A joint account is a bank account that more than one person can access. It can make it easier to manage shared expenses, but also comes with the risk of sharing access to your money. A joint account can be any kind of bank account: savings, transaction or term deposit. The type you choose depends … Read more
Protecting income from unexpected illness and injury is particularly important to anyone with a mortgage to service, small business owners and self-employed people with no sick leave available. With income protection insurance, you can be paid some 70 per cent of your income for a specified period to help when you cannot work.i The most … Read more
Having your own super fund provides more control, but they’re not for everyone. The number of Australians choosing to manage their own superannuation investments – both before and during retirement – has been progressively increasing over time. Current data from the Australian Tax Office (ATO) shows around 1.15 million people are now members of self-managed … Read more
Moving into residential aged care can trigger a range of emotions, particularly if it involves the sale of the family home. What is often a major financial asset, is also one that many people believe should be either kept in the family or its value preserved for future generations. Whether or not the home has … Read more
Cutting back on overspending Whenever there’s a big sale event, like the upcoming Black Friday sales, it can be tempting to go on a shopping spree while products are discounted. However, this can be a slippery slope and you may end up purchasing items you don’t need simply because they’re cheaper than usual. Fortunately, there … Read more
As the real estate market begins to bloom with opportunities for homebuyers, for those who wish to buy in the next few months understanding the distinctions between pre-qualification and pre-approval for a home loan can be pivotal in securing your dream home. If you are starting out on your journey to buy a home, one … Read more
Buying a house is exciting and life changing. It all starts with saving for the deposit. Find out how much you’ll need to save and get tips to help you save faster. 1. Find out how much you need for a house deposit Before you start building a deposit, work out how much you can … Read more
A critical illness or serious injury can make it difficult to continue to work. Trauma insurance can help support you and your family at this time and pay for medical and rehabilitation costs. What trauma insurance covers Trauma insurance, also called ‘critical illness’ or ‘recovery insurance’ pays a lump sum amount if you suffer a critical … Read more
What it means to combine finances Even if you have a strong relationship, there are some important details to consider before joining finances. Money Smart’s guide to relationships and money makes some key points: If your partner defaults on a joint loan, you may have to pay for the whole amount – even after your relationship … Read more
When it comes to investing in shares, it’s often said that time is your friend. The data shows that investing small amounts consistently over time and riding out the ups and downs of the market by holding onto your investments for the long term, can produce a healthy return. Over the past two decades, the … Read more
With property remaining a high-priced asset, it’s more important than ever for investors to ensure their property investments are a financial success. The latest data demonstrates property’s popularity. One-in-five households (21%) owns a home in addition to their usual residence.i Maximising taxation benefits is one key element but the ATO recently found 9 out of … Read more
Key points: The aged care system in Australia has three main pillars — home care, residential aged care, and retirement villages If you can’t afford aged care services, the Government will help pay for the services you need There are other services that provide allied health and wellness supports Examples of care at home could be extra … Read more
