post_date_gmt] => 2018-06-26 05:36:51 [post_content] =>

Is a term deposit right for you?

Chances are you’ve heard about term deposits as a way to make your money work for you. These uncomplicated financial products are deposits that can be made with a lender for a predetermined period of time. Usually spanning from 1 months to upwards of 5 years, term deposits offer relatively high interest rates over the time your money is deposited. When your deposit matures, you can either withdraw or ‘rollover’ your funds to a new term deposit. Whether you’re an experienced investor or simply looking for a better interest rate than your savings account offers, term deposits are worth considering. We’ve outlined some strengths and shortcomings of these investment products so you can decide if they’re right for you.

Term deposit pros

Low investment risk

Term deposits are among the most straightforward investment products out there. Simply open up your term deposit and there’s absolutely nothing to do but wait until the period’s almost over.

Get started without fees

There are typically no fees for opening up a term deposit, monthly or maintenance fees. A term deposit only involves locking up your funds for a certain amount of time. During this period you’ll enjoy a predetermined interest rate without doing a thing.

Protected interest rate

The beauty of a term deposit is the assurance of a fixed interest rate during the time that your funds are invested. Should you be lucky enough to lock this in while the market is strong, you’ll enjoy this high interest for the duration of the term deposit. This protects you from market fluctuations and can be a source of comfort should savings account interest rates drop.

Control your spending

With your savings safely locked away, you won’t need to worry about whether you’ll be tempted to spend it on something spontaneous. It’s much easier to stick to a budget and achieve your other financial goals when the risk of impulse buying is off the table.

Government guaranteed

Aussie term deposits are protected under the Financial Claims Scheme, which guarantees you government compensation of up to $250,000 if the lender you deposit with defaults. Under the scheme a single $500,000 investment could potentially lose half its value should your financial institution go under, but this is easily avoided simply by splitting your deposit into two term deposits of $250,000.

Term deposit cons

Interest rates won’t rise with the market

The fixed interest rate of term deposits has a down side. If market interest rates start looking stronger, there’s very little opportunity for you to benefit from this without paying withdrawal fees. There’s also very little chance that any benefit over and above these fees will be worth much either.

No extra deposits allowed

Unfortunately it’s not possible to introduce more money to your term deposit once you’ve settled on a plan and the clock starts. Unlike savings accounts that allow you to add more funds to a savings account at any point you like, term deposit funds are locked away. With good planning skills however, it’s always an option to open two or more term deposits with staggered maturity dates.

Inaccessible funds

If you require instant access to your money or an emergency arises, withdrawing is not as easy a task as it is with savings accounts. Term deposits will often require you to pay fines for withdrawing your funds before the period is up. Often, this is accompanied by a cut to your initially high interest rate. In some circumstances you may need to give up to a months notice before any withdrawals can be made.

Unattractive rollover terms

It’s important to pay attention to the maturity date for your term deposit. At the end of this period it’s not unusual for your money to rollover automatically and a new term to be started. Very often these new terms will be lower than the original rate you committed to, and if you don’t pay close attention, you might well be looking at a penalty withdrawal fee.

Fewer flexibility and bonus perks

Unlike high interest savings accounts or a variety of other competitive products offered by banks and .peer-to-peer lenders, term deposits are very much set in stone. This means a low chance of any bonus interest that you might get from a savings account (though some providers sometimes offer a bonus if you roll over). Similarly, once you’ve committed your money, and accepted your fixed interest rate, there’s also no incentive for your bank to tempt you with flexible features or options.

Finding a term deposit that suits you

Once you’ve weighed up the pros and cons of term deposits, you’ll be in a much better position to decide whether this strategy suits you. Moving your money from a savings account to a term deposit doesn’t have to be an all-or-nothing decision. Realistically there are plenty of different options around the amount you choose to invest and a range of investment term lengths.

Compare term deposits

If you wish to compare term deposits. Visit our term deposits page to see some of the top rates available in the market. [post_title] => Pros and cons of a term deposit [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => pros-cons-term-deposit [to_ping] => [pinged] => [post_modified] => 2018-07-08 15:33:11 [post_modified_gmt] => 2018-07-08 05:33:11 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=81272 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

Pros and cons of a term deposit

Is a term deposit right for you?

Chances are you’ve heard about term deposits as a way to make your money work for you. These uncomplicated financial products are deposits that can be made with a lender for a predetermined period of time. Usually spanning from 1 months to upwards of 5 years, term deposits offer relatively high interest rates over the time your money is deposited. When your deposit matures, you can either withdraw or ‘rollover’ your funds to a new term deposit.

Whether you’re an experienced investor or simply looking for a better interest rate than your savings account offers, term deposits are worth considering. We’ve outlined some strengths and shortcomings of these investment products so you can decide if they’re right for you.

Term deposit pros

Low investment risk

Term deposits are among the most straightforward investment products out there. Simply open up your term deposit and there’s absolutely nothing to do but wait until the period’s almost over.

Get started without fees

There are typically no fees for opening up a term deposit, monthly or maintenance fees. A term deposit only involves locking up your funds for a certain amount of time. During this period you’ll enjoy a predetermined interest rate without doing a thing.

Protected interest rate

The beauty of a term deposit is the assurance of a fixed interest rate during the time that your funds are invested. Should you be lucky enough to lock this in while the market is strong, you’ll enjoy this high interest for the duration of the term deposit. This protects you from market fluctuations and can be a source of comfort should savings account interest rates drop.

Control your spending

With your savings safely locked away, you won’t need to worry about whether you’ll be tempted to spend it on something spontaneous. It’s much easier to stick to a budget and achieve your other financial goals when the risk of impulse buying is off the table.

Government guaranteed

Aussie term deposits are protected under the Financial Claims Scheme, which guarantees you government compensation of up to $250,000 if the lender you deposit with defaults. Under the scheme a single $500,000 investment could potentially lose half its value should your financial institution go under, but this is easily avoided simply by splitting your deposit into two term deposits of $250,000.

Term deposit cons

Interest rates won’t rise with the market

The fixed interest rate of term deposits has a down side. If market interest rates start looking stronger, there’s very little opportunity for you to benefit from this without paying withdrawal fees. There’s also very little chance that any benefit over and above these fees will be worth much either.

No extra deposits allowed

Unfortunately it’s not possible to introduce more money to your term deposit once you’ve settled on a plan and the clock starts. Unlike savings accounts that allow you to add more funds to a savings account at any point you like, term deposit funds are locked away. With good planning skills however, it’s always an option to open two or more term deposits with staggered maturity dates.

Inaccessible funds

If you require instant access to your money or an emergency arises, withdrawing is not as easy a task as it is with savings accounts. Term deposits will often require you to pay fines for withdrawing your funds before the period is up. Often, this is accompanied by a cut to your initially high interest rate. In some circumstances you may need to give up to a months notice before any withdrawals can be made.

Unattractive rollover terms

It’s important to pay attention to the maturity date for your term deposit. At the end of this period it’s not unusual for your money to rollover automatically and a new term to be started. Very often these new terms will be lower than the original rate you committed to, and if you don’t pay close attention, you might well be looking at a penalty withdrawal fee.

Fewer flexibility and bonus perks

Unlike high interest savings accounts or a variety of other competitive products offered by banks and .peer-to-peer lenders, term deposits are very much set in stone. This means a low chance of any bonus interest that you might get from a savings account (though some providers sometimes offer a bonus if you roll over). Similarly, once you’ve committed your money, and accepted your fixed interest rate, there’s also no incentive for your bank to tempt you with flexible features or options.

Finding a term deposit that suits you

Once you’ve weighed up the pros and cons of term deposits, you’ll be in a much better position to decide whether this strategy suits you. Moving your money from a savings account to a term deposit doesn’t have to be an all-or-nothing decision. Realistically there are plenty of different options around the amount you choose to invest and a range of investment term lengths.

Compare term deposits

If you wish to compare term deposits. Visit our term deposits page to see some of the top rates available in the market.

WP_Post Object ( [ID] => 81267 [post_author] => 3 [post_date] => 2018-06-24 09:29:09 [post_date_gmt] => 2018-06-23 23:29:09 [post_content] => Having a credit card can be incredibly convenient. It’s unbelievably easy to make payments without money in your account and you can earn frequent flyer points while doing it. So what’s the catch? We’ve put together a list of 9 common mistakes, traps and general fails so you can use your card in a smarter way.

  1. Paying credit card interest
Credit card interest is only charged when you don't pay off your outstanding balance at the end of each month/interest free period, and yet this is a common credit card mistake for Aussies. By making complete repayments each time your statement/interest-free period is over, you can avoid all credit card interest permanently and avoid this fail.

  1. Annual fee fails
Annual credit card fees are so common, most Aussies typically assume they are standard. However, annual fee-free cards are available from many providers and an online search for these products could help you cut between $50 and $1,000 yearly. $0 annual fee credit cards don't always offer the same rewards as premium cards, so if you're not planning to capitalise on the rewards offers - it could be worthwhile avoiding the annual fees.

  1. Making late repayments
Possibly the biggest and most common credit card trap is the interest and fees of paying back your money too late. Late repayments will always incur interest, and even worse they can negatively impact your credit rating. It’s easy to avoid this mistake by setting up a direct debit from your account to cover your repayments at the end of each cycle, so what are you waiting for?

  1. Making only minimum repayments
Unless paying off your bill entirely is really not an option, minimum repayments only play a role in helping you dodge late fees. It’s another credit card mistake that Aussies are guilty of, as once again they involve interest fees. Your outstanding balance will carry over to the next statement cycle and will most likely also mean giving up next month’s interest fee days. Credit card providers can make heaps of money at your expense this way, so if it’s possible, try to pay off your entire outstanding balance (or more than the minimum).

  1. Exceeding your credit limit
Another avoidable credit card trap involves spending more than your credit limit allows. Once again, this can make your credit rating go down. At the same time, it’s a sure way to be hit with overdrawn fees. If you’re exceeding your limit because you’re struggling to cover your cost of living, more fees will be the last thing you want. It’s recommended that you set yourself a monthly budget for your credit card spending, and something a lot lower than your credit limit is an ideal way to avoid this credit card mistake.

  1. Not reporting missing cards quickly
If someone steals your credit card, the last thing you want to do is treat them to dinner. When your card gets lost or stolen therefore, don’t rely on your bank’s security measures. This way whoever may find your card won’t be able to charge their celebration surf ’n’ turf to you.

  1. Ignoring interest-free days
Interest-free days are a great time to spend with your credit card, as they give you a certain number of days to pay off the purchase without incurring interest. By planning your larger purchases towards the start of the statement cycle when these days begin, you’re giving yourself much more time to pay them off. All without the hassle of paying interest. Learn more about interest free periods.

  1. Not reading the fine print
If you do make good use of your interest free days, it’s important to avoid the credit card trap of not reading the fine print. All too often it’s easy to get excited when your credit card company advertises a 44 or 55 day interest-free period, for example. The common mistake cardholders usually make here is skimming over the details, making it easy to fail by assuming the interest-free period starts from when you make your first purchase. Interest-free periods actually start from the beginning of your statement cycle, so it’s a good idea to be clear on the exact dates of this period. If you make a large purchase too close to the end of this period, it’s easy to get caught out with only a few days left to pay this off.

  1. Depending on cash advances
Using your credit card like a debit card is not advisable. By this, we mean that withdrawing cash from the ATM comes with cash advance charges, which are like interest payments but at a higher rate. Cash advance interest fees are also immediate, so you can’t avoid paying them through interest-free periods. It’s much better to avoid this trap by using your debit card, even if it is at the bottom of your bag. [post_title] => 9 credit cards mistakes to avoid [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => credit-card-mistakes-to-avoid [to_ping] => [pinged] => [post_modified] => 2018-06-26 02:32:21 [post_modified_gmt] => 2018-06-25 16:32:21 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=81267 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

9 credit cards mistakes to avoid

Having a credit card can be incredibly convenient. It’s unbelievably easy to make payments without money in your account and you can earn frequent flyer points while doing it. So what’s the catch? We’ve put together a list of 9 common mistakes, traps and general fails so you can use your card in a smarter way.

  1. Paying credit card interest

Credit card interest is only charged when you don’t pay off your outstanding balance at the end of each month/interest free period, and yet this is a common credit card mistake for Aussies.

By making complete repayments each time your statement/interest-free period is over, you can avoid all credit card interest permanently and avoid this fail.

  1. Annual fee fails

Annual credit card fees are so common, most Aussies typically assume they are standard. However, annual fee-free cards are available from many providers and an online search for these products could help you cut between $50 and $1,000 yearly. $0 annual fee credit cards don’t always offer the same rewards as premium cards, so if you’re not planning to capitalise on the rewards offers – it could be worthwhile avoiding the annual fees.

  1. Making late repayments

Possibly the biggest and most common credit card trap is the interest and fees of paying back your money too late. Late repayments will always incur interest, and even worse they can negatively impact your credit rating. It’s easy to avoid this mistake by setting up a direct debit from your account to cover your repayments at the end of each cycle, so what are you waiting for?

  1. Making only minimum repayments

Unless paying off your bill entirely is really not an option, minimum repayments only play a role in helping you dodge late fees. It’s another credit card mistake that Aussies are guilty of, as once again they involve interest fees. Your outstanding balance will carry over to the next statement cycle and will most likely also mean giving up next month’s interest fee days. Credit card providers can make heaps of money at your expense this way, so if it’s possible, try to pay off your entire outstanding balance (or more than the minimum).

  1. Exceeding your credit limit

Another avoidable credit card trap involves spending more than your credit limit allows. Once again, this can make your credit rating go down. At the same time, it’s a sure way to be hit with overdrawn fees. If you’re exceeding your limit because you’re struggling to cover your cost of living, more fees will be the last thing you want.

It’s recommended that you set yourself a monthly budget for your credit card spending, and something a lot lower than your credit limit is an ideal way to avoid this credit card mistake.

  1. Not reporting missing cards quickly

If someone steals your credit card, the last thing you want to do is treat them to dinner. When your card gets lost or stolen therefore, don’t rely on your bank’s security measures. This way whoever may find your card won’t be able to charge their celebration surf ’n’ turf to you.

  1. Ignoring interest-free days

Interest-free days are a great time to spend with your credit card, as they give you a certain number of days to pay off the purchase without incurring interest. By planning your larger purchases towards the start of the statement cycle when these days begin, you’re giving yourself much more time to pay them off. All without the hassle of paying interest. Learn more about interest free periods.

  1. Not reading the fine print

If you do make good use of your interest free days, it’s important to avoid the credit card trap of not reading the fine print. All too often it’s easy to get excited when your credit card company advertises a 44 or 55 day interest-free period, for example. The common mistake cardholders usually make here is skimming over the details, making it easy to fail by assuming the interest-free period starts from when you make your first purchase.

Interest-free periods actually start from the beginning of your statement cycle, so it’s a good idea to be clear on the exact dates of this period. If you make a large purchase too close to the end of this period, it’s easy to get caught out with only a few days left to pay this off.

  1. Depending on cash advances

Using your credit card like a debit card is not advisable. By this, we mean that withdrawing cash from the ATM comes with cash advance charges, which are like interest payments but at a higher rate. Cash advance interest fees are also immediate, so you can’t avoid paying them through interest-free periods. It’s much better to avoid this trap by using your debit card, even if it is at the bottom of your bag.

WP_Post Object ( [ID] => 81263 [post_author] => 3 [post_date] => 2018-06-23 09:14:07 [post_date_gmt] => 2018-06-22 23:14:07 [post_content] =>

Interest free periods explained

Interest free days are a feature of some Australian credit cards that allow cardholders to make interest-free purchases during a specific period. While a great way to cut down your interest payments, they require that you completely repay the outstanding balance on your credit card statement by the due date. So how does it work?

Taking advantage of interest free days

What happens when the interest free days end?

To enjoy interest free periods, it’s necessary to completely pay off your credit card’s outstanding balance on or before the due date shown on your statement. When your unpaid balance isn’t settled on time every month, banks and credit card providers will not offer this option. Instead, you’ll be charged interest on the outstanding payments.

How to get the most from your interest free periods

Interest free periods start at the same time as the billing cycle, it’s a common mistake to make a purchase towards the end of the interest-free days. If this happens, you could leave yourself with little time to repay your outstanding balance and enjoy the interest-free benefits of the next cycle. For example, if you made a purchase on day 1 of a statement period, you could have 55 days to pay it off before interest is applied to the balance. If you make a purchase on the 30th day of the a statement period, you would have 25 days to pay it off before interest is applied.

Tips for saving with interest free periods

Interest-free periods aren’t a feature of every credit card, and as we’ve mentioned it’s important not to forget your due date. It’s good practice to:

What else do I need to know when using a credit card with interest-free days?

Interest-free days are a great feature to take advantage of if you can. When cutting down your costs through interest free periods though, there are several things to keep an eye on: Looking to get a credit card? Compare credit cards here. [post_title] => What is a credit card interest free period and how does it work? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => what-is-a-credit-card-interest-free-period [to_ping] => [pinged] => [post_modified] => 2018-09-22 14:14:43 [post_modified_gmt] => 2018-09-22 04:14:43 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=81263 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

What is a credit card interest free period and how does it work?

Interest free periods explained

Interest free days are a feature of some Australian credit cards that allow cardholders to make interest-free purchases during a specific period. While a great way to cut down your interest payments, they require that you completely repay the outstanding balance on your credit card statement by the due date.

So how does it work?

Taking advantage of interest free days

What happens when the interest free days end?

To enjoy interest free periods, it’s necessary to completely pay off your credit card’s outstanding balance on or before the due date shown on your statement. When your unpaid balance isn’t settled on time every month, banks and credit card providers will not offer this option. Instead, you’ll be charged interest on the outstanding payments.

How to get the most from your interest free periods

Interest free periods start at the same time as the billing cycle, it’s a common mistake to make a purchase towards the end of the interest-free days. If this happens, you could leave yourself with little time to repay your outstanding balance and enjoy the interest-free benefits of the next cycle.

For example, if you made a purchase on day 1 of a statement period, you could have 55 days to pay it off before interest is applied to the balance. If you make a purchase on the 30th day of the a statement period, you would have 25 days to pay it off before interest is applied.

Tips for saving with interest free periods

Interest-free periods aren’t a feature of every credit card, and as we’ve mentioned it’s important not to forget your due date. It’s good practice to:

  • Choose a credit card that offers interest-free periods when you’re first setting it up with your issuer;
  • Always pay the entire outstanding balance by the due date on your statement;
  • Read the fine print, some credit cards may only offer interest-free periods for a certain amount of time;
  • Organise direct debits or reminders to pay your balance on or before it’s due;
  • Stay away from using your credit card for cash advances if you can.

What else do I need to know when using a credit card with interest-free days?

Interest-free days are a great feature to take advantage of if you can. When cutting down your costs through interest free periods though, there are several things to keep an eye on:

  • Interest free periods vary. Interest free periods will usually be different for each credit card provider. Due dates and billing cycle dates may even vary between different cards from the same provider, so be aware.
  • Only ‘eligible purchases’ count. Not everything you use your credit card to buy will be interest-free during the period. Chances are that most of your day-to-day purchases including petrol, groceries and so on will be covered, but it’s not unusual for cash advances, government payments, gambling sites and some utility bills to be excluded.
  • Full monthly repayment. Often, interest free periods are only offered when a cardholder has completely paid off their outstanding balance at the end of the billing cycle. In most if not all cases therefore, making the minimum payment shown on your statement won’t be enough to enjoy this perk.
  • Balance transfer debts. Interest-free days may only be available as an option if you don’t already have existing debt from a balance transfer. It’s possible to consider a card specifically offering an introductory interest-free period for both purchases and transfers, if you wish to do both.

Looking to get a credit card? Compare credit cards here.

WP_Post Object ( [ID] => 80323 [post_author] => 3 [post_date] => 2018-06-16 23:10:52 [post_date_gmt] => 2018-06-16 13:10:52 [post_content] => This is a guide to how credit cards work in Australia, helping you understand credit limits, annual fees, interest rates and repayments. Credit cards are a popular way to use credit for making daily or regular purchases. The money used to pay for goods or services when using your card is borrowed, so before the credit period is over, it must be repaid. If a cardholder fails to pay back the outstanding balance by this time, they typically accrue interest on the amount owed. While your card may come from an Australian bank, it will most likely be part of an international payment network like Visa, Mastercard or American Express.

Credit Limits

While credit cards are fairly convenient, unfortunately for us, they’re not exactly a blank cheque. Credit limits are the maximum amount of credit that you, as a cardholder, are allowed to spend. When you apply for a credit card, your bank will often assign you a limit based on your credit history and income details. You can request the option to increase or decrease this limit when first applying for your card or later as you get used to it. This process will vary with banks, but remember that once you do exceed your credit limit, you could be charged an overdrawn or over-limit fee by your bank.

Annual Fees

As we’ve mentioned once before, a ‘free lunch’ is pretty rare when it comes to finance. Credit cards will in many cases come with an annual fee for having provided the service. Your credit card’s annual fee will reflect whether you’ve signed up for a standard or premium card and a typical range for Australian credit cards can be between $0 and $450+. Premium cards with more features such as frequent flyer points, travel insurance or rewards programs, will be at the higher end and attract higher annual fees.

Credit card reward programs

Lots of Aussie credit cards make it possible for you to earn points for using them through a range of rewards programs. You’re probably already familiar with frequent flyer points and gift vouchers, that you can accrue at a certain earn rate when making eligible purchases. For instance, if your bank is partnered with Qantas or Virgin Australia, you’ll be offered the chance to earn Qantas or Velocity points respectively. An earn rate simply refers to the ratio of points earned to money spent using the card, an example being 1 point earned for each $1 spent.

Interest Rates

Credit cards come with interest fees unlike their debit or prepaid counterparts. What this entails, is a percentage interest charge added on top of each amount the cardholder spends using the card. This is the fee for having utilised the credit lent by the bank. Interest rates for credit cards in Australia will often range between 9.99% and 20.99% per annum, and your interest will be charged when your statement period comes around. Interest is charged based on daily outstanding balances from a range of factors, one of which is outstanding payments. It’s also common to see credit cards offering zero interest or honeymoon rates (typically during a balance transfer), as a means of promotion. It’s important to remember that once this promotional period ends, you’ll be looking at a standard interest rate for using your credit card.

Making repayments

When do I make repayments?

Each statement period will be different, but your bank will notify you of a specific settlement date when setting up your card. It’s common for Aussies who earn monthly income to arrange for a statement date that falls shortly after this point, for the sake of easy repayments or direct debit. All credit cards involve minimum repayments, usually these are between 2-3% of your closing balance. On top of this, you’ll need to repay the larger of either: Any outstanding balance that isn’t repaid by you at the end of the period will incur interest fees. Because of this, it’s usually best to try and repay your outstanding balance completely.

How do I make repayments?

This will vary again depending on your bank. BPAY is usually an option, or you can direct debit from one of your accounts. It’s also possible to make manual transfers from an account or pay in person at a branch.

How are my repayments prioritised?

In accordance with the 2012 Australian Credit Card Reforms, it’s necessary for your bank to use your repayment for whichever outstanding payment is being charged the highest interest. If you have 2 outstanding debts being charged 20% and 14% interest respectively, the amount you repay will be to settle the 20% debt first.

Using your credit card in Australia and abroad

Contactless payments

The majority of credit cards available these days will come with a contactless payment feature (otherwise known as "PayPass" from MasterCard or Visa's "payWave"). This feature saves you a trip to the ATM or wasting time at the EFTPOS terminal (swiping your card and all that jazz) by letting you simply tap your card on a contactless payment terminal to make your purchase. This covers payments up to $100 and so is useful for smaller, quick purchases. Above $100, the contactless feature still works but you’ll need to enter your PIN.

Using my card abroad

Using your card overseas can incur different charges abroad compared to at home. Once outside Australia, you’ll need to be aware of possibilities such as: Hopefully our credit cards guide has answered most of your questions and helped you understand credit cards a little better. Because these products come with a fair amount of considerations, we’ve also put together some other articles that might be helpful. [post_title] => How do credit cards work? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => how-do-credit-cards-work [to_ping] => [pinged] => [post_modified] => 2018-06-17 18:20:43 [post_modified_gmt] => 2018-06-17 08:20:43 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=80323 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

How do credit cards work?

This is a guide to how credit cards work in Australia, helping you understand credit limits, annual fees, interest rates and repayments.

Credit cards are a popular way to use credit for making daily or regular purchases. The money used to pay for goods or services when using your card is borrowed, so before the credit period is over, it must be repaid. If a cardholder fails to pay back the outstanding balance by this time, they typically accrue interest on the amount owed. While your card may come from an Australian bank, it will most likely be part of an international payment network like Visa, Mastercard or American Express.

Credit Limits

While credit cards are fairly convenient, unfortunately for us, they’re not exactly a blank cheque. Credit limits are the maximum amount of credit that you, as a cardholder, are allowed to spend. When you apply for a credit card, your bank will often assign you a limit based on your credit history and income details.

You can request the option to increase or decrease this limit when first applying for your card or later as you get used to it. This process will vary with banks, but remember that once you do exceed your credit limit, you could be charged an overdrawn or over-limit fee by your bank.

Annual Fees

As we’ve mentioned once before, a ‘free lunch’ is pretty rare when it comes to finance. Credit cards will in many cases come with an annual fee for having provided the service. Your credit card’s annual fee will reflect whether you’ve signed up for a standard or premium card and a typical range for Australian credit cards can be between $0 and $450+. Premium cards with more features such as frequent flyer points, travel insurance or rewards programs, will be at the higher end and attract higher annual fees.

Credit card reward programs

Lots of Aussie credit cards make it possible for you to earn points for using them through a range of rewards programs. You’re probably already familiar with frequent flyer points and gift vouchers, that you can accrue at a certain earn rate when making eligible purchases. For instance, if your bank is partnered with Qantas or Virgin Australia, you’ll be offered the chance to earn Qantas or Velocity points respectively. An earn rate simply refers to the ratio of points earned to money spent using the card, an example being 1 point earned for each $1 spent.

Interest Rates

Credit cards come with interest fees unlike their debit or prepaid counterparts. What this entails, is a percentage interest charge added on top of each amount the cardholder spends using the card. This is the fee for having utilised the credit lent by the bank.

Interest rates for credit cards in Australia will often range between 9.99% and 20.99% per annum, and your interest will be charged when your statement period comes around. Interest is charged based on daily outstanding balances from a range of factors, one of which is outstanding payments.

It’s also common to see credit cards offering zero interest or honeymoon rates (typically during a balance transfer), as a means of promotion. It’s important to remember that once this promotional period ends, you’ll be looking at a standard interest rate for using your credit card.

Making repayments

When do I make repayments?

Each statement period will be different, but your bank will notify you of a specific settlement date when setting up your card. It’s common for Aussies who earn monthly income to arrange for a statement date that falls shortly after this point, for the sake of easy repayments or direct debit. All credit cards involve minimum repayments, usually these are between 2-3% of your closing balance. On top of this, you’ll need to repay the larger of either:

  • your unpaid due amount from previous statements, or;
  • any amount by which you’ve gone over your credit limit in a previous period.

Any outstanding balance that isn’t repaid by you at the end of the period will incur interest fees. Because of this, it’s usually best to try and repay your outstanding balance completely.

How do I make repayments?

This will vary again depending on your bank. BPAY is usually an option, or you can direct debit from one of your accounts. It’s also possible to make manual transfers from an account or pay in person at a branch.

How are my repayments prioritised?

In accordance with the 2012 Australian Credit Card Reforms, it’s necessary for your bank to use your repayment for whichever outstanding payment is being charged the highest interest. If you have 2 outstanding debts being charged 20% and 14% interest respectively, the amount you repay will be to settle the 20% debt first.

Using your credit card in Australia and abroad

Contactless payments

The majority of credit cards available these days will come with a contactless payment feature (otherwise known as “PayPass” from MasterCard or Visa’s “payWave”). This feature saves you a trip to the ATM or wasting time at the EFTPOS terminal (swiping your card and all that jazz) by letting you simply tap your card on a contactless payment terminal to make your purchase. This covers payments up to $100 and so is useful for smaller, quick purchases. Above $100, the contactless feature still works but you’ll need to enter your PIN.

Using my card abroad

Using your card overseas can incur different charges abroad compared to at home. Once outside Australia, you’ll need to be aware of possibilities such as:

  • ATM withdrawal fees – these can vary between countries and ATMs;
  • Currency conversion fees – which might range between 3-5% for each transaction made outside Australia;
  • Cash advance fees – immediate charges also associated with using your credit card to withdraw cash overseas;
  • Global acceptance – larger payment network providers like Mastercard, Visa and American express will be accepted most places worldwide. Certain countries don’t accept these however, for example Iran, Sudan, Syria and North Korea won’t take Mastercards anywhere.

Hopefully our credit cards guide has answered most of your questions and helped you understand credit cards a little better. Because these products come with a fair amount of considerations, we’ve also put together some other articles that might be helpful.

WP_Post Object ( [ID] => 80302 [post_author] => 3 [post_date] => 2018-06-16 17:07:16 [post_date_gmt] => 2018-06-16 07:07:16 [post_content] => Refinancing a personal loan sounds complicated, but can be a great way to either consolidate your debt or cut down on your interest payments. Or both, which is great! Quite simply, refinancing means finding a loan that will cover the amount you have owing on your existing loan, but with lower fees and interest - basically better terms all round. While your debt won’t magically disappear once you’ve done this, you’ll be looking at lower interest repayments overall and if you choose debt consolidation, you’ll also have a lot less maths to do. Our guide covers how to refinance a personal loan and some important things you should think about if you’re considering this.

Why should I refinance my personal loan?

As we’ve mentioned, interest payments and fees aren’t exactly at the top of every Aussie’s Christmas list. There are other reasons you might want to refinance your loan, and you don’t have to wait till you’re overwhelmed with debt to do so. Do give it some thought if you:

How do I refinance a personal loan?

Personal loan refinancing is quite similar to the process you went through when you originally applied for the loan. You need to make sure your credit score checks out, compare loan deals, consider a few things and make sure you close the original personal loan. We’ve broken the process down into 5 stages:
  1. Work on your credit rating. As personal loan refinancing involves applying for a new loan, it’s recommended that you check whether your credit history is up to scratch. Your credit ratings change over time based on whether we make timely repayments or not, so your personal score may have gone up or down. If you’ve got a great credit score, you’ll be a better candidate for a new lender.
  1. Compare available loan deals. Let your existing loan provider know that you’re thinking about refinancing, and ask if they have any better offers. It doesn’t hurt to drop the fact that you’re happy to look elsewhere if they haven’t any good deals. Don’t be afraid to do so either if this turns out to be the case.When comparing offers, don’t forget to check for fees and the policies around early repayment. Once you’ve decided on a couple of offers that look good, do return to your original lender and see if they’d like to match or beat these. Again, credit rating plays a role here. If yours is good, they may be happy to give you a better quote just to keep you as a customer.
  1. Look online for good offers. If you aren’t happy with the deals you’ve been offered at this point, it may be time to look online. Some online banks and independent or P2P lenders, tend to have lower refinancing rates than regular banks as they don’t need to pay tellers and similar expenses. Because of this, they may be able to offer lower interest rates, lower regular fees or both.
  1. Do your homework. A deal that works out well for you may still take time to sort out, and you can expect a fair bit of paperwork. If you’re signing on with a new provider you’ll need to get your credit report ready and all the financial proof that you did when applying for your existing loan. Don’t forget to ask about establishment and hidden fees, repayment periods and charges and whether there are restrictions on how you use your loan funds.
  1. Close your first loan(s). This should be done by you once your receive your money. Make it a point to ensure your previous loan is closed or you’ll be looking at two sets of interest payments!

How much will cost me to refinance?

Typically loan providers aren’t to keen on losing your custom, and may not want to say goodbye to the high interest payments as much as you do. Refinancing can be a great way to cut down your personal debt, but you do need to consider potential fees. These might include: Once you refinance, you may want to read our blog on how to pay off your personal loan faster. [post_title] => How to refinance a personal loan [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => how-to-refinance-personal-loan [to_ping] => [pinged] => [post_modified] => 2018-07-08 15:39:06 [post_modified_gmt] => 2018-07-08 05:39:06 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=80302 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

How to refinance a personal loan

Refinancing a personal loan sounds complicated, but can be a great way to either consolidate your debt or cut down on your interest payments. Or both, which is great! Quite simply, refinancing means finding a loan that will cover the amount you have owing on your existing loan, but with lower fees and interest – basically better terms all round.

While your debt won’t magically disappear once you’ve done this, you’ll be looking at lower interest repayments overall and if you choose debt consolidation, you’ll also have a lot less maths to do. Our guide covers how to refinance a personal loan and some important things you should think about if you’re considering this.

Why should I refinance my personal loan?

As we’ve mentioned, interest payments and fees aren’t exactly at the top of every Aussie’s Christmas list. There are other reasons you might want to refinance your loan, and you don’t have to wait till you’re overwhelmed with debt to do so. Do give it some thought if you:

  • Come across a nicer looking deal. Compare better personal loan offers that might include lower interest, fewer fees or allow you to make extra repayments. Think about establishment or setting up costs, and ongoing or maintenance costs too. If everything works out better, you could be looking at a good opportunity to refinance your personal loan.
  • Want to consolidate your debt. Debt consolidation involves taking out a single loan to cover many others, such as credit cards, higher interest personal loans and maybe even a car loan too.

How do I refinance a personal loan?

Personal loan refinancing is quite similar to the process you went through when you originally applied for the loan. You need to make sure your credit score checks out, compare loan deals, consider a few things and make sure you close the original personal loan. We’ve broken the process down into 5 stages:

  1. Work on your credit rating. As personal loan refinancing involves applying for a new loan, it’s recommended that you check whether your credit history is up to scratch. Your credit ratings change over time based on whether we make timely repayments or not, so your personal score may have gone up or down. If you’ve got a great credit score, you’ll be a better candidate for a new lender.
  1. Compare available loan deals. Let your existing loan provider know that you’re thinking about refinancing, and ask if they have any better offers. It doesn’t hurt to drop the fact that you’re happy to look elsewhere if they haven’t any good deals. Don’t be afraid to do so either if this turns out to be the case.When comparing offers, don’t forget to check for fees and the policies around early repayment. Once you’ve decided on a couple of offers that look good, do return to your original lender and see if they’d like to match or beat these. Again, credit rating plays a role here. If yours is good, they may be happy to give you a better quote just to keep you as a customer.
  1. Look online for good offers. If you aren’t happy with the deals you’ve been offered at this point, it may be time to look online. Some online banks and independent or P2P lenders, tend to have lower refinancing rates than regular banks as they don’t need to pay tellers and similar expenses. Because of this, they may be able to offer lower interest rates, lower regular fees or both.
  1. Do your homework. A deal that works out well for you may still take time to sort out, and you can expect a fair bit of paperwork. If you’re signing on with a new provider you’ll need to get your credit report ready and all the financial proof that you did when applying for your existing loan. Don’t forget to ask about establishment and hidden fees, repayment periods and charges and whether there are restrictions on how you use your loan funds.
  1. Close your first loan(s). This should be done by you once your receive your money. Make it a point to ensure your previous loan is closed or you’ll be looking at two sets of interest payments!

How much will cost me to refinance?

Typically loan providers aren’t to keen on losing your custom, and may not want to say goodbye to the high interest payments as much as you do. Refinancing can be a great way to cut down your personal debt, but you do need to consider potential fees. These might include:

  • Application or establishment fees. Ideally you’ll have included this in your comparison, but it doesn’t hurt to double check as these can reach up to $300+.
  • Maintenance or ongoing fees. Most loans will include loan service or monthly fees, so get your calculator out and have a look at whether this will cost you more over time.
  • Extra or early repayment fees. These will vary between lenders, and are worth considering if are interested in paying off your new loan early. Double check that the early repayment fees do not entirely offset your interest repayment savings.

Once you refinance, you may want to read our blog on how to pay off your personal loan faster.

WP_Post Object ( [ID] => 80307 [post_author] => 3 [post_date] => 2018-06-15 18:00:23 [post_date_gmt] => 2018-06-15 08:00:23 [post_content] => If you’ve compared personal loan deals, checked out all the details and figure you’re eligible for a personal loan, congratulations! You’re almost there! The next step to getting your personal loan approved, is to get your application together. This guide will hopefully tell you what documents and ID you’ll need so you can make a successful application and be approved. Lenders will require different things to verify that you are who you say you are before they hand over your money. If you’re looking to buy a car with your personal loan, there will also be additional documentation required. Basically though, the two key things every provider will ask for are proof of identity and proof of income.

Proving your personal identity

To verify your identity, you may need to providing two or more types of ID. Commonly accepted identification can include: If you don’t have two of these or your lender requires further information, you may be asked to provide your:

Proof of income, assets and liabilities

  1. Bank statements
These will help the lender understand your financial history in terms of income, loans, savings and credit card usage. Be prepared to provide up to three months worth of statements. These will usually be available online if you have internet banking, and so easily attachable for online applications.
  1. Proof of assets and liabilities
Even if you are applying for your personal loan with your existing bank, it may be necessary to show evidence of any income that you’re getting from your assets. If you’re renting out a mortgaged property for example, you’ll need to show a current rent statement and a mortgage statement. It might also be a good idea to provide an overview or estimate of your ongoing expenses, such as how much you spend a month on rent or utilities.
  1. Proof of income
Besides your bank statement, your lender will most likely ask for evidence of your ongoing employment. This might mean you’ll save time by bringing or attaching copies of your recent payslips and your post tax salary. If you’re working for yourself, you may be required to show tax returns for recent few years.

Buying a car?

Applying for a secured car loan, you’ll be using your intended vehicle as collateral for your loan. This means you’ll need to provide details of the vehicle so your lender can understand it’s value. It isn’t uncommon for your lender to ask for documents like: They’ll also want to know the contact information for the place you purchased the car. If you purchased privately, you won’t have a dealer invoice so you’ll need to make sure you’ve made a note of this. [post_title] => What documents do I need to provide when applying for a personal loan? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => documents-to-provide-when-applying-for-a-personal-loan [to_ping] => [pinged] => [post_modified] => 2018-09-22 15:08:10 [post_modified_gmt] => 2018-09-22 05:08:10 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=80307 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

What documents do I need to provide when applying for a personal loan?

If you’ve compared personal loan deals, checked out all the details and figure you’re eligible for a personal loan, congratulations! You’re almost there! The next step to getting your personal loan approved, is to get your application together. This guide will hopefully tell you what documents and ID you’ll need so you can make a successful application and be approved.

Lenders will require different things to verify that you are who you say you are before they hand over your money. If you’re looking to buy a car with your personal loan, there will also be additional documentation required. Basically though, the two key things every provider will ask for are proof of identity and proof of income.

Proving your personal identity

To verify your identity, you may need to providing two or more types of ID. Commonly accepted identification can include:

  • Passports
  • Drivers license
  • ID or proof of age card

If you don’t have two of these or your lender requires further information, you may be asked to provide your:

  • Birth certificate
  • Utility bills
  • Foreign driver’s license
  • Pension or Medicare card
  • Citizenship certificate or certificate of Permanent Residency

Proof of income, assets and liabilities

  1. Bank statements

These will help the lender understand your financial history in terms of income, loans, savings and credit card usage. Be prepared to provide up to three months worth of statements. These will usually be available online if you have internet banking, and so easily attachable for online applications.

  1. Proof of assets and liabilities

Even if you are applying for your personal loan with your existing bank, it may be necessary to show evidence of any income that you’re getting from your assets. If you’re renting out a mortgaged property for example, you’ll need to show a current rent statement and a mortgage statement. It might also be a good idea to provide an overview or estimate of your ongoing expenses, such as how much you spend a month on rent or utilities.

  1. Proof of income

Besides your bank statement, your lender will most likely ask for evidence of your ongoing employment. This might mean you’ll save time by bringing or attaching copies of your recent payslips and your post tax salary. If you’re working for yourself, you may be required to show tax returns for recent few years.

Buying a car?

Applying for a secured car loan, you’ll be using your intended vehicle as collateral for your loan. This means you’ll need to provide details of the vehicle so your lender can understand it’s value. It isn’t uncommon for your lender to ask for documents like:

  • Rego number
  • Engine number
  • Price for which you purchased the vehicle, usually on the tax invoice if you bought it from a dealership
  • Vehicle ID Number (VIN)

They’ll also want to know the contact information for the place you purchased the car. If you purchased privately, you won’t have a dealer invoice so you’ll need to make sure you’ve made a note of this.

WP_Post Object ( [ID] => 80298 [post_author] => 3 [post_date] => 2018-06-13 17:51:51 [post_date_gmt] => 2018-06-13 07:51:51 [post_content] => Personal loans are a great way to secure that major purchase, holiday or to handle an emergency. After you’ve having spending all that money, you need to start thinking about paying back your loan. Because interest payments can add up quickly, we’d all do well to pay off our personal loan sooner. So how to reduce interest and pay off your personal loan faster? We’ve come up with some simple ideas to help you manage your personal loan repayment with minimal hassle.

Switch to fortnightly payments

We’ve mentioned the idea of switching up your repayment cycle before when talking about paying off your home loan early. The same idea applies here, if you’re repaying your personal loan monthly you’ll be making 12 repayments a year. And if you split these into two fortnightly repayments, you’re probably not going to notice the difference in your bank balance. So this makes 24 repayments a year, right? Not really. Because there are 52 weeks a year however, there are actually 26 fortnights and by paying fortnightly, you’ll be making 2 extra repayments a year. On a $30,000 loan, over 5 years at a 9.51% comparison rate, you could save $1,326.44 in interest payments!

Round up

Rounding up your numbers is another relatively painless way to take a little bit off your debt each time you make a repayment. Say your monthly repayment comes in at around $439. Rounding this up to $440 or $450, even $500 can seem like a laugh at the time, but you’ll very quickly realise that this can make a big difference to cutting down the amount of interest you need to pay.

Additional repayments

This one’s really straightforward. If you can, extra lump sum repayments here and there will work wonders in the long term to pay off faster. Do check with your loan provider before you do this, or ideally before you settle on a personal loan because some lenders will charge fees for extra repayments. In most cases however, established banks will be fine with this and you can double-check the terms of your loan to be sure.

Refinance

Refinancing or "debt consolidation" involves switching to a new personal loan with better interest rates and fees. It’s a great way to reduce interest if you’ve gone and settled for a personal loan without comparing the terms of each. With lower interest rates, you’ll notice a big difference in the amount of time it takes you to repay your personal loan. Another trick involves refinancing your personal loan into your home loan. By consolidating your debts, you’ll simply need to add your original personal and home loan repayments together. As long as you continue to pay the original repayment amount, you will benefit from the lower interest rate of your home loan, and you’ll be paying off your personal loan much quicker. Just don’t cut down your personal loan repayment or it will be sitting for ages on top of your mortgage! [post_title] => How to pay off your personal loan faster [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => pay-off-personal-loan-faster [to_ping] => [pinged] => [post_modified] => 2018-06-14 17:54:30 [post_modified_gmt] => 2018-06-14 07:54:30 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=80298 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

How to pay off your personal loan faster

Personal loans are a great way to secure that major purchase, holiday or to handle an emergency. After you’ve having spending all that money, you need to start thinking about paying back your loan.

Because interest payments can add up quickly, we’d all do well to pay off our personal loan sooner. So how to reduce interest and pay off your personal loan faster? We’ve come up with some simple ideas to help you manage your personal loan repayment with minimal hassle.

Switch to fortnightly payments

We’ve mentioned the idea of switching up your repayment cycle before when talking about paying off your home loan early. The same idea applies here, if you’re repaying your personal loan monthly you’ll be making 12 repayments a year. And if you split these into two fortnightly repayments, you’re probably not going to notice the difference in your bank balance. So this makes 24 repayments a year, right?

Not really. Because there are 52 weeks a year however, there are actually 26 fortnights and by paying fortnightly, you’ll be making 2 extra repayments a year. On a $30,000 loan, over 5 years at a 9.51% comparison rate, you could save $1,326.44 in interest payments!

Round up

Rounding up your numbers is another relatively painless way to take a little bit off your debt each time you make a repayment. Say your monthly repayment comes in at around $439. Rounding this up to $440 or $450, even $500 can seem like a laugh at the time, but you’ll very quickly realise that this can make a big difference to cutting down the amount of interest you need to pay.

Additional repayments

This one’s really straightforward. If you can, extra lump sum repayments here and there will work wonders in the long term to pay off faster. Do check with your loan provider before you do this, or ideally before you settle on a personal loan because some lenders will charge fees for extra repayments. In most cases however, established banks will be fine with this and you can double-check the terms of your loan to be sure.

Refinance

Refinancing or “debt consolidation” involves switching to a new personal loan with better interest rates and fees. It’s a great way to reduce interest if you’ve gone and settled for a personal loan without comparing the terms of each. With lower interest rates, you’ll notice a big difference in the amount of time it takes you to repay your personal loan.

Another trick involves refinancing your personal loan into your home loan. By consolidating your debts, you’ll simply need to add your original personal and home loan repayments together. As long as you continue to pay the original repayment amount, you will benefit from the lower interest rate of your home loan, and you’ll be paying off your personal loan much quicker. Just don’t cut down your personal loan repayment or it will be sitting for ages on top of your mortgage!

WP_Post Object ( [ID] => 79957 [post_author] => 2 [post_date] => 2018-06-05 16:52:38 [post_date_gmt] => 2018-06-05 06:52:38 [post_content] => If you’re looking to take that long earned holiday, renovate or simply consolidate your debt, you might be considering a personal loan. Whatever the reason, it’s not loads of fun to get your application rejected. We’ve done the research for you and come up with 9 tips to help you get that application approval.

1. Check that you’re eligible

The very first step to getting your personal loan approved is verifying that you actually meet the eligibility requirements. Often this will include things like:

2. Make sure you have a good credit rating

Having a great credit rating can mean the difference between whether your personal loan is approved or rejected. Check that your credit file shows all your accounts, and you as the one in charge of them. There are also plenty of online tools to help you calculate your credit score before applying. Credit scores can also be bad or very bad. It’s possible that you’ve never missed a repayment ever, a track record of many loan applications might say something about how you manage your money.

3. Provide proof of sufficient income

It’s not unusual for personal loan applications to be rejected because the applicant doesn’t earn enough income. If your income won’t cover the repayments on the personal loan you’re applying for, it will be difficult to get your application approved. Don’t worry too much though, it’s not a bad idea to work backwards and think about how much you can actually repay monthly. With an idea of what you can afford, you can look around for other loans with lower minimum income requirements.

4. Make your application amount reasonable

A good amount to apply for is just the amount that you need. If your holiday plans will cost $5,000, then you might want to limit your application to $5,000. As larger loan amounts are seen by banks and lenders as more risky, a reasonable sized loan will be more easily approved than a larger one.

5. Double-check your application details

Very often, lenders will go through a process of confirming that the background information you’ve provided is actually valid. Because they’ll want to corroborate the details on your application against other sources, it’s recommended that you review your application before handing it in so you don’t look dodgy. Any inconsistencies or mistakes you’ve made on your application might be interpreted as an attempt to misleading, which lenders don’t appreciate. If you want your personal loan approved with less stress, it’s advisable to double check everything you’ve put down on your application.

6. Have a good savings history

If applying for a personal loan with your existing bank, they’ll be able to check out your savings history easily. If you’ve put away money regularly, it shows that you’re financially responsible. This is a definite pro for getting your personal loan approved, as it shows you’re just as likely to be responsible with the necessary loan repayments.

7. Check the loan terms

Lenders vary when it comes to the restrictions of your personal loan. Some will have limitations about what you can purchase with your borrowed money. A good example is a car loan, which may often not extend to cover the purchase of insurance or rego. Checking the loan terms first will help you be approved by making sure you don’t apply for something that’s not actually allowed. To save application time, it’s best to check out the restrictions beforehand. That way you don’t fill out lengthy paperwork before realising you can’t finance your car with your personal loan.

8. Meet any secured asset requirements

Applicants who don’t have secured assets that can be used as collateral will have a harder time getting approval for their personal loans. Most lenders will also think it’s risky if the assets you have are too low value to be used as security. If you’ve got something better than your old Honda Accord to used as secured assets, make sure it’s shown in your financial paperwork. This way you’ll stand a higher chance of being approved. You can compare secured personal loans here.

9. Be honest!

As we’ve mentioned, loan providers will always do background checks on the personal information you provide. Lying on your application is a good way to increase your chances of rejection. Even worse, you’ll most likely be blacklisted with the bank or financial provider, making future approvals close to impossible. To improve your chances of approval, be honest on your application. [post_title] => Tips for getting your personal loan approved [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => tips-for-getting-your-personal-loan-approved [to_ping] => [pinged] => [post_modified] => 2018-06-03 17:15:09 [post_modified_gmt] => 2018-06-03 07:15:09 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=79957 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

Tips for getting your personal loan approved

If you’re looking to take that long earned holiday, renovate or simply consolidate your debt, you might be considering a personal loan. Whatever the reason, it’s not loads of fun to get your application rejected. We’ve done the research for you and come up with 9 tips to help you get that application approval.

1. Check that you’re eligible

The very first step to getting your personal loan approved is verifying that you actually meet the eligibility requirements. Often this will include things like:

  • Age criteria- upwards of 18 is a fairly standard requirement
  • Citizenship, permanent residency or eligible visa status
  • Whether you actually live in Australia
  • Minimum income requirements– so lenders know you’ll be financially able to make repayments
  • Employment status- often you’ll need to show that your employment is stable or that you receive steady income
  • Not be financially insolvent or bankrupt
  • Have a good credit rating

2. Make sure you have a good credit rating

Having a great credit rating can mean the difference between whether your personal loan is approved or rejected. Check that your credit file shows all your accounts, and you as the one in charge of them. There are also plenty of online tools to help you calculate your credit score before applying. Credit scores can also be bad or very bad. It’s possible that you’ve never missed a repayment ever, a track record of many loan applications might say something about how you manage your money.

3. Provide proof of sufficient income

It’s not unusual for personal loan applications to be rejected because the applicant doesn’t earn enough income. If your income won’t cover the repayments on the personal loan you’re applying for, it will be difficult to get your application approved. Don’t worry too much though, it’s not a bad idea to work backwards and think about how much you can actually repay monthly. With an idea of what you can afford, you can look around for other loans with lower minimum income requirements.

4. Make your application amount reasonable

A good amount to apply for is just the amount that you need. If your holiday plans will cost $5,000, then you might want to limit your application to $5,000. As larger loan amounts are seen by banks and lenders as more risky, a reasonable sized loan will be more easily approved than a larger one.

5. Double-check your application details

Very often, lenders will go through a process of confirming that the background information you’ve provided is actually valid. Because they’ll want to corroborate the details on your application against other sources, it’s recommended that you review your application before handing it in so you don’t look dodgy. Any inconsistencies or mistakes you’ve made on your application might be interpreted as an attempt to misleading, which lenders don’t appreciate. If you want your personal loan approved with less stress, it’s advisable to double check everything you’ve put down on your application.

6. Have a good savings history

If applying for a personal loan with your existing bank, they’ll be able to check out your savings history easily. If you’ve put away money regularly, it shows that you’re financially responsible. This is a definite pro for getting your personal loan approved, as it shows you’re just as likely to be responsible with the necessary loan repayments.

7. Check the loan terms

Lenders vary when it comes to the restrictions of your personal loan. Some will have limitations about what you can purchase with your borrowed money. A good example is a car loan, which may often not extend to cover the purchase of insurance or rego. Checking the loan terms first will help you be approved by making sure you don’t apply for something that’s not actually allowed. To save application time, it’s best to check out the restrictions beforehand. That way you don’t fill out lengthy paperwork before realising you can’t finance your car with your personal loan.

8. Meet any secured asset requirements

Applicants who don’t have secured assets that can be used as collateral will have a harder time getting approval for their personal loans. Most lenders will also think it’s risky if the assets you have are too low value to be used as security. If you’ve got something better than your old Honda Accord to used as secured assets, make sure it’s shown in your financial paperwork. This way you’ll stand a higher chance of being approved. You can compare secured personal loans here.

9. Be honest!

As we’ve mentioned, loan providers will always do background checks on the personal information you provide. Lying on your application is a good way to increase your chances of rejection. Even worse, you’ll most likely be blacklisted with the bank or financial provider, making future approvals close to impossible. To improve your chances of approval, be honest on your application.

WP_Post Object ( [ID] => 79953 [post_author] => 2 [post_date] => 2018-06-04 16:19:17 [post_date_gmt] => 2018-06-04 06:19:17 [post_content] => A term deposit is a short or long term investment where your money is guaranteed a certain interest rate. A term deposit is the kind of account where you put your money into the account and leave it, short or long term, as you have arranged with the bank. You cannot touch the money for a pre-determined time and during that time, you get a fixed interest rate. This interest rate does not change, even if the market goes through a dip. With a term deposit you have the security of a fixed interest rate and you also have the security of money in the bank. A term deposit is a good investment for two reasons.
  1. You cannot touch your cash, i.e. you are forced to save it.
  2. Your interest rates stay stable, i.e. they cannot decrease.

Is a term deposit a good investment?

A term deposit can only be a good investment because it is a sure investment. You know you are going to get a stable return on your investment without any risk. Your interest rate is locked in for the entire ‘term of your deposit.’ This means if the market drops, your interest rate does NOT drop with it. Also, because you are not able to touch your money for the ‘duration of your term’, you are forced to save that money.

Who should look at term deposits?

A term deposit is a sure way of investing your money. If you have extra cash that you know you will not need to use for a while, it makes sense to do a term deposit. If you think you may need to access that cash shortly, or urgently, then a term deposit is not for you. The good thing about a term deposit is that you know it will work and you know that at the end of the term, you will have money.

How long should I term deposit be?

There are short term deposits and long term deposits and between you and the bank, you can choose for what length of time you should ‘lock away’ your money. If you have a lot of money at your disposal and you won’t need access to the money you are investing for a while, go for a long term deposit. If you may need the money in the next few months, go for a short term deposit.  The length of time you leave the money in the account depends on the investment deals that your bank or lending institution are offering. You may need to negotiate terms with them. You can look at short or long term investments and you must discuss rollover terms too. This means when your term deposit has come to an end, you have the option of extending it.

Ensure a good interest rate from the beginning

Because a term deposit means your money is ‘locked’ at a certain interest rate, you do need to make sure you get a good interest rate from the beginning. While you are safe if the interest rates drop, if interest rates increase, you do not get the benefit of them. For your term deposit to work for you, you want the best possible interest rates from the start.

What happens if increase rates increase?

The way a term deposit works is that your interest rates are set for the duration of the investment. You do not benefit from interest rate increases but remember, you do not suffer from interesting rate decreases either.

Who offers term deposits?

Most banks and financial institutions offer term deposits. You need to sit with your bank manager or investment advisor and ask how does a term deposit work.  You can compare the various term deposits at different institutions and make sure you get the best interest rates from day one. Your institution should explain to you what is a term deposit, and why it is the best investment for you to make. Remember, your money can only grow with a term deposit. It is a safe investment and it is a low risk investment. You may not make as much interest as with a more risky investment or account, but your interest rate will never drop.

How does one apply for a term deposit

Applying for a term deposit is really simple. You are not asking a bank for money, you are asking a bank to invest your money. The service should be fairly uncomplicated. You will need to fill out a few forms, give your bank details, your tax number and your ID. A good bank or lending institution will do the paperwork for you, but they will talk you through the process so you understand your investment every step of the way.

Compare term deposits

If you're interested in investing your money into a term deposits, you can compare our term deposits here: [post_title] => What is a term deposit and how does it work? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => what-is-a-term-deposit-and-how-does-it-work [to_ping] => [pinged] => [post_modified] => 2018-09-24 08:13:17 [post_modified_gmt] => 2018-09-23 22:13:17 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=79953 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

What is a term deposit and how does it work?

A term deposit is a short or long term investment where your money is guaranteed a certain interest rate. A term deposit is the kind of account where you put your money into the account and leave it, short or long term, as you have arranged with the bank. You cannot touch the money for a pre-determined time and during that time, you get a fixed interest rate. This interest rate does not change, even if the market goes through a dip.

With a term deposit you have the security of a fixed interest rate and you also have the security of money in the bank. A term deposit is a good investment for two reasons.

  1. You cannot touch your cash, i.e. you are forced to save it.
  2. Your interest rates stay stable, i.e. they cannot decrease.

Is a term deposit a good investment?

A term deposit can only be a good investment because it is a sure investment. You know you are going to get a stable return on your investment without any risk. Your interest rate is locked in for the entire ‘term of your deposit.’ This means if the market drops, your interest rate does NOT drop with it. Also, because you are not able to touch your money for the ‘duration of your term’, you are forced to save that money.

Who should look at term deposits?

A term deposit is a sure way of investing your money. If you have extra cash that you know you will not need to use for a while, it makes sense to do a term deposit. If you think you may need to access that cash shortly, or urgently, then a term deposit is not for you. The good thing about a term deposit is that you know it will work and you know that at the end of the term, you will have money.

How long should I term deposit be?

There are short term deposits and long term deposits and between you and the bank, you can choose for what length of time you should ‘lock away’ your money. If you have a lot of money at your disposal and you won’t need access to the money you are investing for a while, go for a long term deposit. If you may need the money in the next few months, go for a short term deposit.  The length of time you leave the money in the account depends on the investment deals that your bank or lending institution are offering. You may need to negotiate terms with them. You can look at short or long term investments and you must discuss rollover terms too. This means when your term deposit has come to an end, you have the option of extending it.

Ensure a good interest rate from the beginning

Because a term deposit means your money is ‘locked’ at a certain interest rate, you do need to make sure you get a good interest rate from the beginning. While you are safe if the interest rates drop, if interest rates increase, you do not get the benefit of them. For your term deposit to work for you, you want the best possible interest rates from the start.

What happens if increase rates increase?

The way a term deposit works is that your interest rates are set for the duration of the investment. You do not benefit from interest rate increases but remember, you do not suffer from interesting rate decreases either.

Who offers term deposits?

Most banks and financial institutions offer term deposits. You need to sit with your bank manager or investment advisor and ask how does a term deposit work.  You can compare the various term deposits at different institutions and make sure you get the best interest rates from day one. Your institution should explain to you what is a term deposit, and why it is the best investment for you to make. Remember, your money can only grow with a term deposit. It is a safe investment and it is a low risk investment. You may not make as much interest as with a more risky investment or account, but your interest rate will never drop.

How does one apply for a term deposit

Applying for a term deposit is really simple. You are not asking a bank for money, you are asking a bank to invest your money. The service should be fairly uncomplicated. You will need to fill out a few forms, give your bank details, your tax number and your ID. A good bank or lending institution will do the paperwork for you, but they will talk you through the process so you understand your investment every step of the way.

Compare term deposits

If you’re interested in investing your money into a term deposits, you can compare our term deposits here:

WP_Post Object ( [ID] => 69840 [post_author] => 2 [post_date] => 2018-06-03 15:32:52 [post_date_gmt] => 2018-06-03 05:32:52 [post_content] => Anyone can experience financial hardships, often through unexpected events like illness, sudden death, divorce, and more. While it is always important to prioritise making payments for loans and credit cards on time, it is not always possible. No matter your situation, you do have remedial actions you can take.

What happens if I cannot repay my debt?

Within the first 30 days, you will receive a notice from your bank for your missed payment with a specified amount of time to make the payment. Sixty days after a missed payment, your account falls into default. The bank will issue an S80 Default notice and formally notify you that you are in breach of your loan or credit contract. At this point, you have another 30 days to pay your arrears. At the end of this period, if you have still not paid, a formal default will be put on your credit history. These notices are serious and stay on your credit history for five years. You will likely find it hard to get approved for new personal loans, mortgage or credit cards until the default has been removed from your credit history. You are now between 90 and 120 days out from your first missed payment. At this point, you will be sent a Letter of Demand, which will seek full payment of any arrears. Creditors will contact you looking to collect what they are owed. You are under no legal obligation to meet with them face-to-face, but can talk to them over the phone or by email. It is also at this point that any collateral you have against your debt like a car or house is in danger of repossession. If you do not respond to the Letter of Demand, the situation can be escalated and brought to the courts. You will receive a Statement of Claim. If you do not respond or the court finds that your debt is valid, there will be a Judgment entered against you for the full amount, plus interest and attorneys’ fees. This Judgment will also be marked on your credit history. If you ignore the Statement of Claim, the court can declare you bankrupt.

What is a guarantee?

A guarantee is when the bank asks another party to ‘guarantee’ a loan for another individual or a business. This person, deemed the guarantor, is the person the bank will pursue for remuneration if the loan goes into default. Unfortunately, while many guarantors believe that banks can only call on a guarantor once all other remedies have been exhausted, banks can actually call on a guarantee the moment a loan goes into default. With a personal guarantee, the guarantor’s personal home and assets can be seized to pay the outstanding debt.

What to do if you missed a payment

Even people with sparkling credit histories will sometimes fall on hard times due to illness, job loss, or divorce that can make it difficult to continue to meet monthly payments. If you know you are in danger of missing a payment for a loan or you have received a Default notice, you have a range of actions you can take including: The key is to be active in this process. If you are at risk of defaulting on more than one loan, prioritise loans with collateral such as a mortgage or car loan, over unsecured debt like credit cards.

Should I refinance my loans?

Refinancing can ease worry over making more than one monthly payment a month and can be a good choice for those that will be paying less in interest and fees. However, refinancing can be a risk that costs more over the long-term as you might take longer to pay off your debts and accrue more interest in the process. Refinancing might also give you access to more credit, which can exacerbate the problem. For instance, if you refinance your credit card debt into one personal loan, it might be tempting to begin using your credit cards again.

Don’t wait. Act now.

If you are struggling to meet your financial obligations, the best thing you can to do is to act as soon as possible. The immediate and long-term effects of a defaulted loan are not worth it. No matter what position you are in, you do have actions you can take. Remember, your bank wants to be paid and will often work with you to create a payment schedule that you can reach during this difficult time. [post_title] => What are the risks if I cannot repay my loan? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => what-are-the-risks-if-i-cannot-repay-my-loan [to_ping] => [pinged] => [post_modified] => 2018-09-24 08:16:08 [post_modified_gmt] => 2018-09-23 22:16:08 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=69840 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

What are the risks if I cannot repay my loan?

Anyone can experience financial hardships, often through unexpected events like illness, sudden death, divorce, and more. While it is always important to prioritise making payments for loans and credit cards on time, it is not always possible. No matter your situation, you do have remedial actions you can take.

What happens if I cannot repay my debt?

Within the first 30 days, you will receive a notice from your bank for your missed payment with a specified amount of time to make the payment.

Sixty days after a missed payment, your account falls into default. The bank will issue an S80 Default notice and formally notify you that you are in breach of your loan or credit contract. At this point, you have another 30 days to pay your arrears.

At the end of this period, if you have still not paid, a formal default will be put on your credit history. These notices are serious and stay on your credit history for five years. You will likely find it hard to get approved for new personal loans, mortgage or credit cards until the default has been removed from your credit history.

You are now between 90 and 120 days out from your first missed payment. At this point, you will be sent a Letter of Demand, which will seek full payment of any arrears. Creditors will contact you looking to collect what they are owed. You are under no legal obligation to meet with them face-to-face, but can talk to them over the phone or by email.

It is also at this point that any collateral you have against your debt like a car or house is in danger of repossession.

If you do not respond to the Letter of Demand, the situation can be escalated and brought to the courts. You will receive a Statement of Claim. If you do not respond or the court finds that your debt is valid, there will be a Judgment entered against you for the full amount, plus interest and attorneys’ fees. This Judgment will also be marked on your credit history.

If you ignore the Statement of Claim, the court can declare you bankrupt.

What is a guarantee?

A guarantee is when the bank asks another party to ‘guarantee’ a loan for another individual or a business. This person, deemed the guarantor, is the person the bank will pursue for remuneration if the loan goes into default. Unfortunately, while many guarantors believe that banks can only call on a guarantor once all other remedies have been exhausted, banks can actually call on a guarantee the moment a loan goes into default.

With a personal guarantee, the guarantor’s personal home and assets can be seized to pay the outstanding debt.

What to do if you missed a payment

Even people with sparkling credit histories will sometimes fall on hard times due to illness, job loss, or divorce that can make it difficult to continue to meet monthly payments. If you know you are in danger of missing a payment for a loan or you have received a Default notice, you have a range of actions you can take including:

  • Paying your arrears
  • Contact your bank and negotiate a repayment schedule
  • Apply for a hardship variation, a formal process asking your bank to extend your loan period, postpone your payments for a specified amount of time, or do both.
  • Refinance your home loan(s) or consolidate your personal loans.
  • Sell personal property to pay your arrears.
  • Voluntarily return collateral to the bank.

The key is to be active in this process. If you are at risk of defaulting on more than one loan, prioritise loans with collateral such as a mortgage or car loan, over unsecured debt like credit cards.

Should I refinance my loans?

Refinancing can ease worry over making more than one monthly payment a month and can be a good choice for those that will be paying less in interest and fees. However, refinancing can be a risk that costs more over the long-term as you might take longer to pay off your debts and accrue more interest in the process. Refinancing might also give you access to more credit, which can exacerbate the problem. For instance, if you refinance your credit card debt into one personal loan, it might be tempting to begin using your credit cards again.

Don’t wait. Act now.

If you are struggling to meet your financial obligations, the best thing you can to do is to act as soon as possible. The immediate and long-term effects of a defaulted loan are not worth it. No matter what position you are in, you do have actions you can take. Remember, your bank wants to be paid and will often work with you to create a payment schedule that you can reach during this difficult time.

WP_Post Object ( [ID] => 71714 [post_author] => 2 [post_date] => 2018-05-06 03:17:27 [post_date_gmt] => 2018-05-05 17:17:27 [post_content] => It’s not uncommon for us 9-to-5 workers to grow tired of the monotony of the everyday “grind”. We day dream about quitting our job and heading off to a tropical island to enjoy our days in the sun, sipping cocktails. Of course, this is unrealistic, those margaritas don’t pay for themselves. Instead, many people consider a career change in order to shake up their daily lives, but again, it’s not always realistic. It’s not always worth the time and effort that it may take. However, there are ways you can change up your daily grind and make a bit of extra money without putting yourself through a testing career change or taking out a personal loan. Here’s 4 ways you can make extra money without learning a new profession.

Work remotely

Work remotely Working remotely is quickly gaining popularity in many industries. The far-reaching webs of the Internet have made it possible for a range of occupations to be carried out from anywhere in the world. This means workers can work from wherever suits them, and companies can benefit from sourcing talent around the world while avoiding the costs associated with in-house teams. Popular examples of people who work remotely are writers, designers, programmers, digital marketers and customer support agents. This is great especially for part time workers who want to find ways to earn extra money. Remote work has removed the need for part time workers to physically travel from job to job.

Become an independent care worker

Care worker A major factor that causes people to consider a career change is stress in the workplace. If people feel worn out from a career they often feel like leaving. A 2016 Monash University survey found that 32% of Australia’s nurses and midwives considered leaving the profession with stress being a major contributor for the change. For such a specialised career, leaving the profession seems like a dramatic course of action. Rather than undergoing a career change, people like nurses and carers can benefit from becoming an independent worker. In the past, working for one’s self was largely reserved for trades and more recently, tech jobs. Now, thanks to sites like Better Caring, nurses and support workers can work for themselves. Platforms such as Better Caring allow workers to choose their rates, clients and the hours they work. Rather than changing careers, nurses can take the stress out of their career by working for themselves. Alternatively, those who want to make extra money can take on clients outside of their jobs.

Pick up extra jobs

Sharing economy Picking up extra jobs is definitely not limited to nurses and care workers. The sharing economy has not only made it possible for people to earn money solely on their own, but it’s made it easier to earn money in addition to their main income. Uber is now a prolific force world-wide, but there’s much more to the sharing economy than ride services. For example, massage therapists can deliver on-demand massages to people in their homes, offices and hotels with Blys.

Negotiate a pay rise

salary negotiation The most conventional and well tested way for making more money without a career change, or picking up extra work, is to negotiate a pay rise. While many people will try to steer clear of such a conversation, negotiating a pay rise can bring about a well needed boost to your income. How best to negotiate a pay rise has long been debated. There’s endless information on the subject, some of it is clichéd, some of it is contradictory and it can be confusing to know exactly how to go about such a conversation. To begin with, you should have a clear idea of your market value and know exactly what you are asking for. Timing is also important and you should have clear evidence of your skills and why you deserve a rise. While your day job may feel like a constant grind, and the stress of work may leave you feeling like you want to leave the industry all together, a career change can be hugely disruptive to your life. Instead, find ways to relieve the stress by working remotely, or becoming an independent care worker. This way you don’t need to learn anything new and you can continue earning money. [post_title] => 4 ways to make extra money without a career change [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 4-ways-to-make-extra-money [to_ping] => [pinged] => [post_modified] => 2018-05-06 03:19:57 [post_modified_gmt] => 2018-05-05 17:19:57 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=71714 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

4 ways to make extra money without a career change

It’s not uncommon for us 9-to-5 workers to grow tired of the monotony of the everyday “grind”. We day dream about quitting our job and heading off to a tropical island to enjoy our days in the sun, sipping cocktails. Of course, this is unrealistic, those margaritas don’t pay for themselves. Instead, many people consider a career change in order to shake up their daily lives, but again, it’s not always realistic. It’s not always worth the time and effort that it may take.

However, there are ways you can change up your daily grind and make a bit of extra money without putting yourself through a testing career change or taking out a personal loan. Here’s 4 ways you can make extra money without learning a new profession.

Work remotely

Work remotely

Working remotely is quickly gaining popularity in many industries. The far-reaching webs of the Internet have made it possible for a range of occupations to be carried out from anywhere in the world. This means workers can work from wherever suits them, and companies can benefit from sourcing talent around the world while avoiding the costs associated with in-house teams.

Popular examples of people who work remotely are writers, designers, programmers, digital marketers and customer support agents. This is great especially for part time workers who want to find ways to earn extra money. Remote work has removed the need for part time workers to physically travel from job to job.

Become an independent care worker

Care worker

A major factor that causes people to consider a career change is stress in the workplace. If people feel worn out from a career they often feel like leaving. A 2016 Monash University survey found that 32% of Australia’s nurses and midwives considered leaving the profession with stress being a major contributor for the change. For such a specialised career, leaving the profession seems like a dramatic course of action.

Rather than undergoing a career change, people like nurses and carers can benefit from becoming an independent worker. In the past, working for one’s self was largely reserved for trades and more recently, tech jobs. Now, thanks to sites like Better Caring, nurses and support workers can work for themselves.

Platforms such as Better Caring allow workers to choose their rates, clients and the hours they work. Rather than changing careers, nurses can take the stress out of their career by working for themselves. Alternatively, those who want to make extra money can take on clients outside of their jobs.

Pick up extra jobs

Sharing economy

Picking up extra jobs is definitely not limited to nurses and care workers. The sharing economy has not only made it possible for people to earn money solely on their own, but it’s made it easier to earn money in addition to their main income.

Uber is now a prolific force world-wide, but there’s much more to the sharing economy than ride services. For example, massage therapists can deliver on-demand massages to people in their homes, offices and hotels with Blys.

Negotiate a pay rise

salary negotiation

The most conventional and well tested way for making more money without a career change, or picking up extra work, is to negotiate a pay rise. While many people will try to steer clear of such a conversation, negotiating a pay rise can bring about a well needed boost to your income.

How best to negotiate a pay rise has long been debated. There’s endless information on the subject, some of it is clichéd, some of it is contradictory and it can be confusing to know exactly how to go about such a conversation.

To begin with, you should have a clear idea of your market value and know exactly what you are asking for. Timing is also important and you should have clear evidence of your skills and why you deserve a rise.

While your day job may feel like a constant grind, and the stress of work may leave you feeling like you want to leave the industry all together, a career change can be hugely disruptive to your life. Instead, find ways to relieve the stress by working remotely, or becoming an independent care worker. This way you don’t need to learn anything new and you can continue earning money.

WP_Post Object ( [ID] => 69328 [post_author] => 2 [post_date] => 2018-04-23 04:16:10 [post_date_gmt] => 2018-04-22 18:16:10 [post_content] => When you’re trying to save, it can be hard to resist the urge to do a bit of retail therapy. While clothes shopping can be fun and exciting, and fashion is a great way to express ourselves, it can be an expensive habit. Here’s how to save some money by spending less on clothes, without your sense of style having to suffer as a result!

1. Do A Wardrobe Audit And Reorganise

I have nothing to wear! One of the most efficient ways of knowing what clothes your wardrobe is lacking and what items you don’t need any more of is to properly go through your closet and see what outfits you actually have at your disposal. By spending a couple of hours sorting through your clothes and reorganising your wardrobe you can find pieces that you might have completely forgotten about and come up with outfit combinations you hadn’t considered before. If you do a quick wardrobe inventory you can quickly learn what bad shopping habits you have. For example, if you have 20 pairs of jeans but only two or three tops that you like wearing, you know that you need to stop buying jeans and balance out your wardrobe a bit more. Rearranging your clothes so that you can easily see what's on offer when you open up your wardrobe can help you save money because it stops you from thinking that you have nothing to wear!

2. Don’t Buy Into Every Trend

Don't buy into trends One way to quickly spend a lot of unnecessary money on clothes is by thinking that you need to follow every fashion trend and that all trends are must-haves. Fashion trends have their moments and then they pass, rendering you with a wardrobe full of items you might never wear again! Instead of falling for fast fashion trends, focus on buying clothes that you genuinely like, that suits your style and that you can see yourself wearing for a long time. Not all trends work for everyone and something that looks amazing on one person doesn’t necessarily work for the next person. The best kind of clothes are the ones that make you feel good about yourself, not the ones that are ‘cool’ at the moment.

3. Rent For Special Occasions

Special occasions dress If you have a special event or occasion coming up where you’re wanting to wear an extra-special outfit, consider renting an outfit rather than buying one. Buying new outfits for weddings, parties or black-tie events can quickly add up especially if you want to wear something new and jaw-dropping every time! Renting a dress means that you can still wear an amazing outfit to these kinds of events but you pay a tenth of the price compared to if you bought the dress outright. Using a clothes-sharing platform like The Volte, you can have access to a whole range of high-end designer dresses and outfits to rent, rather than filling your wardrobe with items that you might sit in your wardrobe gathering dust once you’ve worn them once.

4. Look After Your Clothes

Take care of your clothes Looking after the clothes you already have and making the effort to keep them in good condition means they will last longer and still look good. This will ensure that you have less reason to spend money on or replace clothing items. Some of the ways you can take care of your clothes are by only washing them as much as necessary, treating stains or marks as quickly as possible, following the washing instructions correctly and storing your clothes properly. Overwashing clothes can actually damage them by causing friction and wear. While your clothes should always be clean and presentable you should avoid washing them more than necessary. Once cleaned and dried, make sure to hang up or properly fold clothing and use garment bags for those particularly delicate items. Stuffing clothes in a bundle into a drawer is one-way ruin a perfectly good piece of clothing! As well as this, take the time to repair, re-hem or repurpose clothes you own that are still functional rather than buying new items.

5. Beware of Dry-Clean Only Items

Dry clean only Often when we purchase clothes on a whim, we forget to look at the washing instructions. However, purchasing an item of clothing that is dry-clean only is the equivalent of buying a piece of clothing with hidden costs. It means every time you wear that piece of clothing out, it’s costing you another $10-20 and this will add up fast. To spend less money on clothes, check the washing instructions before you buy something and consider how much you need or love that piece of clothing and whether it’s truly worth paying all those dry-cleaning costs.

6. Shop Out Of Season

Sale small We all know how supply and demand work so it makes sense that during winter, coats, jumpers and boots are significantly more expensive than they are in winter. For this reason, one way to save money on clothes is to shop out of season and buy the clothes you need for next season when they’re on sale. By being a smart shopper, you can get yourself high-quality pieces for a fraction of the price you would pay if you bought them in season

7. Know Your Body

Know your body size Knowing your size and body shape when clothes shopping can help you to spend less money on clothes. An important tip to remember is just because you can put an item on, does not mean it fits you properly. Invest some time into figuring out what works for your body and what looks and feels good for you. Also, look at how a piece is meant to fit. If a pair of skinny jeans isn’t tight on you, then they’re probably not the right fit. Similarly, if you’re buying a blazer but you have very narrow shoulders then the fit around that area will be important. Buying clothes that are flattering for your body means you will wear them more often! [post_title] => 7 tips for spending less money on clothes [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 7-tips-spending-less-money-clothes [to_ping] => [pinged] => [post_modified] => 2018-04-23 04:16:10 [post_modified_gmt] => 2018-04-22 18:16:10 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=69328 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

7 tips for spending less money on clothes

When you’re trying to save, it can be hard to resist the urge to do a bit of retail therapy. While clothes shopping can be fun and exciting, and fashion is a great way to express ourselves, it can be an expensive habit. Here’s how to save some money by spending less on clothes, without your sense of style having to suffer as a result!

1. Do A Wardrobe Audit And Reorganise

I have nothing to wear!

One of the most efficient ways of knowing what clothes your wardrobe is lacking and what items you don’t need any more of is to properly go through your closet and see what outfits you actually have at your disposal. By spending a couple of hours sorting through your clothes and reorganising your wardrobe you can find pieces that you might have completely forgotten about and come up with outfit combinations you hadn’t considered before. If you do a quick wardrobe inventory you can quickly learn what bad shopping habits you have. For example, if you have 20 pairs of jeans but only two or three tops that you like wearing, you know that you need to stop buying jeans and balance out your wardrobe a bit more. Rearranging your clothes so that you can easily see what’s on offer when you open up your wardrobe can help you save money because it stops you from thinking that you have nothing to wear!

2. Don’t Buy Into Every Trend

Don't buy into trends

One way to quickly spend a lot of unnecessary money on clothes is by thinking that you need to follow every fashion trend and that all trends are must-haves. Fashion trends have their moments and then they pass, rendering you with a wardrobe full of items you might never wear again! Instead of falling for fast fashion trends, focus on buying clothes that you genuinely like, that suits your style and that you can see yourself wearing for a long time. Not all trends work for everyone and something that looks amazing on one person doesn’t necessarily work for the next person. The best kind of clothes are the ones that make you feel good about yourself, not the ones that are ‘cool’ at the moment.

3. Rent For Special Occasions

Special occasions dress

If you have a special event or occasion coming up where you’re wanting to wear an extra-special outfit, consider renting an outfit rather than buying one. Buying new outfits for weddings, parties or black-tie events can quickly add up especially if you want to wear something new and jaw-dropping every time! Renting a dress means that you can still wear an amazing outfit to these kinds of events but you pay a tenth of the price compared to if you bought the dress outright. Using a clothes-sharing platform like The Volte, you can have access to a whole range of high-end designer dresses and outfits to rent, rather than filling your wardrobe with items that you might sit in your wardrobe gathering dust once you’ve worn them once.

4. Look After Your Clothes

Take care of your clothes

Looking after the clothes you already have and making the effort to keep them in good condition means they will last longer and still look good. This will ensure that you have less reason to spend money on or replace clothing items. Some of the ways you can take care of your clothes are by only washing them as much as necessary, treating stains or marks as quickly as possible, following the washing instructions correctly and storing your clothes properly. Overwashing clothes can actually damage them by causing friction and wear. While your clothes should always be clean and presentable you should avoid washing them more than necessary. Once cleaned and dried, make sure to hang up or properly fold clothing and use garment bags for those particularly delicate items. Stuffing clothes in a bundle into a drawer is one-way ruin a perfectly good piece of clothing! As well as this, take the time to repair, re-hem or repurpose clothes you own that are still functional rather than buying new items.

5. Beware of Dry-Clean Only Items

Dry clean only

Often when we purchase clothes on a whim, we forget to look at the washing instructions. However, purchasing an item of clothing that is dry-clean only is the equivalent of buying a piece of clothing with hidden costs. It means every time you wear that piece of clothing out, it’s costing you another $10-20 and this will add up fast. To spend less money on clothes, check the washing instructions before you buy something and consider how much you need or love that piece of clothing and whether it’s truly worth paying all those dry-cleaning costs.

6. Shop Out Of Season

Sale small

We all know how supply and demand work so it makes sense that during winter, coats, jumpers and boots are significantly more expensive than they are in winter. For this reason, one way to save money on clothes is to shop out of season and buy the clothes you need for next season when they’re on sale. By being a smart shopper, you can get yourself high-quality pieces for a fraction of the price you would pay if you bought them in season

7. Know Your Body

Know your body size

Knowing your size and body shape when clothes shopping can help you to spend less money on clothes. An important tip to remember is just because you can put an item on, does not mean it fits you properly. Invest some time into figuring out what works for your body and what looks and feels good for you. Also, look at how a piece is meant to fit. If a pair of skinny jeans isn’t tight on you, then they’re probably not the right fit. Similarly, if you’re buying a blazer but you have very narrow shoulders then the fit around that area will be important. Buying clothes that are flattering for your body means you will wear them more often!

WP_Post Object ( [ID] => 63320 [post_author] => 2 [post_date] => 2018-04-08 21:25:31 [post_date_gmt] => 2018-04-08 11:25:31 [post_content] => A lot of us like to claim that money doesn’t play a big part in our lives, that we can enjoy the little things in life without the materialistic possessions the rest of society obsess over. However, in reality, everyone likes to make extra money when they can.  Like it or not, money is an essential part of everyday life. A lot of us probably have a similar relationship with our smartphones. We like to think we would be ok without them, but we’re addicted to scrolling, liking and sharing, not to mention how easy it now is to communicate with anyone and everyone in a matter of seconds. If only there was a way to combine the two and make money with your smartphone. Well, there’s actually multiple ways of doing so. Now you can feed your addiction of memes and YouTube videos, while earning cash. Spacer [caption id="attachment_63323" align="alignnone" width="600"]spacer spacer[/caption] For some, spare space can be hard to come by. For others, it can be hard to know what to do with the spare room that’s now empty because the kids have moved out. Or maybe you have a room that’s over crowded with stuff that you think you need, but really, you haven’t even set foot in the room this year! Well, it’s time to turn that situation into some money. Clear out your spare room and list it on Spacer. Firstly, you might be able to make a quick buck selling your stuff, but by using Spacer you can create a regular, secondary income Spacer is a community sharing marketplace for space. What’s a community sharing marketplace, you ask? Well in Spacer’s case, it’s a platform that allows the community to share their space. By listing your spare room, garage, shed or attic on Spacer, someone can rent it off you to use for storage. The Volte [caption id="attachment_63324" align="alignnone" width="600"]The Volte The Volte[/caption] While we’re on the topic of community sharing, or the ‘sharing economy’, there’s a similar idea for those of you who love to buy expensive dresses for each and every event, only to let them collect dust in the back of your wardrobe once the event has passed. The Volte adopts a similar approach to sharing as Spacer, but rather than space, it’s designer dresses, outfits and accessories. Do you have an expensive dress you wore once and now just feel guilty about each time you brush past it looking for an outfit? Well now you can strip some of the guilt away. List your dress on The Volte and let other event-goers hire it. Now the dress is practically paying for itself, while someone gets a great dress for a fraction of the price. Blogging [caption id="attachment_63325" align="alignnone" width="600"]Blogging Blogging[/caption] For those who don’t have space, designer dresses, or simply can’t part with the stack of random stuff in the spare room, maybe you can boost your earnings by tapping into your creative side With the invention of the internet, blogging soon became a popular medium and before long, people where selling advertising space, and paid memberships as a way to earn money from their sites. Today, blogging is extremely popular. It’s estimated that there’s over 2 million blogs posted every day, on WordPress alone. WordPress is by far the most popular platform to build a site on. Powering over a quarter of all websites it’s clear that it’s simple for anyone to get started on. But, is it still possible to make money from something that seems so over crowded? The short answer is yes. The world is hungry for content and a high-quality blog can make you money in a variety of ways. While blogging is probably best done from a computer, there’s nothing stopping you busting out some engaging content from your smartphone. Parkhound [caption id="attachment_63326" align="alignnone" width="600"]parkhound parkhound[/caption] The sharing economy and smartphones seem to go hand-in-hand. Parkhound is another community sharing platform, and this time, it’s all about parking. If you catch the train, or head to events or simply head to a popular city on a Sunday, you’ll know how much of a nightmare parking can be. If you live near one of these areas, and have a spare driveway or parking space, you are in luck. List your spot on Parkhound, and you can have someone paying to use your driveway in no time. Learn to Trade [caption id="attachment_63327" align="alignnone" width="600"]trading trading[/caption] Ok, maybe blogging or sharing your stuff isn’t really your cup of tea. Maybe you’re looking to make money through some strategizing and calculated risks. Forex trading and smartphones have revolutionised the way of trading. Now, instead of being on the trading floor or stuck in front of a computer, you can trade anywhere, anytime, as long as you have a good internet connection. Granted, learning to trade will take some time, but with the right attitude and coaches you can soon begin trading Forex and potentially make money right from your smartphone. There’s many ways you can make money with your smartphone. You might have to share things, get creative or invest some time and effort, but with some clever planning you can make the time you spend on your phone worthwhile. [post_title] => How to Make Money with Your Smartphone [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => make-money-with-your-smartphone [to_ping] => [pinged] => [post_modified] => 2018-04-08 21:26:10 [post_modified_gmt] => 2018-04-08 11:26:10 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=63320 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

How to Make Money with Your Smartphone

A lot of us like to claim that money doesn’t play a big part in our lives, that we can enjoy the little things in life without the materialistic possessions the rest of society obsess over. However, in reality, everyone likes to make extra money when they can.  Like it or not, money is an essential part of everyday life.

A lot of us probably have a similar relationship with our smartphones. We like to think we would be ok without them, but we’re addicted to scrolling, liking and sharing, not to mention how easy it now is to communicate with anyone and everyone in a matter of seconds.

If only there was a way to combine the two and make money with your smartphone. Well, there’s actually multiple ways of doing so. Now you can feed your addiction of memes and YouTube videos, while earning cash.

Spacer

spacer

spacer

For some, spare space can be hard to come by. For others, it can be hard to know what to do with the spare room that’s now empty because the kids have moved out. Or maybe you have a room that’s over crowded with stuff that you think you need, but really, you haven’t even set foot in the room this year!

Well, it’s time to turn that situation into some money. Clear out your spare room and list it on Spacer. Firstly, you might be able to make a quick buck selling your stuff, but by using Spacer you can create a regular, secondary income

Spacer is a community sharing marketplace for space. What’s a community sharing marketplace, you ask? Well in Spacer’s case, it’s a platform that allows the community to share their space. By listing your spare room, garage, shed or attic on Spacer, someone can rent it off you to use for storage.

The Volte

The Volte

The Volte

While we’re on the topic of community sharing, or the ‘sharing economy’, there’s a similar idea for those of you who love to buy expensive dresses for each and every event, only to let them collect dust in the back of your wardrobe once the event has passed.

The Volte adopts a similar approach to sharing as Spacer, but rather than space, it’s designer dresses, outfits and accessories. Do you have an expensive dress you wore once and now just feel guilty about each time you brush past it looking for an outfit? Well now you can strip some of the guilt away.

List your dress on The Volte and let other event-goers hire it. Now the dress is practically paying for itself, while someone gets a great dress for a fraction of the price.

Blogging

Blogging

Blogging

For those who don’t have space, designer dresses, or simply can’t part with the stack of random stuff in the spare room, maybe you can boost your earnings by tapping into your creative side

With the invention of the internet, blogging soon became a popular medium and before long, people where selling advertising space, and paid memberships as a way to earn money from their sites.

Today, blogging is extremely popular. It’s estimated that there’s over 2 million blogs posted every day, on WordPress alone. WordPress is by far the most popular platform to build a site on. Powering over a quarter of all websites it’s clear that it’s simple for anyone to get started on.

But, is it still possible to make money from something that seems so over crowded? The short answer is yes. The world is hungry for content and a high-quality blog can make you money in a variety of ways.

While blogging is probably best done from a computer, there’s nothing stopping you busting out some engaging content from your smartphone.

Parkhound

parkhound

parkhound

The sharing economy and smartphones seem to go hand-in-hand. Parkhound is another community sharing platform, and this time, it’s all about parking.

If you catch the train, or head to events or simply head to a popular city on a Sunday, you’ll know how much of a nightmare parking can be. If you live near one of these areas, and have a spare driveway or parking space, you are in luck.

List your spot on Parkhound, and you can have someone paying to use your driveway in no time.

Learn to Trade

trading

trading

Ok, maybe blogging or sharing your stuff isn’t really your cup of tea. Maybe you’re looking to make money through some strategizing and calculated risks.

Forex trading and smartphones have revolutionised the way of trading. Now, instead of being on the trading floor or stuck in front of a computer, you can trade anywhere, anytime, as long as you have a good internet connection.

Granted, learning to trade will take some time, but with the right attitude and coaches you can soon begin trading Forex and potentially make money right from your smartphone.

There’s many ways you can make money with your smartphone. You might have to share things, get creative or invest some time and effort, but with some clever planning you can make the time you spend on your phone worthwhile.

WP_Post Object ( [ID] => 60449 [post_author] => 2 [post_date] => 2018-03-18 13:34:45 [post_date_gmt] => 2018-03-18 03:34:45 [post_content] => There are often circumstances that lead us to borrowing money. Whether it’s for a major purchase, personal emergencies, investment opportunities or simply to consolidate debt. When this need arises, you may ask yourself: How much can I borrow when getting a personal loan? How long does it take to get it approved and will my application actually be approved? This blog post aims to give you a little bit of insight into the consideration of getting a personal loan, from both your perspective and the lender’s.

Affordability

Affordability is a major determinant in regards to how much you can borrow and whether or not you will be approved. When applying for a personal loan, the lender will ask you questions about your income and expenses. The expenses will include things such as rent or mortgage repayments, other loans and general living expenses. The difference between your income and outgoing expenses will be a major determining factor as to how much you can borrow. So calculate how much you have remaining by the end of the month. If you have only $100 left over, your borrowing power is significantly less than if you had $500 left over.

Dependants

If you’re caring for children, your parents or anyone else, this will be taken into consideration, because having dependants can results in unforeseen expenses. When you visit our personal loans comparison page you can use the filter to see repayment results for different loan amounts over different terms.

Credit history

When you apply for a loan, lenders use credit rating agencies (such as Equifax and Dun & Bradstreet) to look up your “credit score”. Credit rating agencies collect and provide information about your financial history. The records kept include other loans or credit cards you may have applied for, your last known employer, directorships your may hold and any defaults you may have had. This information results in your own personal “credit score”.

What does the score indicate?

The higher your score, the more likely your application will be approved. However, it is no guaranteed. When comparing personal loans, you will see personal loan products with the description "Excellent", "Very good", etc. If you're wondering what the lenders constitute as "excellent" or "very good", the below chart is a good indicator. Australian credit score chart

Personal loan interest rates determined by credit score

There are now a number of companies in Australia, that determine your interest rates based on your credit rating. The lower your risk profile (your likelihood of defaulting), the lower your interest rates. Conversely, the lower your credit score, the higher your interest rate may be. Examples of companies that personalise your interest rate, based on your credit score include:

Comprehensive Credit Reporting (CCR)

Recently financial institutions have started implementing Comprehensive Credit Reporting (CCR) or ‘positive reporting’. This refers to additional information being provided to, and held by Credit Reporting Agencies. These changes allow credit providers to access and use this information to make more informed lending decisions. CCR means that a more complete picture of an individual’s credit profile can be held on their credit file. The outcome of CCR means, your positive actions (such as always making your repayments on time) will be visible to the lender. Note, not all lenders have rolled out CCR.

Defaults and missed payments

Sometimes mistakes happen. For example, you may have not received a bill and accidentally missed a payment.

Loan purpose

Some lenders have a broad scope of loan purposes for which they will lend money, whilst others will only lend for a narrow range or purposes. For example, not many lenders will provide you money to invest in Bitcoin or pay for legal fees, however, many lenders are willing to lend for debt consolidation, weddings and holidays. It is worthwhile contacting the lender to ask whether or not they lend for your required personal loan purpose.

Financial activity

Many lenders will require copies of your most recent bank statements to assess how your money is spent and to see whether or not the information you provided about your expenses lines up with your recent banking history. Habits such as regular gambling (shown by regular withdrawals at the casino, etc) will reduce your likelihood of being approved.

Employment status and salary

Lenders will ask about your current employment status and sources of income. Many lenders will state on their website as to whether or not they require a minimum income or employment status. Minimum income levels vary between $20,000 and $50,000 per annum. Lenders will also want to verify those sources of income. So if you’re getting paid cash-in-hand, before you apply for a personal loan, you may want to start depositing that money in a bank to demonstrate you’re earning a regular income.

Assets and savings

Assets such as a car and other possessions you may have, could increase your likelihood of getting a loan. Have a loan secured by something like your car, could reduce your interest rate. Some financial institutions allow you to secure a loan against a term deposit you may hold with them.

Minimum age

Many lenders will lend to you if you’re over 18 whilst others have a stricter criteria and will not lend to borrowers under the age of 21 or older. Be sure to check with your lender to see what their eligibility criteria is.

Residential status

Most Australian lenders require you to be an Australian citizen or permanent resident.

457 Visa holders

Some major Australian banks and independent lenders allow 457 visa holders to get a personal loan. However, you have to ensure you meet the eligibility criteria listed above. Contact your preferred lender to see if they accept applications from 457 visa holders.

Be honest

The lender's rely on the honesty of the potential applicant. Being dishonest or providing misinformation could damage a your chances of being approved. Moreover, if you ask for more than you can afford - you will run a higher risk of running into financial hardship. [post_title] => Personal loans: How much can I borrow? Will I be approved? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => personal-loans-much-can-borrow-will-approved [to_ping] => [pinged] => [post_modified] => 2018-09-24 08:00:30 [post_modified_gmt] => 2018-09-23 22:00:30 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=60449 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

Personal loans: How much can I borrow? Will I be approved?

There are often circumstances that lead us to borrowing money. Whether it’s for a major purchase, personal emergencies, investment opportunities or simply to consolidate debt.

When this need arises, you may ask yourself: How much can I borrow when getting a personal loan? How long does it take to get it approved and will my application actually be approved?

This blog post aims to give you a little bit of insight into the consideration of getting a personal loan, from both your perspective and the lender’s.

Affordability

Affordability is a major determinant in regards to how much you can borrow and whether or not you will be approved.

When applying for a personal loan, the lender will ask you questions about your income and expenses. The expenses will include things such as rent or mortgage repayments, other loans and general living expenses.

The difference between your income and outgoing expenses will be a major determining factor as to how much you can borrow.

So calculate how much you have remaining by the end of the month. If you have only $100 left over, your borrowing power is significantly less than if you had $500 left over.

Dependants

If you’re caring for children, your parents or anyone else, this will be taken into consideration, because having dependants can results in unforeseen expenses.

When you visit our personal loans comparison page you can use the filter to see repayment results for different loan amounts over different terms.

Credit history

When you apply for a loan, lenders use credit rating agencies (such as Equifax and Dun & Bradstreet) to look up your “credit score”. Credit rating agencies collect and provide information about your financial history.

The records kept include other loans or credit cards you may have applied for, your last known employer, directorships your may hold and any defaults you may have had. This information results in your own personal “credit score”.

What does the score indicate?

The higher your score, the more likely your application will be approved. However, it is no guaranteed.

When comparing personal loans, you will see personal loan products with the description “Excellent”, “Very good”, etc. If you’re wondering what the lenders constitute as “excellent” or “very good”, the below chart is a good indicator.

Australian credit score chart

Personal loan interest rates determined by credit score

There are now a number of companies in Australia, that determine your interest rates based on your credit rating. The lower your risk profile (your likelihood of defaulting), the lower your interest rates. Conversely, the lower your credit score, the higher your interest rate may be. Examples of companies that personalise your interest rate, based on your credit score include:

Comprehensive Credit Reporting (CCR)

Recently financial institutions have started implementing Comprehensive Credit Reporting (CCR) or ‘positive reporting’. This refers to additional information being provided to, and held by Credit Reporting Agencies. These changes allow credit providers to access and use this information to make more informed lending decisions.

CCR means that a more complete picture of an individual’s credit profile can be held on their credit file. The outcome of CCR means, your positive actions (such as always making your repayments on time) will be visible to the lender. Note, not all lenders have rolled out CCR.

Defaults and missed payments

Sometimes mistakes happen. For example, you may have not received a bill and accidentally missed a payment.

Loan purpose

Some lenders have a broad scope of loan purposes for which they will lend money, whilst others will only lend for a narrow range or purposes. For example, not many lenders will provide you money to invest in Bitcoin or pay for legal fees, however, many lenders are willing to lend for debt consolidation, weddings and holidays.

It is worthwhile contacting the lender to ask whether or not they lend for your required personal loan purpose.

Financial activity

Many lenders will require copies of your most recent bank statements to assess how your money is spent and to see whether or not the information you provided about your expenses lines up with your recent banking history.

Habits such as regular gambling (shown by regular withdrawals at the casino, etc) will reduce your likelihood of being approved.

Employment status and salary

Lenders will ask about your current employment status and sources of income. Many lenders will state on their website as to whether or not they require a minimum income or employment status. Minimum income levels vary between $20,000 and $50,000 per annum.

Lenders will also want to verify those sources of income. So if you’re getting paid cash-in-hand, before you apply for a personal loan, you may want to start depositing that money in a bank to demonstrate you’re earning a regular income.

Assets and savings

Assets such as a car and other possessions you may have, could increase your likelihood of getting a loan. Have a loan secured by something like your car, could reduce your interest rate.

Some financial institutions allow you to secure a loan against a term deposit you may hold with them.

Minimum age

Many lenders will lend to you if you’re over 18 whilst others have a stricter criteria and will not lend to borrowers under the age of 21 or older. Be sure to check with your lender to see what their eligibility criteria is.

Residential status

Most Australian lenders require you to be an Australian citizen or permanent resident.

457 Visa holders

Some major Australian banks and independent lenders allow 457 visa holders to get a personal loan. However, you have to ensure you meet the eligibility criteria listed above. Contact your preferred lender to see if they accept applications from 457 visa holders.

Be honest

The lender’s rely on the honesty of the potential applicant. Being dishonest or providing misinformation could damage a your chances of being approved. Moreover, if you ask for more than you can afford – you will run a higher risk of running into financial hardship.

WP_Post Object ( [ID] => 60266 [post_author] => 2 [post_date] => 2018-03-11 13:48:16 [post_date_gmt] => 2018-03-11 03:48:16 [post_content] =>

TL;DR;

Making one trade per day, I’m trying to grow 0.01 worth of BTC by 5% per day for 365 days. Today is the end of week three. (View last weeks blog) I am up 9.8% from my starting amount of 0.009897, sitting at ~0.0108677 I am up 13.9% from last week. Track progress here.

Oh hai there

Until this morning, I was going to name this blog “Failbitrage”. Last week, I vaguely remember feeling pretty positive. I was up 7% and had received this great comment on /r/CryptoCurrency in my End of Week 1 post (around the same time I posted posted the End of Week 2 post): “Don’t let anyone get into your head saying this is impossible. Aim higher than the rest and leave them behind. Break up your massive goal into pieces that you can chew. You have a method that in theory is not impossible.” - usdxrbeur I had the “You’re the best around” tune from Karate Kid playing in my head and thought this was going to be a record week. With a clearer head I had a new idea about how to make gains for week 3.

New methodology: more risk (not financial advice)

My last week’s plan was to simply keep on picking tokens out of hat. But later on in the night I thought that I was being too conservative in the my token selections. I was determined not only to make the 5% per day - but to get some bigger wins and catch-up to my daily target. I started looking at tokens that have taken a major dive and thought about taking two outs:
  1. Either make 5%+ on the rebound, or
  2. Look for arbitrage opportunities on other exchanges

Let the picking out of the hat begin

My girlfriend’s first pick out of the hat was Ambrosus. Fabulous pick. The only problem, I was too impatient. I put in my buy order in and waited. And waited. And waited. (It was a low volume exchange). To quote Homer; “The waiting game sucks”. So I got my girlfriend to pick a new token out of the hat. Monetha. What happened? Firstly, if I stayed with Ambrosus - my buy order would have been filled and I would have got the 5% rebound. Monetha on the other hand started to tank further.

Arbitrage time

For those of you not familiar with arbitrage, at any given time, tokens have different values on different exchanges. For the most part, the delta (or the difference in value) between exchanges is fairly small (<1%). But sometimes, there are blips in the matrix and healthy gains present themselves to you. It’s a bit like when you buy an old SEGA Mega Drive (Genesis) game at a garage sales for $1 and then sell it on eBay for $5. When transfering the Monetha between exchanges, I was faced with a dilemma: Losing 1.5% of my value in fees, while having no guarantee that the arbitrage would work. I decided to risk it for a biscuit and moved forward. Long story short, I was lucky enough to break even. I sold a small portion at a loss and made gains on the rest. I thought I was pretty clever, but I would have made that and more if I had stayed on the old exchange (though it did take 3 days for that to happen). I got a fever and the only prescription is more arbitrage

Arbitrage time 2.0

The new exchange I was on didn’t do much volume and the hottest ticket in town was Dogecoin. After getting back into BTC, I looked for new arbitrage opportunities (and ways to get off that exchange in general). So I picked up some NLC2 and headed over to Cryptopia at minimal cost. I had a clear memory of putting a sell order at 5% above my buying price, but it turns out I didn’t - and had missed the win boat once again. So I sold at a tidy 2.3% profit - while the rest of the market was off to the races. I gotta have more arbitrage

Arbitrage 3.0

Before I started writing this blog on Saturday, I noticed a blip in the matrix, OMG went through the roof on Cryptopia. Seeing it was a recent move and expecting a sudden correction, I did nothing about it. When I finished writing this blog (a couple of hours later) I noticed the price was still holding and that there was a massive buy wall supporting it. The gravy train I quickly sold out of the ETH I bought randomly, bought some LTC, lost 3% transfering to Bittrex and the confirmations couldn’t come fast enough. As I was waiting for the confirmations on Bittrex, I thought I’d create a new address for OMG on Cryptopia. FFS FFS! My repeated attempts failed. I tried a different browser, failed. So I decided to cancel some shizzlecoin sell orders that had been sitting there for months (hoping for a moonshot), and bought some overpriced OMG in an attempt to generate an address. Fail. Fail, fail, fail! I had the impression that the folks at Cryptopia had put a freeze on new wallet creations to capitalise on this scenario. By this time, I had bought some BTC and exchanged it to OMG and then waited for my opportunity. With no success on "Craptopia", I decided to look for new, greener, OMG arbitrage pastures. I first tried Gate.io, but luckily for me, the confirmation email took too long. I ended up going with Bit-Z, which had a healthier spread than Gate.io (they have a nice mobile app also). Withdrawing from Bittrex to Bit-Z ended up costing me another ~5%! So my gamble on Bit-Z, really needed to pay-off. The desktop version of the exchange wasn’t showing up, so I placed the order on the app and went to bed at around 5am. Result: No enough sleep and desire to slap some Kiwis on the back of the head. And all my OMG selling at 0.00189999. The Gods of arbitrage smiled upon me, the losses I took in transferring between 2 exchanges and buying/selling 4 cryptos all recovered - and more some. win

What’s the lesson in all of this?

For one, arbitrage seems easier than it really is. Secondly, if you're going to do it, you need to know what’s cheap to transfer and what’s not. Was LTC a good move between Cryptopia and Bittrex? I don’t know… I definitely didn’t lose that much transfering NLC2. However, NLC2 is only available on limited exchanges. Lastly, you need some luck.

Why I didn't trade everyday?

Life got in the way.

Last week’s feedback from /r/cryptocurrency

Not too many comments last week. But “Just buy a hat. Massive gains!” wins comment of week. lol...

What’s the plan for week 4?

Pretty tempted to find some low volume coins with a healthy gap between bid and ask - and just trade both sides. But that requires time and patience (of which I have neither). So we’ll see… I feel like my bag of primitive trading tricks is slowly increasing. Until next time, I wish you all nothing but green days.

Feedback

Feel free to provide your feedback on Reddit or send me your buy recommendations for the day @DennisGraham7 [post_title] => From 0.01 to 510,000 Bitcoins in 365 Days – End of Week 3 - Arbitrage Win [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 0-01-510000-bitcoins-365-days-end-week-3-arbitrage-win [to_ping] => [pinged] => [post_modified] => 2018-03-11 14:39:23 [post_modified_gmt] => 2018-03-11 04:39:23 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=60266 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

From 0.01 to 510,000 Bitcoins in 365 Days – End of Week 3 – Arbitrage Win

TL;DR;

Making one trade per day, I’m trying to grow 0.01 worth of BTC by 5% per day for 365 days.

Today is the end of week three. (View last weeks blog)

I am up 9.8% from my starting amount of 0.009897, sitting at ~0.0108677

I am up 13.9% from last week.

Track progress here.

Oh hai there

Until this morning, I was going to name this blog “Failbitrage”.

Last week, I vaguely remember feeling pretty positive. I was up 7% and had received this great comment on /r/CryptoCurrency in my End of Week 1 post (around the same time I posted posted the End of Week 2 post):

“Don’t let anyone get into your head saying this is impossible. Aim higher than the rest and leave them behind. Break up your massive goal into pieces that you can chew. You have a method that in theory is not impossible.” – usdxrbeur

I had the “You’re the best around” tune from Karate Kid playing in my head and thought this was going to be a record week.

With a clearer head I had a new idea about how to make gains for week 3.

New methodology: more risk (not financial advice)

My last week’s plan was to simply keep on picking tokens out of hat. But later on in the night I thought that I was being too conservative in the my token selections. I was determined not only to make the 5% per day – but to get some bigger wins and catch-up to my daily target.

I started looking at tokens that have taken a major dive and thought about taking two outs:

  1. Either make 5%+ on the rebound, or
  2. Look for arbitrage opportunities on other exchanges

Let the picking out of the hat begin

My girlfriend’s first pick out of the hat was Ambrosus. Fabulous pick. The only problem, I was too impatient. I put in my buy order in and waited. And waited. And waited. (It was a low volume exchange). To quote Homer; “The waiting game sucks”.

So I got my girlfriend to pick a new token out of the hat. Monetha.

What happened? Firstly, if I stayed with Ambrosus – my buy order would have been filled and I would have got the 5% rebound. Monetha on the other hand started to tank further.

Arbitrage time

For those of you not familiar with arbitrage, at any given time, tokens have different values on different exchanges. For the most part, the delta (or the difference in value) between exchanges is fairly small (<1%). But sometimes, there are blips in the matrix and healthy gains present themselves to you.

It’s a bit like when you buy an old SEGA Mega Drive (Genesis) game at a garage sales for $1 and then sell it on eBay for $5.

When transfering the Monetha between exchanges, I was faced with a dilemma: Losing 1.5% of my value in fees, while having no guarantee that the arbitrage would work. I decided to risk it for a biscuit and moved forward.

Long story short, I was lucky enough to break even. I sold a small portion at a loss and made gains on the rest. I thought I was pretty clever, but I would have made that and more if I had stayed on the old exchange (though it did take 3 days for that to happen).

I got a fever and the only prescription is more arbitrage

Arbitrage time 2.0

The new exchange I was on didn’t do much volume and the hottest ticket in town was Dogecoin.

After getting back into BTC, I looked for new arbitrage opportunities (and ways to get off that exchange in general). So I picked up some NLC2 and headed over to Cryptopia at minimal cost.

I had a clear memory of putting a sell order at 5% above my buying price, but it turns out I didn’t – and had missed the win boat once again. So I sold at a tidy 2.3% profit – while the rest of the market was off to the races.

I gotta have more arbitrage

Arbitrage 3.0

Before I started writing this blog on Saturday, I noticed a blip in the matrix, OMG went through the roof on Cryptopia. Seeing it was a recent move and expecting a sudden correction, I did nothing about it. When I finished writing this blog (a couple of hours later) I noticed the price was still holding and that there was a massive buy wall supporting it.

The gravy train

I quickly sold out of the ETH I bought randomly, bought some LTC, lost 3% transfering to Bittrex and the confirmations couldn’t come fast enough.

As I was waiting for the confirmations on Bittrex, I thought I’d create a new address for OMG on Cryptopia.
FFS

FFS!

My repeated attempts failed. I tried a different browser, failed. So I decided to cancel some shizzlecoin sell orders that had been sitting there for months (hoping for a moonshot), and bought some overpriced OMG in an attempt to generate an address. Fail. Fail, fail, fail!

I had the impression that the folks at Cryptopia had put a freeze on new wallet creations to capitalise on this scenario.

By this time, I had bought some BTC and exchanged it to OMG and then waited for my opportunity.

With no success on “Craptopia”, I decided to look for new, greener, OMG arbitrage pastures. I first tried Gate.io, but luckily for me, the confirmation email took too long. I ended up going with Bit-Z, which had a healthier spread than Gate.io (they have a nice mobile app also).

Withdrawing from Bittrex to Bit-Z ended up costing me another ~5%! So my gamble on Bit-Z, really needed to pay-off.

The desktop version of the exchange wasn’t showing up, so I placed the order on the app and went to bed at around 5am.

Result: No enough sleep and desire to slap some Kiwis on the back of the head. And all my OMG selling at 0.00189999. The Gods of arbitrage smiled upon me, the losses I took in transferring between 2 exchanges and buying/selling 4 cryptos all recovered – and more some.

win

What’s the lesson in all of this?

For one, arbitrage seems easier than it really is.

Secondly, if you’re going to do it, you need to know what’s cheap to transfer and what’s not. Was LTC a good move between Cryptopia and Bittrex? I don’t know… I definitely didn’t lose that much transfering NLC2. However, NLC2 is only available on limited exchanges.

Lastly, you need some luck.

Why I didn’t trade everyday?

Life got in the way.

Last week’s feedback from /r/cryptocurrency

Not too many comments last week. But “Just buy a hat. Massive gains!” wins comment of week. lol…

What’s the plan for week 4?

Pretty tempted to find some low volume coins with a healthy gap between bid and ask – and just trade both sides. But that requires time and patience (of which I have neither). So we’ll see… I feel like my bag of primitive trading tricks is slowly increasing.

Until next time, I wish you all nothing but green days.

Feedback

Feel free to provide your feedback on Reddit or send me your buy recommendations for the day @DennisGraham7

WP_Post Object ( [ID] => 59188 [post_author] => 2 [post_date] => 2018-03-04 19:00:48 [post_date_gmt] => 2018-03-04 09:00:48 [post_content] =>

TL;DR;

Making one trade per day, I’m trying to grow 0.01 worth of BTC by 5% per day for 365 days. Today is the end of week two. (View last weeks blog) I am down 3.6% from my starting amount of 0.009897, sitting at ~0.00954 I am up 7% from last week. Track progress here. [caption id="attachment_59189" align="alignnone" width="600"]Week 2 performance Week 2 performance[/caption]

Oh hai there

Can a monkey make better trades than humans? Apparently. In recognition of the monkey’s superior trading abilities, this week I put my pride aside (especially after last week’s performance) and I tried to be as one with the monkey. The results were good, making an overall profit of 7%.. While I didn’t hit my daily target of 5% growth per day, I did outperform 75% of the top 100 coins. [caption id="attachment_59190" align="alignnone" width="600"]Here sits the greatest crypto day trader Here sits the greatest crypto day trader[/caption]

Methodology (not financial advice)

I put names of tokens in a hat and my girlfriend picked one out of the hat. “How did you choose the tokens to put in the hat?” you ask. As I didn’t have much free time this week, and didn’t have a chance to research the trading recommendations from /r/CryptoCurrency (see below)... I used the following 3 methods:
  1. Using 1 hour / 8 hour /1 day Bollinger Bands as an indicator of a good buying time
  2. Looking for juicing buy walls to pin my buys next to
  3. The vibe/pick at random (sometimes I didn’t have time for options 1 and 2)

The two times I lost this week

On one of the days I was too busy to go through the method and picked a token myself. That was the first time I lost BTC last week. The second time I lost, all of the options I put in the hat lost BTC value. Not bad.

Feedback from /r/cryptocurrency

View all comments here. “I always follow one simple strategy: never sell crypto at loss unless you planned your stoploss level. FUD is your worst enemy. Though sometimes with this strategy I become an investor rather than trader 😁 and get my funds frozen in some alts for really long periods [..]Don't let your fear of taking losses or your purchase price get in the way of more profitable trades.” - Grandifer “FUD is your worst enemy [...] Don't let your fear of taking losses or your purchase price get in the way of more profitable trades.” This resonated the most. At one point this week, I was down 7.6% on one of my trades. There was a huge sell wall below my buying price and I decided to cancel some of my sell orders to see if I could minimise my loss, by placing a sell order just below the sell wall. Later on in the night there was huge 20% spike (that lasted 15 minutes)... it executed all of my sell orders but I only made a marginal gain of 0.88% for the day. Is there a lesson in this? Probably not. Just lucky to make anything, really. The majority of coins lost value this week and most gains were seen from random shizzle coins with low trading volumes. Ultimately, although this experiment is low cost - the psychological impact of seeing any losses and markets moving against you is very real. As for the rest of the notes, stoploss isn’t available to me and hodling isn’t an option in this experiment. “All that aside, the point I'm trying to make is that past returns shouldn't have any effect on your current portfolio choices. At any given point in time, you should be able to look at your holdings and go, "Yup, this is the best place my money could possible be right now". Having a goal of "at least breakeven on any trade" is unrealistic and actually very dangerous. The moment you can click on that "sell" button, gains or losses, and not feel anything...that's when you become a world-class trader.” - notextremelyhelpful (in a thread of comments from Grandifer) An interesting perspective, especially “Having a goal of "at least breakeven on any trade" is unrealistic and actually very dangerous”. Though this is sort of where I’m at, just because of the goals/tactics I set in this experiment. Especially because I’m still not back to where I started after taking a loss of 13% in a day (Thanks DNA!), making breaking even (at a minimum) a very strong motivator. Ironically, if I had held on to my biggest losing token (DNA) for a week more - I would be miles ahead of where I am now. “big advice: choose very wisely who you listen too. Suppoman has a very bad reputation here, since he has a very shady history of possible scams and other stories that make him not seem very trustworthy.” - ResponsibleLaugh Solid advice. I’m currently running my experiment on the Kucoin exchange. Not because it’s a world-class exchange, but because I listened to someone shilling Utrust (It actually could have been Suppoman) and that was the only place I could buy it. Long story short, I lost 50% of what I invested into it. However, I had just the right amount of BTC to start this experiment. So I kept the BTC on Kucoin to avoid transfer fees to larger a exchange. Utrust may actually be a good project (I don’t know), but I didn’t do my own research - and lost. Thankfully, not too much. Otherwise, my thoughts on Suppoman are; he’s good entertainment - but there’s a strong shill side to him, and a large enough audience to move markets (and make money - mainly for him). “Can I suggest another experiment for you? Take 0.01 btc and lend it out on Poloniex for a year and see how you fair. Most days the lending rate is pretty low, but when there are alt pumps on it can go to 1% a day or more. At the very least you won't lose money the way you can with trading.” - teatree Had a look into it. I still don’t quite get how it’s relatively risk-free/you won’t lose money. But I might save this experiment for later. “If you're really trying to move up the distribution of profitable day traders (to at least the 5% range) then I'd suggest learning about the technical indicators beforehand ;) [...] If you really want to step your game up, look into volumetric analysis (the study of the price/volume relationship). Here's a great resource: http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:volume_by_price - notextremelyhelpful A good read. I couldn’t find this indicator in the indicators in the charts on Kucoin - but I’ll definitely try and read up on more technical indicators.

What’s the plan for week 3

Another busy week ahead… So I might stick to the winning formula for now (yes, picking tokens out of a hat). I’m contemplating moving to a larger exchange (because every day I seem to be looking at the same 20 or so tokens that have some volume). But we’ll see. Until next time, I wish you all nothing but green days.

Feedback

Feel free to provide your feedback on Reddit or send me your buy recommendations for the day @DennisGraham7 [post_title] => From 0.01 to 510,000 Bitcoins in 365 Days – End of Week 2 (Monkey vs. Man) [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 0-01-510000-bitcoins-365-days-end-week-2-monkey-vs-man [to_ping] => [pinged] => [post_modified] => 2018-03-04 19:05:25 [post_modified_gmt] => 2018-03-04 09:05:25 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=59188 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

From 0.01 to 510,000 Bitcoins in 365 Days – End of Week 2 (Monkey vs. Man)

TL;DR;

Making one trade per day, I’m trying to grow 0.01 worth of BTC by 5% per day for 365 days.

Today is the end of week two. (View last weeks blog)

I am down 3.6% from my starting amount of 0.009897, sitting at ~0.00954

I am up 7% from last week.

Track progress here.

Week 2 performance

Week 2 performance

Oh hai there

Can a monkey make better trades than humans? Apparently.

In recognition of the monkey’s superior trading abilities, this week I put my pride aside (especially after last week’s performance) and I tried to be as one with the monkey.

The results were good, making an overall profit of 7%..

While I didn’t hit my daily target of 5% growth per day, I did outperform 75% of the top 100 coins.

Here sits the greatest crypto day trader

Here sits the greatest crypto day trader

Methodology (not financial advice)

I put names of tokens in a hat and my girlfriend picked one out of the hat.

“How did you choose the tokens to put in the hat?” you ask. As I didn’t have much free time this week, and didn’t have a chance to research the trading recommendations from /r/CryptoCurrency (see below)… I used the following 3 methods:

  1. Using 1 hour / 8 hour /1 day Bollinger Bands as an indicator of a good buying time
  2. Looking for juicing buy walls to pin my buys next to
  3. The vibe/pick at random (sometimes I didn’t have time for options 1 and 2)

The two times I lost this week

On one of the days I was too busy to go through the method and picked a token myself. That was the first time I lost BTC last week.

The second time I lost, all of the options I put in the hat lost BTC value.

Not bad.

Feedback from /r/cryptocurrency

View all comments here.

“I always follow one simple strategy: never sell crypto at loss unless you planned your stoploss level. FUD is your worst enemy.

Though sometimes with this strategy I become an investor rather than trader 😁 and get my funds frozen in some alts for really long periods [..]Don’t let your fear of taking losses or your purchase price get in the way of more profitable trades.” – Grandifer

“FUD is your worst enemy […] Don’t let your fear of taking losses or your purchase price get in the way of more profitable trades.” This resonated the most. At one point this week, I was down 7.6% on one of my trades. There was a huge sell wall below my buying price and I decided to cancel some of my sell orders to see if I could minimise my loss, by placing a sell order just below the sell wall.

Later on in the night there was huge 20% spike (that lasted 15 minutes)… it executed all of my sell orders but I only made a marginal gain of 0.88% for the day.

Is there a lesson in this? Probably not. Just lucky to make anything, really. The majority of coins lost value this week and most gains were seen from random shizzle coins with low trading volumes.

Ultimately, although this experiment is low cost – the psychological impact of seeing any losses and markets moving against you is very real.

As for the rest of the notes, stoploss isn’t available to me and hodling isn’t an option in this experiment.

“All that aside, the point I’m trying to make is that past returns shouldn’t have any effect on your current portfolio choices. At any given point in time, you should be able to look at your holdings and go, “Yup, this is the best place my money could possible be right now”. Having a goal of “at least breakeven on any trade” is unrealistic and actually very dangerous. The moment you can click on that “sell” button, gains or losses, and not feel anything…that’s when you become a world-class trader.”notextremelyhelpful (in a thread of comments from Grandifer)

An interesting perspective, especially “Having a goal of “at least breakeven on any trade” is unrealistic and actually very dangerous”. Though this is sort of where I’m at, just because of the goals/tactics I set in this experiment. Especially because I’m still not back to where I started after taking a loss of 13% in a day (Thanks DNA!), making breaking even (at a minimum) a very strong motivator.

Ironically, if I had held on to my biggest losing token (DNA) for a week more – I would be miles ahead of where I am now.

“big advice: choose very wisely who you listen too. Suppoman has a very bad reputation here, since he has a very shady history of possible scams and other stories that make him not seem very trustworthy.” – ResponsibleLaugh

Solid advice. I’m currently running my experiment on the Kucoin exchange. Not because it’s a world-class exchange, but because I listened to someone shilling Utrust (It actually could have been Suppoman) and that was the only place I could buy it. Long story short, I lost 50% of what I invested into it. However, I had just the right amount of BTC to start this experiment. So I kept the BTC on Kucoin to avoid transfer fees to larger a exchange.

Utrust may actually be a good project (I don’t know), but I didn’t do my own research – and lost. Thankfully, not too much.

Otherwise, my thoughts on Suppoman are; he’s good entertainment – but there’s a strong shill side to him, and a large enough audience to move markets (and make money – mainly for him).

“Can I suggest another experiment for you? Take 0.01 btc and lend it out on Poloniex for a year and see how you fair. Most days the lending rate is pretty low, but when there are alt pumps on it can go to 1% a day or more. At the very least you won’t lose money the way you can with trading.” – teatree

Had a look into it. I still don’t quite get how it’s relatively risk-free/you won’t lose money. But I might save this experiment for later.

“If you’re really trying to move up the distribution of profitable day traders (to at least the 5% range) then I’d suggest learning about the technical indicators beforehand 😉

[…]

If you really want to step your game up, look into volumetric analysis (the study of the price/volume relationship). Here’s a great resource: http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:volume_by_price – notextremelyhelpful

A good read. I couldn’t find this indicator in the indicators in the charts on Kucoin – but I’ll definitely try and read up on more technical indicators.

What’s the plan for week 3

Another busy week ahead… So I might stick to the winning formula for now (yes, picking tokens out of a hat).

I’m contemplating moving to a larger exchange (because every day I seem to be looking at the same 20 or so tokens that have some volume). But we’ll see.

Until next time, I wish you all nothing but green days.

Feedback

Feel free to provide your feedback on Reddit or send me your buy recommendations for the day @DennisGraham7

WP_Post Object ( [ID] => 58553 [post_author] => 2 [post_date] => 2018-03-03 15:20:31 [post_date_gmt] => 2018-03-03 05:20:31 [post_content] => There are two ways to looking at growing the number in your savings account: ways to save money and ways to earn money. First, it helps to know where your money is going. Using Apps like PocketBook and Money Brilliant can help you track your finances. These apps link up with your bank account and any loans or credit cards you have to track the money coming in and living your accounts each month. It’ll even break down your expenses into categories like food, entertainment, and more. Even just signing up with money tracking app can help you pinpoint areas where you are spending money without realizing it. Once you’ve got your monthly expenses in hand, here are six lifestyle changes you can make to up your savings and invest in your future.

Quit a bad habit

[caption id="attachment_58554" align="alignnone" width="500"]Quit a bad habit Quit a bad habit (source)[/caption] This is where the classic ‘stop drinking expensive lattes’ advice comes into the picture. However, for you, your Achilles heel might not be expensive lattes, but drinks at a bar, cigarettes, or eating out. If you’re spending $5 a day on a flat white from your favourite café, that translates to $2,000 a year draining out of your pocket on coffee. The good news is that there are often cheaper or free alternatives to these so-called bad habits. Eschew bar hopping to make signature cocktails at home. Make coffee in the morning, but jazz it up with your own flavourings.

Pick up a free hobby

[caption id="attachment_58555" align="alignnone" width="480"]Picky a free hobby Picky a free hobby (source)[/caption] The good news is, now that you’ve given up a bad habit, you can use a new hobby to keep you busy. It is so easy to spend money when you’re bored. Shopping on a sunny Saturday might be one of your favourite activities, but it’s not your bank account’s favourite activity. Starting a free hobby can have twofold benefits: help distract you when you might be shopping or eating out and chances are, it might also be some good exercise. Free hobbies you might consider are running, reading (get your books from a library), hiking, geocaching, writing, drawing, and yoga.

Go out during happy hour

[caption id="attachment_58556" align="alignnone" width="260"]Happy hour Happy hour (source)[/caption] This list isn’t intended to make you miserable. There’s value in going out with your friends, even if it doesn’t directly correlate to the number in your bank account. That being said, creating a habit of meeting up for social outings during happy hour is a great way to take advantage of the food and ambiance of swankier places without peak hour prices.

Pick up a side hustle

[caption id="attachment_58558" align="alignnone" width="400"]Ikea assembly Ikea assembly (source)[/caption] This falls into the ‘increase your income’ side of putting more money where it belongs – in your pocket. If you have skills or resources that could bring in money, it’s time to put those skills to use. Online apps like Uber and Taskrabbit might be top of mind, but you can get creative. Everything from selling wares at a local market to starting your own business are open to you. Diversifying your income streams is a great way to create a stable, financial base. It sets you up for success because the future is never certain. (See our Ultimate List of Sharing Economy Platforms for Australians)

Start walking or biking

[caption id="attachment_58559" align="alignnone" width="360"]Walk, cycle or both Walk, cycle or both (source)[/caption] Not only does walking or biking reduce the amount of carbon emissions in the air, it also reduces your expenses. Car expenses, that is. In metropolitan areas like Sydney and Melbourne, are cars are expensive, luxury items. In addition to the car payment itself (if you don’t own outright), you also have to fork over cash for insurance, maintenance, and repairs. If you can make the switch and ditch your car, you can save thousands of dollars a year and do the environment a solid too.

Hang out with people you admire

[caption id="attachment_58561" align="alignnone" width="612"]Hanging out Hanging out[/caption] Research has shown that you tend to imitate the habits of the people around you. Which means start hanging out with rich people! All kidding aside, surrounding yourself with people that make good money and handle their finances well might not only rub off on you, but will give you new opportunities for investments and advice that you otherwise wouldn’t have. Exposure to people netting large salaries or nurturing large investment portfolios can help influence your thinking, offer new ideas, and improve your own finance game just by pure osmosis. Just like with other major lifestyle changes, it is important to make small, sustainable steps that you well into the future. Putting yourself on a Spartan budget will only make you miserable and more likely to succumb to a massive splurge. Consciously choosing how you spend your money instead of mindlessly consuming will reduce your expenses and increase your happiness. [post_title] => 6 Lifestyle Changes That Will Save You Money [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 6-lifestyle-changes-will-save-money [to_ping] => [pinged] => [post_modified] => 2018-03-03 15:34:37 [post_modified_gmt] => 2018-03-03 05:34:37 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=58553 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

6 Lifestyle Changes That Will Save You Money

There are two ways to looking at growing the number in your savings account: ways to save money and ways to earn money.

First, it helps to know where your money is going. Using Apps like PocketBook and Money Brilliant can help you track your finances. These apps link up with your bank account and any loans or credit cards you have to track the money coming in and living your accounts each month. It’ll even break down your expenses into categories like food, entertainment, and more.

Even just signing up with money tracking app can help you pinpoint areas where you are spending money without realizing it.

Once you’ve got your monthly expenses in hand, here are six lifestyle changes you can make to up your savings and invest in your future.

Quit a bad habit

Quit a bad habit

Quit a bad habit (source)

This is where the classic ‘stop drinking expensive lattes’ advice comes into the picture. However, for you, your Achilles heel might not be expensive lattes, but drinks at a bar, cigarettes, or eating out. If you’re spending $5 a day on a flat white from your favourite café, that translates to $2,000 a year draining out of your pocket on coffee.

The good news is that there are often cheaper or free alternatives to these so-called bad habits. Eschew bar hopping to make signature cocktails at home. Make coffee in the morning, but jazz it up with your own flavourings.

Pick up a free hobby

Picky a free hobby

Picky a free hobby (source)

The good news is, now that you’ve given up a bad habit, you can use a new hobby to keep you busy.

It is so easy to spend money when you’re bored. Shopping on a sunny Saturday might be one of your favourite activities, but it’s not your bank account’s favourite activity. Starting a free hobby can have twofold benefits: help distract you when you might be shopping or eating out and chances are, it might also be some good exercise. Free hobbies you might consider are running, reading (get your books from a library), hiking, geocaching, writing, drawing, and yoga.

Go out during happy hour

Happy hour

Happy hour (source)

This list isn’t intended to make you miserable. There’s value in going out with your friends, even if it doesn’t directly correlate to the number in your bank account. That being said, creating a habit of meeting up for social outings during happy hour is a great way to take advantage of the food and ambiance of swankier places without peak hour prices.

Pick up a side hustle

Ikea assembly

Ikea assembly (source)

This falls into the ‘increase your income’ side of putting more money where it belongs – in your pocket. If you have skills or resources that could bring in money, it’s time to put those skills to use. Online apps like Uber and Taskrabbit might be top of mind, but you can get creative. Everything from selling wares at a local market to starting your own business are open to you.

Diversifying your income streams is a great way to create a stable, financial base. It sets you up for success because the future is never certain. (See our Ultimate List of Sharing Economy Platforms for Australians)

Start walking or biking

Walk, cycle or both

Walk, cycle or both (source)

Not only does walking or biking reduce the amount of carbon emissions in the air, it also reduces your expenses. Car expenses, that is. In metropolitan areas like Sydney and Melbourne, are cars are expensive, luxury items. In addition to the car payment itself (if you don’t own outright), you also have to fork over cash for insurance, maintenance, and repairs. If you can make the switch and ditch your car, you can save thousands of dollars a year and do the environment a solid too.

Hang out with people you admire

Hanging out

Hanging out

Research has shown that you tend to imitate the habits of the people around you. Which means start hanging out with rich people!

All kidding aside, surrounding yourself with people that make good money and handle their finances well might not only rub off on you, but will give you new opportunities for investments and advice that you otherwise wouldn’t have. Exposure to people netting large salaries or nurturing large investment portfolios can help influence your thinking, offer new ideas, and improve your own finance game just by pure osmosis.

Just like with other major lifestyle changes, it is important to make small, sustainable steps that you well into the future. Putting yourself on a Spartan budget will only make you miserable and more likely to succumb to a massive splurge. Consciously choosing how you spend your money instead of mindlessly consuming will reduce your expenses and increase your happiness.

WP_Post Object ( [ID] => 54795 [post_author] => 2 [post_date] => 2018-02-25 20:22:56 [post_date_gmt] => 2018-02-25 10:22:56 [post_content] =>

TL;DR;

I’m trying to grow 0.01 worth of BTC by 5% per day for 365 days. Today is the end of week one. (View last weeks blog) I am down 10.91%. My starting amount of 0.009897 is sitting at ~0.00881757 Track progress here. [caption id="attachment_54796" align="alignnone" width="567"]Snapshot of week one Snapshot of week one[/caption]

Oh hai there

Last week I paraphrased that “95% of day traders lose money, about 5% of traders make money, and only about 1% of traders make money consistently.” Without any sense of self-delusion, I'm clearly in the 95% bracket (and probably towards the bottom of it). According to coinmarketcap, last week, the whole market had declined ~15.10%. But losing at a lower rate than the market is not the goal and not something I should pat myself on the back for. Especially since the goal was to increase the BTC holdings, which would have remained the same if I did nothing.

Strategies

I had no strategy. I did however watch a few datadash videos in the past, which always boiled down to "buy the dip" and "I never like to buy at all time highs". Seemed like a winning strategy, so I thought I'd wing it and see how I go. Day 1 was good. Day 2 was not so good, seemed like the dip wanted to double dip. On day 2 or 3 I was watching a Suppoman live stream in the shower (it's the only free time I have these days). I couldn't hear exactly what he was saying, but he mentioned something about Bollinger and that it somehow helped him make better trading decisions. I looked into it - and it seemed like a really helpful analysis tool. I had short listed some buying opportunities based on where the tokens sat within the Bollinger bands. The idea was good. My first trade wasn't great, but my next trade was. [caption id="attachment_54798" align="alignnone" width="1102"]A missed buying opportunity XRB: A token I passed to buy Dragon Chain (I lost money on DRGN, which bounced back strongly after I sold it)[/caption] On the weekend, I ended up going to the country. I was on the road, to places with poor reception and no Bollinger bands. So I was back to shoot in the dark.

Feedback from /r/cryptocurrency

I had overwhelming positive feedback on this experiment (anything outside the cryptoverse usually sees me getting down voted for recommending Bitcoin). Thank you to everyone for all your positive wishes. Here are great pieces of advice/feedback I received: " I think bots and whales push down price to stop loss hunt which means even setting SL is risky. [...] Overall, I think accomplishing this, if possible, would boil down to incredible almost unreal luck." - I_am_Jax_account Unfortunately, the exchange I'm using doesn't offer stop-loss functionality. And I completely agree, that an incredible amount of luck would need to play a role. "Good luck! As someone who has done a bit of trading over the last year I will tell you that the more BTC you have, the harder it becomes to make a 5% increase." - Westthewolf Unfortunately, I'm far away from this 1st-class problem. "Make sure you use safe trading techniques. Scale in and out. Be certain of your trades. Don't emotionally buy. Going all in our all out might set you back several days if you have one bad trade. It will get harder when you have more money. At the beginning, when it's just chump change, you'll control emotions more" - Azntigerlion Very good advice. It's something I need to look into more carefully. I believe on my VEN trades, I added scaled out sell orders, which helped me lock in a positive position. On my second NEO purchase, I missed my whole sell order by a small fraction and missed out on 2-3% gain (if I had scaled out), to making a very marginal loss. "Good luck. Don't start chasing losses, just move on and forget about it. Even if you make it to .5 BTC you've done an awesome job. I'll keep checking your progress." - hamster3rs The emotional aspect of playing with even this small amount of money is interesting. After taking the first big loss (just by the end of day two!)... Did make me think more carefully about the purchases. But I do move on quickly ;) Averaging 5% per day would be astoundingly good. Rule of 72 will have you doubling your money every 2 weeks at that rate. I recommend you stick to your stop losses and not get greedy. - Bootstrapbuyout This is the first time I had learnt of rule of 72. Thank you for sharing! I try and sell out at 5% (but I don't usually get there!). I'll try and incorporate more of hamster3rs advice. [caption id="attachment_54799" align="alignnone" width="895"]Rule of 72 Rule of 72[/caption]

What will I do differently for week 2?

Be the monkey

I heard somewhere anecdotally, that monkey's outperform most traders on the share market. This week (time permitting), I will be the monkey. I will try and find a small selection of tokens that look good on the Bollinger bands, and picks one at random out of a hat.

Scale out sell order

I will place multiple sell orders at different prices to lock in some gains (even if it's not the full 5%).

Buy slowly

Early on, I bought at whatever the selling prices was. This sometimes left a margin of 1-2% between selling and asking price. This week, I will try not to rush into a buy... and wait a little to see if I get a better price. Until next time, I wish you all nothing but green days. EDIT: feel free to provide your feedback here or send me your buy recommendations for the day @DennisGraham7 (my BTC is currently on Kucoin) [post_title] => From 0.01 to 510,000 Bitcoins in 365 Days - End of Week 1 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 0-01-510000-bitcoins-365-days-end-week-1 [to_ping] => [pinged] => [post_modified] => 2018-02-25 20:33:09 [post_modified_gmt] => 2018-02-25 10:33:09 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=54795 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

From 0.01 to 510,000 Bitcoins in 365 Days – End of Week 1

TL;DR;

I’m trying to grow 0.01 worth of BTC by 5% per day for 365 days.

Today is the end of week one. (View last weeks blog)

I am down 10.91%. My starting amount of 0.009897 is sitting at ~0.00881757

Track progress here.

Snapshot of week one

Snapshot of week one

Oh hai there

Last week I paraphrased that “95% of day traders lose money, about 5% of traders make money, and only about 1% of traders make money consistently.” Without any sense of self-delusion, I’m clearly in the 95% bracket (and probably towards the bottom of it).

According to coinmarketcap, last week, the whole market had declined ~15.10%. But losing at a lower rate than the market is not the goal and not something I should pat myself on the back for. Especially since the goal was to increase the BTC holdings, which would have remained the same if I did nothing.

Strategies

I had no strategy. I did however watch a few datadash videos in the past, which always boiled down to “buy the dip” and “I never like to buy at all time highs”. Seemed like a winning strategy, so I thought I’d wing it and see how I go.

Day 1 was good. Day 2 was not so good, seemed like the dip wanted to double dip.

On day 2 or 3 I was watching a Suppoman live stream in the shower (it’s the only free time I have these days). I couldn’t hear exactly what he was saying, but he mentioned something about Bollinger and that it somehow helped him make better trading decisions. I looked into it – and it seemed like a really helpful analysis tool.

I had short listed some buying opportunities based on where the tokens sat within the Bollinger bands. The idea was good. My first trade wasn’t great, but my next trade was.

A missed buying opportunity

XRB: A token I passed to buy Dragon Chain (I lost money on DRGN, which bounced back strongly after I sold it)

On the weekend, I ended up going to the country. I was on the road, to places with poor reception and no Bollinger bands. So I was back to shoot in the dark.

Feedback from /r/cryptocurrency

I had overwhelming positive feedback on this experiment (anything outside the cryptoverse usually sees me getting down voted for recommending Bitcoin). Thank you to everyone for all your positive wishes. Here are great pieces of advice/feedback I received:

” I think bots and whales push down price to stop loss hunt which means even setting SL is risky. […] Overall, I think accomplishing this, if possible, would boil down to incredible almost unreal luck.” – I_am_Jax_account

Unfortunately, the exchange I’m using doesn’t offer stop-loss functionality. And I completely agree, that an incredible amount of luck would need to play a role.

“Good luck! As someone who has done a bit of trading over the last year I will tell you that the more BTC you have, the harder it becomes to make a 5% increase.” – Westthewolf

Unfortunately, I’m far away from this 1st-class problem.

“Make sure you use safe trading techniques. Scale in and out. Be certain of your trades. Don’t emotionally buy. Going all in our all out might set you back several days if you have one bad trade. It will get harder when you have more money. At the beginning, when it’s just chump change, you’ll control emotions more” – Azntigerlion

Very good advice. It’s something I need to look into more carefully. I believe on my VEN trades, I added scaled out sell orders, which helped me lock in a positive position. On my second NEO purchase, I missed my whole sell order by a small fraction and missed out on 2-3% gain (if I had scaled out), to making a very marginal loss.

“Good luck. Don’t start chasing losses, just move on and forget about it. Even if you make it to .5 BTC you’ve done an awesome job. I’ll keep checking your progress.” – hamster3rs

The emotional aspect of playing with even this small amount of money is interesting. After taking the first big loss (just by the end of day two!)… Did make me think more carefully about the purchases. But I do move on quickly 😉

Averaging 5% per day would be astoundingly good. Rule of 72 will have you doubling your money every 2 weeks at that rate. I recommend you stick to your stop losses and not get greedy. – Bootstrapbuyout

This is the first time I had learnt of rule of 72. Thank you for sharing!

I try and sell out at 5% (but I don’t usually get there!). I’ll try and incorporate more of hamster3rs advice.

Rule of 72

Rule of 72

What will I do differently for week 2?

Be the monkey

I heard somewhere anecdotally, that monkey’s outperform most traders on the share market.

This week (time permitting), I will be the monkey.

I will try and find a small selection of tokens that look good on the Bollinger bands, and picks one at random out of a hat.

Scale out sell order

I will place multiple sell orders at different prices to lock in some gains (even if it’s not the full 5%).

Buy slowly

Early on, I bought at whatever the selling prices was. This sometimes left a margin of 1-2% between selling and asking price. This week, I will try not to rush into a buy… and wait a little to see if I get a better price.

Until next time, I wish you all nothing but green days.

EDIT: feel free to provide your feedback here or send me your buy recommendations for the day @DennisGraham7 (my BTC is currently on Kucoin)

WP_Post Object ( [ID] => 51447 [post_author] => 2 [post_date] => 2018-02-19 01:46:14 [post_date_gmt] => 2018-02-18 15:46:14 [post_content] =>

TL;DR

I'm going to try and grow 0.01 worth of BTC by 5% per day for 365 days. Today is day one. Track progress here.

Oh hai there

As one of my favourite crypto YouTubers, Crypto Daily  says: (and I'm paraphrasing) "95% of day traders lose money, about 5% of traders make money, and only about 1% of traders make money consistently." Chances are I'm one of the 95%. But there's only one way to be certain. This evening, after playing cards with a mate of mine and having a chat about how is life going and the bags of shizzle coins we're currently holding... I went home and had a shower. And as it always happens, your greatest ideas happen in the shower. "How hard is it to make 5% per day? There's always some crypto that's going up... and how much is 5% daily growth after one year, anyway?". Turns out that 5% per day compounded is pretty massive. 0.01 BTC at 5% daily growth is over 510,000 BTC after 365 days.

Do I think I'm going to make it?

No, the odds are definitely against me. Why do it? Because of Moon Ladas, that's why. [caption id="attachment_51448" align="alignnone" width="628"]Moon lada, because Moon Lambo's are so 2017 Moon Lada, because Moon Lambos are so 2017[/caption]

So what's the strategy?

I've got none... So feel free to shill me your daily recommendation on Twitter (@DennisGraham7). Also, it's currently 2am as I'm writing this. I might try and formulate a better strategy tomorrow.

My only rule

Make a trade every single day. A bit arbitrary, but I'm not going to hold anything for more than a day (win or lose). Like a shark - I must keep moving forward.

First trade

Since I want to get some sleep tonight, I just randomly bought 0.82315302 of NEO. I will blog weekly to keep you updated, but you can always just bookmark my GSheet. Until next time, I wish you all nothing but green days. [post_title] => From 0.01 to 510,000 Bitcoins in 365 Days [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 0-01-510000-bitcoins-365-days [to_ping] => [pinged] => [post_modified] => 2018-02-19 01:48:01 [post_modified_gmt] => 2018-02-18 15:48:01 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=51447 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

From 0.01 to 510,000 Bitcoins in 365 Days

TL;DR

I’m going to try and grow 0.01 worth of BTC by 5% per day for 365 days.

Today is day one.

Track progress here.

Oh hai there

As one of my favourite crypto YouTubers, Crypto Daily  says: (and I’m paraphrasing) “95% of day traders lose money, about 5% of traders make money, and only about 1% of traders make money consistently.”

Chances are I’m one of the 95%. But there’s only one way to be certain.

This evening, after playing cards with a mate of mine and having a chat about how is life going and the bags of shizzle coins we’re currently holding… I went home and had a shower. And as it always happens, your greatest ideas happen in the shower. “How hard is it to make 5% per day? There’s always some crypto that’s going up… and how much is 5% daily growth after one year, anyway?”.

Turns out that 5% per day compounded is pretty massive. 0.01 BTC at 5% daily growth is over 510,000 BTC after 365 days.

Do I think I’m going to make it?

No, the odds are definitely against me.

Why do it? Because of Moon Ladas, that’s why.

Moon lada, because Moon Lambo's are so 2017

Moon Lada, because Moon Lambos are so 2017

So what’s the strategy?

I’ve got none… So feel free to shill me your daily recommendation on Twitter (@DennisGraham7).

Also, it’s currently 2am as I’m writing this. I might try and formulate a better strategy tomorrow.

My only rule

Make a trade every single day. A bit arbitrary, but I’m not going to hold anything for more than a day (win or lose). Like a shark – I must keep moving forward.

First trade

Since I want to get some sleep tonight, I just randomly bought 0.82315302 of NEO.

I will blog weekly to keep you updated, but you can always just bookmark my GSheet.

Until next time, I wish you all nothing but green days.

WP_Post Object ( [ID] => 50779 [post_author] => 2 [post_date] => 2018-02-18 14:03:17 [post_date_gmt] => 2018-02-18 04:03:17 [post_content] => Loans are useful and sometimes necessary facets of a healthy financial life. While the idea of willingly taking on debt can be scary, choosing the right loan for your needs can help you build your credit while purchasing items that would otherwise be out of reach. What is a loan? A loan is temporary transfer of money, which the borrower agrees to pay back with interest. Within the broad definition of a personal loan, there are many different types. You might be familiar with loans for cars or home loans, but people take out loans for many different reasons. Loans can be broken down into long term, short term, medium term, and payday. Long term, medium term, short term, and payday loans differ in three ways:
  1. Duration of loan;
  2. Amount borrowed, and
  3. Interest rate.
In a nutshell, long term loans will have the longest duration, the highest amount borrowed, and the lowest interest rate. On the flipside, payday loans will have the shortest duration, smallest amount borrowed, and highest interest rates. Long term loans are for your largest purchases [caption id="attachment_50780" align="alignnone" width="500"]Entering a long term contract can be scary stuff Entering a long term contract can be scary stuff (source)[/caption] Long term loans are the loans that people are most familiar with. Home loans fall into this category. Long term loans are 10 up to 30+ years. Most long term loans are secured loans – meaning there is collateral placed against the debt. For example, with a mortgage, the house itself is the collateral. Because of the long repayment period, long term loans are reserved for the largest amounts, usually in the tens of thousands of dollars range. The interest rates are calculated based on credit, but because these are usually secured loans, long term loans will offer the lowest interest rates of every type of loan. Of course, over the duration of the loan, even a low interest rate can accumulate into a significant amount. On the bright side, since the long term loans have such long payment duration the monthly payments themselves are usually rather low compared to the amount of debt. Medium term loans are for large expenses. [caption id="attachment_50781" align="alignnone" width="480"]Australian money Australian money (source)[/caption] Medium term loans (also known as personal loans) exist in the gap between short and long term loans. The repayment duration of these loans is between one and five years. Medium term loans are often taken out to finance home renovations, holidays, and complicated medical procedures. It is not unusual to see these loans targeted toward people with small outstanding debts. Medium term loans can be secured or unsecured. Borrowers will also notice that medium term loans usually come with a highly monthly payment and higher interest rates than long term loans. Medium term loans can see from 7% p.a. for secured loans and up to a 29% p.a. for high risk unsecured loan. Though you’re doing well if you get loan around 11% p.a. Short term loans and payday loans are for emergencies [caption id="attachment_50782" align="alignnone" width="245"]Cash money, yo Cash money, yo (source)[/caption] Short term loans last between one month and one year. These are often taken out for unforeseen emergencies like home or car repairs. Short term loans are for amounts up to about $4,000. When choosing a short term loan, it is important to find a reputable lender otherwise interest rates can trend sky high. Payday loans are the shortest duration loans. The idea is that these loans will be repaid on your next payday, hence the name. Payday loans can last from one day to one month and the amount borrowed usually fairly small, between $50 and $4000. These loans are very risky and should only be taken out in true emergency circumstances, as the interest rates for these types of loans are incredibly high. It is important to note that interest for payday loans is calculated per day and not per month. Borrowers should take great care in choosing a payday loan to avoid loan sharks, especially if they have a history of poor credit. What loan is right for you? While loans used to be reserved for only those with the highest credit scores, it is now possible for nearly anyone to qualify for a loan if they find the right financial institution. BestFind can help you choose amongst the great number of providers, based on your specific situation. Of course, any debt that you agree to take on should be carefully thought out before signing on the dotted line. What loan you ultimately settle on will depend on your needs and your finances. Each loan is better suited toward specific purposes. [post_title] => Differences between long and medium term loan as well as short term and payday loans [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => differences-long-medium-term-loan-well-short-term-payday-loans [to_ping] => [pinged] => [post_modified] => 2018-02-18 14:03:17 [post_modified_gmt] => 2018-02-18 04:03:17 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=50779 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

Differences between long and medium term loan as well as short term and payday loans

Loans are useful and sometimes necessary facets of a healthy financial life. While the idea of willingly taking on debt can be scary, choosing the right loan for your needs can help you build your credit while purchasing items that would otherwise be out of reach.

What is a loan?

A loan is temporary transfer of money, which the borrower agrees to pay back with interest. Within the broad definition of a personal loan, there are many different types. You might be familiar with loans for cars or home loans, but people take out loans for many different reasons. Loans can be broken down into long term, short term, medium term, and payday.

Long term, medium term, short term, and payday loans differ in three ways:

  1. Duration of loan;
  2. Amount borrowed, and
  3. Interest rate.

In a nutshell, long term loans will have the longest duration, the highest amount borrowed, and the lowest interest rate. On the flipside, payday loans will have the shortest duration, smallest amount borrowed, and highest interest rates.

Long term loans are for your largest purchases

Entering a long term contract can be scary stuff

Entering a long term contract can be scary stuff (source)

Long term loans are the loans that people are most familiar with. Home loans fall into this category. Long term loans are 10 up to 30+ years. Most long term loans are secured loans – meaning there is collateral placed against the debt. For example, with a mortgage, the house itself is the collateral.

Because of the long repayment period, long term loans are reserved for the largest amounts, usually in the tens of thousands of dollars range. The interest rates are calculated based on credit, but because these are usually secured loans, long term loans will offer the lowest interest rates of every type of loan.

Of course, over the duration of the loan, even a low interest rate can accumulate into a significant amount. On the bright side, since the long term loans have such long payment duration the monthly payments themselves are usually rather low compared to the amount of debt.

Medium term loans are for large expenses.

Australian money

Australian money (source)

Medium term loans (also known as personal loans) exist in the gap between short and long term loans. The repayment duration of these loans is between one and five years. Medium term loans are often taken out to finance home renovations, holidays, and complicated medical procedures. It is not unusual to see these loans targeted toward people with small outstanding debts.

Medium term loans can be secured or unsecured. Borrowers will also notice that medium term loans usually come with a highly monthly payment and higher interest rates than long term loans. Medium term loans can see from 7% p.a. for secured loans and up to a 29% p.a. for high risk unsecured loan. Though you’re doing well if you get loan around 11% p.a.

Short term loans and payday loans are for emergencies

Cash money, yo

Cash money, yo (source)

Short term loans last between one month and one year. These are often taken out for unforeseen emergencies like home or car repairs. Short term loans are for amounts up to about $4,000. When choosing a short term loan, it is important to find a reputable lender otherwise interest rates can trend sky high.

Payday loans are the shortest duration loans. The idea is that these loans will be repaid on your next payday, hence the name. Payday loans can last from one day to one month and the amount borrowed usually fairly small, between $50 and $4000. These loans are very risky and should only be taken out in true emergency circumstances, as the interest rates for these types of loans are incredibly high. It is important to note that interest for payday loans is calculated per day and not per month. Borrowers should take great care in choosing a payday loan to avoid loan sharks, especially if they have a history of poor credit.

What loan is right for you?

While loans used to be reserved for only those with the highest credit scores, it is now possible for nearly anyone to qualify for a loan if they find the right financial institution. BestFind can help you choose amongst the great number of providers, based on your specific situation. Of course, any debt that you agree to take on should be carefully thought out before signing on the dotted line.

What loan you ultimately settle on will depend on your needs and your finances. Each loan is better suited toward specific purposes.

WP_Post Object ( [ID] => 27855 [post_author] => 2 [post_date] => 2017-12-06 15:37:17 [post_date_gmt] => 2017-12-06 05:37:17 [post_content] => You work hard for the money (so hard for it honey). You work hard for money, so you better treat it right. Smart financial choices can be the difference between thriving and struggling to make ends meet. If you’re making one or all these money mistakes, your hard-earned cash might be slipping between the cracks. The good news is that if you are making one of these mistakes, it’s never too late to make changes. 1. You don’t have a budget. [caption id="attachment_27856" align="alignnone" width="350"]I'm on a budget I'm on a budget (source)[/caption] You’re probably sick of hearing this… But if it wasn’t good advice, people would stop telling you this. How can you save for emergencies, retirement, a house, and a new car when you don’t know how much you’re spending each month? This seems like an obvious step, but it’s also often overlooked. A good place to start, is looking at your credit card and bank statements (scary, I know). Itemising non-essentials items (3 coffees a day, all those extra handbags and shoes, subscriptions you never use, all those drinks you bought for your colleagues that disappear when it’s their shout, etc.) and looking to see where can you trim with out significantly impacting your lifestyle. (3 coffees a day at 3.50 each = over $2k… that’s a ticket to Europe my friend. And all you have to do is make your self some instant in the office instead). You can also start by tracking your spending for a few months. Apps like Pocketbook and MoneyBrilliant can make tracking your expenses easy. Once you know where your money is going, you can be more deliberate about making choices that work for you. 2. You don’t talk about money with your partner. [caption id="attachment_27857" align="alignnone" width="500"]The key is communication The key is communication (source)[/caption] If you have a significant other that you share your life (and expenses) with, it is important to discuss money. These conversations can range from daily household budgets, to where you should live, to how big your wedding should be. In fact, 70% of Australian couples cite money stress as a source of tension in the relationship. Money troubles are the biggest predictor in divorces. A huge stumbling block for young couples is the wedding. The average cost of a wedding in Australia is $36,200. For couples to afford a wedding, most make sacrifices. Couples cite moving back in with their parents, selling their cars, or delaying buying a house or starting a family to have a big wedding. So what can you do? Put pride aside, and start talking maturely to your partner. Ask questions about how to handle joint finances, selling the Merc and buying a Corolla instead. Those big weekends catching up with you (and your credit card)? Tell your partner you want to "Netflix and chill" and save some money. If you’re getting married, consider cutting costs where you can. After all, a wedding is just a party. Plus studies show that cheaper weddings, make for longer lasting marriages. Plus, I'm sure there's other discussions to be had. Try not blame anyone, and be honest with each other. 3. Ruining your credit thanks to credit cards. [caption id="attachment_27858" align="alignnone" width="500"]Money is no object Money is no object. Especially when you never have any. (source)[/caption] Credit cards are wonderful financial tools when used correctly. They build credit history and often offer rewards or bonuses. But, it can be easy to mess up your finances using credit cards if you aren’t careful. The average Australian is carrying around $4,000 in credit card debt at any time and will pay up to $700 in interest fees each year. There are three major pitfalls to avoid: Also, keep the number of credit cards you have down to one or two that offer you rewards. Be careful that you don’t go over your budget. Pay off your bill in full each month. Also read our 12 Best Credit Cards Tips 4. You don’t have a ‘rainy day’ fund. [caption id="attachment_27859" align="alignnone" width="410"]He didn't plan for a rainy day He didn't plan for a rainy day. His mic, probably no longer works either. (source)[/caption] One in four Australian households have less than $1,000 in an emergency savings account. This puts a quarter of families one disaster away from financial strain. The thing about disasters is that they’re unpredictable. To be financially smart, you should be planning for disasters as if you expect them to happen. Start saving now. Start by diverting a portion of your income each month into a savings fund dedicated to emergencies. The general rule of thumb is you should aim for six months of your salary saved away. If you get a raise, this amount should increase as well. One amazing app that’s helped me is Acorns. It rounds up every transaction to the nearest dollar and invests it for you… It’s basically forced savings you barely notice leave your account. Note: Acorns is an investment platform and not a savings account (capital at risk) – but still a seamless way to force yourself to save. 5. You have children, but you don’t have a will. [caption id="attachment_27860" align="alignnone" width="350"]What would happen if you were this fish? What would happen if you were this fish? (source)[/caption] Two-thirds of Australians do not have a valid will. That number jumps to 77% between the ages of 18 and 34. If you have children, no matter your age, it is vital to create a valid will that determines how your estate should be disbursed upon your death. You don’t want to leave your children’s financial futures in the hands of the government (or painful lawsuits where the lawyers are the real winners). Avoid this by: talking to an estate lawyer to create a valid will. Update your will when you have any major life changes like marriages or more children. 6. You don’t care about your super. [caption id="attachment_27861" align="alignnone" width="320"]Retired When you plan life carefully, arthritis medication costs don't bother you. (source)[/caption] We’re living longer than ever and with that comes with an increased burden to save for retirement. Most Australians are facing a retirement that could last as long as 30 years. Retirement might seem far away now (or not), but one thing for sure – is you’re eventually going to get old. Doing a little extra today, will make the you of tomorrow be very thankful. So, what can you do? You can salary sacrifice and capitalize on the tax breaks. Consolidate multiple super accounts (smaller inactive accounts will usually get shrunken to zero with fees.) Shop around for new super fund, reduced fund, consistent performance, etc. [post_title] => 6 common money mistakes (and how to avoid them!) [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 6-common-money-mistakes-avoid [to_ping] => [pinged] => [post_modified] => 2018-02-22 23:44:58 [post_modified_gmt] => 2018-02-22 13:44:58 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=27855 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

6 common money mistakes (and how to avoid them!)

You work hard for the money (so hard for it honey). You work hard for money, so you better treat it right.

Smart financial choices can be the difference between thriving and struggling to make ends meet. If you’re making one or all these money mistakes, your hard-earned cash might be slipping between the cracks.

The good news is that if you are making one of these mistakes, it’s never too late to make changes.

1. You don’t have a budget.

I'm on a budget

I’m on a budget (source)

You’re probably sick of hearing this… But if it wasn’t good advice, people would stop telling you this. How can you save for emergencies, retirement, a house, and a new car when you don’t know how much you’re spending each month? This seems like an obvious step, but it’s also often overlooked.

A good place to start, is looking at your credit card and bank statements (scary, I know). Itemising non-essentials items (3 coffees a day, all those extra handbags and shoes, subscriptions you never use, all those drinks you bought for your colleagues that disappear when it’s their shout, etc.) and looking to see where can you trim with out significantly impacting your lifestyle. (3 coffees a day at 3.50 each = over $2k… that’s a ticket to Europe my friend. And all you have to do is make your self some instant in the office instead).

You can also start by tracking your spending for a few months. Apps like Pocketbook and MoneyBrilliant can make tracking your expenses easy. Once you know where your money is going, you can be more deliberate about making choices that work for you.

2. You don’t talk about money with your partner.

The key is communication

The key is communication (source)

If you have a significant other that you share your life (and expenses) with, it is important to discuss money. These conversations can range from daily household budgets, to where you should live, to how big your wedding should be. In fact, 70% of Australian couples cite money stress as a source of tension in the relationship. Money troubles are the biggest predictor in divorces.

A huge stumbling block for young couples is the wedding. The average cost of a wedding in Australia is $36,200. For couples to afford a wedding, most make sacrifices. Couples cite moving back in with their parents, selling their cars, or delaying buying a house or starting a family to have a big wedding.

So what can you do? Put pride aside, and start talking maturely to your partner. Ask questions about how to handle joint finances, selling the Merc and buying a Corolla instead. Those big weekends catching up with you (and your credit card)? Tell your partner you want to “Netflix and chill” and save some money. If you’re getting married, consider cutting costs where you can. After all, a wedding is just a party. Plus studies show that cheaper weddings, make for longer lasting marriages. Plus, I’m sure there’s other discussions to be had.

Try not blame anyone, and be honest with each other.

3. Ruining your credit thanks to credit cards.

Money is no object

Money is no object. Especially when you never have any. (source)

Credit cards are wonderful financial tools when used correctly. They build credit history and often offer rewards or bonuses. But, it can be easy to mess up your finances using credit cards if you aren’t careful. The average Australian is carrying around $4,000 in credit card debt at any time and will pay up to $700 in interest fees each year.

There are three major pitfalls to avoid:

  • Using your credit card for everything.
  • Never using a credit card.
  • Not paying your bill.

Also, keep the number of credit cards you have down to one or two that offer you rewards. Be careful that you don’t go over your budget. Pay off your bill in full each month. Also read our 12 Best Credit Cards Tips

4. You don’t have a ‘rainy day’ fund.

He didn't plan for a rainy day

He didn’t plan for a rainy day. His mic, probably no longer works either. (source)

One in four Australian households have less than $1,000 in an emergency savings account. This puts a quarter of families one disaster away from financial strain. The thing about disasters is that they’re unpredictable. To be financially smart, you should be planning for disasters as if you expect them to happen. Start saving now.

Start by diverting a portion of your income each month into a savings fund dedicated to emergencies. The general rule of thumb is you should aim for six months of your salary saved away. If you get a raise, this amount should increase as well.

One amazing app that’s helped me is Acorns. It rounds up every transaction to the nearest dollar and invests it for you… It’s basically forced savings you barely notice leave your account. Note: Acorns is an investment platform and not a savings account (capital at risk) – but still a seamless way to force yourself to save.

5. You have children, but you don’t have a will.

What would happen if you were this fish?

What would happen if you were this fish? (source)

Two-thirds of Australians do not have a valid will. That number jumps to 77% between the ages of 18 and 34. If you have children, no matter your age, it is vital to create a valid will that determines how your estate should be disbursed upon your death. You don’t want to leave your children’s financial futures in the hands of the government (or painful lawsuits where the lawyers are the real winners).

Avoid this by: talking to an estate lawyer to create a valid will. Update your will when you have any major life changes like marriages or more children.

6. You don’t care about your super.

Retired

When you plan life carefully, arthritis medication costs don’t bother you. (source)

We’re living longer than ever and with that comes with an increased burden to save for retirement. Most Australians are facing a retirement that could last as long as 30 years.

Retirement might seem far away now (or not), but one thing for sure – is you’re eventually going to get old. Doing a little extra today, will make the you of tomorrow be very thankful.

So, what can you do? You can salary sacrifice and capitalize on the tax breaks. Consolidate multiple super accounts (smaller inactive accounts will usually get shrunken to zero with fees.) Shop around for new super fund, reduced fund, consistent performance, etc.

WP_Post Object ( [ID] => 20721 [post_author] => 1 [post_date] => 2017-10-05 00:21:37 [post_date_gmt] => 2017-10-04 14:21:37 [post_content] => With investors taking a lot of interest in Sydney, finding a home can be quite easy. That is, if you’re not on a budget, which happens to be a very big IF. Those looking for something under $500,000 are in for a tough search within the housing market. Despite the increased listings, many of the houses within the middle-ring suburbs don’t really fit that price qualification, and when they do, the property might not be investment-grade in quality. Thus, many prospective homeowners are moving towards the outer ring to have a chance at getting good quality homes well within the $500,000 mark. Tough, however, isn’t impossible. After some hard work and thorough research, here’s a list of properties in Sydney that are ideal for first-time home buyers who are working within that $500,000 budget. Recently Refurbished Unit in Granville - $420,000 to $460,000 8/84 Pitt Street, Granville NSW 2142 8/84 Pitt Street, Granville NSW 2142 Boasting a fringe location within Parramatta City, this unit is situated in a way that’s ideal for any homeowner. The place is just 15 minutes away from the railway station and has buses passing by its doorstep regularly. It’s also close to Merryland’s vibrant shopping district, which includes the Westfield Shoppingtown, Stockland Mall, and more. Outside, the unit is kept secure within a well-maintained block through 24/7 intercom and video security features. Inside is a newly renovated one-bedroom home that offers a spacious lounge and dining area as well as a double-sized master bedroom which comes with built-in wardrobes and soundproof windows. The bathroom comes with a separate bathtub and shower. There is yet another toilet located within the unit’s internal laundry area. Finally, the modern gas kitchen comes fully equipped with brand new appliances. Modern Studio Unit along Chelsea St. - $449,000 20/12-16 Chelsea St., Redfern 20/12-16 Chelsea St., Redfern Close to transportation stops and shopping areas, Chelsea St. is one place that’s sought after by homeowners for its convenient location. The 25 square meter studio unit would be nearby Bourke and Chelsea streets, making the price quite reasonable considering how hard properties like these are to find. This one-bathroom studio unit comes with an intercom, built-in wardrobes, and a dishwasher. There’s also a separate kitchen and bathroom, both boasting a modern design. The bright and airy laundry facility is also a plus. Worthy of note is the fact that this property is very pet friendly, so pet owners looking for a new place will find this quite the opportunity. Harbourside Pad by Elizabeth Bay Road - $415,000 1/43 Elizabeth Bay Road, Elizabeth Bay NSW 2011 1/43 Elizabeth Bay Road, Elizabeth Bay NSW 2011 The fact that this property has a lease value of $400 per week (5% gross rental yield) already says a lot about the worth of this one-bathroom studio unit along Elizabeth Bay Road. Aside from being close to the harbour and the famous Scotforth landmark, those who live here will find themselves very close to local points of interests. Local shops, cafes, and restaurants are within view by the doorstep. The unit’s convenient location is only matched by its modern interior. Inside is an open plan kitchen for those looking to maximize space as well as the stainless steel appliances that come with it. The bathroom, on the other hand, is the product of elegant design touched with chrome finishes all over. Finally, there’s a reasonable large amount of storage space on split levels for someone who wishes to live in a studio unit just a bit above a $400,000 budget. Villa with 3-Bedrooms in Meacher Street - $449,000 - $469,000 5/13 Meacher Street, Mount Druitt 5/13 Meacher Street, Mount Druitt For those who are looking for a bit more space and willing to move out west this beautiful 3-bedroom villa has so much to offer for anyone looking to buy it for less than $500,000. For one thing, it’s within walking distance from the Mount Druitt Station and some bus stops. Equally nearby are the local schools and the Westfield shopping district. Fitted with fresh paint and some new appliances, the place looks very brand new. Worthy of note is the fact that the villa’s three bedrooms all come with built-in mirrored robes. Along with the bedroom, the open plan living and dining areas are also freshly painted and fitted with floating floorboards. The lounge also comes with a gas heating outlet. There is also a relatively new back pergola where guests can be entertained. The bathroom is freshly renovated and benefits from the villa’s instantaneous gas hot water system. Meanwhile, the kitchen comes with a brand new oven that allows for gas cooking. Newly Renovated Studio Apartment in Dee Why - $469,000 5/14 Grafton Crescent, Dee Why 5/14 Grafton Crescent, Dee Why Aside from being close to local shops and transportation hubs, this newly renovated studio unit offers a convenient location that’s but a few moments away from the beach. This 49 square meter unit boasts a large open plan living area that’s completely tiled, a newly renovated kitchen that comes with its own bar, and a bathroom that has laundry facilities. Outside is a balcony and as well as a parking space, making it ideal for those who will move in with a vehicle. So if you’re looking for a nice place within Sydney that’s friendly to those first-time buyers working with a $500,000 budget, the properties above will be great to start with. Home loans start as low as 4.20% for those looking for help in financing their purchase. [post_title] => Top 5 Sydney Properties for First Home Buyers Under $500k - October 2017 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => top-5-sydney-properties-first-home-buyers-500k-october-2017 [to_ping] => [pinged] => [post_modified] => 2018-02-22 23:45:16 [post_modified_gmt] => 2018-02-22 13:45:16 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=20721 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

Top 5 Sydney Properties for First Home Buyers Under $500k – October 2017

With investors taking a lot of interest in Sydney, finding a home can be quite easy. That is, if you’re not on a budget, which happens to be a very big IF. Those looking for something under $500,000 are in for a tough search within the housing market.

Despite the increased listings, many of the houses within the middle-ring suburbs don’t really fit that price qualification, and when they do, the property might not be investment-grade in quality. Thus, many prospective homeowners are moving towards the outer ring to have a chance at getting good quality homes well within the $500,000 mark.

Tough, however, isn’t impossible. After some hard work and thorough research, here’s a list of properties in Sydney that are ideal for first-time home buyers who are working within that $500,000 budget.



Recently Refurbished Unit in Granville – $420,000 to $460,000

8/84 Pitt Street, Granville NSW 2142

8/84 Pitt Street, Granville NSW 2142

Boasting a fringe location within Parramatta City, this unit is situated in a way that’s ideal for any homeowner. The place is just 15 minutes away from the railway station and has buses passing by its doorstep regularly. It’s also close to Merryland’s vibrant shopping district, which includes the Westfield Shoppingtown, Stockland Mall, and more.

Outside, the unit is kept secure within a well-maintained block through 24/7 intercom and video security features. Inside is a newly renovated one-bedroom home that offers a spacious lounge and dining area as well as a double-sized master bedroom which comes with built-in wardrobes and soundproof windows. The bathroom comes with a separate bathtub and shower. There is yet another toilet located within the unit’s internal laundry area. Finally, the modern gas kitchen comes fully equipped with brand new appliances.

Modern Studio Unit along Chelsea St. – $449,000

20/12-16 Chelsea St., Redfern

20/12-16 Chelsea St., Redfern
Close to transportation stops and shopping areas, Chelsea St. is one place that’s sought after by homeowners for its convenient location. The 25 square meter studio unit would be nearby Bourke and Chelsea streets, making the price quite reasonable considering how hard properties like these are to find.

This one-bathroom studio unit comes with an intercom, built-in wardrobes, and a dishwasher. There’s also a separate kitchen and bathroom, both boasting a modern design. The bright and airy laundry facility is also a plus. Worthy of note is the fact that this property is very pet friendly, so pet owners looking for a new place will find this quite the opportunity.

Harbourside Pad by Elizabeth Bay Road – $415,000

1/43 Elizabeth Bay Road, Elizabeth Bay NSW 2011

1/43 Elizabeth Bay Road, Elizabeth Bay NSW 2011

The fact that this property has a lease value of $400 per week (5% gross rental yield) already says a lot about the worth of this one-bathroom studio unit along Elizabeth Bay Road. Aside from being close to the harbour and the famous Scotforth landmark, those who live here will find themselves very close to local points of interests. Local shops, cafes, and restaurants are within view by the doorstep.

The unit’s convenient location is only matched by its modern interior. Inside is an open plan kitchen for those looking to maximize space as well as the stainless steel appliances that come with it. The bathroom, on the other hand, is the product of elegant design touched with chrome finishes all over. Finally, there’s a reasonable large amount of storage space on split levels for someone who wishes to live in a studio unit just a bit above a $400,000 budget.

Villa with 3-Bedrooms in Meacher Street – $449,000 – $469,000

5/13 Meacher Street, Mount Druitt

5/13 Meacher Street, Mount Druitt

For those who are looking for a bit more space and willing to move out west this beautiful 3-bedroom villa has so much to offer for anyone looking to buy it for less than $500,000. For one thing, it’s within walking distance from the Mount Druitt Station and some bus stops. Equally nearby are the local schools and the Westfield shopping district.

Fitted with fresh paint and some new appliances, the place looks very brand new. Worthy of note is the fact that the villa’s three bedrooms all come with built-in mirrored robes. Along with the bedroom, the open plan living and dining areas are also freshly painted and fitted with floating floorboards. The lounge also comes with a gas heating outlet. There is also a relatively new back pergola where guests can be entertained. The bathroom is freshly renovated and benefits from the villa’s instantaneous gas hot water system. Meanwhile, the kitchen comes with a brand new oven that allows for gas cooking.



Newly Renovated Studio Apartment in Dee Why – $469,000

5/14 Grafton Crescent, Dee Why

5/14 Grafton Crescent, Dee Why

Aside from being close to local shops and transportation hubs, this newly renovated studio unit offers a convenient location that’s but a few moments away from the beach. This 49 square meter unit boasts a large open plan living area that’s completely tiled, a newly renovated kitchen that comes with its own bar, and a bathroom that has laundry facilities. Outside is a balcony and as well as a parking space, making it ideal for those who will move in with a vehicle.

So if you’re looking for a nice place within Sydney that’s friendly to those first-time buyers working with a $500,000 budget, the properties above will be great to start with. Home loans start as low as 4.20% for those looking for help in financing their purchase.

WP_Post Object ( [ID] => 20698 [post_author] => 1 [post_date] => 2017-08-27 23:10:18 [post_date_gmt] => 2017-08-27 13:10:18 [post_content] => So you’re going to buy a house. Congratulations! Buying a house is likely one of the most exciting steps in anyone’s life. It’s a wonderful accomplishment that is also a financially smart move. If this is your first time applying for a home loan, we’ve got a few tips for you to consider. Even though we’ve broken things out into 9 steps, it breaks down into three bigger ideas. One: reduce/eliminate your debt. Two: save as much as you can. Three: be consistent. If you can take these three principles to heart, you’ll get approved for your first home loan six months from now. The most important thing to keep in mind when completing these steps is to be realistic. Don’t push yourself to buy a house outside of your budget. You'll be much more comfortable if you buy a house within your means and then expand when you're able.

1. Know your limit

Simply put, don’t buy a house you can’t afford. The first step to doing this responsibility is to know how much you can comfortably borrow. Factor in a buffer of 5% as well. This will help cushion the blow, say, if you lose your job before you find the next one. The rule of thumb to follow is that your housing cost (in this case, the mortgage), should not be more than 30 to 35% of your gross income. This will help you calculate what a reasonable mortgage payment for you might be. Keep in mind, this needs to be a hard limit. Don’t let yourself waver on this or you might end up regretting it in the future.

2. Set a budget

Figure out your monthly expenses and set a budget. You’ll want this budget to encompass room to pay for what your mortgage payment will be as well as extra to save for your mortgage itself. For example, your loan payment will be $1,800 a month, but your current rent is $1,500. Put aside the extra $300 as if you were already paying the mortgage. These six months will give you time to see if that is a comfortable payment for you every month and, bonus! You’ll be saving for your down payment as you go.

3. Keep your job

For at least the six months before you apply for the home loan, it’s a good rule of thumb to stick with the same job. This falls under the ‘be consistent’ umbrella. You want to set the stage for your future lending institution to see that you’re a responsible person. You pay your debts on time and can hold down a job. This will show your bank that you’re a person they should take a risk on because you’re low risk. If you do have to switch jobs, try to stick to the same career path. Save career changes for after you’ve been approved for the loan. This idea of stability also applies to your rental history.

4. Reduce your debt

Ideally, you will have no outstanding debt when you apply for a home loan. The general rule of thumb is that your debts shouldn’t exceed 40-40% of your gross income. This means that the less debt you have going into the application process, the easier it will be to get approved. If you do have outstanding debts, you’ll want to start paying them off pronto. Once you’ve got outstanding credit card debt paid off, close the cards. Reduce down to one. This includes those tempting store credit cards. Once the debt is gone, keep your balance at zero.

5. Avoid expensive purchases

This is a pretty simple idea, but don’t go out and buy a new car right before you apply for a home loan. Once you get your debt paid off or paid down, you don’t want to incur more debt.

6. Build a credit history (if you don’t have one)

If you don’t have a credit history at all, you’ll want to start by applying for a credit card. Make purchases on the card each month and then pay off the balance at the end of the month. You want to set up a record to prove that you can handle debt and will make regular payments. Car loans and personal loans are also good ways to build up a credit history. But, these take a bit longer to pay off so if you don’t already have these (see #4), you’ll want to avoid taking them out until after you’ve been approved.

7. And then save some more

Once you have paid off your debts the next step is to save as much as you can for your down payment. You can never have too much saved for your down payment. A higher down payment will make it easier for a lending institution to approve you. You will also likely get a lower interest rate (meaning you’ll pay less interest over the life of the loan). Win/win. This will also help you set up a ‘saving history’ that the bank can see. It will prove that you have the financial discipline needed for a long-term commitment like a home loan. When you have time, compare some high interest savings accounts and term deposits.

8. Keep your bank accounts in order

Avoid overdrawing your account or incurring any late payments during this six-month period. This goes back to the umbrella of consistency. You’re building a record for the bank to see that you’re a responsible person that can handle your finances.

9. Don’t rush it

Everyone knows that if you apply for a credit card and get rejected, it hurts your credit. The same is true of applying for a mortgage. If your first application gets turned down, it will be harder to get approved in the future. Only you will have a good idea of when is the right time to apply for your first home loan. Maybe six months is unrealistic for you. That’s okay. Or maybe you’ve already been working on most of these steps and you’ll be ready to make the jump in three. Wait until you’re ready to apply. There's no need to rush. Plus, home ownership comes with a lot of expenses that renting doesn’t. You’ll be happy that your finances are in order when your furnace gives up the ghost during your first winter in your new home. Getting approved for your first mortgage isn’t complicated. It can take some investment of your time to make sure that your finances are in order, but you can do it. If you take nothing else away from this article, walk away with the three principles in your mind: reduce debt, increase savings, and be consistent. If you do those things, you’ll be signing the contract of sale on your new home in no time!
Liked this post? Share it with a mate! And don't for get to follow Best Find on Twitter and Facebook. [post_title] => 9 tips for saving and getting approved for your first home loan [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => savings-and-getting-approved-first-home-loan [to_ping] => [pinged] => [post_modified] => 2018-09-22 16:48:13 [post_modified_gmt] => 2018-09-22 06:48:13 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=20698 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

9 tips for saving and getting approved for your first home loan

So you’re going to buy a house. Congratulations!

Buying a house is likely one of the most exciting steps in anyone’s life. It’s a wonderful accomplishment that is also a financially smart move.

If this is your first time applying for a home loan, we’ve got a few tips for you to consider. Even though we’ve broken things out into 9 steps, it breaks down into three bigger ideas. One: reduce/eliminate your debt. Two: save as much as you can. Three: be consistent.

If you can take these three principles to heart, you’ll get approved for your first home loan six months from now.

The most important thing to keep in mind when completing these steps is to be realistic. Don’t push yourself to buy a house outside of your budget. You’ll be much more comfortable if you buy a house within your means and then expand when you’re able.


1. Know your limit

Simply put, don’t buy a house you can’t afford. The first step to doing this responsibility is to know how much you can comfortably borrow. Factor in a buffer of 5% as well. This will help cushion the blow, say, if you lose your job before you find the next one.

The rule of thumb to follow is that your housing cost (in this case, the mortgage), should not be more than 30 to 35% of your gross income. This will help you calculate what a reasonable mortgage payment for you might be.

Keep in mind, this needs to be a hard limit. Don’t let yourself waver on this or you might end up regretting it in the future.

2. Set a budget

Figure out your monthly expenses and set a budget. You’ll want this budget to encompass room to pay for what your mortgage payment will be as well as extra to save for your mortgage itself. For example, your loan payment will be $1,800 a month, but your current rent is $1,500. Put aside the extra $300 as if you were already paying the mortgage. These six months will give you time to see if that is a comfortable payment for you every month and, bonus! You’ll be saving for your down payment as you go.

3. Keep your job

For at least the six months before you apply for the home loan, it’s a good rule of thumb to stick with the same job. This falls under the ‘be consistent’ umbrella. You want to set the stage for your future lending institution to see that you’re a responsible person. You pay your debts on time and can hold down a job. This will show your bank that you’re a person they should take a risk on because you’re low risk. If you do have to switch jobs, try to stick to the same career path. Save career changes for after you’ve been approved for the loan. This idea of stability also applies to your rental history.

4. Reduce your debt

Ideally, you will have no outstanding debt when you apply for a home loan. The general rule of thumb is that your debts shouldn’t exceed 40-40% of your gross income. This means that the less debt you have going into the application process, the easier it will be to get approved. If you do have outstanding debts, you’ll want to start paying them off pronto. Once you’ve got outstanding credit card debt paid off, close the cards. Reduce down to one. This includes those tempting store credit cards. Once the debt is gone, keep your balance at zero.

5. Avoid expensive purchases

This is a pretty simple idea, but don’t go out and buy a new car right before you apply for a home loan. Once you get your debt paid off or paid down, you don’t want to incur more debt.


6. Build a credit history (if you don’t have one)

If you don’t have a credit history at all, you’ll want to start by applying for a credit card. Make purchases on the card each month and then pay off the balance at the end of the month. You want to set up a record to prove that you can handle debt and will make regular payments. Car loans and personal loans are also good ways to build up a credit history. But, these take a bit longer to pay off so if you don’t already have these (see #4), you’ll want to avoid taking them out until after you’ve been approved.

7. And then save some more

Once you have paid off your debts the next step is to save as much as you can for your down payment. You can never have too much saved for your down payment. A higher down payment will make it easier for a lending institution to approve you. You will also likely get a lower interest rate (meaning you’ll pay less interest over the life of the loan). Win/win. This will also help you set up a ‘saving history’ that the bank can see. It will prove that you have the financial discipline needed for a long-term commitment like a home loan.

When you have time, compare some high interest savings accounts and term deposits.

8. Keep your bank accounts in order

Avoid overdrawing your account or incurring any late payments during this six-month period. This goes back to the umbrella of consistency. You’re building a record for the bank to see that you’re a responsible person that can handle your finances.

9. Don’t rush it

Everyone knows that if you apply for a credit card and get rejected, it hurts your credit. The same is true of applying for a mortgage. If your first application gets turned down, it will be harder to get approved in the future. Only you will have a good idea of when is the right time to apply for your first home loan. Maybe six months is unrealistic for you. That’s okay. Or maybe you’ve already been working on most of these steps and you’ll be ready to make the jump in three. Wait until you’re ready to apply. There’s no need to rush. Plus, home ownership comes with a lot of expenses that renting doesn’t. You’ll be happy that your finances are in order when your furnace gives up the ghost during your first winter in your new home.

Getting approved for your first mortgage isn’t complicated. It can take some investment of your time to make sure that your finances are in order, but you can do it. If you take nothing else away from this article, walk away with the three principles in your mind: reduce debt, increase savings, and be consistent.

If you do those things, you’ll be signing the contract of sale on your new home in no time!


Liked this post? Share it with a mate! And don’t for get to follow Best Find on Twitter and Facebook.

WP_Post Object ( [ID] => 20682 [post_author] => 1 [post_date] => 2017-08-13 01:45:17 [post_date_gmt] => 2017-08-12 15:45:17 [post_content] => Complete list of companies, below. Ever met someone who was working on an app that was described as “like Uber, but for whatever”? You might find their app here. If you're working on your own app that's like Uber, but for something else, you may want to get in touch with The Sharing Hub, which is an accelerator for these types of startups. Otherwise if you’re just looking for opportunities to make money off Uber alternatives, Airbnb alternatives and the like… You’ve come to the right place.

What is the sharing economy / gig economy?

If you've heard about this gig economy stuff but don't know what it is... It's quite simple. There are two parts for something to be a part of the sharing or gig economy:
  1. An online platform that connects the buyer with a seller or service provider
  2. The seller or service provider isn’t an employee of the platform, they just use the platform to connect with the buyers

WANT TO BE YOUR OWN BOSS?

You've come to the right place. Here’s is a list of all the Australian (and international companies available to Aussies) peer-to-peer/sharing/gig economy apps and websites we could find. There are are tonne of options for you to become a serial gigapreneur. It's like being a serial entrepreneur... Only 3.0. Have we missed something? Hit us up on @BestFindAU. Did we list your company but didn’t give you a witty enough description? Hit us up on @BestFindAU. To make things easier, we’ve categorised the gig economy websites by what you have to do.

GET PEOPLE AROUND

Uber alternatives [image source] Airly – Fly people in your jet. Need some petrol money for your flight back from Melbourne to Sydney? Offer a lift back to some high-flying randoms. GoCatch – Drive people around. GoCatch is a nationwide taxi booking platform and the country’s first locally-owned ridesharing app, offering new options for drivers and passengers across Australia. Hop – Drive people around. Start driving for HOP and earn up to $35/hr using a Hertz rental car. Share Ur Ride – Rideshare/carpool. Carpool and earn some money. Shebah – Drive women around. Shebah is Australia’s first and only active all-female rideshare service getting women and children where they need to go. Uber – Drive people around. It’s like Uber for driving people around. Thinking of driving people around? Need a new set of wheels? Compare some car loans.

DELIVER STUFF

Delivery sharing economy platforms [image source] Bellh0ps – Move stuff for people. Bellhops is a modern alternative to traditional moving companies. Channel 40 – Freight stuff. Fastest and most advanced freight management transport platform that connects freight owners and truck drivers. Moving heavy haulage, machinery, loads for trucks, tractors, shipping containers in Sydney, Melbourne and Australia-wide. Deliveroo – Deliver food. Awesome food, delivered! Foodora – Deliver food. Bringing good food into your everyday. Freight Match – Freight stuff. Freight Match is a specialist site designed to facilitate matching transport operators and suppliers requiring freight moving services. Menulog – Deliver food. Menulog has recently partnered with an innovative new food delivery start-up, Drive Yello. This exciting partnership allows Menulog to provide a delivery service for restaurants who do not currently have their own delivery fleet UberEATS – Deliver food. UberEATS is the easy way to get the food you love delivered. Take trips for a few hours in the mornings, every night, or just on weekends—it's up to you. You are your own boss and you can choose when and how much you work. Wrappli – Deliver advertising /Be a driving billboard. Wrappli is an outdoor advertising platform that allows everyday Aussie drivers to earn up to $600 a month by wrapping their cars in brands. Zoom2U – Deliver stuff. Zoom2u is a courier marketplace designed to connect you with customers looking to have their parcel delivered throughout Australia.

RENT YOUR STUFF OUT

Rent your car out [image source] Car Next Door – Rent your car. Car Next Door is an Australian company that facilitates peer-to-peer car rental, a system by which individuals may rent privately owned vehicles on an hourly or daily basis to other registered users of the service. Camplify – Rent your camper. Hire the perfect caravan, campervan, motorhome or camper trailer for your holiday. Camplify connects RV owners with holidaymakers, sharing the joy of camping. Kinder Share – Rent baby equipment. With Kindershare it has just become easier finding baby equipment in your local community or when you next travel. Quipmo  – Rent adventure gear. Quipmo is a peer to peer gear rental marketplace connecting surf, bike and snow gear owners with like minded travelers and locals who share a passion for adventure! The Volte – Rent your clothes. Borrow and lend designer fashion delivered to your door. Tools Mates Hire – Rent your tools. ToolMates Hire is a peer-to-peer tool hiring and renting platform for people to share their tools from the comfort of their own homes.

DO PHYSICAL ACTIVITIES FOR PEOPLE

Airtasker alternatives [image source] Airtasker – Do stuff for people offline. Airtasker is a trusted community marketplace for people and businesses to outsource tasks, find local services or hire flexible staff in minutes - online or on your mobile. Bellh0ps – Move stuff for people. Bellhops is a modern alternative to traditional moving companies. Better Caring – Care for the elderly and disabled. Better Caring is an online marketplace enabling people who are ageing, or those with a disability, to customise their own care and support. Blys – Massage people. Australia’s best massages – delivered fast to your home, hotel or office. Class Bento – Teach stuff (in Sydney). Classbento is the place to discover and book fun classes in Sydney. Food by Us – Cook food. A food sharing website that connects Buyers with local Makers of quality delicious food. Through FoodByUs you can order from super talented everyday people who just love to cook, bake and create. Helpling – Clean for people. Home Time – Clean Airbnb properties. Airbnb property management for Australian homes. Mad Paws – Babysit pets. Find a personal, pet minder to love your pet when you're not around. OneFlare – Do stuff for people offline. Answer a few simple questions about your job to receive competitive quotes. Up to three experts will respond with a detailed quote and a link to their profile. Paw Shake – Babysit pets. Find a trusted pet sitter in your community. Pet Cloud – Babysit pets. Australian network of trusted pet sitters and walkers. Pet homestay – Babysit pets. Designed to connect pet owners with trusted pet sitters across Australia, we offer 24/7 personalised care for your loved animals, whether for a long term holiday or just a day or two. Squaddle – Work in hospitality. Squaddle is an App that provides a peer to peer marketplace for short-term hospitality resources on-demand. The app offers businesses a simple, fast and convenient solution to source skilled independent resources that are rated by peers. Rende.vu  – Provide sexy time. NSFW. Side Kicker – Work on short notice. The fastest way to find temporary staff when you need them. Stellar – Do stuff for people offline. Stellar Home is an online platform that connects customers with trusted home service professionals. The Right Fit – Model / be an extra. The Right Fit are a 2-sided marketplace for creative talent, having everything from models, actors, influencers, photographers, hair & makeup artists and more. Talent loop – Share your talents? TalentLoop is an online marketplace which simplifies the sharing of talent with other like-minded organisations, in an easy and secure fashion. Urban you – Do stuff for people offline. Friendly, experienced cleaners and gardeners available on your schedule. Wipe Hero – Wash cars. WipeHero brings the carwash to you, wherever you are, using our very own developed waterless technology. ZenNow – Massage people. ZenNow deliver Australia's top mobile massage therapists direct to your doorstep.

RENT YOUR PLACE (& SPACE) OUT

via GIPHY Airbnb – Rent your place. Airbnb is a trusted community marketplace for people to list, discover, and book unique accommodations around the world — online or from a mobile phone or tablet. Consider a home improvement loan to jazz your place up. Don't have a place to rent out? Consider a home loan. Altspc - Rent your office & event space. We're an online space sharing platform that connects freelancers, start-ups and small businesses with spare space within existing businesses. Cookitoo – Rent commercial kitchens. Cookitoo is an online marketplace where food professionals can list, search and book unused kitchen space in their area. Divvy Parking – Rent your parking spot. Divvy Parking connects you to hundreds of parking bays in buildings all around you, for less. Book your own reserved bay in a few easy steps. Home Away – Rent your place. Like Airbnb but different. Just Park – Rent your parking spot. Just park it over there bro. Melbourne Home Stay – Host students. Find and list Melbourne homestay accommodation the easy way. Spacer – Rent your space. Spacer, the Marketplace for space (car space, storage space, etc). Spacelli – Rent your space. Search and rent self-storage with a neighbour and save. Stayz – Rent your place. Stayz, based in Sydney, Australia, is the leader in holiday rentals with over 40,000 properties domestically. Stayz allows guests to search and compare a wide variety of amazing holiday rentals across the country. Rubber Desk Rent your office space. Get paid sharing your spare office space with businesses and professionals.

LEND MONEY (IT'S CALLED, PEER-TO-PEER LENDING)

lend money through peer-to-peer lending [image source] Big Stone – Lend money to businesses. Fund creditworthy businesses and build your own loan portfolio. HarmoneyLend money to individuals. Harmoney is Australasia's leading marketplace lending website. MoneyPlace – Lend money to individuals. MoneyPlace uses marketplace lending to connect wholesale investors with credit worthy borrowers looking for personal loans through a simple, online process. RateSetter – Lend money to businesses & individuals. RateSetter has more lenders than any other Australian P2P lender. RateSetter connects investors who want a better rate on their money with creditworthy businesses and individual who want a simple, competitive loan. SocietyOne – Lend money to individuals. SocietyOne provide simple, investor funded personal loans with low rates based on your good credit history. Thin Cats – Lend money to businesses. ThinCats Australia is an online marketplace for secured business loans to Australian companies.

SELL STUFF

eBay – sell stuff online. Does it really need an introduction? Etsy – sell your crafts. An online market place for the “creative types” who still actually make stuff with their own hands. Gumtree – sell stuff online. Australia’s local marketplace. Buy, sell & find almost anything.

CLICK YOUR MOUSE (FREELANCE/ONLINE WORK)

Doing stuff on line [image source] 99Designs Australia– Do stuff for people online. 99Design is #1 marketplace for graphic design, including logo design, web design and other design contests. Design Crowd – Design stuff for people online. Custom design marketplace. Fiverr – Do stuff for people online. Sell your services to millions of people all over the world from $5. Freelancer – Do stuff for people online. Freelancer.com is the world's largest freelancing and crowdsourcing marketplace by number of users and projects. Freelance Marketplace - Do stuff for people online (and offline). Freelance-Market is the marketplace for all Australian contractors and clients. You do not need to register, just select the most suitable contractor directly - free and in seconds! OzLance – Do stuff for people online. Connecting you with Australian Freelancers. UpWork – Do stuff for people online. Pretty slick and popular freelance website. Still reading? You're keen! Please like and share this post with your mates. If we've missed any sharing economy apps and websites... Let us know by hitting us up on Twitter or Facebook. [post_title] => Ultimate List of Australian Gig & Sharing Economy Sites [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => ultimate-list-of-australian-gig-sharing-economy-sites [to_ping] => [pinged] => [post_modified] => 2018-10-30 23:42:50 [post_modified_gmt] => 2018-10-30 13:42:50 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=20682 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

Ultimate List of Australian Gig & Sharing Economy Sites

Complete list of companies, below.

Ever met someone who was working on an app that was described as “like Uber, but for whatever”? You might find their app here. If you’re working on your own app that’s like Uber, but for something else, you may want to get in touch with The Sharing Hub, which is an accelerator for these types of startups.

Otherwise if you’re just looking for opportunities to make money off Uber alternatives, Airbnb alternatives and the like… You’ve come to the right place.

What is the sharing economy / gig economy?

If you’ve heard about this gig economy stuff but don’t know what it is… It’s quite simple. There are two parts for something to be a part of the sharing or gig economy:

  1. An online platform that connects the buyer with a seller or service provider
  2. The seller or service provider isn’t an employee of the platform, they just use the platform to connect with the buyers



WANT TO BE YOUR OWN BOSS?

You’ve come to the right place. Here’s is a list of all the Australian (and international companies available to Aussies) peer-to-peer/sharing/gig economy apps and websites we could find. There are are tonne of options for you to become a serial gigapreneur. It’s like being a serial entrepreneur… Only 3.0.

Have we missed something? Hit us up on @BestFindAU. Did we list your company but didn’t give you a witty enough description? Hit us up on @BestFindAU.

To make things easier, we’ve categorised the gig economy websites by what you have to do.

GET PEOPLE AROUND

Uber alternatives
[image source]

Airly – Fly people in your jet. Need some petrol money for your flight back from Melbourne to Sydney? Offer a lift back to some high-flying randoms.

GoCatch – Drive people around. GoCatch is a nationwide taxi booking platform and the country’s first locally-owned ridesharing app, offering new options for drivers and passengers across Australia.

Hop – Drive people around. Start driving for HOP and earn up to $35/hr using a Hertz rental car.

Share Ur Ride – Rideshare/carpool. Carpool and earn some money.

Shebah – Drive women around. Shebah is Australia’s first and only active all-female rideshare service getting women and children where they need to go.

Uber – Drive people around. It’s like Uber for driving people around.

Thinking of driving people around? Need a new set of wheels? Compare some car loans.

DELIVER STUFF

Delivery sharing economy platforms
[image source]

Bellh0ps – Move stuff for people. Bellhops is a modern alternative to traditional moving companies.

Channel 40 – Freight stuff. Fastest and most advanced freight management transport platform that connects freight owners and truck drivers. Moving heavy haulage, machinery, loads for trucks, tractors, shipping containers in Sydney, Melbourne and Australia-wide.

Deliveroo – Deliver food. Awesome food, delivered!

Foodora – Deliver food. Bringing good food into your everyday.

Freight Match – Freight stuff. Freight Match is a specialist site designed to facilitate matching transport operators and suppliers requiring freight moving services.

Menulog – Deliver food. Menulog has recently partnered with an innovative new food delivery start-up, Drive Yello. This exciting partnership allows Menulog to provide a delivery service for restaurants who do not currently have their own delivery fleet

UberEATS – Deliver food. UberEATS is the easy way to get the food you love delivered. Take trips for a few hours in the mornings, every night, or just on weekends—it’s up to you. You are your own boss and you can choose when and how much you work.

Wrappli – Deliver advertising /Be a driving billboard. Wrappli is an outdoor advertising platform that allows everyday Aussie drivers to earn up to $600 a month by wrapping their cars in brands.

Zoom2U – Deliver stuff. Zoom2u is a courier marketplace designed to connect you with customers looking to have their parcel delivered throughout Australia.

RENT YOUR STUFF OUT

Rent your car out
[image source]

Car Next Door – Rent your car. Car Next Door is an Australian company that facilitates peer-to-peer car rental, a system by which individuals may rent privately owned vehicles on an hourly or daily basis to other registered users of the service.

Camplify – Rent your camper. Hire the perfect caravan, campervan, motorhome or camper trailer for your holiday. Camplify connects RV owners with holidaymakers, sharing the joy of camping.

Kinder Share – Rent baby equipment. With Kindershare it has just become easier finding baby equipment in your local community or when you next travel.

Quipmo  – Rent adventure gear. Quipmo is a peer to peer gear rental marketplace connecting surf, bike and snow gear owners with like minded travelers and locals who share a passion for adventure!

The Volte – Rent your clothes. Borrow and lend designer fashion delivered to your door.

Tools Mates Hire – Rent your tools. ToolMates Hire is a peer-to-peer tool hiring and renting platform for people to share their tools from the comfort of their own homes.


DO PHYSICAL ACTIVITIES FOR PEOPLE

Airtasker alternatives
[image source]

Airtasker – Do stuff for people offline. Airtasker is a trusted community marketplace for people and businesses to outsource tasks, find local services or hire flexible staff in minutes – online or on your mobile.

Bellh0ps – Move stuff for people. Bellhops is a modern alternative to traditional moving companies.

Better Caring – Care for the elderly and disabled. Better Caring is an online marketplace enabling people who are ageing, or those with a disability, to customise their own care and support.

Blys – Massage people. Australia’s best massages – delivered fast to your home, hotel or office.

Class Bento – Teach stuff (in Sydney). Classbento is the place to discover and book fun classes in Sydney.

Food by Us – Cook food. A food sharing website that connects Buyers with local Makers of quality delicious food. Through FoodByUs you can order from super talented everyday people who just love to cook, bake and create.

Helpling – Clean for people.

Home Time – Clean Airbnb properties. Airbnb property management for Australian homes.

Mad Paws – Babysit pets. Find a personal, pet minder to love your pet when you’re not around.

OneFlare – Do stuff for people offline. Answer a few simple questions about your job to receive competitive quotes. Up to three experts will respond with a detailed quote and a link to their profile.

Paw Shake – Babysit pets. Find a trusted pet sitter in your community.

Pet Cloud – Babysit pets. Australian network of trusted pet sitters and walkers.

Pet homestay – Babysit pets. Designed to connect pet owners with trusted pet sitters across Australia, we offer 24/7 personalised care for your loved animals, whether for a long term holiday or just a day or two.

Squaddle – Work in hospitality. Squaddle is an App that provides a peer to peer marketplace for short-term hospitality resources on-demand. The app offers businesses a simple, fast and convenient solution to source skilled independent resources that are rated by peers.

Rende.vu  – Provide sexy time. NSFW.

Side Kicker – Work on short notice. The fastest way to find temporary staff when you need them.

Stellar – Do stuff for people offline. Stellar Home is an online platform that connects customers with trusted home service professionals.

The Right Fit – Model / be an extra. The Right Fit are a 2-sided marketplace for creative talent, having everything from models, actors, influencers, photographers, hair & makeup artists and more.

Talent loop – Share your talents? TalentLoop is an online marketplace which simplifies the sharing of talent with other like-minded organisations, in an easy and secure fashion.

Urban you – Do stuff for people offline. Friendly, experienced cleaners and gardeners available on your schedule.

Wipe Hero – Wash cars. WipeHero brings the carwash to you, wherever you are, using our very own developed waterless technology.

ZenNow – Massage people. ZenNow deliver Australia’s top mobile massage therapists direct to your doorstep.

RENT YOUR PLACE (& SPACE) OUT

via GIPHY

Airbnb – Rent your place. Airbnb is a trusted community marketplace for people to list, discover, and book unique accommodations around the world — online or from a mobile phone or tablet. Consider a home improvement loan to jazz your place up. Don’t have a place to rent out? Consider a home loan.

Altspc – Rent your office & event space. We’re an online space sharing platform that connects freelancers, start-ups and small businesses with spare space within existing businesses.

Cookitoo – Rent commercial kitchens. Cookitoo is an online marketplace where food professionals can list, search and book unused kitchen space in their area.

Divvy Parking – Rent your parking spot. Divvy Parking connects you to hundreds of parking bays in buildings all around you, for less. Book your own reserved bay in a few easy steps.

Home Away – Rent your place. Like Airbnb but different.

Just Park – Rent your parking spot. Just park it over there bro.

Melbourne Home Stay – Host students. Find and list Melbourne homestay accommodation the easy way.

Spacer – Rent your space. Spacer, the Marketplace for space (car space, storage space, etc).

Spacelli – Rent your space. Search and rent self-storage with a neighbour and save.

Stayz – Rent your place. Stayz, based in Sydney, Australia, is the leader in holiday rentals with over 40,000 properties domestically. Stayz allows guests to search and compare a wide variety of amazing holiday rentals across the country.

Rubber Desk Rent your office space. Get paid sharing your spare office space with businesses and professionals.

LEND MONEY (IT’S CALLED, PEER-TO-PEER LENDING)

lend money through peer-to-peer lending
[image source]

Big Stone – Lend money to businesses. Fund creditworthy businesses and build your own loan portfolio.

HarmoneyLend money to individuals. Harmoney is Australasia’s leading marketplace lending website.

MoneyPlace – Lend money to individuals. MoneyPlace uses marketplace lending to connect wholesale investors with credit worthy borrowers looking for personal loans through a simple, online process.

RateSetter – Lend money to businesses & individuals. RateSetter has more lenders than any other Australian P2P lender. RateSetter connects investors who want a better rate on their money with creditworthy businesses and individual who want a simple, competitive loan.

SocietyOne – Lend money to individuals. SocietyOne provide simple, investor funded personal loans with low rates based on your good credit history.

Thin Cats – Lend money to businesses. ThinCats Australia is an online marketplace for secured business loans to Australian companies.

SELL STUFF

eBay – sell stuff online. Does it really need an introduction?

Etsy – sell your crafts. An online market place for the “creative types” who still actually make stuff with their own hands.

Gumtree – sell stuff online. Australia’s local marketplace. Buy, sell & find almost anything.

CLICK YOUR MOUSE (FREELANCE/ONLINE WORK)

Doing stuff on line
[image source]

99Designs Australia– Do stuff for people online. 99Design is #1 marketplace for graphic design, including logo design, web design and other design contests.

Design Crowd – Design stuff for people online. Custom design marketplace.

Fiverr – Do stuff for people online. Sell your services to millions of people all over the world from $5.

Freelancer – Do stuff for people online. Freelancer.com is the world’s largest freelancing and crowdsourcing marketplace by number of users and projects.

Freelance Marketplace – Do stuff for people online (and offline). Freelance-Market is the marketplace for all Australian contractors and clients. You do not need to register, just select the most suitable contractor directly – free and in seconds!

OzLance – Do stuff for people online. Connecting you with Australian Freelancers.

UpWork – Do stuff for people online. Pretty slick and popular freelance website.

Still reading? You’re keen! Please like and share this post with your mates. If we’ve missed any sharing economy apps and websites… Let us know by hitting us up on Twitter or Facebook.

WP_Post Object ( [ID] => 20649 [post_author] => 1 [post_date] => 2017-07-23 15:38:46 [post_date_gmt] => 2017-07-23 05:38:46 [post_content] => There are plenty of good reasons to use a credit card, including convenience, improving a credit rating, increased buyer protection, rewards - or just take advantage of a sale your favourite store. But beware - while a credit card can be a valuable tool if you know how to use it properly. Even the vigilant among us need to stay on their toes. It’s a case of do your homework or deepen your debt, so we’ve made it easy for you by compiling the best tips for staying ahead. Ready for a quick boost of credit card education? We’ve also included a handy list that you can use right now to take action to beat the banks and start winning the credit card game.

1. You can negotiate your annual fee

Credit card fees are a fact of life - but it is possible to have them waived. While it’s not a given, banks are known to waive fees if a good customer is thinking of moving to another provider. This is more likely if you’ve been with them for a while and you have been a profitable customer (which ironically means that you haven't always paid everything on time and left them with no interest to collect from you). There’s no harm in asking. Say something like “I’ve been shopping around to find the most competitive deal on credit cards. Before I cancel this card, could you let me know if you offer any incentives for me to keep it?” This will carry more weight if you are actually prepared to cancel the card and go for a no annual fee card elsewhere.

2. Pay as much of your bill as possible

When the bill is due, make an effort to pay off as much of the balance as possible. The perfect credit card scenario involves paying the full balance off every month. It sounds so simple but it’s one of the most important things to avoid unnecessary interest payments.

3. Unpaid balances mean no interest free days

If you don't pay off your entire credit card balance by the end of the interest free period, you will lose access to interest free days and all your purchases will accrue interest immediately. The interest free days will only resume once you’ve paid off the balance transfer in full - which is a great reason to make this a priority.

4. Interest free periods start from the billing or statement cycle

When a card says, “up to 55 days interest free,” that doesn’t mean you get 55 days interest free from the moment you buy something. The “55 days” actually refers to the period of time from the start of your statement (billing) cycle to your statement’s due date. As soon as the due date hits, unpaid balances will incur interest. So, if you made a purchase on day 1 of your statement period, you’d have 55 days to pay it off before interest would be applied to the balance. If you made a purchase on the second day, you’d get 54 days to pay it off interest free, and if you purchased something on day 20, you’d have 35 days to pay it off interest free.

5. Interest free periods don’t apply to cash advances

Cash advances are oh-so tempting, especially when you legitimately need them! While they’re sometimes necessary, avoid them if you can so you don’t pay too much interest. As they are effectively “withdrawals”, not “purchases”, interest starts accruing as soon as you take the money out. Be sure to repay them as soon as possible! And remember it’s not just ATM withdrawals that count - other “cash advance” examples include transferring money to another account, using your credit card to gamble, paying your bills over the counter at another bank or post office, and buying items that work like cash, such as gift cards or traveller’s cheques (people are still using those, right?). Moreover, some cards charge a higher interest rates on cash advances than on regular purchases!

6. It could take you a lifetime to pay off your debt

It sounds laughable, but it’s true! Paying back only the minimum repayment each month drags your debt out so much that it can easily take decades to pay off a card. Ever wonder why banks are so profitable? Paying back just the minimum amount significantly increases the amount of interest you pay in the long term. Check out these numbers from moneysmart.gov.au: “On a balance of $1,000 with a rate of 18.5% and minimum repayments of 2% of the balance, you'll pay your debt off in just over eight years. Your debt will also increase to $1,924 because of interest. If you bumped up your repayments to only $50 a month this debt would be paid off in two years and only cost a total of $1,183.” Use this calculator to work out your future repayments: MoneySmart - credit card calculator

7. Reduce your limit

It can be hard - but if you tend to be irresponsible with money, just do it. Your future self will thank you for it. Do you really need $20,000, $10,000 or even $5,000? Reduce the temptation! Reducing your credit limit to something you know you can afford on a monthly basis. Give your bank a quick call or duck into a branch and they should get it sorted for you straightaway. If you want to keep funds in case of an emergency - set a self-imposed limit and then put your card away somewhere out of sight until next month, or until you’ve paid your bill in full.

8. Stop invites to credit increases

If you’ve been eyeing off a special purchase, then the offer of more credit can be rather tempting! Stay strong! If you don’t need it, it’s best to avoid taking the bank up on their offer. Banks are legally not allowed to offer you credit increases unless you’ve given them specific permission. You may have unwittingly done this and then forgotten all about it! Contact your bank and ask to opt out of future credit increase offers. If you really do need a once off, special purchase, pay the debt down quickly and then reduce the limit to a manageable amount.

9. Rewards vs. fees

It can be tempting to get a store credit card if you’re a frequent shopper there. Don’t be fooled by flashy advertising and the promise of fancy rewards - the fees on reward, frequent flyer and platinum cards may actually outweigh the benefits, and the interest rate is usually higher than other cards. Check the terms and conditions and calculate the value of the rewards you expect to receive. Compare that with the card fees and you’ll know where you stand. Watch out - some reward cards have annual fees so high that you need to spend tens of thousands of dollars just to break even!

10. Close your cards properly

There are plenty of good reasons to close a credit card - maybe you have too many cards (and too many annual fees), the bank raised the rate or added more fees, the interest free period is reduced, or maybe because you just don’t want a credit card anymore! Contact your bank and don't be surprised if they try and convince you to stay! Ensure they finalise closing the account and take note of the date, time and who you spoke with. Follow up with a letter or pop into a branch to confirm it has been closed. You don’t want to be paying an annual fee for a card you don’t use!

11. You may be able to balance transfer onto existing cards

If your credit card debt is getting out of control on one or more cards, check if you can do balance transfer onto one of your existing cards. Most providers offer this service (even if they don't advertise it), all it takes is a phone call. Consolidating multiple credit card balances this way can help you to manage your money and reduce your credit card debt faster.

12. Make this simple call

Of course none of the above will help you win the credit card game if you don’t actually follow through, so we’ve included a little checklist for you. Why not take a moment to call your bank and run through the items on this list?
  1. Ask if you have an unpaid balance and if so, how much
  2. Clarify what “interest free period” applies to your card
  3. Ask to reduce your limit to a manageable amount
  4. Opt out of credit increase offers
  5. Ask about transferring balances from other cards if applicable
If you’re feeling game, do a spot of research first to find the most competitive deal out there and ask your bank if they’re willing to offer incentives, like reducing or waiving your annual fee to keep you as a customer. The gist of these tips and tricks is to have a close look at your credit card habits. When used correctly - credit cards can be great. When used incorrectly, they can cost you thousands in interest each year and not to mention financial stress! If you feel like you’re not getting the most from your credit card then consider the above points and ensure you're on the right track. [post_title] => Our 12 Best Credit Card Tips to Beat the Banks [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 12-best-credit-card-tips-beat-banks [to_ping] => [pinged] => [post_modified] => 2017-11-14 02:32:47 [post_modified_gmt] => 2017-11-13 16:32:47 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=20649 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

Our 12 Best Credit Card Tips to Beat the Banks

There are plenty of good reasons to use a credit card, including convenience, improving a credit rating, increased buyer protection, rewards – or just take advantage of a sale your favourite store.

But beware – while a credit card can be a valuable tool if you know how to use it properly. Even the vigilant among us need to stay on their toes. It’s a case of do your homework or deepen your debt, so we’ve made it easy for you by compiling the best tips for staying ahead. Ready for a quick boost of credit card education? We’ve also included a handy list that you can use right now to take action to beat the banks and start winning the credit card game.


1. You can negotiate your annual fee

Credit card fees are a fact of life – but it is possible to have them waived. While it’s not a given, banks are known to waive fees if a good customer is thinking of moving to another provider. This is more likely if you’ve been with them for a while and you have been a profitable customer (which ironically means that you haven’t always paid everything on time and left them with no interest to collect from you). There’s no harm in asking. Say something like “I’ve been shopping around to find the most competitive deal on credit cards. Before I cancel this card, could you let me know if you offer any incentives for me to keep it?” This will carry more weight if you are actually prepared to cancel the card and go for a no annual fee card elsewhere.

2. Pay as much of your bill as possible

When the bill is due, make an effort to pay off as much of the balance as possible. The perfect credit card scenario involves paying the full balance off every month. It sounds so simple but it’s one of the most important things to avoid unnecessary interest payments.

3. Unpaid balances mean no interest free days

If you don’t pay off your entire credit card balance by the end of the interest free period, you will lose access to interest free days and all your purchases will accrue interest immediately. The interest free days will only resume once you’ve paid off the balance transfer in full – which is a great reason to make this a priority.

4. Interest free periods start from the billing or statement cycle

When a card says, “up to 55 days interest free,” that doesn’t mean you get 55 days interest free from the moment you buy something. The “55 days” actually refers to the period of time from the start of your statement (billing) cycle to your statement’s due date. As soon as the due date hits, unpaid balances will incur interest. So, if you made a purchase on day 1 of your statement period, you’d have 55 days to pay it off before interest would be applied to the balance. If you made a purchase on the second day, you’d get 54 days to pay it off interest free, and if you purchased something on day 20, you’d have 35 days to pay it off interest free.

5. Interest free periods don’t apply to cash advances

Cash advances are oh-so tempting, especially when you legitimately need them! While they’re sometimes necessary, avoid them if you can so you don’t pay too much interest. As they are effectively “withdrawals”, not “purchases”, interest starts accruing as soon as you take the money out. Be sure to repay them as soon as possible!

And remember it’s not just ATM withdrawals that count – other “cash advance” examples include transferring money to another account, using your credit card to gamble, paying your bills over the counter at another bank or post office, and buying items that work like cash, such as gift cards or traveller’s cheques (people are still using those, right?).

Moreover, some cards charge a higher interest rates on cash advances than on regular purchases!


6. It could take you a lifetime to pay off your debt

It sounds laughable, but it’s true! Paying back only the minimum repayment each month drags your debt out so much that it can easily take decades to pay off a card. Ever wonder why banks are so profitable? Paying back just the minimum amount significantly increases the amount of interest you pay in the long term. Check out these numbers from moneysmart.gov.au:

“On a balance of $1,000 with a rate of 18.5% and minimum repayments of 2% of the balance, you’ll pay your debt off in just over eight years. Your debt will also increase to $1,924 because of interest. If you bumped up your repayments to only $50 a month this debt would be paid off in two years and only cost a total of $1,183.”

Use this calculator to work out your future repayments: MoneySmart – credit card calculator

7. Reduce your limit

It can be hard – but if you tend to be irresponsible with money, just do it. Your future self will thank you for it. Do you really need $20,000, $10,000 or even $5,000? Reduce the temptation! Reducing your credit limit to something you know you can afford on a monthly basis.

Give your bank a quick call or duck into a branch and they should get it sorted for you straightaway. If you want to keep funds in case of an emergency – set a self-imposed limit and then put your card away somewhere out of sight until next month, or until you’ve paid your bill in full.

8. Stop invites to credit increases

If you’ve been eyeing off a special purchase, then the offer of more credit can be rather tempting! Stay strong! If you don’t need it, it’s best to avoid taking the bank up on their offer.

Banks are legally not allowed to offer you credit increases unless you’ve given them specific permission. You may have unwittingly done this and then forgotten all about it! Contact your bank and ask to opt out of future credit increase offers. If you really do need a once off, special purchase, pay the debt down quickly and then reduce the limit to a manageable amount.

9. Rewards vs. fees

It can be tempting to get a store credit card if you’re a frequent shopper there. Don’t be fooled by flashy advertising and the promise of fancy rewards – the fees on reward, frequent flyer and platinum cards may actually outweigh the benefits, and the interest rate is usually higher than other cards.

Check the terms and conditions and calculate the value of the rewards you expect to receive. Compare that with the card fees and you’ll know where you stand. Watch out – some reward cards have annual fees so high that you need to spend tens of thousands of dollars just to break even!

10. Close your cards properly

There are plenty of good reasons to close a credit card – maybe you have too many cards (and too many annual fees), the bank raised the rate or added more fees, the interest free period is reduced, or maybe because you just don’t want a credit card anymore!

Contact your bank and don’t be surprised if they try and convince you to stay! Ensure they finalise closing the account and take note of the date, time and who you spoke with. Follow up with a letter or pop into a branch to confirm it has been closed. You don’t want to be paying an annual fee for a card you don’t use!

11. You may be able to balance transfer onto existing cards

If your credit card debt is getting out of control on one or more cards, check if you can do balance transfer onto one of your existing cards. Most providers offer this service (even if they don’t advertise it), all it takes is a phone call. Consolidating multiple credit card balances this way can help you to manage your money and reduce your credit card debt faster.

12. Make this simple call

Of course none of the above will help you win the credit card game if you don’t actually follow through, so we’ve included a little checklist for you. Why not take a moment to call your bank and run through the items on this list?

  1. Ask if you have an unpaid balance and if so, how much
  2. Clarify what “interest free period” applies to your card
  3. Ask to reduce your limit to a manageable amount
  4. Opt out of credit increase offers
  5. Ask about transferring balances from other cards if applicable

If you’re feeling game, do a spot of research first to find the most competitive deal out there and ask your bank if they’re willing to offer incentives, like reducing or waiving your annual fee to keep you as a customer.

The gist of these tips and tricks is to have a close look at your credit card habits. When used correctly – credit cards can be great. When used incorrectly, they can cost you thousands in interest each year and not to mention financial stress! If you feel like you’re not getting the most from your credit card then consider the above points and ensure you’re on the right track.

WP_Post Object ( [ID] => 20642 [post_author] => 1 [post_date] => 2017-07-22 14:34:06 [post_date_gmt] => 2017-07-22 04:34:06 [post_content] => Savings accounts might seem like one of the boring, run-of-the-mill accounts you can have. Oftentimes people just stick with the savings account they were offered in conjunction with a transaction account, but in fact, savings accounts are an essential part of healthy financial habits. A quarter of Australians have less than $1,000 in cash savings, which means that a quarter of Australians are one accident away from financial trouble. Savings accounts are essential to ensure you’re ready when to cover unexpected expenses like medical or dental work, unavoidable travel, car troubles, or pricey home repairs. Savings accounts are different than other accounts that hold your money in return for interest (like term deposits) because the investment is liquid, meaning that you can withdraw the money at any time, which is why they are so handy for emergency situations. Here are our best tips to choosing the right savings account:

Shop around

Even if you have a great transaction account at a bank you love, it pays to shop around to see what other financial institutions are offering in terms of fees, interest rates, minimum balances, and bonuses before settling on one. All of these perks and fine print can vary wildly from bank to bank and drastically change the ultimate value of your savings account. Some banks will require a monthly charge just for having the account open while other banks have little to no fees. It’s easy to feel like you’re in the weeds when trying to compare all of the competing offers, but using comparison sites like Best Find can help maximise the value of your savings account.

Take advantage of the honeymoon period

Some financial institutions will offer sign-up bonuses with requirements that need to be met in the first month or three months of use, generally a total dollar value that needs to be deposited and then not removed for a set period of time. But it’s important to know yourself and your habits. How hands on are you willing to be with your savings account? If you just want to set it and forget it, choosing a savings account with a great sign-up bonus and then a weak interest rate might not be a better choice than choosing a savings account without a flashy bonus but has been more stable historically. When bonus hunting, it’s important to find out how long the honeymoon rate lasts, what the base or variable rate is once the honeymoon period runs out, and if there’s a cap on how much you can earn at bonus rates.

Avoid fees

This one is pretty self-explanatory. You’ll want to look for savings accounts that don’t have regular or high fees associated with them because every fee nibbles away at what you’re putting into savings and the old adage is true – a penny saved is a penny earned.

Compound your money

Keep an eye out for savings accounts that offer compound interest – that is, will pay interest on interest already earned. It’s a great way to get extra worth out of a savings account without any effort on your party. Compound interest can be especially powerful for those under 30 looking to their futures, but it can be worthwhile to look for at any age.

Mind the minimum

Some financial institutions will require that you deposit and keep a certain amount of funds within your savings account at all times. If that amount drops below the minimum balance requirements, you’ll forego the high interest earning potential. When comparing savings accounts, it’s important to be honest with yourself about how much money you can easily leave in a savings account and then look for savings accounts with minimum deposit requirements that you can afford.

Make sure the government guarantees your all of you money

The Australian Government will guarantee up to $250,000 per person per financial institution. That means that if anything happens to a financial institution with which you bank, the government will reimburse your money. For example, if you deposit $250,000 with a bank and then another $250,000 with a credit union, the government will guarantee the total $500,000. However, if you deposit $500,000 with a bank, the government will only guarantee up to $250,000.

It pays to not be loyal

Once you’ve picked your savings account, you’re all set. Or are you? It depends on how hands on you want to be, but it pays to not stick with the same savings account and financial institution. From racking up sign-up bonuses to switching to financial institutions that are offering higher interest rates, it pays (literally) to pursue your options every 6 to 12 months to see if your money would benefit better to be moved to another financial institution.

Keep your hands off

After all that’s said and done, unless you’re moving your money from one savings account to the next, don’t touch it. Taking money out of your savings account should only be done for emergencies or for planned events like travel. Otherwise, withdrawing money from savings account can forego your attractive sign-up offers and high interest rates.

Teach your kids to save early

Teaching your children how to save money, make interest, and appreciate financial responsibility is a great way that parents can set their children up for success later in life. There is no minimum age for which a child can apply for a children's savings account, but it is important to know the rules for withholding taxes. You can learn more about taxes on a child’s savings account by going to Australian Taxation Office’s website.

The best time to start a savings account is yesterday.

The second best time is today.

There’s no replacement for starting a strong track record with creating a savings account and regularly depositing additional funds into it. Even small increments add up over time so it is important to not discount the value of saving a small portion of your income, if possible. Setting a realistic goal can be a great way to get motivated and stay motivated. Another option is to set up an automatic transfer so that some of your money is whisked away into a savings account each payday so it’s not even something you need to worry about. Having a health savings account of at least six month’s pay is a great way to have peace of mind that should something unexpected crop up, it can be dealt with. The next time you step into your financial institution, consider asking about their savings account options. [post_title] => 9 tips for Australians to earn more from their savings accounts [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => 9-tips-australians-earn-savings-accounts [to_ping] => [pinged] => [post_modified] => 2018-09-24 07:52:59 [post_modified_gmt] => 2018-09-23 21:52:59 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.bestfind.com.au/?p=20642 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

9 tips for Australians to earn more from their savings accounts

Savings accounts might seem like one of the boring, run-of-the-mill accounts you can have. Oftentimes people just stick with the savings account they were offered in conjunction with a transaction account, but in fact, savings accounts are an essential part of healthy financial habits.

A quarter of Australians have less than $1,000 in cash savings, which means that a quarter of Australians are one accident away from financial trouble. Savings accounts are essential to ensure you’re ready when to cover unexpected expenses like medical or dental work, unavoidable travel, car troubles, or pricey home repairs. Savings accounts are different than other accounts that hold your money in return for interest (like term deposits) because the investment is liquid, meaning that you can withdraw the money at any time, which is why they are so handy for emergency situations.

Here are our best tips to choosing the right savings account:


Shop around

Even if you have a great transaction account at a bank you love, it pays to shop around to see what other financial institutions are offering in terms of fees, interest rates, minimum balances, and bonuses before settling on one. All of these perks and fine print can vary wildly from bank to bank and drastically change the ultimate value of your savings account. Some banks will require a monthly charge just for having the account open while other banks have little to no fees.

It’s easy to feel like you’re in the weeds when trying to compare all of the competing offers, but using comparison sites like Best Find can help maximise the value of your savings account.

Take advantage of the honeymoon period

Some financial institutions will offer sign-up bonuses with requirements that need to be met in the first month or three months of use, generally a total dollar value that needs to be deposited and then not removed for a set period of time.

But it’s important to know yourself and your habits. How hands on are you willing to be with your savings account? If you just want to set it and forget it, choosing a savings account with a great sign-up bonus and then a weak interest rate might not be a better choice than choosing a savings account without a flashy bonus but has been more stable historically.

When bonus hunting, it’s important to find out how long the honeymoon rate lasts, what the base or variable rate is once the honeymoon period runs out, and if there’s a cap on how much you can earn at bonus rates.

Avoid fees

This one is pretty self-explanatory. You’ll want to look for savings accounts that don’t have regular or high fees associated with them because every fee nibbles away at what you’re putting into savings and the old adage is true – a penny saved is a penny earned.

Compound your money

Keep an eye out for savings accounts that offer compound interest – that is, will pay interest on interest already earned. It’s a great way to get extra worth out of a savings account without any effort on your party. Compound interest can be especially powerful for those under 30 looking to their futures, but it can be worthwhile to look for at any age.

Mind the minimum

Some financial institutions will require that you deposit and keep a certain amount of funds within your savings account at all times. If that amount drops below the minimum balance requirements, you’ll forego the high interest earning potential. When comparing savings accounts, it’s important to be honest with yourself about how much money you can easily leave in a savings account and then look for savings accounts with minimum deposit requirements that you can afford.

Make sure the government guarantees your all of you money

The Australian Government will guarantee up to $250,000 per person per financial institution. That means that if anything happens to a financial institution with which you bank, the government will reimburse your money.

For example, if you deposit $250,000 with a bank and then another $250,000 with a credit union, the government will guarantee the total $500,000. However, if you deposit $500,000 with a bank, the government will only guarantee up to $250,000.


It pays to not be loyal

Once you’ve picked your savings account, you’re all set. Or are you? It depends on how hands on you want to be, but it pays to not stick with the same savings account and financial institution. From racking up sign-up bonuses to switching to financial institutions that are offering higher interest rates, it pays (literally) to pursue your options every 6 to 12 months to see if your money would benefit better to be moved to another financial institution.

Keep your hands off

After all that’s said and done, unless you’re moving your money from one savings account to the next, don’t touch it. Taking money out of your savings account should only be done for emergencies or for planned events like travel. Otherwise, withdrawing money from savings account can forego your attractive sign-up offers and high interest rates.

Teach your kids to save early

Teaching your children how to save money, make interest, and appreciate financial responsibility is a great way that parents can set their children up for success later in life. There is no minimum age for which a child can apply for a children’s savings account, but it is important to know the rules for withholding taxes. You can learn more about taxes on a child’s savings account by going to Australian Taxation Office’s website.

The best time to start a savings account is yesterday.

The second best time is today.

There’s no replacement for starting a strong track record with creating a savings account and regularly depositing additional funds into it. Even small increments add up over time so it is important to not discount the value of saving a small portion of your income, if possible. Setting a realistic goal can be a great way to get motivated and stay motivated. Another option is to set up an automatic transfer so that some of your money is whisked away into a savings account each payday so it’s not even something you need to worry about.

Having a health savings account of at least six month’s pay is a great way to have peace of mind that should something unexpected crop up, it can be dealt with. The next time you step into your financial institution, consider asking about their savings account options.

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